The Ledger: Economic Indicators, Updated August 2026

Central bank gold buying is happening at a record pace. Here’s the data behind it.

A running record of central bank gold demand, the U.S. national debt, and recent gold price moves, sourced and updated so you can see, in plain numbers, why diversification into gold and silver is top of mind for investors.

Entry No. 01

Central banks have bought gold at a historic pace since 2022.

Central bank gold buying has been unusually strong these last few years. Official institutions, not just individual investors, have been net buyers of gold for three straight years, at levels roughly double the prior decade’s norm.

863t
Central bank net gold purchases, 2025 (World Gold Council)
3,220t
Combined central bank buying, 2022 to 2024, the three largest years on record
473t
Average annual central bank buying, 2010 to 2021, for comparison
5,000t+
Total global gold demand in 2025, the first time on record it topped 5,000 tonnes
Entry No. 02

Debt is compounding faster than most households can track.

The national debt crossed $39 trillion in mid-2026, up nearly $3 trillion in a single year. Interest on that debt is now one of the fastest-growing lines in the federal budget.

U.S. Gross National Debt · Live Estimate
$39,200,000,000,000
$290,860Per U.S. household
$8.19BAdded per day, trailing 12mo
~Sept 2026Projected date debt reaches $40T
Estimate extrapolates forward from the U.S. Congress Joint Economic Committee’s June 3, 2026 Monthly Debt Update ($39.20T, average pace $94,804.90/second over the trailing year). Illustrative, not a real-time Treasury feed.
$39.20T
Total gross national debt, June 2026
+$2.99T
Increase over the prior 12 months
+$10.94T
Increase over the prior 5 years
3.386%
Average interest rate on marketable debt, May 2026, vs. 1.485% five years earlier
“Net interest as a share of federal outlays is forecast to reach 14.94% by FY2028.” — Congressional Budget Office, via Joint Economic Committee
Entry No. 03

Gold’s price has moved fast since 2025, though it doesn’t always move up.

Gold opened 2025 near $2,625 an ounce. Thirteen months later it had more than doubled, setting a new all-time high before pulling back. Past performance like this doesn’t guarantee what happens next.

$2,624
Gold price, January 1, 2025
$5,589
All-time high, January 28, 2026
+60%+
Gold’s 2025 annual return, its best year since 1979
53
New all-time-high closes set in 2025 alone

Swiss America has helped clients navigate numbers like these since 1982.

We’ve guided tens of thousands of clients through diversifying their investments with U.S. gold and silver coins and bars.

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Sources: World Gold Council, Central Bank Gold Reserves data & Gold Demand Trends · U.S. Congress Joint Economic Committee, Monthly Debt Update (June 3, 2026) · CBS News / JM Bullion, gold price history (2025 to 2026). Figures are point-in-time and change frequently. This page is updated periodically, not in real time. Not investment, tax, or legal advice.