Silver Spikes in Perspective

“When the Hunt’s had begun accumulating silver back in 1973 the price was in the $1.95 per ounce range. Early in ’79, the price was about $5. In late ’79-early ’80 the price was in the $50’s, peaking at $54.”

“Keep in mind that it was illegal for private citizens to hold gold at that time. President Franklin Delano Roosevelt had signed Executive Order 6102, “The Gold Confiscation Act,” in 1933 and for the next forty-one years it was illegal for U.S. citizens to “hoard” gold. Since gold, the traditional store of wealth, was not a viable option, the Hunts decided to hold their wealth in silver and began to buy it in enormous quantities.

“Since they were concerned with inflation and the potential confiscation of precious metals following Nixon’s closing of the gold window, (the same worries that keep some people up at night even today) they arranged for transfer of the bullion to Switzerland.”

“By 1979 the Hunts had nearly cornered the global market. This was a time of uncertainty.”

…read the whole story HERE