Fed researcher separates gold price gains from reserve managers abandoning Treasuries
Reporting and findings
- documented
In September 2026, Federal Reserve researcher Colin Weiss argued that gold's rising reserve value mainly reflected price appreciation and large legacy holdings, rather than a sudden acceleration in central-bank purchases. His analysis distinguishes the aggregate including U.S. gold from foreign official Treasury holdings, which exclude U.S. holdings by definition.
- Board of Governors of the Federal Reserve System: Why Gold Didn't Actually Overtake Treasury Securities as the World's Favorite Reserve AssetOpening; Valuation gains; The role of U.S. gold reserves; author disclaimer
Summary and current status
A September 2026 analysis explains why headline gold values do not directly measure currency substitution.
Published researcher analysis, not a Federal Reserve policy determination
People and organizations
- Donald J. TrumpU.S. president during the 2025-2026 reserve comparison