Nelson Bunker Hunt, Alleged Silver Manipulator, Has Died - TDV Week in Review: October, 26 2014
Nelson Bunker Hunt has died.
He is best known for an alleged attempt to “corner the silver market” with his brothers.
Hunt died last Tuesday in Dallas at the age of 88.
The 1970s were a difficult time for the US, much like today. This is, after all, the decade leading into gold and silver’s big price run of 1980, known for its long lines at the pumps and the scandalous presidency of Richard Nixon.
However, perhaps history has been unkind to Mr. Hunt. He, according to some, did not see a chance to manipulate a market, but a chance to hedge against global socio-economic volatility. As Bloomberg states,
“There were the communists, the liberals, the proponents of the welfare state. If inflation didn’t rob him of his billions, the tax man would.”
And so Nelson Hunt bought silver with his brothers. Wherefore?
Tim Knight, author of “Panic, Prosperity and Progress: Five Centuries of History and the Markets” (2014), writes, “Hunt had a paranoid world view and it made sense to him to amass silver and hang on to it. He was a true believer.”
Knight told Bloomberg, “Hunt chartered three 707 jet aircraft to haul the metal to warehouses in Switzerland and hired a dozen sharpshooting cowboys to provide security.” That’s something speculators are unlikely to do.
The Hunt brothers would go on to buy over 200 million ounces of silver by 1980. The Hunts had affected the price of silver with their staggering demand. On January 7, 1980 the Comex and the Chicago Board of Trade changed the rules, requiring higher margin requirements. The price of silver began to crash.
“They broke the ascent by basically outlawing the buying of silver,” said Knight. “Only liquidation orders would be accepted. It’s almost criminal what they did.”
On March 27, 1980, known as silver Thursday, Comex asked Bache Group, the Hunts’ broker, for $134 million. Hunt was overseas so unable to act upon the request. Despite their huge silver position, the Hunt brothers did not have that money liquid. Bache had no authority but to liquidate more silver. The price of silver fell from $15.70 to $10.80 an ounce.
According to Kurt Eichenwald’s “Serpent on the Rock,” the Hunts liquidated oil and gas leases, real estate, coal leases, antiques, a Mercedes and a Rolex as collateral to cover their losses. They would lose it all as the price of silver tumbled.
“Twelve U.S. banks, the American branches of four foreign banks and five brokerage houses had provided the Hunts’ silver-buying venture with more than $800 million — equivalent to almost 10 percent of all the bank lending in the country in the previous two months,” William Greider wrote in “Secrets of the Temple” (1987). The banks would ban together to loan the Hunt’s money to keep them afloat as they were scared of losing out on their loans. Ultimately, everything would collapse on the Hunts, with silver crashing.
The lawsuit against the Hunts was “the most important manipulation case ever tried,” Jeffrey C. Williams, a witness for the hunts in the trial, penned in his chronicle of the lawsuit, “Manipulation on Trial” (1995).
“They never tried to corner the market,” William insists. “They bought a lot of silver. They invested, in a big way, a sloppy way. Cornering is not an accurate description.”
When his silver buying days ended in bankruptcy, Hunt quipped:“I was just trying to make some money.”
Interested in silver? Check out GoldSilverBitcoin today or contact Justin at [email protected] for questions.
Please let us know what you think in the comments.
Justin O’Connell is the Chief Executive Officer of GoldSilverBitcoin. He is also the author of the bitcoin book, Bitcoinomics, and administrator of the Bitcoinomics website. Justin is also a co-host at Our Very Own Special Show, a lifestyle podcast about music, news, life and other topics, and head researcher at The Dollar Vigilante. He lives in San Diego, California.
Before we get to the review, be sure to check out the TDV Newsletter. In it you will receive weekly advice from TDV’s own Chief Editor Jeff Berwick, as well as TDV’s Senior Analyst Ed Bugos, whose track record in the gold market has been stellar over the past 10+ years, even suggesting gold and silver buyers keep cash on hand over the past two-year consolidation in the monetary precious metals complex. From there you will receive interviews with expatriates and country reviews on hundreds of countries. If you sign up, you will also receive TDV’s special reports, including Getting Your Gold Out Of Dodge, as well as upcoming reports on expatriation and bitcoin. This is a true value and will help you learn and understand the times in which we currently live on the financial, economic, political, technological and personal fronts.
