Key facts
- Alphabet shares fell following an $80 billion share sale announcement.
- Gold has become the world's top reserve asset, surpassing US Treasuries.
- Gold constituted 27% of total official foreign reserves by the end of 2025.
- US Treasuries accounted for 22% of total official foreign reserves.
- The euro represented 15% of total official foreign reserves.
- Geopolitical tensions are driving central bank demand for gold.
Alphabet's stock experienced a decline following the announcement of an $80 billion share sale. In a significant shift in global finance, gold has now overtaken US government bonds as the primary reserve asset, according to calculations by the European Central Bank. By the end of 2025, gold represented 27% of total official foreign reserves, exceeding US Treasuries (22%) and the euro (15%). This change is attributed to increasing geopolitical fragmentation and sustained central bank demand for gold, which has driven substantial price increases in recent years.