The authors evaluated the Insulin-like Growth Factor-1 (IGF-1) stimulating the formation of bone tissue, and interferon gamma (IFN gamma), inhibiting bone resorption, in the serum of women, 13 of fertile age, 34 of post-menopausal age, and 14 of senile age. Values for IGF-1 in the serum were considerably low in patients of post-menopausal and senile age, and presented highly significant differences with values for subjects of fertile age. The values for IFN gamma did not present significant differences between different age groups. It may be assumed that post-menopause and during senile age physiological osteopenia may be favored by a decrease in the secretion of IGF-1.