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Brothers Nelson Bunker Hunt and William Herbert Hunt failed in their attempt to corner the world silver market, causing panic in commodity and futures exchanges.
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Nelson Bunker Hunt
American businessman (1926–2014)
Nelson Bunker Hunt was an American oil company executive. He was a billionaire whose fortune collapsed after he and his brothers William Herbert and Lamar tried to corner the world market in silver but were prevented by government intervention. He was also a thoroughbred horse…Source: Wikipedia (CC BY-SA)
William Herbert Hunt
American oil billionaire (1929–2024)
William Herbert Hunt was an American oil billionaire, who along with his brothers Nelson Bunker Hunt and Lamar Hunt tried but failed to corner the world market in silver. According to Forbes, as of April 2024 his net worth was estimated at US$5.3 billion.Source: Wikipedia (CC BY-SA)
Cornering the market
Commerce phenomenon
In competition law, cornering the market consists of obtaining sufficient control of a particular stock, commodity, human capital or other asset in an attempt to reduce competition.Source: Wikipedia (CC BY-SA)
Silver Thursday
1980 crash in the U.S. commodity markets for silver
Silver Thursday was an event that occurred in the United States silver commodity markets on Thursday, March 27, 1980, following the attempt by brothers Nelson Bunker Hunt, William Herbert Hunt and Lamar Hunt to corner the silver market. A subsequent steep fall in silver prices…Source: Wikipedia (CC BY-SA)
Commodity market
Physical or virtual transactions of buying and selling involving raw or primary commodities
A commodity market is a market that trades in the primary economic sector rather than manufactured products. The primary sector includes agricultural products, energy products, and metals. Soft commodities may be perishable and harvested, while hard commodities are usually…Source: Wikipedia (CC BY-SA)
Futures exchange
Central financial exchange where people can trade standardized futures contracts
A futures exchange or futures market is a central financial exchange where people can trade standardized futures contracts defined by the exchange. Futures contracts are derivatives contracts to buy or sell specific quantities of a commodity or financial instrument at a…Source: Wikipedia (CC BY-SA)