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Gold has become a structural bid as central banks gradually diversify reserves away from US Treasuries. They have bought about 1,000 tonnes a year for several years, and 95% expect to add more while 73% expect lower dollar exposure. Gold carries no counterparty or sanctions risk and can be held domestically. Central bank gold, worth $4.5-5 trillion, now exceeds their roughly $3.9-4 trillion of Treasuries, mainly from price gains, not selling; the dollar still holds about 58% of reserves. x.comÂ
