Between October 2024 and October 2025, China, India, and Brazil sold about $183.2 billion in U.S. Treasuries while adding hundreds of tonnes of gold. At roughly $180 billion in annual Treasury cuts and over 250 tonnes of gold purchases per year, the value crossover is projected in late 2027 or early 2028.
Together, the three hold about $1.15 trillion in Treasuries versus $430–$450 billion in gold, a gap near $400 billion. China holds about $775 billion in Treasuries and 2,298 tonnes of gold (about $150 billion); India holds $190 billion and 880 tonnes (about $57 billion); Brazil holds $180 billion and 172 tonnes (about $11 billion).
Reductions accelerated recently, with October 2025 alone showing $28.8 billion in cuts (Ed. note: October 2025 reductions accelerated the trend.). Analysts use a $180 billion annual sell-off and 250+ tonnes of yearly purchases to model the crossover timing.
Brazil added 43 tonnes in three months, and China added 1 tonne in November 2025. India increased holdings to 880.18 tonnes, from 557 tonnes in 2015, a roughly 58% rise.
As stated by Meera Chandan of JPMorgan, “Our dollar view for 2026 is net bearish, albeit smaller in magnitude and less uniform in breadth than in 2025.” warned Frank Giustra, “We’re now, believe it or not, in the era of hard money. If you own paper gold, you do not own gold. When the crunch comes, it will not be there.”
Including Russia and South Africa, the original five BRICS hold about 5,811 tonnes of gold, valued near $750–$800 billion and roughly 20–21% of global central bank gold reserves.
