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In 1981, the Hunt brothers sparked a massive financial crisis by pushing silver prices from $12 to an astounding $100 per ounce. Nelson and William Hunt, at their peak, controlled over a third of the world's privately held silver, sending shockwaves through global financial markets.
The brothers' journey began in the early 1972s, using their vast oil fortune to shield against inflation and a weakening U.S. dollar. They saw silver as a safe haven and a hedge that would safeguard their wealth while providing lucrative returns. Initially cautious, their purchases soon evolved into an aggressive effort to dominate the silver market. By 1981, they had amassed a staggering 111 million ounces of silver, fueling widespread investor interest and driving prices to historic highs. By January 1982, silver nearly touched $50 per ounce, and the Hunt brothers were at the pinnacle of their influence.
However, their grip on the market unraveled swiftly. As regulatory bodies introduced stricter rules and raised margin requirements, the brothers found themselves over-leveraged and unable to comply. On March 2, 1984, infamously known as Silver Thursday,
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