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<p>[QUOTE=&quot;harrync, post: 3361387, member: 58588&quot;]@ Clawcoins: &quot;In 1979, the price for silver jumped from about $6 per troy ounce to a record high of <b>$49.45</b> per troy ounce (on January 18, 1980), which represents an increase of 724%.&quot; Mr. Google is wrong. Silver never got to $49.45/oz in 1979 or 1980. &quot;Good Delivery Bars&quot; got to $49.45, silver itself, only somewhere around $35-$40. A &quot;Good Delivery Bar&quot; [GDB] is a pure [999.5+] 1000oz [+ or - a few percent] ingot, certified by a refiner who has been approved by the commodity exchange [Engelhard, J&amp;M, etc.]. Only a tiny percentage of the world&#039;s silver supply is in GDBs, so the Hunt brothers thought they could corner the market, just like a stock squeeze manipulation. It also helped that one major refiner was on strike, and the other approved refiners switched to only refining for their own account; that is, they would no longer refine your silver into a GDB for a small fee, they only refined silver that they themselves owned. If you can buy at $40 and sell at $49, why refine anyone else&#039;s silver? [$1000 face bags of junk halves and quarters were available in a virtually unlimited supply at about a 10 - 20% discount from GDBs]. It worked for the Hunts for a while. They had manipulated within the exchange rules running up the price. They overlooked one thing: one of the exchange rules was &quot;we can change the rules anytime we want to.&quot; They did, and the price of GDBs [and junk silver, too] started dropping fast.[/QUOTE]</p><p><br /></p>

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