Silver Price History Timeline
Explore major historical events that moved silver prices from 1971 to 2024.
Event Type
Hunt Brothers Silver Corner
Texas oil billionaires Nelson Bunker Hunt and William Herbert Hunt attempted to corner the silver market, accumulating over 100 million ounces. Combined with rampant inflation, silver prices skyrocketed from $6/oz in 1979 to an all-time high of $50.36/oz on January 18, 1980. The scheme collapsed on March 27, 1980 ("Silver Thursday") when COMEX margin requirements forced liquidation, causing prices to crash from $21 to $10.80 in a single day and bankrupting the Hunt brothers.
Sources: CFTC Investigation Report, COMEX Historical Records
September 11 Terrorist Attacks
The 9/11 terrorist attacks on New York City and Washington D.C. shocked global markets and triggered immediate safe-haven buying. Gold jumped from $271/oz to $287/oz within days as investors sought security. The attacks led to prolonged geopolitical uncertainty, wars in Afghanistan and Iraq, and a decade-long gold bull market as the "War on Terror" drove deficit spending and monetary expansion.
Price Movement
From $271/oz to $287/oz
1 week
From $4.15/oz to $4.45/oz
1 week
Sources: NYMEX Trading Records, LBMA Price Archives
Lehman Brothers Collapse & Financial Crisis
The bankruptcy of Lehman Brothers triggered the worst financial crisis since the Great Depression. Credit markets froze, major banks teetered on collapse, and global stock markets plunged. Initially, gold dipped as investors sold everything for cash, but the subsequent Federal Reserve response - near-zero interest rates and quantitative easing - ignited a massive gold rally. Gold went from $869/oz in September 2008 to $1,900/oz by 2011 as central banks printed trillions.
Price Movement
$1,900/oz in 2011
3 years (2008-2011)
$48.70/oz in 2011
3 years (2008-2011)
From $2,250/oz to $850/oz
6 months (initial crash)
Sources: World Gold Council, Federal Reserve Economic Data
Fed "Taper Tantrum"
Federal Reserve Chairman Ben Bernanke announced plans to reduce ("taper") the Fed's bond-buying program (QE3), signaling the end of ultra-loose monetary policy. Markets panicked, bond yields spiked, and gold crashed from $1,475/oz in late May to below $1,200/oz by the end of the year as investors priced in higher real interest rates. This marked the end of gold's 12-year bull run and began a three-year bear market. The taper actually began in December 2013.
Price Movement
From $1,475/oz to $1,062/oz
6 months
From $23.80/oz to $15.20/oz
6 months
Sources: Federal Reserve FOMC Minutes, Bloomberg
Brexit Referendum
The United Kingdom voted 52% to 48% to leave the European Union, shocking markets that expected a "Remain" victory. The British pound crashed to 31-year lows, global stocks tumbled, and uncertainty flooded financial markets. Gold surged 8% in two days as investors sought safety from the geopolitical chaos. The vote triggered years of political turmoil and negotiations that kept gold elevated.
Price Movement
From $1,255/oz to $1,357/oz
2 days
From $17.10/oz to $18.75/oz
2 days
Sources: LBMA, Bank of England
COVID-19 Pandemic Declaration
The WHO declared COVID-19 a global pandemic as the virus spread worldwide, triggering unprecedented lockdowns and economic collapse. Central banks launched the largest monetary stimulus in history - the Fed cut rates to zero and purchased $120 billion/month in assets. Gold initially dipped during the March liquidity crisis but then exploded to an all-time high of $2,067/oz in August 2020. Silver surged 150% from its March lows. Trillions in stimulus and negative real rates made precious metals incredibly attractive.
Price Movement
$2,067/oz (all-time high)
5 months
$29.14/oz
5 months (from March lows)
From $595/oz to $1,025/oz
5 months (from March lows)
From $2,875/oz to $1,985/oz
2 months (initial crash)
Sources: World Gold Council, WHO, Federal Reserve
Inflation Hits 40-Year High
U.S. inflation reached 9.1% year-over-year in June 2022 - the highest since 1981. Driven by pandemic stimulus, supply chain disruptions, and energy shocks from the Ukraine war, inflation forced central banks into aggressive rate hikes. The Federal Reserve raised rates from 0% to 5.5% in just 16 months - the fastest hiking cycle in 40 years. Despite gold's traditional inflation-hedge role, it paradoxically fell as rising real yields made non-yielding gold less attractive. This broke the typical inflation-gold correlation.
Price Movement
From $1,850/oz to $1,807/oz
6 months (counterintuitive)
From $26.90/oz to $22.35/oz
6 months
Sources: Bureau of Labor Statistics, Federal Reserve
Israel-Gaza War Escalation
Palestinian factions launched a surprise attack on Israel on October 7, 2023, triggering the deadliest conflict in the region in decades. Israel responded with a massive military operation in Gaza. The conflict raised fears of broader Middle East instability, with potential involvement of Iran and other regional actors. Gold spiked immediately as investors sought safe-haven assets amid geopolitical uncertainty. The war disrupted regional stability and raised concerns about potential escalation into a wider conflict.
Price Movement
From $1,860/oz to $2,009/oz
2 weeks
From $21.80/oz to $23.10/oz
2 weeks
Sources: Reuters, World Gold Council, Al Jazeera
AI Revolution & Tech Boom
The launch of ChatGPT in late 2022 triggered an AI revolution that accelerated throughout 2023. Major tech companies raced to develop AI capabilities, driving massive investment in semiconductors and technology infrastructure. NVIDIA became the poster child of the AI boom, with its stock soaring over 200% in 2023. The AI frenzy increased demand for copper (used in chips and data centers), silver (in electronics), and industrial metals. Gold initially underperformed as investors rotated into high-growth tech stocks, but later rebounded as concerns about AI's economic disruption grew.
Price Movement
From $3.70/lb to $4.15/lb
12 months
From $23.90/oz to $25.80/oz
12 months
Sources: NVIDIA Investor Relations, McKinsey Global Institute, LME
Federal Reserve Begins Rate Cut Cycle
After holding rates at 5.25-5.50% for over a year (the highest since 2001), the Federal Reserve cut rates by 50 basis points, signaling the end of the inflation-fighting cycle. The move came as inflation cooled to 2.5% and labor markets showed signs of weakening. Gold had already been rallying in anticipation, reaching new all-time highs above $2,600/oz. Lower rates reduce the opportunity cost of holding non-yielding gold and often weaken the dollar, both bullish for precious metals.
Price Movement
From $2,115/oz to $2,685/oz (new record)
12 months (Sep 2023-Sep 2024)
From $22.75/oz to $31.40/oz
12 months
Sources: Federal Reserve FOMC Statement, CME Group
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