Silver: When In Doubt, I Replay The Hunt Brothers Episode

2026-01-28 09:58:25 ET

Silver Thursday

The current silver price trajectory reminds me of the 1980 Hunt Brothers episode (also known as the “Silver Thursday”) through its extreme price velocity and subsequent regulatory response. For readers unfamiliar with this episode, this post provides a detailed account. As a brief recap, in January 1980, silver price peaked around $48 per ounce, representing a ~700% increase in a year (see the next chart below). The surge was largely driven by concentrated long positions, funded by substantial leverage by Nelson Bunker Hunt and William Herbert Hunt, collectively known as the Hunt brothers. By now, you probably already guessed how the episode ended. Like every drama, the episode would not be as epic with a happy ending. As seen in the chart, the rally did not last, and the silver price fell sharply after reaching the peak in early January 1980. The Hunt brothers lost billions and were forced to declare bankruptcy a few years later....

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