Spot silver went to almost $50.00 oz. in the 80’s when the Hunt Brothers tried to corner the silver market...
The market went from $14.00 to $49.xxin a matter of weeks.
I was trading corn and soybean futures at the time — there was one trader who shorted 3 silver contracts and was badly behind...then the market locked ‘limit up’ for multiple days with ‘extended limits’ — his buy order (remember he had already sold silver) had been in for days. It cleared at limit up, then the next tick was limit down.
Your memory is just not long enough.
BTW the guy had to sell his rental duplex to settle up...
Commodities are not of the faint hearted.
My y2k buy was at $5
I followed Harry Browne and was able to buy a new car with the silver dimes I had purchased.
Is it correct to say that the Hunt brothers “tried” to corner the silver market? Yes, they did try, and they did, is what I’ve read. The gubbmint changed the rules though, and wiped them out.
One thing i always hear is people talking about “investing” in gold. It is speculation, not investing. Currency speculation. Gold trades on the currency desk, doesn’t it?
It’s a bet against the dollar, basically. That’s always been a tough row to hoe, until recently.