#密码资产动态追踪 $ZEC $ETH Is Gold Surpassing US Debt? The Real Game Behind the Central Bank "Gold Hoarding Wave"

A once-in-thirty-years reversal is happening. The World Gold Council's latest data shows that the total global official gold reserves are valued at $3.93 trillion—surpassing the US national debt of $3.88 trillion for the first time. The last time such a pattern occurred was back in 1996.

Behind the numbers, deeper financial structural changes are quietly taking place.

Gold prices have risen nearly 70% cumulatively by 2025, and by early 2026, they surged to a high of $4,500. What is driving this? Tensions in geopolitical situations and the loosening of the US dollar's credit foundation. NDR Chief Strategist Joe Kalish bluntly states that central banks around the world are using gold to replace US debt, with a clear purpose—avoiding political freezing risks. J.P. Morgan's analysis is even more pointed: domestic political polarization in the US is eroding dollar dominance.

How fast have foreign central banks been "hoarding gold" over the past four years? The data tells the story. But interesting divergences have emerged—

UBS is bullish on gold, positioning it as "an anchor to hedge governance risks"; however, KPMG Macro is less optimistic, believing that after retail speculative enthusiasm wanes, a correction may follow. The Federal Reserve's pace of rate cuts has become a key variable influencing the situation.

What does gold reaching the peak of reserves really mean? Is it the establishment of a new stable order, or a warning sign of a bigger storm? The answer remains hidden in the coming quarters.