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<p>[QUOTE=&quot;cladking, post: 1402870, member: 68&quot;]It wasn&#039;t what the Hunt brothers were doing that was a &quot;scam&quot;.&nbsp; The scam was perpetrated by the COMEX which changed the rules in the middle of the game to destroy the Hunt brothers and protect the monied interests. And lest you think that this was for the greater good nothing could be further from the truth as they&#039;ve been protecting the monied interests in holding back the price of silver ever since.&nbsp; This does no one any good and in the long run it will mean a massive silver shortage that could be injurious to all markets once again.&nbsp; </p><p><br /></p><p>But the profits dealers and collectors were making in silver led to a massive &quot;wealth effect&quot;.&nbsp; They took their profits and their paper profits and plowed it back into the very coins that were &quot;hot&quot; at the time.&nbsp; This caused escalating prices but the hobby acted as though the collapse in silver prices early in 1980 was an anomaly.&nbsp; Until April there was little impact on the hobby but then it collapsed.&nbsp;&nbsp; </p><p><br /></p><p>The &#039;89 run-up&nbsp; was mostly irrational exurberance.&nbsp; It was the anticipation of massive fund buying that never materialized.&nbsp; The grading services (especially PCGS) were expected to make coins &quot;fungible&quot;.&nbsp; If one &#039;80-S Morgan in MS-65 was just like every other one then they could be traded like stocks and bonds rather than collectibles.&nbsp; But, of course, what outsiders can&#039;t comprehend is that no two coins are alike.&nbsp; It&#039;s not only that they can&#039;t be graded to exact standards but that collector preferences vary.&nbsp; Grading companies have to please collectors first or they&#039;ll have no coins to grade so standards are always going to be a moving target until we institute parameter grading.&nbsp; This is not fertile ground for investors at this time any more than it was in 1989.&nbsp; </p><p><br /></p><p>The irrational exuberance ended when the money didn&#039;t materialize.[/QUOTE]</p><p><br /></p>

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