Why did silver go so high in 1980?

Why did silver go so high in 1980?

The cause for a rise in silver prices from $6 per oz. in early 1979 to $50 per oz. in January 1980 was largely attributed to the actions of the Hunt brothers, W. Panic spread to other metals and stock prices fell dramatically before staging a rebound.

What was the highest price of silver in 1980?

US$48.70 per ounce
Silver hit US$48.70 per ounce, the highest silver price to date, towards the end of the 1970s.

What is the highest price that silver has ever been?

On January 18, 1980, this precious metal was at its premium, hitting $49.45 per ounce, the highest silver price to date.

What was silver worth in 1980?

Silver Prices – 100 Year Historical Chart

Silver Prices – Historical Annual Data
Year Average Closing Price Annual % Change
1981 $10.49 -47.42%
1980 $20.98 -51.86%
1979 $11.07 434.88%

What was gold worth in 1980?

Over 200 years of historical annual Gold Prices

Year Close % change
1980 $594.90 29.61%
1979 $459.00 120.57%
1978 $208.10 29.17%
1977 $161.10 20.43%

Why was 1980 gold high?

But a dramatic spike and fall in gold prices were caused due to a combination of extreme geo-political events (Russian invasion of Afghanistan in Dec 1979, Iran hostage crisis) and strong and unconventional policy actions and market events (the Fed under Volcker increased fed funds rate from 13% to 20% for a short …

What was the highest price of gold in 1980?

January 1980 – Gold hits a record high of $850 an ounce, as investors pile into bullion prompted by high inflation due to strong oil prices, the Soviet intervention in Afghanistan and the impact of the Iranian revolution.