Beginning at the New Orleans Fair Grounds on January 8, 1923, Black Gold won nine races in 18 starts as a two-year-old, including his finale. When he came out as a three-year-old, he won his first two races, then moved up into Stakes company in the Louisiana Derby. He led from the start, splashing through mud to wire the field and win by six lengths. Mrs. Hoots was reportedly offered $50,000 for her colt, but turned it down. After shipping to Churchill Downs in the spring, Black Gold won the Derby Trial.