The 1980 U.S. commodities-market crash caused by the Hunt brothers’ attempt to corner silver was called Silver Thursday. The dramatic collapse occurred on March 27, 1980, after silver prices fell sharply.
Nelson Bunker Hunt and William Herbert Hunt had accumulated enormous silver positions through physical metal, futures, and other arrangements. Their buying helped drive silver to a record price near $50 per troy ounce in January 1980. Exchange rule changes and tighter financing conditions made the strategy harder to sustain.
As lenders demanded more collateral, the Hunts’ ability to meet obligations came under pressure. The resulting forced selling intensified the collapse and threatened broader financial disruption. The event was primarily a commodities and futures-market crisis rather than a conventional stock-market crash, but it is frequently included in histories of major market crashes. The brothers later faced legal and financial consequences.