Counting the Cost
Gold now accounts for 27 percent of global reserve holdings, overtaking US Treasuries as the world’s largest reserve asset.
For decades, United States assets were the world’s ultimate safe haven.
Now, central banks are buying gold at a record pace.
China is pushing to expand the yuan’s role in the global financial system.
And BRICS nations are trying to reduce their dependence on the dollar.
The Iran conflict, the US’s rising debt burden and uncertainty about President Donald Trump’s tariffs are all taking their toll.
Yet the greenback still dominates global trade, finance and foreign exchange.
The world is not abandoning the dollar just yet – but the search for alternatives is accelerating.
Published On 11 Jun 2026