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In the early-mid 70's the Hunt brothers decided to try to corner the market for silver. They bought all they could find plus a lot of futures contracts. By about 1980, they had run the price up tenfold to about $50. Then about 1980 NYMEX and the Federal Reserve stepped in and changed the trading rules to put a stop to it. Silver crashed almost overnight to about $5.
I don't say the price isn't going up, but I don't think we can predict the future based on what the Hunt Bros did. Even today just a few people hold most of the silver.
$.02
A couple of things to add to that. Apparently the Hunt's stopped accumulating in the mid $30s, and it was smaller specs (and of course the public) who took it on up to $50. The Hunts were not selling though, because they believed the whole fiat currency regime was coming down, and silver would be one of the few safe havens. Unfortunately for the Hunts they did not have an exit plan in case they were wrong (you don't want to be the largest holder if the market turns against you). When the exchange pulled the plug they were screwed.
Not that any of that info is particularly important; I just found it interesting. I often think about their belief that the system was coming down back then. They were way too early (all systems collapse eventually). I believe that time is now, but I could be wrong too. What I like about silver is, if the economies get moving again, the supply vs demand fundamentals (industrial uses) is fantastic. But if fiat does bite the dust the monetary aspects of silver make it great too. (I'm long a lot of silver producers and exploration companies, so I'm extremely biased
My father in law gave me a book in the 1970s that predicted an economic crash so the prediction is nothing new. None back then saw the rise of dirivitives. What happens when the banks collapse with no money? Zero Hedge has alot of information and if you have the time you can glean alot of onfo from them.
jj
Let me add that the banks were not too big to fail but are too big too jail.
but look who got us here and what they plan for our future.
jj
Hope it all works out for yall
jj
This might be a good time to post the link to Armstrong's latest. Bleaker than s**t. The problem with Armstrong is he knows history, and knows economics. And he has personal reasons to put it all out in the open. So I take note when he says something is inevitable. I really hope he is wrong, but I personally would never bet against him. Here it is for anyone who can stand a 23-page read:
It is the essay at the top -- "The Coming Finanical Border Controls".
<broken link removed> )
(Kenno would love this one
...Did you know that Armstrong spent 11 years in prison for securities fraud, plead guilty to part, and part is still on appeal?...
Health tip to the posters in this thread: every once in a while loosen your tin foil hat so your scalp can breathe.
You're welcome.