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<p>[QUOTE="harrync, post: 3388113, member: 58588"]I don't think they were actually fined, but they were bankrupted by a civil suit [in which I was one of the plaintiffs] that determined they had engaged in an illegal conspiracy [not all conspiracies are crimes.] </p><p>Here's the story; a little long, but some of you may find it interesting. I failed to appreciate the difference between silver and silver Good Delivery Bars [GDBs]. I had enough ounces of silver coin to cover my short, which I did when the price for GDBs was about $25. At the time, silver [i.e., coins, non-deliverable bars, silverware, etc.] was selling at about $21/oz. I lost about $4/oz, even though fully hedged, so don't tell me that the price of a good delivery bar is the price of silver - it is NOT. Learning that lessen cost me several thousand dollars. On the other hand, I had been buying $20 gold pieces starting back when they were $38 each, and had accumulated a couple hundred of them. The silver spike ran the gold price up to where I sold them for an average of about $600 each, so my gold profit was many times my silver loss. [A few years later they were back down under $400.] I recovered about half my loses in the suit. I had to offset my silver profits against my loses in my claim, but when I asked if I had to offset my gold profits, which would have more than wiped out my silver loses, they said no. So in a way, the Hunt brothers did me a favor.</p><p>But I still hate them for their part in destroying the finest Roman Aureus collection ever put together. It had been given to the Metropolitan Museum. The then head of the museum decide he wanted a nice Greek vase; price about $3 million. So he decided to sell the collection to pay for it. It just happened that the Hunt brothers and some of their rich friends coveted some of those coins, and they ended up buying many of them. [I guess just to rub in the fact that the Met didn't give a damn about American collectors who weren't super rich, the auction was held in Switzerland.] Final irony: the vase was looted, it had to be given back to Italy where it was found, so the Met was out the aureus collection, out the $3 million, out their Greek vase.[/QUOTE]</p><p><br /></p>
[QUOTE="harrync, post: 3388113, member: 58588"]I don't think they were actually fined, but they were bankrupted by a civil suit [in which I was one of the plaintiffs] that determined they had engaged in an illegal conspiracy [not all conspiracies are crimes.] Here's the story; a little long, but some of you may find it interesting. I failed to appreciate the difference between silver and silver Good Delivery Bars [GDBs]. I had enough ounces of silver coin to cover my short, which I did when the price for GDBs was about $25. At the time, silver [i.e., coins, non-deliverable bars, silverware, etc.] was selling at about $21/oz. I lost about $4/oz, even though fully hedged, so don't tell me that the price of a good delivery bar is the price of silver - it is NOT. Learning that lessen cost me several thousand dollars. On the other hand, I had been buying $20 gold pieces starting back when they were $38 each, and had accumulated a couple hundred of them. The silver spike ran the gold price up to where I sold them for an average of about $600 each, so my gold profit was many times my silver loss. [A few years later they were back down under $400.] I recovered about half my loses in the suit. I had to offset my silver profits against my loses in my claim, but when I asked if I had to offset my gold profits, which would have more than wiped out my silver loses, they said no. So in a way, the Hunt brothers did me a favor. But I still hate them for their part in destroying the finest Roman Aureus collection ever put together. It had been given to the Metropolitan Museum. The then head of the museum decide he wanted a nice Greek vase; price about $3 million. So he decided to sell the collection to pay for it. It just happened that the Hunt brothers and some of their rich friends coveted some of those coins, and they ended up buying many of them. [I guess just to rub in the fact that the Met didn't give a damn about American collectors who weren't super rich, the auction was held in Switzerland.] Final irony: the vase was looted, it had to be given back to Italy where it was found, so the Met was out the aureus collection, out the $3 million, out their Greek vase.[/QUOTE]
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