Something's shifting in the vault. Central banks worldwide are now sitting on more gold reserves than U.S. Treasuries—a flip that says plenty about where institutional confidence is heading. When the folks managing national balance sheets start favoring the yellow metal over government paper, you've got to wonder what they're seeing that retail hasn't caught up to yet. This isn't just a footnote in some policy memo. It's a rebalancing act that could ripple through currency markets, bond yields, and even crypto narratives around hard assets. Worth watching how this plays out as macro headwinds keep building.