Recently, there has been an interesting phenomenon—central banks around the world are heavily stockpiling gold, directly pushing up gold prices. According to the latest data released by the World Gold Council, the total amount of gold held by official overseas reserves has exceeded 900 million troy ounces.

What does this number mean in USD? Based on the price as of November 30, it’s roughly $3.82 trillion. To compare, during the same period, the scale of overseas government holdings of US Treasuries was $3.88 trillion—almost a tie.

Even more interesting is that, if calculated at the end-of-year gold prices, the value of overseas official gold reserves is expected to reach $3.93 trillion. This means gold is poised to surpass US Treasuries for the first time, becoming the largest official reserve asset.

What does this reflect? Simply put, it indicates that central banks are gradually adjusting their asset allocations, and confidence in traditional safe-haven assets like gold is rising. Despite the gold price soaring over the past year, central banks have not reduced their holdings—in fact, they continue to increase their allocations. This signal is quite intriguing.