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Historical Figures with Unforeseen Downfall and Misfortune

Khalid Elhassan April 9, 2020 33 min

Silver Thursday - United States — Nelson Bunker Hunt. Express News

39. The Hunt Brothers’ Speculation Caused Silver Prices to Spike Through the Roof

Silver prices and the 1979 spike caused by the Hunt brothers’ speculation. Wikimedia

The Hunt brothers went on a silver buying spree in the 1970s. When they ran out of money, they borrowed heavily to buy more silver. By 1979, they had accumulated about 100 million troy ounces – almost 7 million pounds – of the stuff. That was almost half the world’s transportable supply.

That speculation caused the price of silver to spike by over 800%, from $6 an ounce in early 1979, to over $50 by early 1980. The Hunt brothers made about $4 billion in paper profits, but in reality, they had simply created a huge asset bubble, that was bound to burst sooner or later.

Written by

Khalid Elhassan

A lifelong history buff, I developed a particular passion for WW2 history as a child, when I spent hours listening to my grandfather, enraptured, as he recounted his wartime experiences in the British East African Campaign and with the British 8th Army in North Africa.

I graduated with a history BA from George Mason University, then went on to get a JD from the University of Virginia School of Law. After lawyering for a decade, I moved to sunny Rio de Janeiro and a less demanding career, opening a tourism agency in Copacabana.

A big chunk of my free time is spent blogging (you can follow me on Quora https://www.quora.com/profile/Khalid-Elhassan ) or freelance writing, mostly about my favorite subject, history.