Word: hoarding
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Dates: during 1980-1989
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Leading the routed silver and bulls were Bunker and Herbert Hunt, Dallas bullionaires, who at one owned an estimated 100 million oz. of silver. In March, they used their $2 silver hoard to buy even more of the metal. After the market collapsed later month, the pair had to use their vast holdings, including race horses, art and antiques, as collateral to back the loans had made in their attempt to corner world silver market. A battered Hunt later said, "A billion dollars is what it used...
...would companies hoard...
...Prosper During the Coming Bad Years, Howard J. Ruff suggested that squirreling away,dehydrated food and storing gallons of water represented about the best investment people could make. Casey, a gold bug, advises selling everything at hand and putting up to half the proceeds into "a well-hidden hoard." He likes bullion the best, but he also favors some gold mine stocks and South African Krugerrands. He confidently predicts that gold will eventually hit at least $1,600 per oz., but fails to say when. That kind of open-ended prognostication is all but worthless...
...silver from $6 per oz. in early 1979 to $50 per oz. in January of this year. Chairman Walter Hoving of Tiffany & Co., the famous jewelry store, was incensed. Tiffany ran an ad in the New York Times last week asserting: "We think it is unconscionable for anyone to hoard several billion, yes billion, dollars worth of silver and thus drive the price up so high that others must pay artificially high prices for articles made of silver from baby spoons to tea sets, as well as photographic film and other products...
...Treasury bills, or even, as James Sinclair, another bullion broker, thinks, to buy more silver. But the prevailing belief was that Hunt, locked into a silver position that he could not sell out at any price he would accept, was in effect trying to turn his silver hoard into cash without actually selling...