Gold Was $1,824 an Ounce Three and a Half Years Ago. Yesterday It Closed at $4,186.

The biggest buyers aren’t speculators. They’re sovereign governments.

Gold Price Per Ounce (USD)

$1,824 Dec 2022

→

$4,186 Jun 2026

+129%

IN 42 MONTHS

All-time high: ~$5,600 in late January 2026. Central banks bought 3,220 tons of gold from 2022–2024.

Source: Bloomberg, World Gold Council, 2026

Gold closed at $4,186 an ounce yesterday. At the end of 2022, it was $1,824. That’s a 129% gain in three and a half years. If you owned it, congratulations. If you didn’t... well, you’re not alone. Most people missed the biggest gold run since the 1970s.

Most people think gold spikes on fear. Iran shuts down the Strait of Hormuz again — as it did on Saturday — and gold moves. War breaks out. A recession looms. People buy gold. That story sounds right. It’s also about 30% of the picture.

Elon Musk has 200 days to save a $1.75 trillion empire

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Chart of the Day — June 23, 2026 - Part 2

The other 70%? Central banks. From 2022 through 2024, the world’s central banks bought 3,220 tons of gold. Over 1,000 tons a year... three years running. That hadn’t happened since the 1960s. These aren’t day traders chasing a chart. These are governments moving their reserves out of dollars and into metal.

And here’s the part that really gets me. In the first five months of this year, China imported 692 tons of gold. That’s 76% more than the same five months last year. At that pace, China is on track to import over 1,600 tons in 2026 — an enormous amount of gold for any single country in a single year.

When governments hoard gold at this pace, they’re telling you something about how they see the future of paper money. The dollar is still the world’s reserve currency. But the gold buying says not everyone is betting it stays that way.

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Chart of the Day — June 23, 2026 - Part 3

The Takeaway

“Gold has more than doubled since the end of 2022 — from $1,824 to $4,186 an ounce. The biggest buyers aren’t hedge funds. They’re central banks. China alone imported 692 tons of gold in the first five months of this year.”

If gold makes up less than 5% of your portfolio, this is worth a phone call to your advisor. Not because gold is going to the moon. Because the people with the most information — sovereign governments — are buying it like they know something. That’s worth a conversation this week. Not next month. This week.

More tomorrow. Stay sharp.

— Ray Calloway

Gold: $4,186 Yesterday. $1,824 Three and a Half Years Ago.

Gold Was $1,824 an Ounce Three and a Half Years Ago. Yesterday It Closed at $4,186.

Elon Musk has 200 days to save a $1.75 trillion empire

The SpaceX IPO just ended. Now the real opportunity begins.

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