Gold Isn't Getting More Expensive - Craig Hemke
The Deep Dive Aug 18, 2026
Summary
Craig Hemke argues rising gold prices reflect dollar devaluation, not gold becoming more valuable — $1,100 a decade ago, $2,200 five years ago, $4,400 today.
Gold itself does not change; the dollar loses purchasing power as more is printed to service rising debt.
Investors can also see share price gains from company-specific catalysts like new ore bodies or new technology, separate from commodity moves.
Craig Hemke's takeaways
- Top takeaway The guest argues that gold isn't getting more expensive — it's taking more and more dollars to buy it because the dollar is being steadily devalued.
- He frames this as a long-term structural trend, expecting continued money printing to service an ever-increasing load of debt to keep pushing the dollar's purchasing power down.
- He cites historical price points relative to the 2026-08-18 as-of date to illustrate the point: roughly $1,100/oz ten years ago, about $2,200/oz five years ago, and $4,400/oz at the time of recording.
- He argues gold itself doesn't change ('just a pet rock'), in contrast to equities where a share price can rise from a new ore body or new technology — so the entire move in nominal gold price is, in his view, a dollar-devaluation story.