黄金或已超越美债，成官方储备第一大资产

Core Insights - Gold is expected to surpass U.S. Treasury bonds as the largest reserve asset held by foreign governments in the U.S. due to a significant increase in gold prices and active purchases by central banks [1] Group 1: Gold Reserves - As of November, the total official gold reserves held by foreign governments in the U.S. exceeded 900 million troy ounces, valued at approximately $3.82 trillion based on gold prices on November 30 [1] - By the end of the year, if the central banks' gold reserves remain unchanged, the value of these reserves is projected to reach $3.93 trillion, surpassing the value of U.S. Treasury bonds held by foreign governments [1] Group 2: U.S. Treasury Bonds - As of October, the value of U.S. Treasury bonds held by foreign governments was nearly $3.88 trillion, which is close to the projected value of gold reserves by year-end [1]