In a Sept. 18, 2026 piece on VoxEU, Marco Pinchetti and colleagues argue that a shift of official reserves into gold does not automatically imply a loss of the US dollar’s dominant position. They write that "geopolitical risk is taking some of the shine off the US dollar," but caution against equating higher gold holdings with an immediate dethroning of the dollar.
The authors point to data in the European Central Bank’s latest report on the international role of the euro: the share of gold in global official reserves rose to 27% at the end of 2025. That increase highlights changing reserve compositions but, the commentary says, should be interpreted alongside other structural factors that sustain currency dominance.
The piece frames gold accumulation as a response to geopolitical uncertainty rather than a straightforward substitute for dollar liquidity or the institutional roles the dollar plays in global finance. The authors therefore view the trend as notable but not dispositive for the dollar’s long-term primacy. #gold #USD #ECB #VoxEU #FiatNews
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2026-09-18 04:25:03 UTC
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"content": "In a Sept. 18, 2026 piece on VoxEU, Marco Pinchetti and colleagues argue that a shift of official reserves into gold does not automatically imply a loss of the US dollar’s dominant position. They write that \"geopolitical risk is taking some of the shine off the US dollar,\" but caution against equating higher gold holdings with an immediate dethroning of the dollar.\n\nThe authors point to data in the European Central Bank’s latest report on the international role of the euro: the share of gold in global official reserves rose to 27% at the end of 2025. That increase highlights changing reserve compositions but, the commentary says, should be interpreted alongside other structural factors that sustain currency dominance.\n\nThe piece frames gold accumulation as a response to geopolitical uncertainty rather than a straightforward substitute for dollar liquidity or the institutional roles the dollar plays in global finance. The authors therefore view the trend as notable but not dispositive for the dollar’s long-term primacy. #gold #USD #ECB #VoxEU #FiatNews",
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