Investing Legend David Einhorn Says Gold Is Replacing U.S. Treasurys as a Global Reserve Asset
By Jennifer Sor
Business Insider, New York
Thursday, February 12, 2026
Billionaire David Einhorn thinks gold is well on its way to becoming the world's ultimate reserve asset.
The Green Light Capital founder said he believed the metal had already begun to replace U.S. Treasurys as the top reserve asset among the world's central banks, attesting to its safe-haven status and shakier confidence in the U.S. macro and fiscal outlook.
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Einhorn pointed to reports that China has told its banks to scale back its holdings of U.S. Treasurys.
Meanwhile, central banks' appetite for gold has been rising in recent years, he added. Central banks around the world purchased around 863 metric tons of the metal in 2025, according to data from the World Gold Council.
"The Chinese have decided they want to sort of want to compete on a currency basis. The central banks around the world are buying gold. Gold is becoming the reserve asset as opposed to Treasurys, or it's kind of mostly even at this point," Einhorn said.
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