On 19 October 1987 — "Black Monday" — the Dow Jones fell 22.6% in a single session, the worst one-day crash in history. As equities cratered, gold acted exactly as a safe-haven asset should, holding its value and drawing capital fleeing the panic.
The episode was a rare bright spot in gold's long 1980s and 1990s bear market. It demonstrated the metal's enduring role as portfolio insurance — uncorrelated with stocks at the precise moment correlation matters most — even in an era when, year to year, the price was drifting lower.
Key events of 1987
- 1987-10-19
Black Monday
The Dow falls 22.6% in a day; gold holds firm as a crisis haven.