The European Central Bank's report on the international role of the euro documents gold reaching 27 percent of allocated reserves by end-2025, exceeding the 22 percent share for US Treasuries. This marks a continuation of the post-2022 acceleration in official gold purchases documented in World Gold Council surveys. Primary ECB figures align with IMF COFER data showing the US dollar's share of allocated reserves declining from 58.4 percent in 2022 to 57.8 percent by late 2025, while unallocated and gold components have expanded. Multiple central banks, including those reporting to the BIS, cite sanctions exposure as one factor alongside portfolio duration and inflation hedging. Perspectives differ: some official statements frame acquisitions as routine diversification, whereas others link timing to specific geopolitical events. The ECB notes euro-denominated debt issuance reached record levels without claiming displacement of dollar assets. Historical parallels appear in 1970s Bretton Woods data, where gold shares exceeded 40 percent before floating rates. Current trajectories show dollar assets still comprising over 40 percent when including broader holdings, per combined ECB and IMF aggregates. Turkey's 2026 reserve adjustments illustrate liquidity needs can interrupt accumulation even among active buyers. Overall patterns reflect measured rebalancing rather than abrupt structural rupture, consistent with gradual shifts observed across successive IMF surveys.