The following data is for Gold Prices in 2008.
Additional Gold Price historical charts and gold price information can be found on our Current Gold Price page.
Gold Price 2008 Chart
(2008 US dollar price per troy ounce of gold)
What Caused the Gold Spot Price to sell off in 2008?
To understand why the gold spot price would fall in a liquidity event like 2008, where essentially there is a run on the financial system. You have to understand how the gold price is discovered in the modern financial world by outsized representative bets, not gold bullion per se.
Essentially selling your representative gold derivative book for fiat cash was the order of the financial institution day when things got very serious and threatening in October 2008. This drove the spot price of gold to near $700 oz even though banks were bankrupting.
Gold spot prices ultimately rebounded to clear $1,000 oz the following year and over $1,900 oz in fully fiat US dollars by the late summer of 2011. The gold bullion price premium chart below showing what was happening in the real world tells the real story. Fear of loss was pervasive.
The derivative gold price action in October 2008 makes little sense to an outsider looking in, essentially because the way the financial world still discovers gold prices today makes little sense.
Instead of using physical supply-demand gold buy sell data, we use outsized representative bets to determine what the gold price in the physical world should be.
That methodology does not hold up in financial crisis, see the chart below for what happens to gold bullion premiums even as the spot price might be falling.
2008 Financial Crisis Lookback via Bullion Investors
This 2008 - 2018 review begins in earnest at the 2:08 mark.
From 2009 into 2011, both gold and silver performed extremely well in response to multiple Federal Reserve QE program initiations.
-
2008 Gold Bullion Shortage of Availability / Way More Demand than Supply
In the following chart using aggregated eBay data for 1 oz Gold American Eagle coin sales.
You can see exorbitantly high price premiums above the then gold spot price were paid for the world's most popular currently struck 1 oz gold bullion coin.
-
-
If you start by looking on the far left side of the chart which begins in the fall of 2008 (when there was a retail and wholesale shortage of both silver and gold bullion products) you will note price premiums of about 25% above the spot price were the average being paid on eBay at the time.
In other words, the derivative driven gold spot price may have been bottoming near $700 oz yet actual investors were having to pay around $875 oz to get these gold bullion coins in their hands. Before the 2008 Financial Crisis, you could get 1 oz American Gold Eagle coins typically for less than 4% over the then fluctuating spot gold price.
We fully expect that we will again revisit a financial crisis which produces such another phenomenon in the gold bullion market in the years or decade to come.
2008 Gold Prices - Daily Gold Price Fix Data Below
London Bullion Market Association: LBMA Gold Price Auction, expected auction start London time locally around 10:30 AM and 15:00 PM.
Gold fix prices represent composite prices arrived at by various trading banks and brokerages in the over-the-counter Gold bullion markets.
Foreign exchange (forex) prices are the most widely quoted in the precious metals industry.
Worldwide forex gold markets trade continuously 24 hours a day from Sunday evening 6:00 PM (Eastern Time) to Friday 5:00 PM (Eastern Time).
Viewer acknowledges and is in agreement that SD Bullion does not guarantee the accuracy, timelines, or completeness of price data displayed here. Nor shall it be liable to any individual or any entity for any delays, inaccuracies, errors or omissions in this price data or any other damages arising in connection with viewer's receipt or use of this data. SD Bullion offers customers the ability to purchase physical precious metal bullion products for asset preservation and prudent allocation purposes, not for mere speculation. Using our online price data, market commentaries, and opinions for speculative purposes is not advised, we are not financial planners nor certified to give you any financial advice whatsoever. Information here is merely for educational purposes.
