On August 15, 1971, the dollar stopped being convertible into gold and the Bretton Woods system ended. From that moment the price of metals stopped being set by decree and began to move freely in the market. 55 years have passed. This page reviews, with verified figures, how gold, silver, platinum, palladium and copper have performed since then through September 27, 2026, with gold around $4,286 per troy ounce, silver around $64.40, platinum around $1,783, palladium around $1,291 and copper around $6.50 per pound.
Average annual price of each metal
Average annual prices are the average of the LBMA PM fix in dollars per troy ounce (copper, in dollars per pound on the London Metal Exchange). Prices are rounded to two decimals when below $100 and to the nearest dollar when above.
Gold (dollars per troy ounce)
| Year | Average price |
|---|---|
| 1971 | $40.80 |
| 1975 | $161 |
| 1980 | $615 |
| 1985 | $317 |
| 1990 | $383 |
| 1995 | $384 |
| 2000 | $279 |
| 2005 | $444 |
| 2010 | $1,225 |
| 2015 | $1,160 |
| 2020 | $1,770 |
| 2021 | $1,799 |
| 2022 | $1,801 |
| 2023 | $1,941 |
| 2024 | $2,386 |
| 2025 | $3,432 |
| Today, September 27, 2026 | $4,286 |
Silver (dollars per troy ounce)
| Year | Average price |
|---|---|
| 1971 | $1.55 |
| 1975 | $4.42 |
| 1980 | $20.63 |
| 1985 | $6.14 |
| 1990 | $4.83 |
| 1995 | $5.15 |
| 2000 | $4.95 |
| 2005 | $7.31 |
| 2010 | $20.19 |
| 2015 | $15.68 |
| 2020 | $20.55 |
| 2021 | $25.14 |
| 2022 | $21.73 |
| 2023 | $23.35 |
| 2024 | $28.27 |
| 2025 | $40.03 |
| Today, September 27, 2026 | $64.40 |
Platinum (dollars per troy ounce, since 1990)
| Year | Average price |
|---|---|
| 1990 | $467 |
| 1995 | $425 |
| 2000 | $544 |
| 2005 | $897 |
| 2010 | $1,610 |
| 2015 | $1,053 |
| 2020 | $883 |
| 2021 | $1,090 |
| 2022 | $963 |
| 2023 | $967 |
| 2024 | $985 |
| 2025 | $1,010 |
| Today, September 27, 2026 | $1,783 |
Palladium (dollars per troy ounce, since 1990)
| Year | Average price |
|---|---|
| 1990 | $116 |
| 1995 | $153 |
| 2000 | $692 |
| 2005 | $204 |
| 2010 | $531 |
| 2015 | $691 |
| 2020 | $2,193 |
| 2021 | $2,398 |
| 2022 | $2,112 |
| 2023 | $1,337 |
| 2024 | $984 |
| 2025 | $1,150 |
| Today, September 27, 2026 | $1,291 |
The peak of 2000 and the fall through 2005 reflect a supply crisis of those years, which was later overcome.
Copper (dollars per pound, since 2000)
| Year | Average price |
|---|---|
| 2000 | $0.82 |
| 2005 | $1.67 |
| 2010 | $3.42 |
| 2015 | $2.49 |
| 2020 | $2.80 |
| 2021 | $4.23 |
| 2022 | $3.99 |
| 2023 | $3.85 |
| 2024 | $4.35 |
| 2025 | $4.50 |
| Today, September 27, 2026 | $6.50 |
Annualized return against inflation, stocks and bonds
Annualized return is the compound annual rate. It is calculated by dividing the final price by the starting price, raising the result to the power of one over the number of years, and subtracting one. It is the same formula used by any fund return calculator, and it lets you compare assets with histories of different lengths on an equal footing.
Gold
- Since 1971. From $40.80 to $4,286 in 55 years, an annualized return of 8.83%.
- Since 2000. From $279 to $4,286 in 26 years, an annualized return of 11.08%.
