Economic Crises Timeline
Explore economic crises that moved precious metal prices from 1971 to 2024.
Event Type
Black Monday Stock Market Crash
Global stock markets crashed with the Dow Jones losing 22.6% in a single day - the largest one-day percentage decline in history. The crash was triggered by computerized trading, portfolio insurance strategies, and overvaluation concerns. Gold initially spiked on panic buying, jumping 4.2% to an intraday high of $491.50 on Black Monday itself, though it later retreated. The safe-haven buying was short-lived as forced liquidations hit all assets.
Sources: SEC Market Analysis, Federal Reserve Reports
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
European Sovereign Debt Crisis
Greece's debt crisis spread to Portugal, Ireland, Italy, and Spain (the "PIIGS"), threatening the eurozone's survival. Fears of sovereign defaults and potential euro breakup drove investors to gold as the ultimate safe haven. Gold hit its all-time nominal high of $1,921/oz in September 2011. The crisis lasted years, requiring multiple EU bailouts and ECB intervention through Mario Draghi's famous "whatever it takes" pledge in 2012.
Sources: European Central Bank, IMF Reports
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
Silicon Valley Bank Collapse
Silicon Valley Bank (SVB), the 16th largest U.S. bank, collapsed in the second-largest bank failure in U.S. history. Signature Bank and First Republic followed within weeks. The crisis stemmed from rapid rate hikes causing bond portfolio losses and deposit flight. Gold surged from $1,810/oz to $2,050/oz in three weeks (+13%) as fears of systemic banking contagion echoed 2008. The crisis forced emergency Fed intervention and temporary suspension of rate hikes.
Sources: FDIC, Federal Reserve, LBMA
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