Silver Thursday Detail
About Silver Thursday Detail
The Hunt brothers attempt to corner the silver market collapsed on March 27, 1980, known as Silver Thursday. Nelson Bunker Hunt and William Herbert Hunt had accumulated over 200 million ounces of silver, driving prices from 11 to 50 per ounce in January 1980. COMEX raised margin requirements and limited new silver purchases. The price collapsed to 11. The Hunts faced margin calls of over 100 million they could not meet. The crisis threatened the entire commodities market. Federal regulators and banks arranged a 1.1 billion bailout loan. The Hunts eventually filed for bankruptcy. The episode led to stricter position limits in commodities markets. Silver has never approached its 1980 inflation adjusted price.
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