Gold and U.S. politics

Gold after wars, shocks and market moments

What gold did three and twelve months after each military operation, shock and market moment on the chart.

• Gold after Off the gold standard (15 Aug 1971)

  After Off the gold standard on 15 Aug 1971, gold was 4.9% higher three months on and 63.4% higher twelve months on, measured from the Jul 1971 monthly average of $41.00 a troy ounce.

• Gold after OPEC oil embargo (17 Oct 1973)

  After OPEC oil embargo on 17 Oct 1973, gold was 25.2% higher three months on and 54.4% higher twelve months on, measured from the Sep 1973 monthly average of $103 a troy ounce.

• Gold after Volcker shock (6 Oct 1979)

  After Volcker shock on 6 Oct 1979, gold was 90.1% higher three months on and 86.2% higher twelve months on, measured from the Sep 1979 monthly average of $355 a troy ounce.

• Gold after Iran hostages (4 Nov 1979)

  After Iran hostages on 4 Nov 1979, gold was 69.6% higher three months on and 59.4% higher twelve months on, measured from the Oct 1979 monthly average of $392 a troy ounce.

• Gold after Soviet Afghanistan (27 Dec 1979)

  After Soviet Afghanistan on 27 Dec 1979, gold was 41.3% higher three months on and 37.2% higher twelve months on, measured from the Nov 1979 monthly average of $392 a troy ounce.

• Gold after Hunt silver squeeze (18 Jan 1980)

  After Hunt silver squeeze on 18 Jan 1980, gold was 13.6% higher three months on and 22.4% higher twelve months on, measured from the Dec 1979 monthly average of $455 a troy ounce.

• Gold after Grenada (25 Oct 1983)

  After Grenada on 25 Oct 1983, gold was 10.0% lower three months on and 17.2% lower twelve months on, measured from the Sep 1983 monthly average of $412 a troy ounce.

• Gold after Dollar index peaks (25 Feb 1985)

  After Dollar index peaks on 25 Feb 1985, gold was 4.3% higher three months on and 11.9% higher twelve months on, measured from the Jan 1985 monthly average of $303 a troy ounce.

• Gold after Plaza Accord (22 Sep 1985)

  After Plaza Accord on 22 Sep 1985, gold was 2.4% lower three months on and 26.7% higher twelve months on, measured from the Aug 1985 monthly average of $330 a troy ounce.

• Gold after Black Monday (19 Oct 1987)

  After Black Monday on 19 Oct 1987, gold was 3.7% higher three months on and 11.5% lower twelve months on, measured from the Sep 1987 monthly average of $460 a troy ounce.

• Gold after Savings and loan bailout (9 Aug 1989)

  After Savings and loan bailout on 9 Aug 1989, gold was 5.1% higher three months on and 5.3% higher twelve months on, measured from the Jul 1989 monthly average of $375 a troy ounce.

• Gold after Panama (20 Dec 1989)

  After Panama on 20 Dec 1989, gold was 0.3% lower three months on and 4.3% lower twelve months on, measured from the Nov 1989 monthly average of $394 a troy ounce.

• Gold after Kuwait invaded (2 Aug 1990)

  After Kuwait invaded on 2 Aug 1990, gold was 5.2% higher three months on and 1.9% lower twelve months on, measured from the Jul 1990 monthly average of $363 a troy ounce.

• Gold after Desert Storm (16 Jan 1991)

  After Desert Storm on 16 Jan 1991, gold was 5.0% lower three months on and 6.1% lower twelve months on, measured from the Dec 1990 monthly average of $377 a troy ounce.

• Gold after Asian financial crisis (2 Jul 1997)

  After Asian financial crisis on 2 Jul 1997, gold was 4.7% lower three months on and 14.1% lower twelve months on, measured from the Jun 1997 monthly average of $341 a troy ounce.

• Gold after LTCM rescue (23 Sep 1998)

  After LTCM rescue on 23 Sep 1998, gold was 2.8% higher three months on and 6.7% lower twelve months on, measured from the Aug 1998 monthly average of $284 a troy ounce.

• Gold after Kosovo (24 Mar 1999)

  After Kosovo on 24 Mar 1999, gold was 9.1% lower three months on and 0.3% lower twelve months on, measured from the Feb 1999 monthly average of $287 a troy ounce.

