Another interesting aspect to this story is the flow of value from US Treasuries to gold.

  Total gold held by central banks globally was valued at approximately $4tr at 
  the start of 2026, surpassing, for the first time, the roughly $3.9tr in US 
  Treasuries held by the same institutions. This marked a reordering of reserve 
  asset preferences with significant long-term implications. [0]