FROM THE ECB:

"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 US TREASURIES (22%). HOWEVER, THIS DEVELOPMENT LARGELY REFLECTS VALUATION EFFECTS.... CORRECTING FOR SUCH VALUATION EFFECTS BY USING THE GOLD PRICE AT THE END OF 2023, THE SHARE OF THE EURO (16%) REMAINS AT PAR WITH THE SHARE OF GOLD (16%), WHILE THE SHARE OF US TREASU

Gold's 27% reserve share surpasses euro (15%) and US Treasuries (22%), signaling major reserve shift.