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Toby Nangle: Do central banks really have more gold than U.S. Treasury bonds?
If not, it at least has gotten close.
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By Toby Nangle
Financial Times, London
Tuesday, September 9, 2025
Some people have been getting excited about a chart purporting to show central banks owning more gold than U.S. Treasuries. Even Financial Times contributing editor Mohamed El-Erian recirculated it on LinkedIn.
Could this signal an inflection point for the post-Bretton Woods world?
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We were initially sceptical about the veracity of the data. And when Satori Insight's clever clogs Matt King couldn't reproduce it, our scepticism was turbocharged. So we thought we’d take a closer look.
The International Monetary Fund surveys central banks quarterly to produce their widely cited Currency Composition of Official Foreign Exchange Reserves report. And we can see from the latest release of this report that of $11.6 trillion global allocated foreign exchange reserves, King Dollar constituted $6.7 trillion -- 58% of the total.
Case closed? No. ...
... For the remainder of the analysis:
https://www.ft.com/content/0dbc435d-7d7e-43d7-b730-b8ced4b1cba2
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