The David Lin Report · Friday, July 10, 2026
Matthew Piepenburg asserts that gold is now trusted more than government debt, including US treasuries, to function as collateral. He notes that central banks now hold more gold than US treasuries, a reversal from five years ago, and that the Bank for International Settlements (BIS) has designated gold as a tier-one asset.
“Central banks hold more gold than do US treasuries. That's something would be unheard of five years ago.”
“The BIS has made gold a tier one asset.”
“The bottom line is this is extraordinary. When a precious metal is now becoming the new collateral. That doesn't mean gold back yuan or gold back bricks currency. It means gold is trusted now more than government debt. That's not a gold case, it's a reality.”