- Last 20 years. From $604 in 2006 to $4,286, an annualized return of 10.30%.
Silver
- Since 1971. From $1.55 to $64.40 in 55 years, an annualized return of 7.01%.
- Since 2000. From $4.95 to $64.40 in 26 years, an annualized return of 10.38%.
- Last 20 years. From $11.55 in 2006 to $64.40, an annualized return of 8.98%.
Against US inflation
- Since 1971. Average annual inflation of 3.92%, with a cumulative rise in prices of 727%.
- Since 2000. Average annual inflation of 2.59%, cumulative 94.5%.
- Last 20 years. Average annual inflation of 2.57%, cumulative 66.2%.
Over all three horizons, gold and silver have beaten inflation. Gold by a margin of 4.9 to 8.5 points a year, and silver by a margin of 3.1 to 7.8 points a year.
Against stocks and Treasury bonds
- S&P 500 with dividends reinvested. Annualized return of 11.87% over the last 50 years (the longest period available, a good approximation of the 55 years since 1971), 11.40% over the last 20 years and 8.39% since 2000.
- US 10-year Treasury bonds. Taking the average annual yield as an approximation of their return, 5.14% since 1971, 4.32% since 2000 and 3.85% over the last 20 years.
US stocks, with dividends reinvested, have returned somewhat more than gold over the fifty-year horizon and over the last twenty, in a nearly uninterrupted context of expansionary monetary policy. Since 2000, however, gold (11.08%) and silver (10.38%) have returned more than stocks (8.39%), in a period that includes two major financial crises. Gold and silver do not depend on the future earnings of any company or on the solvency of any issuer. Against Treasury bonds, with an average yield of between 3.85% and 5.14% depending on the period, gold and silver have returned more over every horizon, without the interest rate risk a bond carries.
What an ounce of gold bought in 1971 and what it buys today
To isolate the effect of inflation, take the 1971 price and update it with the cumulative rise in US prices through today (727%). The result is the price gold would have today if it had only kept pace with inflation, not one dollar more.
An ounce of gold cost $40.80 in 1971. Adjusted for inflation, that amount is equivalent to $337.50 today. The ounce trades at $4,286, which is 12.7 times its inflation-adjusted equivalent. Whoever bought an ounce of gold in 1971 not only protected their purchasing power, they multiplied it by 12.7 in real terms.
One hundred ounces of silver cost $155 in 1971. Adjusted for inflation they are equivalent to $1,282 today. Those same hundred ounces are worth $6,440 today, five times their inflation-adjusted equivalent.
The big rises and falls since 1971
Gold, five big rises
| Period | Reason | Size |
|---|---|---|
| 1971 to January 1980 | End of the dollar's convertibility into gold, double-digit inflation, the oil crises of 1973 and 1979 | From $40.80 to $850, a gain of 1,984% |
| 2001 to September 2011 | Dot-com crisis, 2008 financial crisis, monetary expansion | From about $250 to $1,920, a gain of 668% |
| August 2018 to August 2020 | Trade tensions, pandemic, zero interest rates, monetary stimulus | From about $1,160 to $2,075, a gain of 79% |
| 2022 to 2024 | Central bank purchases above 1,000 metric tons a year, diversification of reserves away from the dollar | Annual average from $1,801 to $2,386, a gain of 32% |
| Late 2024 to January 2026 | Rate cuts, tariff and geopolitical tensions, massive inflows into physical gold funds | From about $2,000 to a peak of $5,602 on January 29, 2026, a gain of 180% |
Gold, three big falls
| Period | Reason | Size |
|---|---|---|
| 1980 to 2000 | Interest rates of up to 20%, strong dollar, great bull market in stocks | A 70% fall, from $850 to about $253, in a 19-year bear cycle |
| March to October 2008 | Forced sales of liquid assets to raise cash after the collapse of Lehman Brothers | A 30% fall, from about $1,000 to $700 |
| January 2026 to today | Shift in interest rate expectations, strong dollar, rebound in bond yields | A 23% fall, from $5,602 to $4,286 |
Silver, five big rises
| Period | Reason | Size |
|---|---|---|
| 1971 to January 1980 | Inflation of the 1970s and an attempt to corner the market by large private investors | From $1.55 to about $50 on January 18, 1980, a gain of more than 3,100% |
