What Just Overtook U.S. Treasuries

Out of 163 countries tracked by the World Gold Council, one has bought gold every single year since 2011. Never sold an ounce. Not once in fourteen years.

That country is Serbia.

Governor Jorgovanka Tabakovic confirmed Serbia has repatriated all gold held in foreign vaults to Belgrade. Every bar. Serbia became the first nation in Eastern Europe to store 100% of its gold reserves on home soil.

A small Balkan country did what most major economies are still debating. The reason traces back to February 2022.

In the 1800s, John D. Rockefeller started refining oil into the world's most valuable fuel. Now, another innovator is creating its own “Rockefeller Moment” with one of the world’s most abundant energy resources: coal.

This is more important than ever right now, because a perfect storm of operational breakthroughs and policy shifts has the potential to directly impact this company’s valuation.

What’s creating this “Rockefeller Moment” for coal?

Using their patented FASForm technology, Frontieras North America can transform coal into high-value commodities like hydrogen, diesel, jet fuel, and fertilizer, without burning it.

They’re targeting a $2.1 Trillion total addressable market* where demand for these commodities is virtually unlimited.

Reaching just 2% of the global coal market could mean a trillion-dollar valuation for Frontieras.

That’s why the institutional investors are already moving. Frontieras has secured a $150 million investment commitment from GEM and raised over $30 million from private investors.

But here’s why 2026 is shaping up to be such a historic year for this company:

Frontieras is creating what could be a pivotal moment for the future of energy on the world stage.

Become a Frontieras shareholder by August 6 to lock in the $9.01 share price.

Sponsored

A coalition of Western governments froze roughly $300 billion in Russian central bank reserves overnight. Bonds. Cash. Securities. All locked with a few keystrokes.

One category of Russian reserves survived untouched. Gold stored inside Russia's own vaults. No foreign government could reach it. No sanctions could freeze it. The metal sat there, inert and sovereign, while the paper around it vanished.

Every central bank in the world watched that happen. Then they started buying.

Before the freeze, central banks bought an average of 473 tonnes of gold per year. After the freeze, that number more than doubled. Over 1,000 tonnes per year, three straight years.

They did not just buy more. They moved it closer. The share of central bank gold stored domestically jumped from 41% to 59% in a single year. That figure comes from the World Gold Council's 2025 Central Bank Gold Reserves Survey. Two shifts in the same direction. One about volume. One about location.

Central bank gold holdings worldwide approached $4 trillion. That figure now exceeds the roughly $3.9 trillion in U.S. Treasuries held by those same institutions.

The first time central banks have held more gold than American government debt since 1996. For thirty years, the dollar's paper was the world's preferred reserve asset. That era ended. Not with a speech. With a ledger entry.

Governor Tabakovic said the National Bank of Serbia weighed two factors. First, the convenience of storing gold in Western financial hubs. Second, the custody risk of leaving it abroad. Gold on foreign soil is easy to trade. Gold on home soil is impossible to freeze. Serbia chose home.

Serbia is not alone in that math. India cut the share of its gold stored overseas from 60% to 40% in three years. Two countries on opposite ends of the earth. Same calculation. Same answer.

A physical holder makes this same decision. A vault under your own roof, or a paper claim on someone else's. The logic is identical. The scale is different.

Serbia paid €993 million for the gold it acquired on international markets. That gold is now worth €1.8 billion.

Not because of a trade. Because of a position held through time. Every ounce accounted for. Every ounce coming home.

Tabakovic put it plainly: "It is important to buy when you can, not when you must."

Fourteen years of buying. Every ounce brought home. The instinct you have acted on for years is now sovereign policy around the world.

You were not early. The central banks were late.