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 before
- $355
- Sep 1979
- Gold +3 months
- +90.1%
- Gold +12 months
- +86.2%
- Silver +12 months
- +46.4%
In context
The Fed under Paul Volcker switched to targeting bank reserves, letting rates spike to break inflation.
Over the same months silver was 181.9% higher three months on and 46.4% higher twelve months on.
Of the 29 market or central-bank moments on the chart with a full year after them, this ranks 1st for gold twelve months on.
The geopolitical or monetary shock before it on the chart: OPEC oil embargo (17 Oct 1973).
The one after: Iran hostages (4 Nov 1979).
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: federalreservehistory.org.
Updated Oct 2026 · record through Oct 2026