| 2003 to April 2011 | Industrial recovery, weak dollar, the same monetary expansion that lifted gold | From about $4.50 to $49.82 on April 25, 2011, a gain of 1,007% |
| March to August 2020 | Pandemic stimulus and renewed investor interest | From about $12 to $29.26, a gain of 144% |
| 2022 to 2024 | Structural supply deficit and record solar demand | Annual average from $21.73 to $28.27, a gain of 30% |
| 2025 to January 2026 | Very tight physical market and heavy speculative buying | Intraday peak of $121.67 on January 29, 2026, a gain of more than 300% |
Silver, three big falls
| Period | Reason | Size |
|---|---|---|
| March 27, 1980 (Silver Thursday) | Failure of the attempt to corner the market and a sudden tightening of margins in the futures market | A 78% fall in weeks, from $50 to $10.80 |
| 2011 to March 2020 | End of monetary expansion, strong dollar, stock market panic at the start of the pandemic | A fall of more than 75%, from $49.82 to about $12 |
| January 2026 to today | Tightening of margins in the futures market and the same shift in rate expectations that hit gold | A 47% fall, from $121.67 to $64.40 |
Falls are part of the metals cycle. Silver has always moved with more force than gold, in both directions.
Why own physical metal
No counterparty risk. A coin or bar of gold, silver, platinum or palladium in your possession does not depend on a bank, a broker or an issuer keeping its promise to pay. It is the asset itself, not the paper that represents it, and it cannot go bankrupt, stop paying a coupon or lock an account.
Global liquidity. The gold market is one of the most liquid on the planet. According to the LBMA quarterly report, the average daily volume traded in the gold market reached $155.45 billion in the second quarter of 2025, and in silver $19.45 billion in the same period. At the activity peaks of early 2026, daily gold volume exceeded $500 billion, according to World Gold Council estimates cited by Kamoa Capital. That depth makes it possible to buy and sell large amounts with hardly any effect on the price.
Store of value against inflation. Gold has multiplied its real purchasing power by 12.7 since 1971 and silver by 5. The dollar, by contrast, has lost 88% of its purchasing power over the same period (a dollar of 1971 is worth just 12 cents of that year today). Physical metal cannot be diluted by issuing more units, unlike any fiat currency.
Diversification. The monthly correlation between gold and the S&P 500 over the last 50 years (from September 1975 to September 2025) is 0.02, practically zero, according to State Street. Gold tends to move independently of the stock market, which lowers the overall risk of a portfolio that combines both assets, especially in moments of the greatest financial stress.
Central bank demand. Central banks have been buying gold for four years at a pace unprecedented in recent history, above 1,000 metric tons a year in 2022 (1,082 metric tons), 2023 (1,051) and 2024 (1,045), and with 863 metric tons more in 2025, the fourth highest annual figure on record, according to the World Gold Council. The institutions that manage countries' reserves see gold as an asset that is neutral against the debt and currency of others.
Limited supply. World gold mine production reached a record 3,671.6 metric tons in 2025, a figure that grows very slowly because opening a new mine takes between ten and twenty years. All the gold ever mined, about 222,600 metric tons according to the World Gold Council, would fit in a cube about 22 meters (72 feet) on each side.
Silver and its industrial component. More than half of silver demand is industrial. According to the Silver Institute, world industrial demand exceeded 700 million ounces for the first time in 2024, 7% more than the previous year, with the photovoltaic industry as the main driver after growing 64% in 2023 to 193.5 million ounces. Every solar panel needs silver to conduct electricity, and consumer electronics and electric vehicles add demand. This dual nature, precious metal and industrial metal, gives it a demand engine that gold does not have.
