Gold is replacing fiat currencies as a reserve currency: Gold's share of global international reserves rose 3 percentage points in Q1 2025, to 24%, the highest in 30 years. This marks the 3rd consecutive annual increase. Meanwhile, the US Dollar's share declined ~2 percentage points, to 42%, the lowest since the mid-1990s. The Euro share remained roughly unchanged at ~15%. Gold is now the world’s second-largest reserve asset after surpassing the Euro in 2024. Gold is seeing historic levels of demand.(The Kobeissi Letter)