|
Date |
Gold Price Fix AM in US dollars per troy ounce |
Gold Price Fix PM in US dollars per troy ounce |
|
January 2, 2008 |
$840.75 oz |
$846.75 oz |
|
January 3, 2008 |
$865.35 oz |
$858.85 oz |
|
January 4, 2008 |
$858.75 oz |
$855.00 oz |
|
January 7, 2008 |
$857.50 oz |
$859.25 oz |
|
January 8, 2008 |
$873.25 oz |
$873.50 oz |
|
January 9, 2008 |
$887.85 oz |
$877.00 oz |
|
January 10, 2008 |
$874.25 oz |
$884.25 oz |
|
January 11, 2008 |
$893.75 oz |
$891.00 oz |
|
January 14, 2008 |
$911.50 oz |
$902.00 oz |
|
January 15, 2008 |
$904.75 oz |
$913.00 oz |
|
January 16, 2008 |
$881.00 oz |
$889.75 oz |
|
January 17, 2008 |
$881.50 oz |
$888.25 oz |
|
January 18, 2008 |
$872.75 oz |
$882.00 oz |
|
January 21, 2008 |
$874.25 oz |
$871.25 oz |
|
January 22, 2008 |
$862.00 oz |
$875.00 oz |
|
January 23, 2008 |
$887.80 oz |
$888.25 oz |
|
January 24, 2008 |
$891.50 oz |
$909.25 oz |
|
January 25, 2008 |
$921.25 oz |
$918.25 oz |
|
January 28, 2008 |
$916.50 oz |
$921.75 oz |
|
January 29, 2008 |
$927.50 oz |
$924.50 oz |
|
January 30, 2008 |
$923.75 oz |
$919.00 oz |
|
January 31, 2008 |
$923.75 oz |
$923.25 oz |
|
February 1, 2008 |
$933.00 oz |
$914.75 oz |
|
February 4, 2008 |
$899.50 oz |
$893.75 oz |
|
February 5, 2008 |
$889.75 oz |
$887.50 oz |
|
February 6, 2008 |
$892.00 oz |
$903.00 oz |
|
February 7, 2008 |
$908.25 oz |
$899.75 oz |
|
February 8, 2008 |
$914.00 oz |
$916.25 oz |
|
February 11, 2008 |
$925.50 oz |
$918.00 oz |
|
February 12, 2008 |
$920.25 oz |
$917.00 oz |
|
February 13, 2008 |
$905.75 oz |
$899.00 oz |
|
February 14, 2008 |
$910.85 oz |
$906.00 oz |
|
February 15, 2008 |
$909.75 oz |
$912.50 oz |
|
February 18, 2008 |
$905.00 oz |
$903.25 oz |
|
February 19, 2008 |
$916.50 oz |
$924.00 oz |
|
February 20, 2008 |
$924.85 oz |
$920.00 oz |
|
February 21, 2008 |
$943.00 oz |
$945.00 oz |
|
February 22, 2008 |
$945.75 oz |
$943.00 oz |
|
February 25, 2008 |
$947.50 oz |
$937.75 oz |
|
February 26, 2008 |
$934.00 oz |
$937.00 oz |
|
February 27, 2008 |
$958.75 oz |
$959.50 oz |
|
February 28, 2008 |
$957.00 oz |
$959.75 oz |
|
February 29, 2008 |
$969.00 oz |
$971.50 oz |
|
March 3, 2008 |
$978.25 oz |
$988.50 oz |
|
March 4, 2008 |
$981.75 oz |
$984.75 oz |
|
March 5, 2008 |
$966.25 oz |
$974.50 oz |
|
March 6, 2008 |
$986.25 oz |
$976.50 oz |
|
March 7, 2008 |
$978.50 oz |
$972.50 oz |
|
March 10, 2008 |
$973.15 oz |
$969.25 oz |
|
March 11, 2008 |
$980.50 oz |
$970.00 oz |
|
March 12, 2008 |
$975.75 oz |
$975.50 oz |
|
March 13, 2008 |
$988.25 oz |
$995.00 oz |
|
March 14, 2008 |
$997.00 oz |
$1,003.50 oz |
|
March 17, 2008 |
$1,023.50 oz |
$1,011.25 oz |
|
March 18, 2008 |
$1,005.75 oz |
$1,006.75 oz |
|
March 19, 2008 |
$995.25 oz |
$958.50 oz |
|
March 20, 2008 |
$913.50 oz |
$925.75 oz |
|
March 25, 2008 |
$930.65 oz |
$926.75 oz |
|
March 26, 2008 |
$945.75 oz |
$946.75 oz |
|
March 27, 2008 |
$948.25 oz |
$946.75 oz |
|
March 28, 2008 |
$944.50 oz |
$934.25 oz |
|
