Gold Rises Again, Surpassing the Euro and Challenging the Dollar
Gold has not only become the hottest asset this year but also its status in international reserves has risen. According to media data on Friday, since 2009, central banks have been heavily buying gold, and with rising gold prices, its share in global international reserves has been continuously expanding. By the end of 2023, gold’s share in global reserve assets had risen to 18%, surpassing the euro’s 16%.
Excluding gold, the proportion of the US dollar in global reserves has slowly declined from a high of 72% in 2001 to 58% in 2023 since the euro’s introduction in 1999.
As shown in the above chart, by 2023, the dollar’s share in total reserve assets had fallen to 48%. Analysis indicates that this is due to declining trust in “credit assets” (fiat currency), concerns over asset bubbles, ongoing conflicts, and inflation fears, while gold’s share has expanded.
According to estimates of official gold reserves, including undisclosed purchases by central banks, gold’s share in total reserves rose to 18% in 2023, a significant increase from 11% in 2008, surpassing the stagnant 16% of the euro.
Analysts point out that given the persistent problems troubling fiat currencies, the possibility that gold could surpass the dollar to become the world’s number one reserve asset within the next decade cannot be ruled out:
Gold is at the beginning of a multi-year bull market because the current over-reliance on “credit assets” will lead capital to flow from various national currencies, bonds, and stocks into gold. The rising share of gold in international reserves reflects this trend.
[Source – 上海有色网] 超过欧元 挑战美元！黄金占全球储备资产高达18% https://news.smm.cn/news/102793859
根据上图所示，在2023年美元在总储备资产中的占比已降至48%，分析指出，这是由于对“信用资产”(法定货币)的信任度下跌、对资产泡沫的忧虑、冲突持续升级以及通胀恐慌等因素所致，而与此同时黄金的占比则在扩大。
根据对包括各国央行未披露购金在内的官方黄金储备的估算，2023年黄金在总储备中的比重已攀升至18%，较2008年的11%有显著增长，超越一直停滞在16%的欧元。
分析指出，鉴于困扰法定货币的种种问题难以很快消除，在未来十年里，黄金超越美元，成为全球第一储备资产的可能性也不能排除：
黄金正处于多年牛市的起点，因为目前人们对“信用资产”过于信任，这将导致资本从各国货币、债券和股票流向黄金。黄金在国际储备中的份额不断上升就是这一趋势的反映。
[出处 – 上海有色网] 超过欧元 挑战美元！黄金占全球储备资产高达18% https://news.smm.cn/news/102793859
