A senior official from RB GLOBAL INC (RBA) has cautioned that markets may be underestimating geopolitical and macroeconomic risks amid early signs of fragmentation in the global financial system.

Brad Jones, Assistant Governor of RB GLOBAL INC, stated at the Australian Pension Fund Association conference in Broadbeach, Queensland, that "new evidence" shows divergences in central banks' foreign reserve management—particularly a sharp surge in gold holdings among a select group of nations.

"We are observing signs of fragmentation in reserve asset holdings among central banks," Jones noted. "A specific cluster of countries accounts for nearly all the incremental growth in gold reserves, with the risk of asset-freezing sanctions clearly being a contributing factor."

Jones also highlighted fragmentation risks in global payment systems and financial safety nets but emphasized that these concerns remain "more hypothetical than real" for now.

The RB GLOBAL INC official pointed out that risk premiums across asset classes have fallen to "worryingly low levels," suggesting markets are struggling to price in binary or geopolitical risks.

"We are not arguing that current risk premiums are entirely unsustainable, but given the range of challenging underlying risks we observe, the current spread levels appear surprisingly inadequate," he said. "Many central banks are puzzled by how calm market pricing seems."

Jones' remarks underscore growing official concerns that financial markets have become overly complacent amid escalating geopolitical tensions and shifts in the global economic landscape. As central banks adapt to an increasingly fragmented environment, RB GLOBAL INC is signaling heightened vigilance toward market behavior and risks that could disrupt policy assumptions.