March 31, 2008 |
$937.25 oz |
$933.50 oz |
|
April 1, 2008 |
$897.00 oz |
$887.75 oz |
|
April 2, 2008 |
$893.50 oz |
$890.00 oz |
|
April 3, 2008 |
$898.25 oz |
$896.50 oz |
|
April 4, 2008 |
$905.25 oz |
$905.50 oz |
|
April 7, 2008 |
$914.70 oz |
$926.50 oz |
|
April 8, 2008 |
$921.00 oz |
$915.00 oz |
|
April 9, 2008 |
$906.75 oz |
$917.00 oz |
|
April 10, 2008 |
$934.25 oz |
$928.00 oz |
|
April 11, 2008 |
$925.50 oz |
$927.75 oz |
|
April 14, 2008 |
$917.75 oz |
$926.50 oz |
|
April 15, 2008 |
$931.75 oz |
$929.75 oz |
|
April 16, 2008 |
$932.75 oz |
$945.00 oz |
|
April 17, 2008 |
$951.50 oz |
$946.00 oz |
|
April 18, 2008 |
$942.25 oz |
$908.75 oz |
|
April 21, 2008 |
$915.75 oz |
$918.50 oz |
|
April 22, 2008 |
$920.75 oz |
$918.00 oz |
|
April 23, 2008 |
$916.25 oz |
$898.50 oz |
|
April 24, 2008 |
$900.75 oz |
$895.50 oz |
|
April 25, 2008 |
$883.50 oz |
$891.50 oz |
|
April 28, 2008 |
$892.25 oz |
$890.50 oz |
|
April 29, 2008 |
$886.00 oz |
$880.00 oz |
|
April 30, 2008 |
$867.75 oz |
$871.00 oz |
|
May 1, 2008 |
$863.50 oz |
$853.00 oz |
|
May 2, 2008 |
$854.25 oz |
$853.50 oz |
|
May 6, 2008 |
$878.00 oz |
$880.00 oz |
|
May 7, 2008 |
$874.00 oz |
$868.25 oz |
|
May 8, 2008 |
$872.25 oz |
$877.00 oz |
|
May 9, 2008 |
$887.25 oz |
$876.00 oz |
|
May 12, 2008 |
$882.50 oz |
$883.50 oz |
|
May 13, 2008 |
$877.00 oz |
$865.00 oz |
|
May 14, 2008 |
$863.00 oz |
$866.50 oz |
|
May 15, 2008 |
$866.25 oz |
$881.25 oz |
|
May 16, 2008 |
$885.00 oz |
$897.00 oz |
|
May 19, 2008 |
$908.75 oz |
$906.50 oz |
|
May 20, 2008 |
$907.00 oz |
$914.50 oz |
|
May 21, 2008 |
$925.00 oz |
$923.00 oz |
|
May 22, 2008 |
$928.25 oz |
$922.75 oz |
|
May 23, 2008 |
$922.25 oz |
$927.50 oz |
|
May 27, 2008 |
$923.75 oz |
$906.75 oz |
|
May 28, 2008 |
$892.00 oz |
$902.50 oz |
|
May 29, 2008 |
$893.00 oz |
$883.00 oz |
|
May 30, 2008 |
$879.50 oz |
$885.75 oz |
|
June 2, 2008 |
$891.25 oz |
$888.25 oz |
|
June 3, 2008 |
$895.50 oz |
$879.25 oz |
|
June 4, 2008 |
$877.25 oz |
$883.50 oz |
|
June 5, 2008 |
$873.00 oz |
$878.75 oz |
|
June 6, 2008 |
$883.50 oz |
$890.50 oz |
|
June 9, 2008 |
$904.25 oz |
$896.25 oz |
|
June 10, 2008 |
$884.50 oz |
$878.00 oz |
|
June 11, 2008 |
$874.25 oz |
$876.25 oz |
|
June 12, 2008 |
$871.25 oz |
$862.25 oz |
|
June 13, 2008 |
$864.00 oz |
$866.00 oz |
|
June 16, 2008 |
$872.00 oz |
$888.25 oz |
|
June 17, 2008 |
$883.00 oz |
$881.50 oz |
|
June 18, 2008 |
$884.00 oz |
$887.50 oz |
|
June 19, 2008 |
$893.25 oz |
$903.00 oz |
|
June 20, 2008 |
$900.00 oz |
$907.50 oz |
|
June 23, 2008 |
$905.25 oz |
$881.00 oz |
|
June 24, 2008 |
$888.50 oz |
$889.50 oz |
|
June 25, 2008 |
$887.25 oz |
$882.75 oz |
|
June 26, 2008 |
$892.50 oz |
$909.50 oz |
|
June 27, 2008 |
$923.00 oz |
$919.50 oz |
|
June 30, 2008 |
$932.75 oz |
$930.25 oz |
|
July 1, 2008 |
$929.50 oz |
$937.50 oz |
|
July 2, 2008 |
$936.00 oz |
$935.25 oz |
|
July 3, 2008 |
$939.75 oz |
$934.00 oz |
|
July 4, 2008 |
$930.75 oz |
