How gold performed under Ronald Reagan (1981–1989)
Under Ronald Reagan (20 Jan 1981 to 20 Jan 1989), gold fell 22.1%, from $538 to $419 a troy ounce, comparing the monthly averages of Dec 1980 and Dec 1988; silver fell 63.0%.
- Gold
- -22.1%
- $538 → $419
- Silver
- -63.0%
- $16.50 → $6.10
- Gold high
- $557
- Jan 1981
- Gold low
- $299
- Feb 1985
In context
Ronald Reagan's 8 years rank 11th of 11 presidencies since 1971 for gold. Silver did worse than gold, falling 63.0%, from $16.50 to $6.10.
Gold's monthly average peaked at $557 in Jan 1981 and was lowest at $299 in Feb 1985 during the term.
That is a loss of about 3.1% a year, against 8.7% a year for gold across the whole record.
Under Jimmy Carter, the presidency before, gold rose 301.5%.
Under George H. W. Bush, the presidency after, gold fell 20.0%.
Republican presidencies since 1971: 7 of 11.
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.
Updated Oct 2026 · record through Oct 2026