Morgan Stanley Analysis Indicates Central Bank Gold Holdings Surpass U.S. Treasuries Amid Policy Shifts
A new Morgan Stanley report finds gold has surpassed U.S. Treasuries in central bank reserves for the first time since 1996 as policy shifts impact the dollar.
Insights:
Morgan Stanley released a report on Wednesday, January 21, 2026, examining how the policies of Donald Trump donald trumpregarding debt, trade, sanctions, security, and institutional independence are shaping the global shift away from the dollar. The bank concluded these specific factors are neutral to slightly accelerating the transition from the U.S. Dollar Index as the world’s primary reserve currency. This analysis arrives as the international role of the U.S. Dollar Indexhas been on a gradual downward trajectory for the last 25 years with no obvious alternative global reserve currency currently available.
