How the Hunt Brothers Capped Gold…Yes, GOLD!

Written By: The WealthCycles Staff

It began with a shoot-out at the Circle K Ranch. The 12 best marksmen would ride shotgun as the world’s largest, privately owned stockpile of silver was secretly transferred into secure vaults.

No, this wasn’t a shipment from Nevada’s Comstock Lode to San Francisco in the Wild West of the 1870s. This was the 1970s, and the precious metal was being moved from New York to Switzerland.

Shining silver under a moonlit sky, three unmarked 707s waited at LaGuardia Airport. The Circle K cowboys stood guard, shotguns in hand. 40 million ounces of bullion—amassed by Nelson Bunker and William Herbert Hunt—were loaded in, and the planes took off under cover of darkness to their secret destination…

Millions of people have heard the “official” story of how the larger-than-life Hunt brothers cornered the silver market and drove the price of silver from under $2 an ounce to over $50. At one point, the two colorful Texas oilmen owned the rights to more than half the world’s silver supply. But then it all came crashing down on Silver Thursday, March 27, 1980, when silver fell to under $11 an ounce. Instead of making billions, the richest men in America ended up losing the bulk of their family’s fortune.

Nelson and Bunker Hunt—Sacrificial Lambs in Wolf’s Clothing

I’ve been studying the Nelson & Bunker Hunt, and I have a different take on what really happened. Because of the way they flaunted their wealth, because of ties they had to the Middle East, and because they did invest so heavily in silver, the Hunt brothers were the perfect scapegoats for the anger and frustration most Americans felt towards the lagging economy of the day.

I believe that Bunker and his brother were used by the Federal Reserve, in collusion with COMEX and the Chicago Board of Trade (CBOT), to cap the price of gold—YES, GOLD—and save the U.S. dollar.

The Price of Silver from 1970 to 1990

 

Inflation Indignation

The period leading up to silver’s spike was fraught with inflation, stagnant economic growth, and political upheaval. In 1965, President Johnson increased deficit spending to finance his Great Society programs, tax cuts, and an unpopular war in Vietnam.

In 1971, realizing that the U.S. Treasury didn’t have enough gold to redeem all the dollars held by foreign governments and investors, President Nixon pulled the United States off the Bretton Woods monetary system—the last vestiges of a pseudo gold standard. This action effectively created a worldwide fiat currency system that continues to this day.

OPEC-generated oil shortages, along with real food shortages, fueled public fears that the U.S. economy was in crisis. By the late 1970s, inflation had become public enemy number one.

The Hunt for Silver

The Hunt brothers could see the writing on the wall. With their great wealth being steadily eroded by skyrocketing inflation, they needed an asset to which they could safely anchor their massive oil fortune. At first, they thought of gold—history’s safe haven. But in 1973, U.S. citizens were not allowed to own gold, and Bunker Hunt thought the gold market was too easily manipulated for government purposes.1

So the Hunt Brothers turned to silver, and started buying it at about $2 an ounce. Total world silver production was dropping, while industrial silver consumption was exploding. And once government and private silver stocks ran out, the shortfall between supply and demand was certain to drive the price of silver skyward.

By early 1974, the Hunt brothers had purchased futures contracts (agreements to purchase commodities in the future at a pre-determined price) for another fifty-five million ounces of silver. This was on top of the massive hoard of physical silver they already owned.2 In April, Bunker Hunt stopped in New York to visit the COMEX trading floor for the first time. When he walked onto the floor, the normal frenzy of activity came to a screeching halt. Who was this fat Texan in thick plastic glasses and a cheap blue suit? Rumors began floating that the Hunt brothers were attempting to corner the silver market.

Those who believe that the Hunt brothers were out to corner the silver market point to Bunker and Herbert’s huge appetite for silver futures as proof that they were trying to manipulate prices. I see it a different way.

The Hunt brothers used their positions in silver futures to acquire more of the physical metal. Aware that cash was continually losing value due to inflation, they settled their futures contracts with physical delivery of bullion, instead of cash, as a hedge against the government currency monopoly and global turmoil.

I believe that the Hunt brothers were more concerned about long-term survival and preservation of their family’s wealth than they were with short-term speculative profits. That would merely have added a few more paper dollars to their vast sums of rapidly depreciating currency. Bunker Hunt was well versed in Germany’s disastrous hyperinflation of the early 1920s, and he was genuinely concerned about going broke holding paper assets.

