The latest data has been released. According to the World Gold Council, the United States' overseas official gold reserves have surpassed 9 hundred million troy ounces, with a value of up to $3.93 trillion. How exaggerated is this number? Historically, this is the first time that U.S. gold reserve assets have exceeded U.S. debt, becoming the world's largest single reserve asset — a situation that hasn't occurred since the 1990s.

From a financial market perspective, what does this reflect? On one hand, the long-term pressure on the dollar is increasing; on the other hand, the appeal of traditional safe-haven assets (gold) is re-emerging. For those paying attention to global liquidity and asset allocation, this shift is indeed worth noting. As of the data around the end of November 2025 (with some countries' data up to October), what signals is this move from the U.S. sending to the market?