New survey shows central banks are starting to ditch the dollar and buy more gold instead — should you do the same?

Central banks have been buying gold at a record pace. Now, some of them are signaling they may want a little less exposure to the U.S. dollar, too.

That's the takeaway from a new survey (1) of global reserve managers. The Official Monetary and Financial Institutions Forum (OMFIF) says it's the first time its survey has found more central banks planning to reduce their dollar exposure over the next decade than increase it.

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At the same time, OMFIF found gold remains the reserve asset central banks are most interested in adding.

It's a notable shift for a financial system built around the dollar for decades.

The U.S. currency still dominates global finance. It remains the largest component of central bank reserves and demand for U.S. Treasury bonds remains strong. There is little indication that countries are preparing to walk away from the dollar entirely.

Instead, many appear to be taking a different approach: hedging their bets.

Reserve managers cited concerns including geopolitical tensions, government debt and changing global trade relationships as reasons to look beyond a single currency. For some countries, holding more gold or other currencies is simply a way to avoid placing too much faith in a single financial system.

Even with some recent volatility, the metal remains near historic highs — up over 20% year over year and up 112% over the past 5 years (2). Unlike flat currencies, gold isn't printed at will by central banks and doesn't depend on a country's economic policies. That's one reason central banks tend to hold precious metal for generations — and why official purchases are holding strong in recent years.

And Bridgewater Associates founder Ray Dalio has made a similar argument, writing in Time (3) that "gold is a money" that is "least at risk of being devalued." He has argued that investors should think of gold as a diversifier rather than a replacement for traditional assets.

But individual investors should be careful about drawing a direct comparison.

A central bank managing billions of dollars in reserves has very different goals from someone building a retirement portfolio. Governments need liquidity and stability. Investors usually need long-term growth.

Still, there is one idea that applies to both: Putting all your eggs in one basket can create problems.

That's why some people have been looking beyond traditional stocks and bonds and adding other asset classes to their portfolios.

Here are three options investors are exploring to diversify their portfolios.