$931.25 oz |
|
July 7, 2008 |
$921.00 oz |
$916.75 oz |
|
July 8, 2008 |
$929.25 oz |
$921.00 oz |
|
July 9, 2008 |
$923.25 oz |
$927.25 oz |
|
July 10, 2008 |
$930.75 oz |
$939.50 oz |
|
July 11, 2008 |
$949.00 oz |
$962.75 oz |
|
July 14, 2008 |
$957.75 oz |
$968.00 oz |
|
July 15, 2008 |
$981.75 oz |
$986.00 oz |
|
July 16, 2008 |
$974.00 oz |
$977.50 oz |
|
July 17, 2008 |
$964.50 oz |
$965.50 oz |
|
July 18, 2008 |
$961.50 oz |
$959.75 oz |
|
July 21, 2008 |
$966.25 oz |
$960.50 oz |
|
July 22, 2008 |
$973.00 oz |
$961.50 oz |
|
July 23, 2008 |
$934.75 oz |
$926.50 oz |
|
July 24, 2008 |
$927.75 oz |
$928.00 oz |
|
July 25, 2008 |
$932.25 oz |
$920.50 oz |
|
July 28, 2008 |
$929.25 oz |
$923.50 oz |
|
July 29, 2008 |
$928.75 oz |
$916.75 oz |
|
July 30, 2008 |
$914.10 oz |
$897.50 oz |
|
July 31, 2008 |
$912.00 oz |
$918.00 oz |
|
August 1, 2008 |
$909.50 oz |
$912.50 oz |
|
August 4, 2008 |
$910.00 oz |
$905.75 oz |
|
August 5, 2008 |
$884.00 oz |
$882.00 oz |
|
August 6, 2008 |
$884.75 oz |
$879.50 oz |
|
August 7, 2008 |
$882.50 oz |
$871.50 oz |
|
August 8, 2008 |
$864.50 oz |
$852.50 oz |
|
August 11, 2008 |
$863.75 oz |
$852.50 oz |
|
August 12, 2008 |
$808.75 oz |
$817.75 oz |
|
August 13, 2008 |
$824.00 oz |
$818.50 oz |
|
August 14, 2008 |
$833.25 oz |
$818.00 oz |
|
August 15, 2008 |
$784.75 oz |
$786.50 oz |
|
August 18, 2008 |
$797.50 oz |
$796.25 oz |
|
August 19, 2008 |
$791.00 oz |
$788.75 oz |
|
August 20, 2008 |
$806.75 oz |
$815.75 oz |
|
August 21, 2008 |
$821.00 oz |
$833.50 oz |
|
August 22, 2008 |
$830.00 oz |
$824.00 oz |
|
August 26, 2008 |
$809.75 oz |
$827.00 oz |
|
August 27, 2008 |
$833.50 oz |
$827.00 oz |
|
August 28, 2008 |
$832.00 oz |
$838.25 oz |
|
August 29, 2008 |
$836.50 oz |
$833.00 oz |
|
September 1, 2008 |
$832.00 oz |
$822.25 oz |
|
September 2, 2008 |
$802.50 oz |
$798.50 oz |
|
September 3, 2008 |
$794.50 oz |
$803.50 oz |
|
September 4, 2008 |
$810.50 oz |
$805.75 oz |
|
September 5, 2008 |
$796.25 oz |
$808.50 oz |
|
September 8, 2008 |
$806.50 oz |
$808.00 oz |
|
September 9, 2008 |
$799.75 oz |
$781.75 oz |
|
September 10, 2008 |
$774.25 oz |
$775.75 oz |
|
September 11, 2008 |
$742.75 oz |
$740.75 oz |
|
September 12, 2008 |
$757.50 oz |
$750.25 oz |
|
September 15, 2008 |
$779.25 oz |
$775.00 oz |
|
September 16, 2008 |
$779.75 oz |
$779.50 oz |
|
September 17, 2008 |
$785.50 oz |
$813.00 oz |
|
September 18, 2008 |
$864.25 oz |
$863.00 oz |
|
September 19, 2008 |
$837.50 oz |
$869.00 oz |
|
September 22, 2008 |
$873.00 oz |
$889.00 oz |
|
September 23, 2008 |
$892.50 oz |
$899.00 oz |
|
September 24, 2008 |
$888.50 oz |
$896.00 oz |
|
September 25, 2008 |
$889.00 oz |
$888.50 oz |
|
September 26, 2008 |
$869.00 oz |
$902.00 oz |
|
September 29, 2008 |
$876.50 oz |
$905.00 oz |
|
September 30, 2008 |
$897.00 oz |
$884.50 oz |
|
October 1, 2008 |
$876.00 oz |
$880.00 oz |
|
October 2, 2008 |
$866.25 oz |
$852.00 oz |
|
October 3, 2008 |
$842.50 oz |
$828.00 oz |
