"Determined to shield their wealth, the magnate and his relatives amassed around 200 million ounces of the white metal between 1973 and 1979 roughly a third of global production at the time driving silver prices to a historic high of $50 an ounce in early 1980. But the market quickly crashed. Prices plunged to barely $10 an ounce within months, dragging the Hunts into bankruptcy."
"It would take 45 years for that record high to be surpassed. Today, silver has climbed above $74 an ounce, gaining more than 150% in less than a year. The initial surge is partly explained by soaring gold prices, which repeatedly broke records in December, reaching around $4,400 an ounce, making silver a more affordable alternative. The key demand for both precious metals, however, stems from a familiar source: lack of confidence."
"Investors are seeking a safe haven from the loss of cash's purchasing power (the depreciation of the dollar) and persistent inflation. These concerns are compounded by rising government deficits, which have destabilized sovereign bond markets. At the institutional level, central banks are responding with large-scale purchases of gold and silver to diversify their reserves and reduce reliance on dollar-denominated assets. This trend is reinforced by strong demand for physical, safe-haven assets from China,"
The Hunt brothers inherited a deep suspicion of paper money and invested only in tangible assets like oil, real estate, and precious metals. Nelson "Bunker" Hunt concentrated on silver, amassing about 200 million ounces between 1973 and 1979—roughly a third of global production—and pushed silver to $50 an ounce in early 1980. Prices then collapsed to nearly $10 an ounce, causing the Hunts' bankruptcy. After 45 years the record high was finally surpassed, with silver above $74 an ounce and up over 150% in under a year, driven by gold gains, safe-haven demand, inflation, and central-bank buying.
Read at english.elpais.com
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