In an interview with Barron’s financial magazine, Bunker kept quiet about his silver investments. But he made no secret of his distaste for the dollar: ‘‘Just about anything you buy, rather than paper, is better,” he said. “…If you don’t like gold, use silver, or diamonds or copper, but something. Any damn fool can run a printing press.”3

If You’re Losing, Change the Rules

By October 3, 1979, silver hit $17.88 an ounce.4 The two major U.S. exchanges, COMEX and CBOT, started to panic: They held a measly 120 million ounces of silver between them, an amount typically delivered in a busy month.5 With silver prices pushing to new heights as new buyers rushed in, the exchanges became fearful that a default (inability to deliver) was imminent. 

The silver rush continued to accelerate, led by the Hunt brothers and their Saudi Arabian business partners. The Commodity Futures Trading Commission (CFTC), the government’s futures watchdog, had become seriously alarmed at the prospects of a shortage on the exchanges, and tried persuading Bunker Hunt to sell some of his silver.

The billionaire resisted, believing that silver was a long-term play with an integral role in the future global economy. The CBOT, backed by the CFTC, finally decided to put a stop to the Hunt brothers’ buying—by changing its rules.

Margin requirements were suddenly raised, and traders could hold no more than 3 million ounces of silver futures; those holding more were placed in forced liquidation. Bunker Hunt cried foul, accusing exchange board members of having a financial interest in the markets—an accusation that would later be proven true.

Then, the U.S. Federal Reserve and its chairman, Paul Volcker, added to the Hunt brothers’ troubles by strongly encouraging banks to stop making loans for speculative activity.

When Silver Sneezed, Gold Caught the Cold

On January 7, 1980, the other major U.S. exchange, COMEX, changed its rules also. Investors were limited to 10 million ounces in futures contracts, and any amount above that had to be liquidated by Friday, February 18.6 On the very next trading day, Monday, January 21, as silver reached a record high of $50 an ounce, the Hunt silver hoard peaked at a mind-boggling $4.5 billion, (that’s $43.5 billion in Shadowstats CPI-adjusted 2011 dolars!)5  

On the same day that silver hit $50 and silver futures topped out at $52.50, gold’s price set a new record of $850 and gold futures peaked at $892. COMEX, terrified that it would be forced into default, announced—with the backing of the CFTC—that trading in silver would be limited to liquidation orders only, eliminating any buyers.

With no new buyers, the price of silver could not go up. So this rule was basically the same as saying, “Until this rule is lifted, the price of silver will only go down.” Of course, silver began to plummet, and on that same day so did gold.

Was it just a coincidence that gold and silver peaked at the same time?

Could it be that many large silver traders also held gold?

Wouldn’t the gold traders on the exchanges have known what happened to the silver traders and said to themselves, “Oh my God…if they can do that to silver, then gold is probably next”?

The Price of Gold from 1970 to 1990

From Billions to Bust

On Silver Thursday, silver dropped from $15.80 to $10.80 an ounce. The stock market also crashed, fueled by rumors that the Hunt brothers would liquidate stocks in order to cover their silver losses. Because most of their silver bullion had been purchased at under $10 an ounce, the Hunts were still ahead of the game on their physical silver. But in the futures market, where their average purchase price was near $35 an ounce, it was a different story.

It became easy for the government to label the Hunt brothers as market manipulators—both in the court of law and in the easily swayed court of public opinion. Bunker Hunt filed for personal bankruptcy and was charged with trying to corner the silver market. He settled with the IRS for $90 million and was fined an additional $10 million by the CFTC.7  

Why were the Hunt brothers torn down? Gold and silver are the canaries in the coal mine: Their spiking prices reflected the public’s loss of confidence in fiat currencies—like the U.S. dollar. So, the government and banking establishment had a vested interest in keeping gold and silver market prices from exploding.

Do you think it’s possible that the Federal Reserve may have realized they could suppress the price of gold and save the dollar—while making it look like they were really protecting everyone by going after the Hunt brothers?

After scrutinizing the evidence, my conclusion is that the Hunt brothers were sacrificial lambs. The Hunt brothers broke no laws. The CFTC, COMEX and CBOT simply changed the rules in the middle of the game. And the U.S. government, eager to stop the rush to gold and silver that threatened the credibility of its own fiat currency, had no problem looking the other way.

