The Hunt brothers' effort to corner the silver market caused silver to peak in the 1980s. During the next two decades, there would be an excess of silver and lower prices due to the subsequent crash and global selling off of silver holdings. Some of the 1970s mints were still in operation, but the crash had forced many of them out of business, making way for other mints to start manufacturing silver rounds and bars.
While many mints started concentrating on rounds, art bars were still being created. There were also mints that were known to have released undated rounds during that period, as were the rounds or bars with dates ranging from 1980 to 1989. This silver round of an unidentified brand is example.
1984 Parliament Shield Silver Round BU
Obverse: A patriotic picture of a bald eagle with a thirteen-star flag and a banner is displayed on the front. "PARLIAMENT" is written in upper case, and "SHIELD" is written in lower case. The date is split in two numbers to the left and two to the right by the eagle.
Reverse: The theme of trading unit scales is the main focus of the reverse. Above the scales is a basic banner with a star above it. The weight is marked "31.1 GRAMS" beneath the scales. The words "ONE TROY OUNCE" is written in uppercase, and ".999 FINE SILVER" is written in lowercase, bearing weight, fineness, and content inscriptions. The outer circle is decorated on both sides with wheat sheaves.
| Metal | Silver |
|---|---|
| Metal content | 1 oz |
| Purity | .999 Fine Silver |
| Year | 1984 |
| Series | Parliament Shield |
| Mintage | Unknown |
| Manufacturer | Unknown |
| Thickness | 2.80 mm |
| Diameter | 38.9 |
| Edge design | Reeded |
| Mint marK | None |
| Condition | Brilliant Uncirculated |
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The story of Silver Thursday
Despite the run in with regulators, the Hunts were not dissuaded. Bunker and Herbert had eased up on silver after their initial big buy in 1973, but in the fall of 1979, they were back with a vengeance. By the end of the year, Bunker and Herbert owned 21 million ounces of physical silver each. They had even larger positions in the silver futures market: Bunker was long on 45 million ounces, while Herbert held contracts for 20 million. Their little brother Lamar also had a more “modest” position.
By the new year, with every dollar increase in the price of silver, the Hunts were making $100 million on paper. But unlike most investors, when their profitable futures contracts expired, they took delivery. As in 1973, they arranged to have the metal flown to Switzerland. Intentional or not, this helped create a shortage of the metal for industrial supply.
Naturally, the industrialists were unhappy. From a spot price of around $6 per ounce in early 1979, the price of silver shot up to $50.42 in January of 1980. In the same week, silver futures contracts were trading at $46.80. Film companies like Kodak saw costs go through the roof, while the British film producer, Ilford, was forced to lay off workers. Traditional bullion dealers, caught in a squeeze, cried foul to the commodity exchanges, and the New York jewelry house Tiffany & Co. took out a full page ad in the New York Times slamming the “unconscionable” Hunt brothers. They were right to single out the Hunts; in mid-January, they controlled 69% of all the silver futures contracts on the Commodity Exchange (COMEX) in New York.
To continue, read...
https://priceonomics.com/how-the-hunt-brothers-cornered-the-silver-market/
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