历史性一刻！全球央行买黄金，终于超过了美债！美元霸权要终结？

Group 1 - The total value of gold held by global central banks surpassed that of U.S. Treasury bonds for the first time in 30 years in Q2 2025, indicating a significant shift in asset preference [1][6] - Gold prices have surged from just over 600 yuan per gram at the beginning of the year to over 900 yuan, marking an almost 50% increase, and the current gold price is approximately four times that of a decade ago [3][10] - A recent report from the World Gold Council revealed that 95% of central banks plan to continue increasing their gold reserves next year, the highest percentage in six years [4] Group 2 - Major economies like China and India, as well as medium-sized economies such as Poland and Turkey, are actively accumulating gold, signaling a shift away from reliance on U.S. Treasury bonds [6][7] - Concerns over U.S. national debt, which has exceeded $36 trillion, and the associated risks of interest payments and debt ceiling crises have diminished the appeal of U.S. Treasury bonds [7][10] - The geopolitical instability and the potential for asset freezes have led central banks to prefer gold, which is not subject to government control and retains intrinsic value [8][13] Group 3 - The decline in trust towards U.S. Treasury bonds is attributed to increasing national debt, political polarization, and fluctuating monetary policies, which have eroded confidence in paper assets [14] - In contrast, gold is viewed as a "hard currency" that remains valuable regardless of government actions, making it a preferred asset in times of uncertainty [13][14] - The trend of central banks converting paper assets into gold reflects a broader strategy of asset rebalancing in response to economic uncertainties [13][14]