Even Jeffrey M. Christian, Managing Director and founder of CPM Group and one of the world’s foremost authorities on the markets for precious metals, told me in an interview that he believed the Hunt brothers only added between 75¢ and $1.00 to the price of silver.

Silver Linings: What the Hunt Brothers Can Teach Us Today

Nelson and Bunker Hunt got into trouble because they exposed themselves to a huge amount of risk through their leveraged investments. Leverage makes a bigger impact when you’re losing than it does when you’re winning: It can be as blunt as a bowling ball on the way up, but as sharp as a surgical laser on the way down.

In my view, there’s simply no substitute for physical ownership of your own gold and silver. This is especially important today, as we see the fiat currency system showing severe signs of instability.

Whether the Hunt brothers were victims of their own greed, the greed of board members on the exchanges, a desperate attempt by the Fed to save the dollar, or some combination of these things, it’s clear to me that the fall of silver in 1980 brought gold down with it and bought the dollar some extra time.

We have no way of knowing how high gold and silver would have gone if the government and banking establishment hadn’t gone after the Hunt brothers. We’ll never know if the dollar would have survived. We do know that gold peaked when silver peaked, and we know that gold fell when silver fell.

In the near future, both of these metals may again start taking off into the stratosphere. And this time, the Fed won’t have the Hunt brothers around to stop them.

—Michael Maloney

This is a free summary of the 2-part in-depth Hunt Brothers articles available to WealthCycles.com subscribers. Sign up for a free trial (no credit card or personal information required) to check out all the articles and analysis by Michael Maloney and the WealthCycles.com team.  

 

Hunt and Bunker Hunt Questioned About Cornering Silver Market

 

The Day the Hunt Brothers Capped the Price of Gold (Part 1)

 

How Paul Volcker used the Hunt Brothers Silver Market Position to Cap Gold

 

The Day the Hunt Brothers Capped the Price of Gold (Part 2)

 

REFERENCES:

1. Tuccille, J. (1984). Kingdom: The Story of the Hunt Family of Texas. Washington D.C.: Beard Books. P. 312.

2. Seagraves, J.D., Bunker Hunt’s Attraction to Silver: A History of Cornering the Silver Market, http://www.silvermonthly.com/.

3. Hurt III, H. (1980, September). SilverFinger: How billionaire Bunker Hunt tried to corner the silver market—but cornered himself instead. Playboy Magazine.

4. Seagraves, J.D., Bunker Hunt’s Attraction to Silver: A History of Cornering the Silver Market, http://www.silvermonthly.com/.

5. Matonis, Jon. (2009, January).  Hunt Brothers Demanded Physical Delivery Too. The Monetary Future, http://themonetaryfuture.blogspot.com/2009/01/.

6. Matonis, Jon. (2009, January).  Hunt Brothers Demanded Physical Delivery Too. The Monetary Future, http://themonetaryfuture.blogspot.com/2009/01/.

7. Seagraves, J.D., Bunker Hunt’s Attraction to Silver: A History of Cornering the Silver Market, http://www.silvermonthly.com/.

8. Tuccille, J. (1984). Kingdom: The Story of the Hunt Family of Texas. Washington D.C.: Beard Books.

9. Williams, J. (1995). Manipulation on Trial. Cambridge: Cambridge University Press.Hurt III, H. (1982). Texas Rich: The Hunt Dynasty from the Early Oil Days through the Silver Crash. New York, NY: W.W. Norton & Company.

The Hunt brothers are usually credited with "cornering" the silver market, which led to a spike in price to $50 an ounce. The true story is that the Hunt brothers were used as scapegoats to cap the price of gold and save the U.S. dollar. You can read more about the Hunt brothers here

Inflation is simply an increase in the supply of currency and credit. The rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling is defined by the term "price inflation." Central Banks attempt to stop deflation, a natural phenomenon which occurs in order to correct the prior inflation.

A fiat currency is created by a government decree. The Latin word fiat means “let it be done.” And with the stroke of a pen, or the crank of a printing press, “money” is created. Fiat currency has no inherent value—the paper that a $100 dollar bill is printed on is surely not worth $100. It might have been worth a few cents before the government ruined its utility as scrap paper by printing green words and numbers all over it! Compare this with gold, which is a precious, rare metal that is, in many cases, the only substance on earth that can be used for certain human purposes, including science, medicine, and of course—adornment.

