Morgan Stanley(US:MS) Sou Hu Cai Jing·2026-01-10 07:13Group 1 - The core viewpoint of the articles is that gold has surpassed U.S. Treasury bonds to become the largest reserve asset globally, driven by significant price increases and central bank purchases [1][2] - According to the World Gold Council, as of November 30, the total official gold reserves held by the U.S. overseas amount to over 900 million troy ounces, valued at approximately $3.82 trillion [1] - In comparison, the value of long-term and short-term U.S. Treasury bonds held by governments outside the U.S. is nearly $3.88 trillion as of October [1] Group 2 - If the central bank's gold reserves remain unchanged by year-end, the value of U.S. overseas gold reserves could reach $3.93 trillion, surpassing the value of foreign-held U.S. Treasury bonds [2] - The last time foreign institutions held more gold than U.S. Treasury bonds was in 1996 [2] - Morgan Stanley predicts that gold prices will rise to $4,800 per ounce by the fourth quarter of 2026, driven by declining interest rates, changes in Federal Reserve leadership, and continued purchases by central banks and funds [2]