RIP Herbert Hunt

[Lemon Thrower]

The last Hunt brother has died.

https://www.wsj.com/finance/commodities ... low_a_pos1

[TXSTARFIRE]

Is there a way to read this article without purchasing a subscription to the WSJ?

[pmbug]

Non-paywall version:

https://www.msn.com/en-us/money/markets ... r-AA1o5Ok5

[TXSTARFIRE]

Thanks!

[68Camaro]

His father HL was an odd bird though astute in business. Married, then had a 2nd bigamist marriage (eventually annulled after the 2nd wife found out) that created 4 more more children, and a later 3rd relationship which resulted in another four children while still married to the first wife. He married the 3rd one after the first wife died. His made his first son get a lobotomy due to "erratic" behavior, which prevented him from taking over the business. Most of his sons became independently wealthy. It was the last son, a bastard, though he eventually married the mother, who took over Hunt Oil. Son Bunker discovered and had the rights to the Libyan oil reserves until Khaddafy nationalized them.

[Recyclersteve]

His father HL was an odd bird though astute in business. Married, then had a 2nd bigamist marriage (eventually annulled after the 2nd wife found out) that created 4 more more children, and a later 3rd relationship which resulted in another four children while still married to the first wife. He married the 3rd one after the first wife died. His made his first son get a lobotomy due to "erratic" behavior, which prevented him from taking over the business. Most of his sons became independently wealthy. It was the last son, a bastard, though he eventually married the mother, who took over Hunt Oil. Son Bunker discovered and had the rights to the Libyan oil reserves until Khaddafy nationalized them.

What’s so odd about any of that? Just kidding of course.

[Recyclersteve]

Actually, I do have a real story about this.

In early 1980 with silver very near the peak I was watching it VERY CLOSELY because the price action was just incredible. And that was WAY BEFORE the days of the internet and the ability to trade the silver exchange traded fund (symbol SLV) in the stock market.

Anyhow, I had just started my very first job out of college and realized I’d need to buy 5-6 suits with ties, shirts and shoes for my new job. Back then a 3-piece suit (with vest) was quite fashionable.

I was talking with my brother about selling and we debated the pros and cons for about an hour. I was separating my junk silver from the better date stuff as we were talking. I finally told my brother (pretty sure it was a Saturday) that I was going with him or without him. He finally decided to take silver to sell as well.

We got to the shop and there was an armed guard out front, the first and only time I saw that. Inside the place was packed. They had two large safes about the size of refrigerators. Both were full and he had bags of silver on the back counter that were about 40-50 feet long.

He shouted out to the crowd “That’s all. I’m not buying anymore.” I politely protested and reminded him that I used to clean his toilets, which was true. He then said “Ok, you two boys and that’s it. I’m not buying any more after that.”

The money was what I needed to buy my new wardrobe and I sold within about 1% or so of the $50+ high!

[pmbug]

This was from a couple of months ago:

]The story of the Hunt brothers and their attempt to corner the silver market is a classic example of speculative investment and market manipulation on a grand scale. The Hunt brothers, Herbert and Nelson "Bunker" Hunt, heirs to an oil fortune, embarked on a bold strategy in the late 1970s. Their belief in inevitable inflation and the subsequent devaluation of paper currency led them to silver, a precious metal they viewed as a safeguard against economic instability.

Peter Thomas was present on the trading floor during this period and shares his account of the events.

[JerrySpringer]

In early 1980 with silver very near the peak I was watching it VERY CLOSELY because the price action was just incredible. And that was WAY BEFORE the days of the internet and the ability to trade the silver exchange traded fund (symbol SLV) in the stock market.

I kind of know where I was or what I was doing those early January days of 1980. We were in middle school and go to the train tracks and have a trashcan fire going and drink beers. Totally oblivious to silver, gold, stocks, Wall Street, etc. I think a $20 bill seemed like a lot of money to me back then too.