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Silver Price in 1971

The silver price fell 16.0% in 1971, from $1.63 at the end of 1970 to $1.37. Its highest close was $1.75 on Apr 8, and its lowest $1.27 on Nov 2. The biggest one-day fall was −4.9% on Sep 8 and the biggest rise +3.8% on Dec 6. Adjusted for inflation, it lost 18.7%.

Change in 1971
−16.0%
$1.63 → $1.37
High
$1.75
Apr 8
Low
$1.27
Nov 2
After inflation
−18.7%
US CPI
Up days
112 of 249
longest run 5 up, 7 down
Below record
-46.8%
at the end of 1971

Silver Price, daily closes 1971

Numbers mark the events below
$1$2$2JanFebMarAprMayJunJulAugSepOctNovDec1Aug 15: Nixon closes the gold window, ending dollar convertibility to gold, and announces wage and price controls.2Sep 8: Biggest one-day fall of the year: −4.9%.3Nov 2: Bear market low: $1.27, 36.3% below the peak.4Dec 6: Biggest one-day rise of the year: +3.8%.5Dec 18: Smithsonian Agreement realigns major currencies and raises the official gold price to $38.

Key Events in 1971

What happened, and how the Silver moved — on the day (or the next trading day) and about a month later.

  1. 1
    Sunday, August 15
    Nixon closes the gold window, ending dollar convertibility to gold, and announces wage and price controls. Source
  2. 2
    Wednesday, September 8 From the data
    Biggest one-day fall of the year: −4.9%.
  3. 3
    Tuesday, November 2 From the data
    Bear market low: $1.27, 36.3% below the peak.
  4. 4
    Monday, December 6 From the data
    Biggest one-day rise of the year: +3.8%.
  5. 5
    Saturday, December 18
    Smithsonian Agreement realigns major currencies and raises the official gold price to $38. Source
    Silver: −2.4% next trading day (Dec 21) · +5.7% a month later

Biggest days of 1971

Best daysWorst days
Dec 6+3.8%Sep 8−4.9%
Sep 9+3.4%Aug 31−4.0%
Jun 9+3.1%Oct 11−3.4%
Jan 7+2.6%Oct 5−3.2%
Jul 29+2.5%Jan 27−3.2%

Volatility: 19.5% (annualised standard deviation of daily changes).

Month by month

MonthCloseChangeHighLow
Jan$1.59−2.4%$1.71$1.56
Feb$1.59−0.4%$1.62$1.58
Mar$1.69+6.2%$1.69$1.60
Apr$1.69+0.2%$1.75$1.67
May$1.60−5.2%$1.70$1.60
Jun$1.58−1.6%$1.64$1.58
Jul$1.59+1.1%$1.60$1.54
Aug$1.50−5.7%$1.63$1.50
Sep$1.38−8.4%$1.50$1.37
Oct$1.31−5.0%$1.38$1.29
Nov$1.33+1.9%$1.34$1.27
Dec$1.37+2.9%$1.43$1.32

Other Markets in 1971

Change over the calendar year.

MarketChangeYear-end
Silver Price−16.0%$1.37
Dow Jones Industrial Average in 1971+6.1%890.20
S&P 500 in 1971+10.8%102.09
Gold in 1971+16.7%$43.62
US 10-year Treasury yield in 1971−0.61 pp5.89%
1970197119721973197419751976197719781979

Silver Price in 1971: FAQ

How much did the silver price fall in 1971?

The silver price fell 16.0% in 1971, from $1.63 at the end of 1970 to $1.37. Its highest close was $1.75 on Apr 8, and its lowest $1.27 on Nov 2. The biggest one-day fall was −4.9% on Sep 8 and the biggest rise +3.8% on Dec 6. Adjusted for inflation, it lost 18.7%.

What were the highest and lowest closes of the silver price in 1971?

Highest: $1.75 on April 8, 1971. Lowest: $1.27 on November 2, 1971. It closed higher on 112 of 249 trading days.

What happened to the silver price on December 18, 1971?

Smithsonian Agreement realigns major currencies and raises the official gold price to $38. The silver price fell 2.4% on the next trading day (December 21, 1971), and was +5.7% a month later.

Data: London silver fix from 1968 to Jan 2018 (gaps filled with Perth Mint spot), COMEX silver futures closes after that. Inflation: US CPI-U. Events marked "From the data" are found automatically from the closing prices; the others are researched, with the source linked. Not investment advice.