Gold (GLD) fell -45.6% at its worst — here is every crash since 2004
Peak, bottom, and how long it took to get back to break-even, plus what $10,000 would have been worth at each bottom.
Data as of September 10, 2026
Worst fall on record
-45.6%
August 22, 2011 to December 17, 2015, falling for 4 years 4 months
Every fall of 10% or more that Gold (GLD) has had since November 18, 2004.
- Time to recover
- 8 years 11 months
- On your amount
- $5,445
- Right now
- -18.7%
Back at that peak on July 29, 2020
What $10,000 was worth at the bottom
As of September 9, 2026
In an ordinary year it moves about ±18.3% around its own trend.
| Peak | Bottom | Fall | Peak to bottom | Peak to recovery | Your amount at the bottom |
|---|---|---|---|---|---|
| PeakAugust 22, 2011 | BottomDecember 17, 2015 | Fall-45.6% | Peak to bottom4 years 4 months | Peak to recovery8 years 11 months | Your amount at the bottom$5,445 |
| PeakMarch 17, 2008 | BottomNovember 12, 2008 | Fall-29.4% | Peak to bottom8 months | Peak to recovery1 year 6 months | Your amount at the bottom$7,059 |
| PeakJanuary 29, 2026 | BottomJuly 16, 2026 | Fall-26.4% | Peak to bottom6 months | Peak to recoveryNot yet | Your amount at the bottom$7,360 |
| PeakAugust 6, 2020 | BottomSeptember 26, 2022 | Fall-22.0% | Peak to bottom2 years 2 months | Peak to recovery3 years 7 months | Your amount at the bottom$7,800 |
| PeakMay 12, 2006 | BottomJune 14, 2006 | Fall-21.8% | Peak to bottom1 month | Peak to recovery1 year 4 months | Your amount at the bottom$7,821 |
| PeakDecember 2, 2009 | BottomFebruary 8, 2010 | Fall-12.7% | Peak to bottom2 months | Peak to recovery5 months | Your amount at the bottom$8,730 |
| PeakOctober 20, 2025 | BottomNovember 4, 2025 | Fall-10.1% | Peak to bottomunder a month | Peak to recovery2 months | Your amount at the bottom$8,987 |
Depth is measured from the previous all-time high, and “peak to recovery” runs from that high back to it — not from the bottom, which gives a much shorter number.
What Gold (GLD)'s own history says
The worst fall was -45.6%, from August 22, 2011 to December 17, 2015 — $10,000 invested at that peak was worth $5,445 at the bottom. It took 8 years 11 months from that peak to close back at it, on July 29, 2020. Today it sits 18.7% below its all-time high.
Computed from daily closing prices with dividends reinvested, snapshotted September 10, 2026.
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History is not a forecast
This page shows what actually happened to a real price series — nothing more. An asset that recovered every time so far carries no promise that it will again, and the next fall will not be the last one. Prices exclude trading costs, spreads, currency conversion and taxes, all of which make a real-world fall worse than the one drawn here. Nothing on this page is investment advice; do your own research or speak to a regulated adviser before investing.
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