THE NEW GOLD STANDARD… BY ACCIDENT RATHER THAN DESIGN!
U.S. Treasuries are not the primary holding of foreign official accounts.
In early June, ECB President Christine Lagarde presented a paper on the international role of the euro, providing an update on the health of the single currency and a review of its status in the geopolitical landscape.
Despite ongoing challenges, Lagarde confidently reaffirmed that the euro “has remained the world’s second most important currency.” However, the most notable information in the paper was not about the euro itself, but rather about U.S. dollar-denominated securities, specifically U.S. Treasuries. According to the report:
“the share of gold in total official foreign reserves, comprising both foreign exchange and gold holdings, had increased to 27% at the end of 2025. The share of gold now surpasses both that of the euro (15%) and U.S. Treasuries (22%).”
This marks a significant milestone, as for the first time since the collapse of the Bretton Woods system in 1971, U.S. Treasuries are no longer the primary holding of foreign official accounts. The develowpment feeds into broader concerns about the U.S. dollar’s long-term ability to maintain its status as the world’s reserve
currency and bolsters arguments from those seeking to reduce the dollar’s global influence.
RESERVE DIVERSIFICATION AND GEOPOLITICAL CONSIDERATIONS
Concerns about the “weaponization” of the dollar intensified following Russia’s invasion of Ukraine, when U.S. sanctions effectively restricted Russia’s access to the dollar-dominated global financial system. While those measures drew little sympathy for Russia, they underscored the United States’ substantial influence over global finance and prompted countries including China, Brazil, South Africa and Saudi Arabia to explore alternatives to
FOR THE FIRST TIME SINCE THE BREAKUP OF BRETTON WOODS IN 1971, U.S. TREASURIES ARE NOT THE PRIMARY HOLDING OF FOREIGN OFFICIAL ACCOUNTS.
20 | ADMISI - The Ghost In The Machine | Q3 Edition 2026
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