Revisiting the Silver Crisis
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Títol
Revisiting the Silver CrisisData de publicació
2022-09-22Editor
ElsevierCita bibliogràfica
BREDIN, Don; POTÌ, Valerio; SALVADOR, Enrique. Revisiting the Silver Crisis. Journal of Commodity Markets, 2023, vol. 30, p. 100288.Tipus de document
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Resum
This paper examines the Silver Crisis of the late 1970s, which resulted in a $150 million lawsuit against the Hunt Brothers. In August 1988, the Hunt Brothers were found guilty by a jury of conspiracy, manipulation, ... [+]
This paper examines the Silver Crisis of the late 1970s, which resulted in a $150 million lawsuit against the Hunt Brothers. In August 1988, the Hunt Brothers were found guilty by a jury of conspiracy, manipulation, monopolization, racketeering and fraud. Using a behavioural model, we aim to quantify the extent of manipulation in the silver market during the 1970s and the 1980s, with a specific focus on the period leading up to the Silver Crisis. Our behavioural model takes account of the role of fundamentals, manipulation and speculation. Our results indicate very little evidence of manipulation in the silver market in the run up to the Silver Crisis. Both fundamentals and speculation dominate the silver market during our sample, with speculation particularly important in the latter half of the 1970s. The distinction between manipulation and speculation is critical. While manipulation forces prices away from their fundamental value, speculation does not. Speculators certainly aim to take advantage of price changes but the actions are fully rational and consistent with the fundamental value of silver. [-]
Entitat finançadora
Science Foundation Ireland (SFI) | European Union’s Horizon 2020 COST Action | European Union’s Horizon 2020 research and innovation program | Universitat Jaume I | Spanish Ministry of Economics, Industry and Competitiveness
Codi del projecte o subvenció
16/SPP/3347 | CA19130 | 825215 (Topic: ICT-35-2018, Type of action: CSA) | UJI-B2020-48 | ECO2017-85746-P
Títol del projecte o subvenció
FinAI: Fintech and Artificial Intelligence in Finance - Towards a transparent financial industry | FIN-TECH: A Financial supervision and Technology compliance training programme
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© 2022 Elsevier B.V. All rights reserved
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info:eu-repo/semantics/openAccess
http://rightsstatements.org/vocab/InC/1.0/
info:eu-repo/semantics/openAccess
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