Commodities: The Hunts Dump Their Silver

The Hunts Dump Their Silver

In the late 1970s, the billionaire Hunts of Texas used all their wiles and much of their wealth in what appeared to be a daring and nearly successful attempt to corner the silver market. The family accumulated some 200 million oz. of the precious metal in a series of purchases that helped drive silver prices from $11 per oz. in 1979 to $50 per oz. in January 1980, when the market finally crashed.

Last week the family revealed that it has completed the sale of 90% of its remaining silver hoard, amounting to some 53 million oz., for $320 million. The...

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