Why Gold Didn't Actually Overtake Treasury Securities as the World's Favorite Reserve Asset

Reporting cited here

1. 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.

   Opening; Valuation gains; The role of U.S. gold reserves; author disclaimer

   Fed researcher separates gold price gains from reserve managers abandoning Treasuries · Published researcher analysis, not a Federal Reserve policy determination