The market value of the United States’ vast gold reserves topped $1 trillion mark for the first time on Monday. This comes as the gold price is experiencing a powerful rally, nearing $3,840 per ounce.

According to Otavio Costa, a macro strategist at Crescat Capital, this divergence has pushed global gold holdings (excluding the U.S.) to a 49-year high. He asserts that it is “only a matter of time ...