Silver Price in 1998
The silver price fell 16.2% in 1998, from $5.98 at the end of 1997 to $5.01. Its highest close was $7.81 on Feb 6, and its lowest $4.69 on Dec 3. The biggest one-day fall was −7.9% on Feb 9 and the biggest rise +10.3% on Feb 4. Adjusted for inflation, it lost 17.5%.
Silver Price, daily closes 1998
Numbers mark the events belowKey Events in 1998
What happened, and how the Silver moved — on the day (or the next trading day) and about a month later.
- 1
Tuesday, February 3Berkshire Hathaway discloses it owns 129.7 million ounces of silver. SourceSilver: +2.2% that day · +4.0% a month later
- 2
Wednesday, February 4 From the dataBiggest one-day rise of the year: +10.3%.
- 3
Monday, February 9 From the dataBiggest one-day fall of the year: −7.9%.
- 4
Thursday, February 26 From the dataEnters a bear market: 20% below its peak of $7.81 (February 6, 1998).
- 5
Wednesday, June 17US and Japan jointly intervene to buy yen, the first US yen-support action in over six years. SourceSilver: +2.7% that day · +3.5% a month later
- 6
Monday, August 17Russia devalues the ruble, defaults on domestic debt and declares a moratorium on foreign debt payments. SourceSilver: −0.2% that day · −4.1% a month later
- 7
Thursday, December 3 From the dataBear market low: $4.69, 39.9% below the peak.
Biggest days of 1998
| Best days | Worst days | ||
|---|---|---|---|
| Feb 4 | +10.3% | Feb 9 | −7.9% |
| Feb 5 | +7.1% | Feb 18 | −6.9% |
| Mar 23 | +6.6% | May 13 | −5.7% |
| Feb 27 | +5.3% | Jan 9 | −5.3% |
| Apr 3 | +4.3% | Feb 26 | −4.6% |
Volatility: 34.8% (annualised standard deviation of daily changes).
Month by month
| Month | Close | Change |
|---|---|---|
| Jan | $6.05 | +1.2% |
| Feb | $6.37 | +5.3% |
| Mar | $6.35 | −0.3% |
| Apr | $6.22 | −2.0% |
| May | $4.96 | −20.3% |
| Jun | $5.36 | +8.1% |
| Jul | $5.53 | +3.2% |
| Aug | $4.79 | −13.4% |
| Sep | $5.39 | +12.5% |
| Oct | $5.06 | −6.1% |
| Nov | $4.93 | −2.6% |
| Dec | $5.01 | +1.6% |
Other Markets in 1998
Change over the calendar year.
| Market | Change | Year-end |
|---|---|---|
| Silver Price | −16.2% | $5.01 |
| Dow Jones Industrial Average in 1998 | +16.1% | 9,181.43 |
| S&P 500 in 1998 | +26.7% | 1,229.23 |
| Nasdaq Composite in 1998 | +39.6% | 2,192.69 |
| Russell 2000 in 1998 | −3.4% | 421.96 |
| Nikkei 225 in 1998 | −9.3% | 13,842.17 |
| Gold in 1998 | −0.8% | $287.80 |
| WTI crude oil in 1998 | −31.2% | $12.14 |
| Brent crude oil in 1998 | −33.5% | $10.54 |
| US 10-year Treasury yield in 1998 | −1.10 pp | 4.65% |
Silver Price in 1998: FAQ
How much did the silver price fall in 1998?
The silver price fell 16.2% in 1998, from $5.98 at the end of 1997 to $5.01. Its highest close was $7.81 on Feb 6, and its lowest $4.69 on Dec 3. The biggest one-day fall was −7.9% on Feb 9 and the biggest rise +10.3% on Feb 4. Adjusted for inflation, it lost 17.5%.
What were the highest and lowest closes of the silver price in 1998?
Highest: $7.81 on February 6, 1998. Lowest: $4.69 on December 3, 1998. It closed higher on 111 of 253 trading days.
What happened to the silver price on June 17, 1998?
US and Japan jointly intervene to buy yen, the first US yen-support action in over six years. The silver price rose 2.7% that day, and was +3.5% 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.