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 before
- $394
- Nov 1989
- Gold +3 months
- -0.3%
- Gold +12 months
- -4.3%
- Silver +12 months
- -25.5%
In context
Operation Just Cause began.
Over the same months silver was 7.3% lower three months on and 25.5% lower twelve months on.
Of the 11 U.S. military operations on the chart with a full year after them, this ranks 8th for gold twelve months on.
The market or central-bank moment before it on the chart: Savings and loan bailout (9 Aug 1989).
The one after: Kuwait invaded (2 Aug 1990).
Monthly average prices in U.S. dollars per troy ounce (Kitco.com and the World Bank Pink Sheet), from the last full month before a period to its last full month; the record runs Feb 1971 to Oct 2026. What the record did, not a forecast. Source: army.mil.
Updated Oct 2026 · record through Oct 2026