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Gold/Mining/Energy : Silver prices

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To: Madharry who wrote (7218)	4/21/2006 5:04:46 PM
From: Real Man	Read Replies (1) of 8010

No, they suspended trading of silver on comex, and accepted only sell orders. gold-eagle.com "Late in 1979 the CBOT changed the rules and stated that no investor could hold over 3 million oz of silver contracts and the margin requirement were raised. All contracts over 3 million oz per trader must be liquidated by February of 1980. Bunker accused the COMEX and CBOT board members of having a financial interest in the silver market themselves. Investigations later found that many had substantial silver short positions. Bunker knew that a shortage now existed or they would not be screaming so loudly. He bought even more. The price on the last day of 1979 was $34.45/oz. At this point Bunker and Herbert held 40 million oz in Switzerland and 90 million oz of bullion they jointly owned through International Metals. In addition to all that, International Metals had contracts on another 90 million oz due for delivery that March from the COMEX. The younger brother, Lamar had even entered the arena and had taken a $300 million dollar silver position by the end of 1979. Finally on January 7th of 1980 the COMEX changed their rules to only allow 10 million/oz of contracts per trader and that all contracts over that amount must be liquidated before February 18th. . The CFTC promptly backed up the ruling. On January 17th silver hit $50/oz, Bunker had continued to buy. At that point in time the Hunt's silver position was worth $4.5 billion dollars bringing their profits in silver to $3.5 billion dollars. On January 21st the COMEX announced that it was suspending trading in silver. They would only accept liquidation orders. "

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