Gold is on fire: World central banks’ gold holdings now reflect 27% of total foreign reserves, the highest share in 29 years. At the same time, foreign holdings of US Treasuries as % of reserves have declined to ~23%, the lowest since the 2008 Financial Crisis, per Crescat Capital. In other words, global central banks now hold more gold than Treasuries for the first time since 1996. This trend began a decade ago and accelerated in 2022 after G7 economies froze Russian foreign exchange reserves. Since 2015, reported global central bank gold holdings have risen +3,500 tonnes, reaching ~36,500 tonnes, the highest since the 1970s. Foreign central banks are still stocking up on gold.(The Kobeissi Letter)