Policy Changes - Silver Timeline
Explore policy changes that impacted silver prices from 1971 to 2024.
Event Type
Fed "Taper Tantrum"
Federal Reserve Chairman Ben Bernanke announced plans to reduce ("taper") the Fed's bond-buying program (QE3), signaling the end of ultra-loose monetary policy. Markets panicked, bond yields spiked, and gold crashed from $1,475/oz in late May to below $1,200/oz by the end of the year as investors priced in higher real interest rates. This marked the end of gold's 12-year bull run and began a three-year bear market. The taper actually began in December 2013.
Price Movement
From $1,475/oz to $1,062/oz
6 months
From $23.80/oz to $15.20/oz
6 months
Sources: Federal Reserve FOMC Minutes, Bloomberg
Federal Reserve Begins Rate Cut Cycle
After holding rates at 5.25-5.50% for over a year (the highest since 2001), the Federal Reserve cut rates by 50 basis points, signaling the end of the inflation-fighting cycle. The move came as inflation cooled to 2.5% and labor markets showed signs of weakening. Gold had already been rallying in anticipation, reaching new all-time highs above $2,600/oz. Lower rates reduce the opportunity cost of holding non-yielding gold and often weaken the dollar, both bullish for precious metals.
Price Movement
From $2,115/oz to $2,685/oz (new record)
12 months (Sep 2023-Sep 2024)
From $22.75/oz to $31.40/oz
12 months
Sources: Federal Reserve FOMC Statement, CME Group
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