Silver Price in 2008
In 2008, silver fell 23.8%, closing the year at $11.27 per troy ounce, compared with $14.80 at the end of 2007. The highest close was $20.69 on March 5, 2008 and the lowest $8.79 on October 28, 2008; the average for the year was $14.95. Today's price is 410.5% above the 2008 close.
Silver price chart, 2008
USD per troy ounce · daily closeMonthly Silver Prices in 2008
Month-end close and range, US dollars per troy ounce. Choose a month for every day's price.
| Month | Close | High | Low | Change |
|---|---|---|---|---|
| January | $16.95 | $16.95 | $15.17 | +14.5% |
| February | $19.81 | $19.81 | $16.30 | +16.9% |
| March | $17.28 | $20.69 | $16.81 | −12.8% |
| April | $16.50 | $18.31 | $16.50 | −4.5% |
| May | $16.83 | $18.24 | $16.12 | +2.0% |
| June | $17.42 | $17.62 | $16.46 | +3.5% |
| July | $17.75 | $19.18 | $17.25 | +1.9% |
| August | $13.61 | $17.48 | $12.80 | −23.3% |
| September | $12.23 | $13.46 | $10.46 | −10.1% |
| October | $9.73 | $12.72 | $8.79 | −20.4% |
| November | $10.19 | $10.46 | $8.80 | +4.7% |
| December | $11.27 | $11.39 | $9.35 | +10.7% |
Silver in 2008 at a Glance
- Silver fell 23.8% in US dollars. In ZAR terms it rose 4.7%, and in JPY terms it fell 38.2% — the difference comes from currency moves.
- It did better than S&P 500 (with dividends) (−37.0%).
- It did worse than Gold (+5.8%).
- After US inflation of 0.1%, the real change was −23.9%.
- In the futures market, managed money (speculators) went from net long 22,282 to net long 10,827 contracts.
Key Events in 2008
What happened, and how silver moved that day (or the next trading day) and about a month later.
- Sunday, March 16JPMorgan Chase agrees to acquire Bear Stearns for about $2 a share with Fed financing. SourceSilver: −1.7% next trading day (Mar 17) · −13.3% a month later
- Sunday, September 7Fannie Mae and Freddie Mac are placed into federal conservatorship. SourceSilver: −2.1% next trading day (Sep 8) · −8.3% a month later
- Monday, September 15Lehman Brothers files for Chapter 11 bankruptcy protection. SourceSilver: +3.2% that day · 0.0% a month later
- Friday, October 3Emergency Economic Stabilization Act is signed, creating the $700 billion TARP. SourceSilver: +1.9% that day · −12.1% a month later
- Tuesday, December 16Fed cuts its federal funds target to a range of 0 to 0.25%. SourceSilver: +0.8% that day · −1.6% a month later
Silver in 2008: records, milestones and the London price chart →
Silver in other currencies, 2008
| Currency | Change |
|---|---|
| ZAR | +4.7% |
| GBP | +3.2% |
| TRY | −2.2% |
| PKR | −2.9% |
| MXN | −3.8% |
| AUD | −5.6% |
| INR | −6.7% |
| CAD | −7.2% |
| EUR | −20.5% |
| CNY | −28.9% |
| JPY | −38.2% |
Price in each currency at the year-end exchange rate, year-end to year-end. A falling currency makes silver rise more in local terms.
Silver vs other assets, 2008
| Asset | Change (USD) |
|---|---|
| Gold | +5.8% |
| S&P 500 (with dividends) | −37.0% |
| US inflation (CPI) | +0.1% |
Silver Price on Festivals in 2008
| Festival | Date | Price |
|---|---|---|
| Gudi Padwa | Mon 7 Apr | ₹23,187 ₹/kg |
| Akshaya Tritiya | Wed 7 May | ₹22,073 ₹/kg |
| Navratri | Tue 30 Sep | ₹18,325 ₹/kg |
| Dussehra | Thu 9 Oct | ₹18,084 ₹/kg |
| Dhanteras | Sun 26 Oct | ₹14,869 ₹/kg |
| Diwali | Tue 28 Oct | ₹13,895 ₹/kg |
International price converted at that day's rate, before local taxes and making charges.
Futures positioning: managed money (speculators) held a net long position of 10,827 contracts on 30 Dec 2008, against net long 22,282 a year earlier. COT report →
Silver in 2008: FAQ
What was the price of silver in 2008?
Silver traded between $8.79 and $20.69 per troy ounce in 2008 (daily closes), averaging $14.95. It closed the year at $11.27.
How much did silver go down in 2008?
Silver fell 23.8% in 2008, from $14.80 to $11.27 per ounce.
What was the highest silver price in 2008?
The highest daily close in 2008 was $20.69 per troy ounce on March 5, 2008.
What was the best month for silver in 2008?
February (+16.9%). The weakest was August (−23.3%).
How much did silver rise in rupees in 2008?
Silver fell 6.7% in Indian rupee terms in 2008, compared with −23.8% in US dollars.
Did silver beat the stock market in 2008?
Yes. Silver was −23.8% for the year, against −37.0% for the S&P 500 with dividends reinvested.
What was the biggest event for silver in 2008?
Of the key events listed on this page, the biggest one-day reaction was on 15 September: Lehman Brothers files for Chapter 11 bankruptcy protection. Silver moved +3.2% that day.
Daily closing prices of COMEX front-month silver futures (US dollars per troy ounce), which track the spot price closely. Download the full daily series as CSV (free to use with a link to this site).