Copper and electrification. Copper is the metal of electrification, present in every cable, electric motor, solar panel or data network. According to estimates cited by Crux Investor, world demand will go from about 28 million metric tons in 2025 to more than 42 million in 2040, and data centers for artificial intelligence alone could demand 475,000 metric tons in 2026. World mine production has stayed around 23 million metric tons a year since 2024, according to the US Geological Survey. That gap between rising demand and barely growing supply explains a good part of the recent strength in the price.
What moves the price of each metal
Gold. It moves mostly on the opportunity cost of holding it against assets that do pay interest, hence its close relationship with real interest rates. The strength or weakness of the dollar also matters, as does demand from central banks as a neutral reserve, geopolitical and financial fear, which activates its safe-haven role, and long-term inflation expectations. When several of these factors coincide, as between 2022 and 2026, the effect is amplified.
Silver. It inherits a good share of gold's drivers, with which it keeps a historically high correlation, and adds the industrial variable. Its price also depends on the global economic cycle, on investment in solar energy and on mine supply, which is largely a byproduct of copper, lead and zinc mines and does not respond quickly to price changes. That is why silver tends to move with more force than gold, up and down.
Platinum. It is driven mostly by the auto industry, specifically catalytic converters for diesel engines, by jewelry, and by a supply highly concentrated in South Africa, which provides most of world production and is exposed to power outages and labor conflicts. The shift to the electric vehicle and the growing role of hydrogen as an energy carrier are today its two big demand unknowns.
Palladium. It depends almost entirely on catalytic converters for gasoline engines. That sent it soaring between 2018 and 2021 on scarce supply and explains its sharp fall afterward, as manufacturers move toward electrification and replace palladium with cheaper platinum in catalytic converters.
Copper. It is driven by the pulse of the world industrial economy, with China as the largest consumer, and increasingly by the electrification of transport, the rollout of renewable energy and the construction of data centers for artificial intelligence, against a mine supply that grows very slowly because of the scarcity of new high-grade deposits.
Related
- Gold, the complete guide ·
/en/c/inv/metales/oro - Silver, the complete guide ·
/en/c/inv/metales/plata - Platinum, palladium and copper ·
/en/c/inv/metales/platino-paladio-y-cobre - Taxes by zone ·
/en/inversion/fiscalidad
Consulted on September 27, 2026, unless another date is indicated.
Prices and inflation
- Dollar Times, gold price in 1971.
- MetalCharts, historical series for gold, silver, platinum, palladium and copper.
- MetalCharts, reasons for the gold rise from 2024 to 2026.
- In2013Dollars, CPI inflation calculator for 1971, 2000 and 2006.
Stocks and bonds
- Trade That Swing, historical S&P 500 returns, August 2026.
- Official Data, S&P 500 returns since 2000.
- Multpl, 10-year Treasury bond yield.
Rises and falls
- USAGOLD, 50 years of the gold price.
- Metalorix, the gold peak of 1980.
- Keaney Financial Services, the gold correction of 2008.
- Study, Silver Thursday.
- GoldSilver, history of silver price declines.
- Bullion Trading LLC, the gold and silver fall of January 2026.
Market, demand and supply
- World Gold Council, Gold Demand Trends Full Year 2025.
- World Gold Council, press release on gold demand in 2024.
- World Gold Council, How Much Gold Has Been Mined.
- Visual Capitalist, central bank gold purchases by year.
- LBMA, Precious Metals Market Report Q2 2025.
- Kamoa Capital, daily gold volume.
- State Street (SSGA), correlation between gold and the S&P 500.
- Silver Institute, Silver News, December 2024.
- PV Magazine, photovoltaic silver demand, November 13, 2024.
- US Geological Survey, Mineral Commodity Summaries 2026, copper.
- Crux Investor, copper demand from electrification and artificial intelligence.
This information is not an investment recommendation. Figures reviewed on September 27, 2026.