Loading ...I had to laugh … they owned the silver and it was THEY who manipulated silver futures contracts ???
GAWD !!!! What a crock of crap !
I tell my grandkids that when I went off to college in 1959 in a state near Las Vegas , I went to Penny’s to buy a pair of Levi’s . I was to get over $5 in change (from a ten dollar bill ) , and the saleslady asked ” Paper ? Silver ? ”
I was from Canada and looked at my room mate with a stunned look . He said ” She is asking if you want paper dollars or silver dollars .” Then he added ” Take the paper – the rough edges on the coins will wear out your pockets .”
If I saw him today , I would kick him so hard in the groin , he’d be bent over for a week !
Well, back to Wiki…
Silver manipulation[edit]
Main article: Silver Thursday
Beginning in the early 1970s, Hunt and his brothers William Herbert and Lamar began accumulating large amounts of silver. By 1979, they had nearly cornered the global market.[8] In the last nine months of 1979, the brothers profited by an estimated $2 billion to $4 billion in silver speculation, with estimated silver holdings of 100 million troy ounces (3,100,000 kg).[9]
Primarily because of the Hunt brothers’ accumulation of the precious metal, prices of silver futures contracts and silver bullion rose from $11 an ounce in September 1979 to $50 an ounce in January 1980. Silver prices ultimately collapsed to below $11 an ounce two months later.[10] The largest single day drop in the price of silver occurred on “Silver Thursday.”[2] In February 1985 the Hunt brothers were charged “with manipulating and attempting to manipulate the prices of silver futures contracts and silver bullion during 1979 and 1980” by the United States Commodity Futures Trading Commission.[2]
In September 1988 the Hunt brothers filed for bankruptcy under Chapter 11 of the Federal Bankruptcy Code largely due to lawsuits incurred as a result of their silver speculation.[2]
In 1989, in a settlement with the CFTC, Nelson Bunker Hunt was fined US$10 million and banned from trading in the commodity markets as a result of civil charges of conspiring to manipulate the silver market.[2] This fine was in addition to a multimillion-dollar settlement to pay back taxes, fines and interest to the Internal Revenue Service for the same period. His brother made a similar settlement.[2]