Last night I lay back on my couch and had a couple of glasses of red, while reading an article from 1980 about the Hunt brothers and the events that surrounded the last spike in Silver to $50.
I found the article while surfing the web for financial news so I take no responsibility for the fact the original article was found in Playboy. Everyone reads Playboy for the articles, right?
It was a fascinating article and well worth the read for anyone interested in the markets. You can find the article here.
A short synopsis of the story is that the Hunt brothers, and in particular, Nelson Bunker Hunt, bought so much silver in the mid to late ’70s that they nearly cornered the market.
They bought 55 million ounces in late 1973 and early 1974 at around $3-$4 an ounce and sent 40 million ounces of it by chartered plane to Switzerland because they feared the US government would confiscate silver in the same way it had stolen gold from US citizens in the 1930s.