• Gold after Brown’s Bottom (7 May 1999)

  After Brown’s Bottom on 7 May 1999, gold was 9.2% lower three months on and 2.8% lower twelve months on, measured from the Apr 1999 monthly average of $283 a troy ounce.

• Gold after Washington Agreement on Gold (26 Sep 1999)

  After Washington Agreement on Gold on 26 Sep 1999, gold was 10.1% higher three months on and 6.6% higher twelve months on, measured from the Aug 1999 monthly average of $257 a troy ounce.

• Gold after Dot-com peak (10 Mar 2000)

  After Dot-com peak on 10 Mar 2000, gold was 4.7% lower three months on and 12.3% lower twelve months on, measured from the Feb 2000 monthly average of $300 a troy ounce.

• Gold after 9/11 (11 Sep 2001)

  After 9/11 on 11 Sep 2001, gold was 1.5% higher three months on and 17.3% higher twelve months on, measured from the Aug 2001 monthly average of $272 a troy ounce.

• Gold after Afghanistan (7 Oct 2001)

  After Afghanistan on 7 Oct 2001, gold was 0.4% lower three months on and 12.0% higher twelve months on, measured from the Sep 2001 monthly average of $283 a troy ounce.

• Gold after Iraq (19 Mar 2003)

  After Iraq on 19 Mar 2003, gold was 0.8% lower three months on and 13.4% higher twelve months on, measured from the Feb 2003 monthly average of $359 a troy ounce.

• Gold after GLD launches (18 Nov 2004)

  After GLD launches on 18 Nov 2004, gold was 0.7% higher three months on and 13.6% higher twelve months on, measured from the Oct 2004 monthly average of $420 a troy ounce.

• Gold after Lehman collapses (15 Sep 2008)

  After Lehman collapses on 15 Sep 2008, gold was 2.7% lower three months on and 18.8% higher twelve months on, measured from the Aug 2008 monthly average of $839 a troy ounce.

• Gold after China doubles reported gold reserves (24 Apr 2009)

  After China doubles reported gold reserves on 24 Apr 2009, gold was 1.1% higher three months on and 24.4% higher twelve months on, measured from the Mar 2009 monthly average of $924 a troy ounce.

• Gold after Central banks turn net buyers (1 Jan 2010)

  After Central banks turn net buyers on 1 Jan 2010, gold was 1.2% higher three months on and 19.8% higher twelve months on, measured from the Dec 2009 monthly average of $1,135 a troy ounce.

• Gold after Libya (19 Mar 2011)

  After Libya on 19 Mar 2011, gold was 11.2% higher three months on and 21.9% higher twelve months on, measured from the Feb 2011 monthly average of $1,375 a troy ounce.

• Gold after US credit downgrade (5 Aug 2011)

  After US credit downgrade on 5 Aug 2011, gold was 10.6% higher three months on and 3.6% higher twelve months on, measured from the Jul 2011 monthly average of $1,573 a troy ounce.

• Gold after Euro crisis summit (26 Oct 2011)

  After Euro crisis summit on 26 Oct 2011, gold was 6.7% lower three months on and 1.4% lower twelve months on, measured from the Sep 2011 monthly average of $1,772 a troy ounce.

• Gold after Gold’s 2013 crash (12 Apr 2013)

  After Gold’s 2013 crash on 12 Apr 2013, gold was 19.3% lower three months on and 18.5% lower twelve months on, measured from the Mar 2013 monthly average of $1,593 a troy ounce.

• Gold after ISIS (8 Aug 2014)

  After ISIS on 8 Aug 2014, gold was 10.4% lower three months on and 14.7% lower twelve months on, measured from the Jul 2014 monthly average of $1,311 a troy ounce.

• Gold after Swiss franc unpegged (15 Jan 2015)

  After Swiss franc unpegged on 15 Jan 2015, gold was 0.2% lower three months on and 8.6% lower twelve months on, measured from the Dec 2014 monthly average of $1,201 a troy ounce.

• Gold after Bank of Japan goes negative (29 Jan 2016)

  After Bank of Japan goes negative on 29 Jan 2016, gold was 15.4% higher three months on and 10.8% higher twelve months on, measured from the Dec 2015 monthly average of $1,076 a troy ounce.

