Loading ...Re Ackerman and Hunt
Hunt used Comex and Margin…..he also ran a group of mainly ME investors, they were all super wealthy, tks to the Oil explosion in the 70’s.
He made his money in Libya, where he bought the rights to an area to explore, which turned out to be the biggest field in Libya….he then did a deal with BP and split it 50/50 %, they did all the exploration and extraction, if anything was found…..he did jack apart from growing vegetables on his roof in Benghazi, to sell to his wife….While he was out there where he met all the other members of his group around the ME.
When he decided to corner silver, he went to all those fellow Oil millionaires/billionaires and they joined in…the rest as they say is history…but they also took on Gold…but it was all on margin….. when they put his margins upto 100 % o/n he couldn’t pay himself and couldn’t get the money in time from the other members of the group, as they were all over the place and communications were terrible, plus their money was tied up etc…..plus they also were really pissed and shocked that the deal had changed…..So Crimex/his brokers closed them all out, as the call had not been met….
If he had told them they might need to go 100 % well before….they could easily have paid up…..the WSB crowd are going all physical, Ackerman is wrong…..plus when Hunt started there were no monster shorts, built up over decades…..