|
October 6, 2008 |
$836.50 oz |
$875.50 oz |
|
October 7, 2008 |
$881.75 oz |
$876.75 oz |
|
October 8, 2008 |
$913.00 oz |
$903.50 oz |
|
October 9, 2008 |
$886.75 oz |
$883.50 oz |
|
October 10, 2008 |
$918.00 oz |
$900.50 oz |
|
October 13, 2008 |
$865.00 oz |
$831.50 oz |
|
October 14, 2008 |
$849.50 oz |
$832.50 oz |
|
October 15, 2008 |
$848.50 oz |
$847.00 oz |
|
October 16, 2008 |
$834.50 oz |
$802.50 oz |
|
October 17, 2008 |
$801.00 oz |
$784.50 oz |
|
October 20, 2008 |
$803.00 oz |
$795.00 oz |
|
October 21, 2008 |
$781.00 oz |
$772.00 oz |
|
October 22, 2008 |
$757.50 oz |
$744.00 oz |
|
October 23, 2008 |
$726.00 oz |
$720.00 oz |
|
October 24, 2008 |
$692.50 oz |
$712.50 oz |
|
October 27, 2008 |
$720.50 oz |
$730.50 oz |
|
October 28, 2008 |
$745.00 oz |
$730.50 oz |
|
October 29, 2008 |
$749.25 oz |
$764.00 oz |
|
October 30, 2008 |
$772.25 oz |
$755.25 oz |
|
October 31, 2008 |
$728.50 oz |
$730.75 oz |
|
November 3, 2008 |
$734.00 oz |
$729.50 oz |
|
November 4, 2008 |
$734.00 oz |
$741.25 oz |
|
November 5, 2008 |
$753.25 oz |
$753.75 oz |
|
November 6, 2008 |
$739.00 oz |
$754.50 oz |
|
November 7, 2008 |
$742.00 oz |
$735.25 oz |
|
November 10, 2008 |
$751.75 oz |
$753.00 oz |
|
November 11, 2008 |
$741.75 oz |
$733.75 oz |
|
November 12, 2008 |
$731.50 oz |
$724.75 oz |
|
November 13, 2008 |
$714.00 oz |
$713.50 oz |
|
November 14, 2008 |
$729.50 oz |
$747.50 oz |
|
November 17, 2008 |
$745.00 oz |
$734.00 oz |
|
November 18, 2008 |
$736.50 oz |
$738.00 oz |
|
November 19, 2008 |
$737.75 oz |
$762.00 oz |
|
November 20, 2008 |
$745.25 oz |
$738.00 oz |
|
November 21, 2008 |
$758.50 oz |
$774.50 oz |
|
November 24, 2008 |
$816.75 oz |
$822.50 oz |
|
November 25, 2008 |
$802.50 oz |
$820.50 oz |
|
November 26, 2008 |
$817.00 oz |
$812.50 oz |
|
November 27, 2008 |
$813.50 oz |
$814.00 oz |
|
November 28, 2008 |
$813.50 oz |
$814.50 oz |
|
December 1, 2008 |
$795.50 oz |
$778.00 oz |
|
December 2, 2008 |
$772.50 oz |
$780.00 oz |
|
December 3, 2008 |
$773.50 oz |
$766.25 oz |
|
December 4, 2008 |
$772.75 oz |
$773.25 oz |
|
December 5, 2008 |
$771.75 oz |
$749.00 oz |
|
December 8, 2008 |
$772.25 oz |
$767.25 oz |
|
December 9, 2008 |
$771.00 oz |
$767.75 oz |
|
December 10, 2008 |
$785.75 oz |
$802.25 oz |
|
December 11, 2008 |
$821.00 oz |
$827.75 oz |
|
December 12, 2008 |
$813.75 oz |
$826.50 oz |
|
December 15, 2008 |
$827.50 oz |
$826.00 oz |
|
December 16, 2008 |
$833.50 oz |
$838.25 oz |
|
December 17, 2008 |
$853.75 oz |
$870.00 oz |
|
December 18, 2008 |
$872.50 oz |
$855.25 oz |
|
December 19, 2008 |
$839.00 oz |
$835.75 oz |
|
December 22, 2008 |
$846.00 oz |
$849.00 oz |
|
December 23, 2008 |
$844.00 oz |
$843.50 oz |
|
December 24, 2008 |
$836.75 oz |
|
|
December 29, 2008 |
$881.00 oz |
$880.25 oz |
|
December 30, 2008 |
$870.00 oz |
$869.75 oz |
|
December 31, 2008 |
$865.00 oz |
LBMA Gold price fix history data is posted with permission. All rights are reserved.