The U.S. dollar's share of global reserves has fallen to its lowest level in at least 20 years, according to the financial analysis newsletter The Kobeissi Letter.

Over the past decade, the dollar's percentage of reserves has declined by 18 percentage points.

In contrast, gold has increased its share by 12 points in these last 10 years, reaching 28%, its highest level since the early 1990s. Currently, gold represents more global foreign exchange reserves than the euro, the Japanese yen, and the British pound combined.

This trend is occurring as central banks continue to diversify their assets away from the dollar and accumulate gold, explains The Kobeissi Letter. It notes that in this context, the price of gold surged 65% in 2025, its largest annual gain since 1979, while the U.S. dollar index fell 9.4%, its worst annual performance in eight years.