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For the first time in the history of the OMFIF Global Public Investor survey, more central banks say they plan to reduce their US dollar holdings than increase them over the next decade. The currency that has anchored global finance since Bretton Woods is, for the first time in this survey’s existence, seeing net outflows in institutional intent.
The findings, disclosed on June 30, come from 90 institutions collectively managing over $10 trillion in assets.
Gold is the new safe haven, again
A full 82% of surveyed central banks now hold physical gold, up from 71% the previous year. A net 30% of these institutions plan to increase their gold allocations within the next one to two years. The primary motivation isn’t some abstract monetary theory: 51% of respondents cited protection against geopolitical risks as the driving factor.
Some 61% of respondents expect gold prices to reach $5,000 to $6,000 per ounce by June 2027.
The multipolar money thesis goes mainstream
The dollar still commands roughly 58% of global reserves. A striking 79% of the central banks surveyed foresee a shift from a unipolar to a multipolar monetary structure.
The euro appears to be one of the beneficiaries. A net 29% of central banks indicated long-term plans to boost their euro allocations.
The survey also revealed that over two-thirds of central banks plan to deepen their engagement with artificial intelligence in their investment strategies.
Where does crypto fit? Nowhere, apparently
Crypto received no specific mention as a reserve alternative in the OMFIF findings. These are institutions managing trillions of dollars, actively looking for ways to diversify away from the dominant reserve currency, and they’re reaching for gold and euros rather than digital assets.
What this means for investors
Gold investors should pay close attention to the $5,000 to $6,000 per ounce price target that 61% of these institutions expect by mid-2027. Currency traders face a more complex landscape. The dollar’s 58% reserve share provides a massive buffer against rapid decline, but the directional signal is clear. Many respondents indicated they view current market volatility as a lasting condition rather than a temporary anomaly.
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English (US) · 