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Gold Price During Every U.S. Recession Since 1970
From the oil-shock stagflation of the 1970s to the COVID crash of 2020, see exactly how gold performed during each official NBER-dated recession — with start price, end price, and percentage change.
Gold's % Change During Each Recession
Based on NBER official peak and trough dates. Prices from London PM Fix / LBMA monthly averages.
Sources: NBER Business Cycle Dating Committee • London Bullion Market Association (LBMA) • Scottsdale Bullion & Coin historical analysis
Complete Recession-by-Recession Data
All nine U.S. recessions since 1970, with gold price at official start and end, percentage change, and duration.
| Recession | Period | Duration | Gold at Start | Gold at End | Gold Change | Result |
|---|---|---|---|---|---|---|
| Guns & Butter | Dec 1969 – Nov 1970 | 11 mo. | $36.02 | $36.57 | −12.7% | Declined |
| Oil Crisis / OPEC Embargo | Nov 1973 – Mar 1975 | 16 mo. | $95.22 | $178.04 | +87.0% | Surged |
| Volcker Shock I | Jan 1980 – Jul 1980 | 6 mo. | $677.97 | $643.46 | −5.1% | Slight dip |
| Volcker Shock II | Jul 1981 – Nov 1982 | 16 mo. | $408.61 | $415.21 | +1.6% | Held firm |
| Gulf War Recession | Jul 1990 – Mar 1991 | 8 mo. | $362.85 | $363.23 | +0.1% | Stable |
| Dot-Com Bust | Mar 2001 – Nov 2001 | 8 mo. | $263.03 | $276.50 | +5.1% | Rose |
| Great Recession | Dec 2007 – Jun 2009 | 18 mo. | $833.75 | $934.50 | +25.1% | Gained |
| COVID-19 Recession | Feb 2020 – Apr 2020 | 2 mo. | $1,626.34 | $1,716.75 | +5.6% | Rose |
* 1969–70 figure reflects the near-fixed gold price under Bretton Woods; Nixon ended the gold standard in Aug 1971. Prices from London PM Fix monthly averages. NBER recession dates used throughout.
Oil Crisis, 1973–1975
Stagflation, OPEC embargo, and the collapse of Bretton Woods created ideal conditions. Gold ran from $95 to $178/oz in 16 months.
Gold vs. S&P 500's −57%
From Dec 2007 to Jun 2009, the S&P 500 lost more than half its value. Gold quietly rose 25% — then climbed to $1,917 by 2011.
Recessions Since 1973 Where Gold Rose
The 1969–70 dip predates gold's free-market era. In every recession since the U.S. left the gold standard in 1971, gold has gained or held value in 7 of 8 instances.
Gold's Gain After 2008 Trough
Gold's biggest moves often come after a recession ends. From Oct 2008's panic low of $730, gold surged 163% to $1,917 by Aug 2011.
Ready to protect your retirement with gold?
History shows gold rises in most recessions while stocks fall. A Gold IRA lets you hold physical gold inside a tax-advantaged retirement account — before the next downturn hits.
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