Foreign media: Gold may have surpassed US Treasury bonds to become the largest official reserve asset
According to Odaily, citing foreign media reports, driven by the surge in gold prices over the past year and active purchases by central banks, gold is expected to surpass US Treasury bonds to become the largest reserve asset held by foreign governments in the United States. According to data released this month by the World Gold Council, the total official global gold reserves held overseas by the US exceed 900 million troy ounces (with most countries' data as of the end of November, and a few as of the end of October). Calculated at the gold price on November 30, this is equivalent to $3.82 trillion worth of gold. In comparison, as of October, the value of long-term and short-term US Treasury bonds held by foreign governments in the US was close to $3.88 trillion. Assuming the scale of gold reserves held by central banks remains unchanged by the end of the year, and calculated at year-end prices, the value of official global gold reserves held overseas by the US would be $3.93 trillion, already surpassing the scale of US Treasury bonds held by foreign officials.
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