Central Banks Shift $300B From Treasuries to Gold After Russia Freeze
Central banks now hold more gold than US Treasuries for the first time since 1996—a fundamental shift driven by the 2022 freeze of Russian reserves, which exposed the geopolitical risks of dollar-denominated assets. With 68% of central banks planning to increase gold allocations in 2026, this represents a genuine policy consensus reshaping how sovereign institutions think about reserve risk.