• Gold after Brexit (23 Jun 2016)

  After Brexit on 23 Jun 2016, gold was 5.2% higher three months on and 0.1% lower twelve months on, measured from the May 2016 monthly average of $1,261 a troy ounce.

• Gold after U.S.–Iran (2 Jan 2020)

  After U.S.–Iran on 2 Jan 2020, gold was 13.8% higher three months on and 26.2% higher twelve months on, measured from the Dec 2019 monthly average of $1,479 a troy ounce.

• Gold after COVID declared a pandemic (11 Mar 2020)

  After COVID declared a pandemic on 11 Mar 2020, gold was 8.5% higher three months on and 7.6% higher twelve months on, measured from the Feb 2020 monthly average of $1,597 a troy ounce.

• Gold after Afghanistan exit (30 Aug 2021)

  After Afghanistan exit on 30 Aug 2021, gold was 0.8% higher three months on and 2.4% lower twelve months on, measured from the Jul 2021 monthly average of $1,808 a troy ounce.

• Gold after Ukraine (24 Feb 2022)

  After Ukraine on 24 Feb 2022, gold was 1.8% higher three months on and 2.1% higher twelve months on, measured from the Jan 2022 monthly average of $1,816 a troy ounce.

• Gold after Russian reserves frozen (28 Feb 2022)

  After Russian reserves frozen on 28 Feb 2022, gold was 1.8% higher three months on and 2.1% higher twelve months on, measured from the Jan 2022 monthly average of $1,816 a troy ounce.

• Gold after PBoC resumes gold buying (7 Nov 2022)

  After PBoC resumes gold buying on 7 Nov 2022, gold was 11.5% higher three months on and 19.2% higher twelve months on, measured from the Oct 2022 monthly average of $1,664 a troy ounce.

• Gold after BoJ widens the yield band (20 Dec 2022)

  After BoJ widens the yield band on 20 Dec 2022, gold was 10.9% higher three months on and 17.4% higher twelve months on, measured from the Nov 2022 monthly average of $1,725 a troy ounce.

• Gold after SVB fails (10 Mar 2023)

  After SVB fails on 10 Mar 2023, gold was 4.7% higher three months on and 16.3% higher twelve months on, measured from the Feb 2023 monthly average of $1,855 a troy ounce.

• Gold after Red Sea (11 Jan 2024)

  After Red Sea on 11 Jan 2024, gold was 15.1% higher three months on and 33.8% higher twelve months on, measured from the Dec 2023 monthly average of $2,026 a troy ounce.

• Gold after BoJ ends negative rates (19 Mar 2024)

  After BoJ ends negative rates on 19 Mar 2024, gold was 15.0% higher three months on and 47.5% higher twelve months on, measured from the Feb 2024 monthly average of $2,023 a troy ounce.

• Gold after BoJ hike & carry-trade unwind (31 Jul 2024)

  After BoJ hike & carry-trade unwind on 31 Jul 2024, gold was 15.6% higher three months on and 43.6% higher twelve months on, measured from the Jun 2024 monthly average of $2,326 a troy ounce.

• Gold after Fed’s first cut of the cycle (18 Sep 2024)

  After Fed’s first cut of the cycle on 18 Sep 2024, gold was 7.2% higher three months on and 48.5% higher twelve months on, measured from the Aug 2024 monthly average of $2,470 a troy ounce.

• Gold after “Liberation Day” tariffs (2 Apr 2025)

  After “Liberation Day” tariffs on 2 Apr 2025, gold was 12.0% higher three months on and 58.3% higher twelve months on, measured from the Mar 2025 monthly average of $2,983 a troy ounce.

• Gold after Moody’s strips the last AAA (16 May 2025)

  After Moody’s strips the last AAA on 16 May 2025, gold was 4.7% higher three months on and 42.5% higher twelve months on, measured from the Apr 2025 monthly average of $3,218 a troy ounce.

• Gold after Iran (21 Jun 2025)

  After Iran on 21 Jun 2025, gold was 10.8% higher three months on and 27.8% higher twelve months on, measured from the May 2025 monthly average of $3,309 a troy ounce.

• Gold after Iran war (28 Feb 2026)

  After Iran war on 28 Feb 2026, gold was 3.5% lower three months on and twelve months on is not yet in the record, measured from the Jan 2026 monthly average of $4,753 a troy ounce.