A Nod to Nelson Bunker & William Herbert Hunt, from Rocky Humbert
During the third week of 1980, silver made a high of about 49.45/oz– and then collapsed, taking Nelson Bunker Hunt, William Herbert Hunt (and eventually Continental Illinois Bank) into bankruptcy.
Today, about 31 years later, silver finally reclaimed that "glorious" price … and traded at 49.79/oz….proving many market saws — including, EVERY market forecast will eventually be proven correct– it's the timing (and margin clerks) that make things difficult…
(A belated happy 85th birthday to Nelson Bunker….).
Recap from January 1980:
Fed Funds rate: 14.00% Today=0.25%
10-year treasury yield: 10.6% Today=3.4%
Dollar Index (DXY) = 86 Today=74.0
DowJones=875 Today=12,400
CRB Continuous Commodity Index=290 Today=682
US CPI Index=78 Today=223