Breakfast Briefing | 3 June 2026 | Gold Overtakes US Treasuries as Top Reserve Asset

A quiet changing of the guard is underway in global finance. Fresh ECB analysis confirms gold has overtaken US Treasuries as the largest single asset held in foreign reserves, a structural shift with long-term implications for global capital flows.Closer to home, Australia recorded its first trade deficit since 2017 in the March quarter, with mineral exports softening (gold aside) while data centre equipment imports surged.In the US, April job openings hit an 18-month high, but the RCM TIPP sentiment index fell to a 2-year low. The Logistics Managers Index held at its highest reading since the pandemic, with inventory, warehousing and freight costs all accelerating.EU CPI firmed to 3.2% in May, with markets fully pricing ECB action on June 11. China is heading into a bumper wheat harvest while Australian and US growers hesitate amid high fertiliser and fuel costs.Markets: AUD at 71.8 USc, AU 10yr bond at 4.92%, UST 10yr at 4.46%, gold at USD 4,482/oz, US oil near USD 93.50/bbl, Brent at USD 96/bbl, Bitcoin down 5.9% to USD 67,464.Full report: https://www.interest.com.au/economy/694/us-labour-data-upbeat-sentiment-downbeat-china-harvests-eu-inflation-spotlight#BreakfastBriefing #InterestComAu #AustralianEconomy #RBA #InterestRates #Gold #USTreasuries #ECB #GlobalMarkets #Commodities