Silver Price in 1979

The silver price rose 434.8% in 1979, from $6.02 at the end of 1978 to $32.20. Its highest close was $32.20 on Dec 31 — a record that stood until January 2, 1980, and its lowest $5.94 on Jan 12. The biggest one-day fall was −15.4% on Sep 19 and the biggest rise +36.6% on Sep 18. Adjusted for inflation, it gained 372.0%.

Change in 1979

+434.8%

$6.02 → $32.20

High

$32.20

Dec 31

Low

$5.94

Jan 12

After inflation

+372.0%

US CPI

Up days

151 of 253

longest run 7 up, 3 down

Record highs

closing records

Silver Price, daily closes 1979

Numbers mark the events below

Key Events in 1979

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

1
Tuesday, January 16

The Shah leaves Iran during the Iranian Revolution. Source

Silver: +1.7% that day · +19.8% a month later
2
Monday, February 5 From the data

Silver sets the first of 43 record closing highs this year, at $7.08. Back above its pre-bear-market peak of $6.76 (February 26, 1974).
3
Tuesday, March 13

The European Monetary System enters into force. Source

Silver: −1.9% that day · +4.3% a month later
4
Monday, August 6

Paul Volcker takes office as Federal Reserve chairman. Source

Silver: −1.6% that day · +21.6% a month later
5
Wednesday, August 29 From the data

Silver closes above $10 for the first time ($10.08).
6
Tuesday, September 18 From the data

Biggest one-day rise of the year: +36.6%.
7
Wednesday, September 19 From the data

Biggest one-day fall of the year: −15.4%.
8
Friday, September 21 From the data

Enters a bear market: 20% below its peak of $18.30 (September 18, 1979). Bear market low: $14.04, 23.3% below the peak.
9
Saturday, October 6

Volcker announces the Fed will target bank reserves instead of the federal funds rate. Source

Silver: 0.0% next trading day (Oct 8) · +5.9% a month later
10
Sunday, November 4

Students seize the US Embassy in Tehran, starting the Iran hostage crisis. Source

Silver: +1.2% next trading day (Nov 5) · +24.1% a month later
11
Wednesday, November 14

The US freezes about $8 billion of Iranian assets. Source

Silver: −0.9% that day · +24.2% a month later
12
Thursday, November 29 From the data

Back above its pre-bear-market peak of $18.30 (September 18, 1979).
13
Wednesday, December 12 From the data

Silver closes above $20 for the first time ($20.14).
14
Tuesday, December 25

Soviet forces begin the invasion of Afghanistan. Source

Silver: +11.8% next trading day (Dec 27) · +55.7% a month later
15
Monday, December 31 From the data

Last record close of the year: $32.20.

Biggest days of 1979

Best days		Worst days
Sep 18	+36.6%	Sep 19	−15.4%
Dec 31	+15.6%	Sep 21	−14.9%
Sep 24	+14.0%	Oct 4	−12.4%
Dec 27	+11.8%	Sep 25	−7.8%
Sep 27	+10.8%	Feb 9	−6.8%

Volatility: 64.1% (annualised standard deviation of daily changes).

Month by month

Month	Close	Change	High	Low
Jan	$6.71	+11.5%	$6.71	$5.94
Feb	$7.69	+14.6%	$7.85	$6.62
Mar	$7.45	−3.1%	$7.73	$7.13
Apr	$7.65	+2.7%	$7.65	$7.33
May	$8.77	+14.7%	$8.95	$7.89
Jun	$8.54	−2.7%	$8.82	$8.29
Jul	$9.08	+6.4%	$9.58	$8.60
Aug	$10.32	+13.6%	$10.39	$8.78
Sep	$16.25	+57.5%	$18.30	$10.91
Oct	$16.60	+2.2%	$18.10	$14.90
Nov	$19.00	+14.5%	$19.00	$16.02
Dec	$32.20	+69.5%	$32.20	$19.01

Other Markets in 1979

Change over the calendar year.

Market	Change	Year-end
Silver Price	+434.8%	$32.20
Dow Jones Industrial Average in 1979	+4.2%	838.74
S&P 500 in 1979	+12.3%	107.94
Nasdaq Composite in 1979	+28.1%	151.14
Gold in 1979	+126.5%	$512.00
US 10-year Treasury yield in 1979	+1.18 pp	10.33%

1970 1971 1972 1973 1974 1975 1976 1977 1978 1979

Silver Price in 1979: FAQ

How much did the silver price rise in 1979?

What were the highest and lowest closes of the silver price in 1979?

Highest: $32.20 on December 31, 1979. Lowest: $5.94 on January 12, 1979. It closed higher on 151 of 253 trading days.

What happened to the silver price on December 25, 1979?

Soviet forces begin the invasion of Afghanistan. The silver price rose 11.8% on the next trading day (December 27, 1979), and was +55.7% a month later.

Did the silver price reach a record high in 1979?

Yes — 43 record closing highs, the last at $32.20 on December 31, 1979. (Records counted from 1968, when the free market price began.)

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.