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Strategies & Market Trends : Bonds, Currencies, Commodities and Index Futures -- Ignore unavailable to you. Want to Upgrade?

To: Louis V. Lambrecht who wrote (2576)	2/6/2003 4:25:48 PM
From: Nemer	Read Replies (1) \| Respond to of 12411

Louis .. >>>>>give me $2 million and I double the silver price in a week hmmmmm there is a portly gentleman who lives down the road from me ... well, actually he lives closer to Hal Eichorst than to me *(ggg), who tried that kinda dealie a few years back... Nelson Bunker Hunt I have not the pleasure of knowing this gent, nor his brother, Lamar, who owns the KC Chiefs, but I did meet their father waaaaaaay back in my youth. NB lost his britches, and, as I recall, he cost Lamar some dinero too, as well as another brother, Herbert .... but, I'll bet the old man, HL, wouldv'e known better ..... instead of your two mil, it seems to me that it cost the Hunt bros somewhere in the neighborhood of a couple of billion when they tried to do what you proposed <grin> Nems edit ... pulled up a little info from Teoma search engine .... but this story says the loss wasn't as large as I recalled ... however, it could well have been waaaaaay back then that the couple of billion was "projected impact losses" from the forced sale .... ie = lost profits on the sold assets to cover the margin calls .. >>>>Silver Thursday The Thursday in March 1980 when the American brothers Nelson Bunker Hunt and Herbert Hunt, seeking to corner the silver markets, were unable to meet a margin call on their futures contracts. The brothers were two of the fourteen children of the Texas oil magnate H.L. Hunt, who was the richest man in the United States when he died in 1974. Bunker and Herbert started investing in silver as a hedge against inflation and by 1980 it was estimated that they held one-third of the world's supply of the metal. When silver prices slid, the Hunt brothers failed to meet huge margin calls on their futures contracts, sparking a panic on commodity and futures exchanges. A consortium of US banks provided a $US 1.1 billion line of credit to enable the brothers to pay their debts. The Hunts lost hundreds of millions of dollars through their speculation in silver but the family fortunes withstood the setback.