Platinum Price History Timeline
Explore major historical events that moved platinum prices from 1971 to 2024.
Event Type
Lehman Brothers Collapse & Financial Crisis
The bankruptcy of Lehman Brothers triggered the worst financial crisis since the Great Depression. Credit markets froze, major banks teetered on collapse, and global stock markets plunged. Initially, gold dipped as investors sold everything for cash, but the subsequent Federal Reserve response - near-zero interest rates and quantitative easing - ignited a massive gold rally. Gold went from $869/oz in September 2008 to $1,900/oz by 2011 as central banks printed trillions.
Price Movement
$1,900/oz in 2011
3 years (2008-2011)
$48.70/oz in 2011
3 years (2008-2011)
From $2,250/oz to $850/oz
6 months (initial crash)
Sources: World Gold Council, Federal Reserve Economic Data
COVID-19 Pandemic Declaration
The WHO declared COVID-19 a global pandemic as the virus spread worldwide, triggering unprecedented lockdowns and economic collapse. Central banks launched the largest monetary stimulus in history - the Fed cut rates to zero and purchased $120 billion/month in assets. Gold initially dipped during the March liquidity crisis but then exploded to an all-time high of $2,067/oz in August 2020. Silver surged 150% from its March lows. Trillions in stimulus and negative real rates made precious metals incredibly attractive.
Price Movement
$2,067/oz (all-time high)
5 months
$29.14/oz
5 months (from March lows)
From $595/oz to $1,025/oz
5 months (from March lows)
From $2,875/oz to $1,985/oz
2 months (initial crash)
Sources: World Gold Council, WHO, Federal Reserve
Russia Invades Ukraine
Russia launched a full-scale invasion of Ukraine, triggering the largest European war since 1945. Western nations imposed severe sanctions on Russia, disrupting global energy and commodity markets. Gold initially spiked to $2,070/oz (matching the COVID high) as fear peaked, but later retreated as the war became protracted. Palladium (where Russia controls 40% of supply) soared 80% in days. Nickel trading was suspended on the LME after prices more than doubled in hours.
Price Movement
$2,070/oz
2 weeks
$3,440/oz (record high)
3 weeks
From $1,015/oz to $1,248/oz
2 weeks
Sources: LME, LBMA, World Platinum Investment Council
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