Futures are really nothing more than IOUs. Futures contracts are just standardized agreements to deliver a specific commodity, in an agreed quantity, at an agreed price, on an agreed date, someday in the future. They are traded like stocks on numerous commodities exchanges around the world. They differ from buying stocks in that you agree to a transaction at some point in the future.

The tangible things that we eat, use and/or buy. Commodities that are traded include Cattle, Cocoa, Coffee, Copper, Corn, Cotton, and Crude Oil, just to cover the Cs. Gold, silver and platinum also are traded on the commodities exchanges as futures contracts.

Hyperinflation is when extreme inflation spirals out of control and confidence in a fiat currency falls. Usually, hyperinflation is characterized by a negative feedback loop, in which people, fearing the falling value of their currency, buy hard goods in order to preserve their purchasing power. This drives the prices of goods up, which creates price inflation, and drives the purchasing power of currencies down—creating a feedback loop.    

From CFTC's Website:

"Congress created the Commodity Futures Trading Commission (CFTC) in 1974 as an independent agency with the mandate to regulate commodity futures and option markets in the United States. The agency's mandate has been renewed and expanded several times since then, most recently by the Commodity Futures Modernization Act of 2000."

Paul Volcker is an economist and former Chairman of the Federal Reserve between 1979 and 1987, when Alan Greenspan took the reigns of the Fed. 

Futures are really nothing more than IOUs. Futures contracts are just standardized agreements to deliver a specific commodity, in an agreed quantity, at an agreed price, on an agreed date, someday in the future. They are traded like stocks on numerous commodities exchanges around the world. They differ from buying stocks in that you agree to a transaction at some point in the future.

The Consumer Price Index (CPI) is a measure generated by the U.S. Bureau of Labor Statistics (BLS) by tracking the cost of a standard basket of goods and services over the years. At one time, the CPI was a valid yardstick of prices, based on the actual price of the same items year after year. But for the past few decades, the CPI has been comparing apples and oranges, so to speak. Under the methodology used to calculate CPI since 1982, when the price of one item—say a pound of steak—rises significantly, BLS simply substitutes another, less costly item—say a pound of chicken breast. In other cases, BLS uses a technique called hedonic regression, by which its statisticians guesstimate, for example, that an item—say a home computer—built today is probably faster and better than a home computer built 10 years ago. So they adjust the price increase downward to compensate for the assumed higher value of the newer item.

The Hunt brothers are usually credited with "cornering" the silver market, which led to a spike in price to $50 an ounce. The true story is that the Hunt brothers were used as scapegoats to cap the price of gold and save the U.S. dollar. You can read more about the Hunt brothers here

this is definately a classic, thank you maloney. please consider making youtube video responses.
thanks again
-CG

Mike,

It has been almost 6 mths, since the last post on this thread, I hope you are responding to it still. Please tell the readers how the COMMEX works similar to the fractional banking that has gotten us into this mess in the first place. I am a firm believer that Silver will again, as it has done in the past go higher than gold, because of the shorts/longs, & the industrial supply, and the fact that 75% of all silver mined is from secondary sources. 40% is all of the market demand being pulled out of the ground right now, and the fact that they are right now trying to make Silver a Rare Earth Metal, makes a under $50.00 per oz look like a person that invests right now, to me any way, like winning the lottery, when the Fed/Dollar/Banking Cartel goes through its final death roll.

To all those wondering what would stop the government, banks, and exchanges from doing the same thing again:

If they were to limit it to only sell orders today, the market would be flooded with cheaper silver and gold, because those who were over-leveraged in "paper" silver/gold would be forced to sell.

Such an event would drive the price down TEMPORARILY, allowing many more investors to enter the game or add to their current stashes. Due to increased supply of an undervalued asset, more people would buy, and they would take physical delivery to avoid the risk of being fooled three times.

As increased global inflation concerns couple with this obvious market manipulation, the public's trust in paper money will drop even further and cause the price of precious metals to continue skyward. Even international central banks clearly don't trust the dollar like they used to, as evidenced in their recent gold purchasing.

The more people hold physical gold and silver, the less control the exchanges and governments have over the metals and their prices.

The only reason the Fed was able to keep the dollar alive and suppress precious metals so long was because the world saw TREMENDOUS economic growth over the next 25 years due to technological innovations and new access to global markets. Remember that when this manipulation occurred, there was NO INTERNET, and the only ones involved in the trade were Americans and Western Europeans - much lower demand than today.

World silver demand in 2010 was 1.0568 BILLION ounces, nearly half of which was for industrial applications - note that photography demand is lessening yearly while investment (coin/medal) and overall demand is steadily growing.