If you’re interested in receiving articles beyond what you read here everyday, consider our weekly subscriber-only publications, like our Issue, Dispatches, and Homegrown. You may subscribe here.
On to the review…
Monday October 20
PENTAGON FORMS MILITARY “QUICK STRIKE TEAMS” FOR DEPLOYMENT IN US
Jeff Berwick on ebola.
Under the cover of Ebola the United States looks more totalitarian, authoritarian and just plain fascist than ever.
As Zero Hedge points out, many of us were led to believe President Obama spent the weekend golfing for nearly five hours, doing nothing, while his new Ebola Czar missed crucial meetings to the safety of the nation…
Tuesday October 21
THE RISE OF THE TRUE LIBERTARIAN – AND THE LIBERTARIAN EVENT OF THE YEAR
Jeff Berwick on TDV’s Anarchapulco.
People in the US and around the world are slowly figuring out that their systems are not “their” systems but systems placed over them to control and steal from them. Slowly the Republican versus Democrat debate in the US is being seen more and more as a farce. The savior, Barack Obama, is sitting at record low approval ratings, Congress approval ratings were in the single digits for much of the last year, the End the Fed movement continues to grow, support for the war of the month (ISIS) has fallen dramatically in just the last few weeks and mainstream news media ratings continue to drop off a cliff.
Wednesday October 22
CAN THE BLOCKCHAIN CHANGE THE WORLD?
Adil Elias on the block chain.
There’s a myth going around that whenever there’s a monopoly, and that monopoly fades away, then the service that it provides would vanish too. The reality on the other hand is the exact opposite.
If history shows us anything (except from continuous refusal of the masses to learn from it) is that most advances in human life occurred as a consequence of reducing the government’s monopolies on every aspect of our very lives. The most effective way to unleash human productivity and change the world for the better is to break free from the shackles of government.
Thursday October 23
THE AMERICAN DREAM IS STILL POSSIBLE, JUST NOT IN THE US
Ron Holland on the US’s fall from grace and expatriation.
Although there are no firm statistics on the number of Americans living outside the US, the US State Department estimates that somewhere between 3 and 6 million Americans now live offshore. I think this is a low estimate and the number is clearly growing.
I now live in Canada but often travel back to the United States. Driving through Customs near Buffalo is usually not a big ordeal but it does involve a time-wasting delay much like visiting the post office or any other US government bureaucracy. But governments should police their borders, as this is one of the few legitimate functions of a central government.
Friday October 24
WOULD YOU SIGN A USER AGREEMENT WITH THE US?
User agreements. They’re everywhere. If you did anything new today online, then there is a chance you had to sign a user agreement. Did you read it? If you’re anything like me, then probably not.
While I deal with various companies and websites I find myself so often ignoring user agreements but signing them anyway. Apple is famous for their very long user agreements nobody reads. Most companies make you sign something if you’re going to be using their services and products. Most of these agreements go unread.
TDV VIDEO
This week, Jeff interviews John Potash and Cody Drummond on the Anarchast.
Have a look at our wide array of informative videos featuring interviews, opinions, and analysis on TDV’s media page.
TDV SERVICES
Don’t forget, TDV is much more than a newsletter. We also offer many of the solutions to the problems we identify in the letter to help people internationalize their self and wealth to protect themselves from The End Of The Monetary System As We Know It (TEOTMSAWKI). Check out all our services designed to help you gain more freedom in your life here:
Remember, if you have any questions, concerns, or issues with what you’ve read on TDV, write us at: [email protected].
Thanks as always for reading or subscribing!
Source: https://www.dollarvigilante.com/blog/2014/10/26/nelson-bunker-hunt-alleged-silver-manipulator-has-died-tdv-w.html#6602
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).
| Online: | |
| Visits: | 1,599,217,403 |
| Stories: | 8,138,412 |
Whistler Blowers, Insiders
