In 2024, global central banks net bought 1,136 tons of gold, marking the third consecutive year of surpassing the thousand-ton threshold. Poland, Brazil, Turkey, Singapore— from developed countries to emerging markets, central banks collectively entered the gold accumulation game. This is not just an investment decision but also a silent shift in consensus.

Why is it so crazy? The underlying logic is quite sobering. The proportion of US dollar reserves has fallen to a historic low of 44%, while US debt holdings have soared to $38 trillion. Behind these numbers are cracks in the credit system. Amid rising geopolitical risks, no one wants to be caught off guard, and gold has become the most solid fallback— it does not depreciate, is not controlled by any country, and is the ultimate safe haven.

Meanwhile, the Federal Reserve faces a dilemma. On one hand, it needs to cut interest rates to stabilize growth; on the other hand, it worries about a weakening dollar. The European Central Bank has already paused rate cuts, and Japan is implementing reverse rate hikes. In the face of these fragmented policies, the dollar’s dominance is increasingly under threat.

China’s approach is even more noteworthy— continuous 13-month accumulation, with gold reserves exceeding 2,300 tons. The pace is steady, with a far-reaching layout, reflecting a confident judgment on long-term trends.

Gold prices have already broken through $4,500. Should you get in now? It depends on your risk tolerance. Central bank-level gold accumulation is a matter of national strategy, while ordinary investors blindly chasing higher prices face significant risks. But the trend is clear— the global trust in currency systems is undergoing an invisible restructuring, and the value of gold as the ultimate asset reserve is being re-priced. How this asset transfer will end is worth ongoing attention.