Silver Rises Over 120% YTD 
For more than 40 years, the mainstream narrative has gone unchallenged:
“Silver hit $50 because the Hunt brothers cornered the market.”
It’s a simple story — almost too simple.
In Mike Maloney’s latest deep-dive, he shows why this version doesn’t hold up under scrutiny. The research, the interviews, the historical records… they all point to something far more complex — and far more revealing — about how markets actually work, and how governments react when gold and silver begin moving too quickly.
Below is a summary of the most eye-opening insights from the video.
Wall Street Still Gets the Story Wrong
Mike begins by calling out a recent chart from a Goldman Sachs analyst labeling the 1980 silver spike as the result of the Hunts “cornering the market.”
The problem? That’s not what the evidence says.
Mike’s team went through a foot-tall stack of books on the subject — including the definitive account Manipulation on Trial. The conclusion?
- No proof the Hunts cornered the market
- No proof they manipulated prices
- Most importantly: the data contradicts the narrative
Even Jeff Christian of CPM Group, one of the most widely cited experts in precious metals, told Mike that the Hunts might have contributed 50 to 75 cents to the silver price — not $50.
So, what actually moved silver?
The Real Driver: The Public, Not the Hunts
The historical record makes one thing clear: The real force behind the silver spike was ordinary investors changing their preference from gold to silver.
This part is almost never discussed in mainstream retellings — yet it explains the magnitude of the move far better than the Hunt theory ever did.
As inflation surged and trust in the dollar collapsed, investors worldwide began scrambling for alternatives. Silver, being far cheaper than gold and far easier to accumulate quickly, became the go-to refuge.
When the public stampedes, markets respond accordingly. But then something far stranger happened…
Sudden Rule Changes: Margin Hikes, Position Limits, and… “Sell-Only”?
At the same moment the silver market was overheating, the Commodities Futures Trading Commission (CFTC) — with active involvement from Federal Reserve Chairman Paul Volcker — implemented a series of extraordinary rule changes:
- Massive margin increases
- Sharp position limits
- And the most shocking: a “liquidation only” order
That final rule meant you could sell silver… but you were not permitted to buy.
Mike points out the obvious: A rule like that guarantees prices must fall — and fall hard — until the order is lifted.
Why would the Fed Chair be involved in decisions about futures market rules?
Mike’s theory: to save the U.S. dollar.
Was Silver a Scapegoat for a Gold Problem?
Mike shares a compelling hypothesis — not a definitive claim, but one supported by the timeline:
- In early 1980, gold was in a runaway
- The dollar was weakening fast
- Precious metals demand was exploding worldwide
- Only ~10% of the global population could legally buy gold on open markets
In that environment, stopping gold meant sending a message. And the silver market was the perfect stage:
- Smaller
- Easier to influence
- Highly concentrated in positions held by the Hunts
- Right next door to the gold pit on the trading floor
If regulators crushed silver — publicly and dramatically — what would gold traders think?
Mike recounts stories from the trading floor: silver traders coming back from the restroom telling gold traders, “If they can do this to silver, we’re next.”
And on January 21, 1980, both gold and silver peaked on the exact same day.
The Dollar Crisis Almost No One Talks About
Mike emphasizes a point most historians skip… The U.S. came dangerously close to losing control of the dollar in January 1980.
Demand for gold was soaring in North America and Western Europe — the only places where trading was legal and liquid at the time. Since then, the number of people with access to gold markets has grown 18×, amplifying any future runaway conditions.
What happened in 1980 wasn’t just a metals story. It was a monetary story — one with echoes that reach directly into today’s inflation, debt, and currency concerns.
Final Thoughts: The Myth Was Convenient
The “Hunt brothers cornered silver” story is easy to repeat, easy to teach, and easy to blame.
But the real forces at work were:
- Public demand
- Regulatory intervention
- Monetary panic
- A gold market moving too fast for comfort
And a government that couldn’t afford to let precious metals signal just how fragile the system had become.
Once you see the fuller picture, the old narrative no longer makes sense.
Watch Mike’s Full Breakdown
This article only scratches the surface of what Mike uncovers.
To understand the real dynamics behind one of the most misunderstood moments in market history, watch the full video here:
The Hunt Brothers Silver Story Is Not What It Seems — Full Video
People Also Ask
Did the Hunt brothers really corner the silver market in 1980?
Most evidence shows they did not corner the silver market. Research and expert interviews indicate their influence on the silver price was small—maybe 50–75 cents—compared to the massive public demand at the time. Mike Maloney breaks down the real factors behind the spike in his full video on GoldSilver’s YouTube channel.
What actually caused silver to hit $50 an ounce in 1980?
The silver spike was largely driven by global investors shifting from gold into silver as inflation surged and confidence in the dollar fell. Regulatory changes and market panic amplified the move. Watch Mike Maloney’s full explanation for a data-backed breakdown of what really happened.
Why did regulators impose “liquidation only” rules on silver?
The CFTC, with involvement from Federal Reserve Chairman Paul Volcker, implemented “sell-only” rules to force the market downward during a period of extreme volatility. This guaranteed falling prices and helped cool off both the silver and gold markets.
How were the Hunt brothers used as scapegoats for the gold market?
Mike Maloney suggests the Hunts may have been a convenient example to discourage runaway demand in gold. Silver was a smaller, easier market to influence, and suppressing it sent a message to gold traders next door on the exchange floor. You can learn more about this theory in Mike’s full video breakdown of the event.
Why did gold and silver peak on the same day in 1980?
Both metals peaked on January 21, 1980, shortly after new trading restrictions hit the silver market. Traders feared similar intervention in gold, triggering simultaneous sell-offs. Mike Maloney explores the timing, motives, and market psychology behind this unusual event in his latest video.
