The rise and fall of the Billionaire Hunt Brothers

Two Texas brothers controlled two-thirds of the world's private silver — then lost $6 billion and nearly crashed the entire financial system.

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By The Numbers

2/3

of world's private silver

$6B

losses in today's money

99%

of inherited wealth lost

What They Nailed Early

Correctly read the 1970s inflation crisis when trust in currency was collapsing. Bought 35 million ounces of silver at $3/ounce in 1973, rallied wealthy friends and Middle East investors to the cause. By 1980, silver hit $50/ounce — up 700% in one year.

What Changed

ComX and Chicago Board of Trade changed the rules mid-game, capping positions at 3 million ounces and freezing new contracts. The brothers were leveraged to the hilt — controlling $6.5 billion in silver with only $1 billion of their own money. When regulators killed the momentum, prices collapsed and margin calls came flooding in.

Where it Landed

Personal bankruptcy in 1988. Once worth $5 billion each, reduced to a few million. Banned from commodity trading for life, fined $10 million each. Rode the subway to court. Lost 99% of inherited wealth.

The Principles

Don't fight the Fed. When regulators or governments decide to intervene, they have more power and staying power than you have solvency.

Leverage magnifies everything — gains and losses. The Hunts controlled billions using borrowed money, but when prices turned, the debt crushed them instantly.

Inherited wealth creates different risk psychology. Bunker Hunt didn't earn his fortune — he gambled it on an ideological bet against government stability.

Builder's Takeaway

3 warning signs you're overleveraged and exposed:

•

You're using debt to buy more of the asset backing that same debt

•

Regulators or powerful players are publicly calling you out by name

•

You can't meet margin calls without selling the position itself

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