As more people globally seek the "Western" lifestyle, industrial demand for silver will continue to increase in the years to come as refrigerators, TV's, and computers spread to more and more homes. Why do you think China and India, the largest of the BEM's (Big Emerging Markets), are buying so much physical silver.

Today, it is significantly easier for buyers and sellers to connect. With near free market economies on the web, such as E-bay and sites like Goldsilver.com, transaction costs (including time) are extremely low compared to what they once were.

Since the price WILL ALWAYS find equilibrium between true supply and demand in the long run, since every fiat currency has always reverted to zero, and because the US Government has entered an unsustainable parabolic expansion, you can be sure that any manipulation attempts and their effects will be short lived.

Remember that money has both all the functional qualities of a currency AND it stores value. The intrinsic value of gold and silver as money will prevail - as it always has.

Your blog provides me a lot of knowledge. A very nice way to invest in cash for gold businesses and services is only to get it done consistently and let the other people find out about it in the first place.
Regards,

Hi Mike,

great video!

How would a COMEX rule change/default play out when the Chinese can pick up the trade in a couple of hours?

How was it possible in 1980 for the COMEX to issue "Silver Rule 7" and regulate the purchase of commodities on margin? Was the COMEX the only exchange back then? Trade was not as globalized and the LBMA was not incorporated until 1987. This must have required some international cooperation…

Would a rule change be possible today? Obama might influence the LBMA but Hong Kong?

I'd really appreciate your answer.

BerlinMonkey

That´s an interesting point of view.

If say the comex once again stepped up and put a stop to going long on silver etc this would have to be the biggest bullish move to real physical silver as unlike last time the comex can't say they did it to teach the hunts a lesson and save the poor citizens(which as we know was rubbish)
If they did it this time it would only be to cover their asses as they haven't the silver to cover the longs

Go read Secrets of the Temple by William Greider. The author talks about how Volcker had no idea about the silver positions, but decided to bailout the banks in order to keep the problems from spreading. I highly doubt this author would paint Volcker in a positive light when the entire book is about the problems with the Federal Reserve.

Never really looked at it that way, that the hunt brothers got set up by the GOV. This is a really deep article with that photo of them with there hands in the air really set up this article very well. I made some much money learning from Mike and robert thanks again for all the EDU Http://****************.com

Love the article! Great to get an accurate perspective on what really happened.

Thanx Mike, this is so beautiful as always used to from u. Regardless of the scenario to be repeated or not ( I doubt it especially after the establishment of ECB/ETB London bourse nowadays ). U r amazing.
By the way, I am a Saudi investor but never got to know the Hunt Brothers. Its a win / win sitiuation for me whether to have had someone alike or not to have because I have it in physical. In the end, we dont choose our destiny. We all work hard, forcast, analys, and lucky to have u around.
Regards,

Mike,

I have read your book several times and I consider it to be one of the best I have ever read. What I am wondering at this point in time, would you start investing more in silver or do you prefer gold? Since I have started watching silver at 55-1 compared to gold I have watched silver gain alot of ground on gold with this ratio dropping a lot lower. I have been watching gold and it seems to be approximately 8.5 ounces/ 1 share of the Dow what is your opinion should I invest in more ounces of silver or less ounces of gold at this point? Thanks for your time and consideration.

Johnb

Well, it seems like things are different today. Did the large bullion banks have massive short postions back then?
Regardless...the key thing is to realize that the price of metals, determined by the exchanges, are fictitious numbers, used to manipulate perceptions. Ultimately, the price of silver and gold will not be determined by the COMEX. I think they could put the price anywhere they want it. The bullion banks can simply sell and buy from themselves, if they wanted to. Physical holders need to be patient, and wait for the banks to die.
Back then, they didn't die. Today they will.

What a piece of bull... 40 Million ounces are about 1200 metric tons. The most a 707 can carry as payload are about 40 metric tons. So: For 40 million ounces you need not 3, but 30 planes...
Credibility of the story lost right there!

Hi,
I found that the maximum takeoff weight for a Boeing 707-320B is 336,000 pounds (152.4 metric tons): http://whatreallyhappened.com/WRHARTICLES/boeing_707_767.html
That would mean that you need 8 planes: less than 30, but still more than 3...
Perhaps the 40 million being sent to Switzerland is an urban legend? Still moving 15 million oz is quite the task...

