Silver Thursday
About Silver Thursday
On March 27, 1980, the Hunt brothers attempt to corner the silver market collapsed. Nelson Bunker Hunt and William Herbert Hunt had accumulated over 200 million ounces of silver, driving the price from 11 to 50 dollars per ounce in January 1980. Silver Thursday saw the price collapse to 11. The Hunts faced margin calls they could not meet. The crash threatened the financial system as banks had lent billions against silver. The Hunts eventually declared bankruptcy. The event led to stricter commodities regulations and position limits. Silver has never approached its 1980 inflation adjusted peak.
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