Policy Changes - Silver Timeline
Explore policy changes that impacted silver prices from 1971 to 2024.
- Policy Changes
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.
- gold
- -28%6 monthsFrom $1,475/oz to $1,062/oz
- silver
- -36%6 monthsFrom $23.80/oz to $15.20/oz
View Gold ChartSources: Federal Reserve FOMC Minutes, Bloomberg - Policy Changes
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.
- gold
- +27%12 months (Sep 2023-Sep 2024)From $2,115/oz to $2,685/oz (new record)
- silver
- +38%12 monthsFrom $22.75/oz to $31.40/oz
View Gold ChartSources: Federal Reserve FOMC Statement, CME Group
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