I just reviewed the gold data, and honestly, the price evolution of gold over the last 20 years is astonishing. We are in May 2026, and the metal continues to hover around all-time highs. Two decades ago, it barely touched $400 an ounce, and look where we are now: multiplied by more than ten. That’s nearly a 900% gain. It’s no ordinary profit.

What’s interesting is how it has behaved in different cycles. Between 2005 and 2010, it was brutal; gold went from $430 to $1,200 in five years. The subprime mortgage crisis, the dollar’s weakness, everything was working in its favor. Lehman Brothers collapsed in 2008, and boom, the metal became the refuge everyone was seeking.

Then came the pause years, from 2010 to 2015. Economic recovery, interest rates normalizing, and gold stayed sideways between $1,000 and $1,200. It was mostly technical. But here’s the good part: since 2015, gold has reawakened. Trade tensions, soaring public debt, historically low interest rates. And when COVID hit in 2020, it was the final catalyst. It surpassed $2,000 for the first time and confirmed its status as a trusted asset.

The last five years have been an unprecedented climb. From $1,900 to over $4,200, we’re talking about a +124% increase just in that period. The price evolution of gold over the last 20 years shows something many underestimate: between 2015 and 2026, the metal has accumulated close to +295%. Translated into a compounded annual rate, that’s between 7% and 8% annually. That’s remarkable for something that doesn’t generate dividends or interest.

Now, what’s fascinating is comparing it to stocks. The Nasdaq has been the absolute champion with over 5,000% since 2005, right? The S&P 500 is around 800%. But here’s the plot twist: in the last five years, gold has outperformed both in accumulated returns. That almost never happens over long periods. In 2008, while stocks plummeted more than 30%, gold only retreated 2%. In 2020, the same happened—when everything froze, gold was the refuge.

So, why has the price evolution of gold over the last 20 years been so spectacular? There are several factors. Negative real interest rates, that’s key. When real bond yields plummet, everyone wants gold. The weak dollar also boosts the price because the metal is traded in dollars. Resurging inflation, expansive fiscal policies, geopolitical tensions, central banks buying reserves to diversify away from the dollar—all converge.

For portfolio builders, gold shouldn’t be speculative but pure stability. Advisors recommend between 5% and 10% of assets. It’s not for quick riches; it’s a quiet safe haven. Its liquidity is universal; at any moment, you can convert it into cash without capital restrictions like you would with other assets.

The reality is that the price evolution of gold over the last 20 years reflects something deeper than numbers: it reflects distrust. When confidence erodes due to debt, inflation, or war, gold returns to the center stage. It’s not a substitute for growth; it’s the piece that protects your portfolio when everything else wobbles. In this increasingly uncertain world, it remains as essential as it was two decades ago.