Hi,
I found that the maximum takeoff weight for a Boeing 707-320B is 336,000 pounds (152.4 metric tons): http://whatreallyhappened.com/WRHARTICLES/boeing_707_767.html
That would mean that you need 8 planes: less than 30, but still more than 3...
Perhaps the 40 million being sent to Switzerland is an urban legend? Still moving 15 million oz is quite the task...

What a piece of bull... 40 Million ounces are about 1200 metric tons. The most a 707 can carry as payload are about 40 metric tons. So: For 40 million ounces you need not 3, but 30 planes...
Credibility of the story lost right there!

Hey Mike Please address the issue of why can't the US government repeat what happened in the past to the Hunt Brothers and surpress the price of silver and gold again and keep their Fiat currencies from sinking. Sandy

yeah, please.

BECAUSE,...BACK THEN IT WAS "ONLY" EUROPE AND N. AMERICA PLAYING
IN THE MARKET OF PRECIOUS METALS,....THE FEDERAL RESERVE
IS A PESTY KNAT ON THE ASS OF A "WORLDWIDE MARKET"

Mr. Maloney, I believe you are truly doing important work here, informing those who will listen about these vital matters. I consider your book to be one of the most important I have ever read. Thank you for doing your life's work.

I wouldn't put it past the Fed to some how turn the public against precious metal investors by blaming us as a whole for the collapse of the dollar when it starts to happen.

But of course, the Fed will spread blame all over the place for its own diabolical play on the American public and taxpayers.

Why cant the US government repaat what happened in the past to the Hunt Brothers and surpress the price of silver and gold again and keep their Fiat currencies from sinking?

because back then the US government had 3 billion ounces of physical silver stockpiled.. today they have 0.

All the usa government has to do today is make it sell orders only of gold and silver and the price again will plummet??
Keith NZ

the fiat currencies has to collapse, its a false currencies.

excellent question.

When will the part 2 be posted?

Sucks to be the hunt brothers. After all that purchasing you think that they would make huge amounts of profit.

When is part 2 going to be available?

The part about leveraged investments is quite crucial. Leverage works in real estate, because the real estate generates income to cover the debt (not to ignore that non-recourse debt is a good thing on commercial property). If you buy gold or silver on margin, there is no income from the shiny metal to pay the debt. If your investment drops 20%, then it must increase 25% to get back to where you started. For example, $100,000 in gold price drops to $80,000 price is a 20% drop. To get back from $80,000 to $100,000 requires a 25% increase ($20,000 is 25% of $80,000). The more it drops, the harder it is to get back to where you started. And a margin call will probably wipe out your equity. Physical possession with no counter-party risk is the only way to go with gold and silver.

thankyou mike , the truth is very simple and horribly devious , the good meddling government ,as usual is stealing from the people and destroying those who play by the rules, while they are exempt from the very same rules. but now the market is to wide spread and they cannot claim trust laws,so i believe you are correct ,that they cannot stop the precious metals this time. additionally there are many more industrial uses now,compounded by the fact that most never take possession of the physical metal,backs up your prediction of silver heading for the moon.
. i believe your advise will help many people if they would only listen, i myself have gone 80% silver 20% gold and tripled my investment, well over a mil. i believe that people everywhere will wake up and see, this is the one of the best ways we can protest the usage of fiat currencies.

you may add, that this time the rest of the world is also taken part incl. the huge t-bond-holder china! and they take delivery!

Mike,

What would keep COMEX and CBOT from only allowing liquidation orders again...should silver get "too" high. And cause silver and gold to crash. Couldn't they do it again this time?

It's my birthday today and this free article was the perfect present! Thank you so much, Mike! You inspire me.

Fabiana Lara

brilliant

wow! fascinating story! I've never heard it that way before... it's totally believable that they got taken down to same the Fiat currency...

Great lesson too! Own only the physical.

Thanks Mike.

George
NZ

Great info Mike,
What would stop the banks, boards etc from doing it again in this day and age?
Amiel

Mike if you could answer this question everyone wants to know properly in a video, that would be great. If anything this article makes more nervous, because how easily rules and laws can come to effect, showing that really the power lies in the law makers and rule makers not the public or wealthy people. If you could prove this though otherwise, I'll be delighted and so will most others who are asking in these comments.

testiomials The Hunt brothers were more concerned about long-term survival and preservation of their family’s wealth than they were with short-term speculative profits.”

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