[Gold May Have Surpassed U.S. Treasury Bonds as the Largest Official Reserve Asset] According to foreign media reports, driven by the surge in gold prices over the past year and active purchases by central banks, gold is expected to surpass U.S. Treasury bonds to become the largest reserve asset held by foreign governments of the United States. Data from the World Gold Council shows that as of the end of November, the total global official gold reserves held overseas by the U.S. exceeded 900 million troy ounces, valued at approximately $3.82 trillion based on gold prices as of November 30. Meanwhile, as of October, the value of U.S. Treasury bonds held by foreign governments was approximately $3.88 trillion. If the scale of gold reserves remains unchanged by the end of the year, its value, calculated at year-end prices, will reach $3.93 trillion, surpassing the scale of U.S. Treasury bonds.