Through the 2008 financial crisis
The same official monthly series, started just before, during, and after the crisis. West Texas Intermediate’s World Bank monthly average in 2007–2009 ranged from a high of $134 per barrel in Jun 2008 to a low of $39 in Feb 2009. The FHFA Purchase-Only U.S. index, from 2006 through 2012, reached 226.00 in Jun 2007 and 175.79 in Jan 2012. $10,000 in gold in September 2008 would be $49,458 by Oct 2026 (4.95×).
Data: World Bank Commodity Price Data (CC BY 4.0), FHFA HPI®, U.S. Treasury yields, BLS CPI-U. Historical illustration, not financial advice; ignores fees, storage and taxes. Details
Why the start month matters here
A January 2007 start is before the worst of the crisis. January 2008 is the calendar year of the oil spike and, later, the crash. September 2008 sits at the acute phase. March 2009 is often used as a post-crisis equity low; we include it only as a comparable start on these official non-equity series, which did not all bottom on the same month. Housing in particular is a slow-moving national index, not a stock price, and a $10,000 unlevered index path is not a mortgaged house.
Oil results are monthly average spot prices, not the return of a rolled futures contract or oil ETF. In 2008 that distinction is especially large.
$10,000 held from four start dates through the latest file month
Start Jan 2007
| Series | First month used | End month | End value | Multiple | CAGR |
|---|---|---|---|---|---|
| Gold | Jan 2007 | Oct 2026 | $65,055 | 6.51× | 9.9% |
| Silver | Jan 2007 | Oct 2026 | $44,531 | 4.45× | 7.9% |
| Crude oil (WTI) | Jan 2007 | Oct 2026 | $18,026 | 1.80× | 3.0% |
| U.S. house prices (FHFA HPI) | Jan 2007 | Aug 2026 | $20,277 | 2.03× | 3.7% |
| U.S. 3-month Treasury bills (rolled) | Jan 2007 | Nov 2026 | $13,783 | 1.38× | 1.6% |
Start Jan 2008
| Series | First month used | End month | End value | Multiple | CAGR |
|---|---|---|---|---|---|
| Gold | Jan 2008 | Oct 2026 | $46,124 | 4.61× | 8.5% |
| Silver | Jan 2008 | Oct 2026 | $35,849 | 3.58× | 7.0% |
| Crude oil (WTI) | Jan 2008 | Oct 2026 | $10,505 | 1.05× | 0.3% |
| U.S. house prices (FHFA HPI) | Jan 2008 | Aug 2026 | $21,264 | 2.13× | 4.1% |
| U.S. 3-month Treasury bills (rolled) | Jan 2008 | Nov 2026 | $13,181 | 1.32× | 1.5% |
Start Sep 2008
| Series | First month used | End month | End value | Multiple | CAGR |
|---|---|---|---|---|---|
| Gold | Sep 2008 | Oct 2026 | $49,458 | 4.95× | 9.2% |
| Silver | Sep 2008 | Oct 2026 | $45,968 | 4.60× | 8.8% |
| Crude oil (WTI) | Sep 2008 | Oct 2026 | $9,403 | 0.94× | -0.3% |
| U.S. house prices (FHFA HPI) | Sep 2008 | Aug 2026 | $22,474 | 2.25× | 4.6% |
| U.S. 3-month Treasury bills (rolled) | Sep 2008 | Nov 2026 | $13,021 | 1.30× | 1.5% |
Start Mar 2009
| Series | First month used | End month | End value | Multiple | CAGR |
|---|---|---|---|---|---|
| Gold | Mar 2009 | Oct 2026 | $44,426 | 4.44× | 8.9% |
| Silver | Mar 2009 | Oct 2026 | $43,511 | 4.35× | 8.7% |
| Crude oil (WTI) | Mar 2009 | Oct 2026 | $20,568 | 2.06× | 4.2% |
| U.S. house prices (FHFA HPI) | Mar 2009 | Aug 2026 | $23,501 | 2.35× | 5.0% |
| U.S. 3-month Treasury bills (rolled) | Mar 2009 | Nov 2026 | $12,994 | 1.30× | 1.5% |