Silver Price in 1978
In 1978, the price of silver averaged $5.40 per troy ounce, up 16.9% from the year before. This page covers the 1978 average, high, low, and year-end close, the events that moved the market, and what that silver would be worth in today's dollars.
1978 Average
$5.40
LBMA annual average, USD/oz
Change vs 1977
+16.9%
from $4.62 in 1977
1978 High
$6.30
from daily trading data
1978 Low
$4.83
from daily trading data
Year-End Close
$6.07
last trading day of 1978
Silver Price Chart, 1970 to 1990
Silver Price by Month in 1978
Each month's average of daily closing prices, with its high and low, per troy ounce. These come from MetalCharts daily spot data, so they can differ slightly from the annual average above, which is based on LBMA annual average data.
| Month | Average | High | Low |
|---|---|---|---|
| January 1978 | $4.93 | $5.03 | $4.83 |
| February 1978 | $4.94 | $5.04 | $4.84 |
| March 1978 | $5.27 | $5.47 | $4.93 |
| April 1978 | $5.12 | $5.40 | $4.90 |
| May 1978 | $5.12 | $5.41 | $4.95 |
| June 1978 | $5.32 | $5.47 | $5.23 |
| July 1978 | $5.33 | $5.61 | $5.15 |
| August 1978 | $5.49 | $5.68 | $5.35 |
| September 1978 | $5.58 | $5.70 | $5.43 |
| October 1978 | $5.91 | $6.30 | $5.66 |
| November 1978 | $5.88 | $6.05 | $5.67 |
| December 1978 | $5.93 | $6.07 | $5.83 |
What happened to the silver price in 1978
Silver averaged $5.40 per troy ounce in 1978, climbing 16.9% from the $4.62 average of 1977. Daily trading data shows silver moved between a low of $4.83 and a high of $6.30 during the year, ending 1978 at $6.07. The notable development of 1978: Second oil crisis begins.
The 1970s transformed silver from a demonetized coinage metal into one of the hottest inflation trades of the era. Prices climbed from under $2 per ounce early in the decade to double digits by 1979 as the Hunt brothers built enormous positions.
Adjusted for inflation, silver's 1978 average of $5.40 equals about $27 in today's dollars. The conversion uses US Bureau of Labor Statistics CPI-U annual averages, so treat it as a close approximation rather than an exact figure.
Frequently Asked Questions
What was the price of silver in 1978?
What is a 1978 silver price worth in today's dollars?
What moved the silver price in 1978?
Annual averages are LBMA prices per troy ounce in US dollars. Where shown, the yearly high, low, and close come from MetalCharts daily historical data and may differ slightly from figures published elsewhere. Inflation adjustments use BLS CPI-U annual averages.