Which U.S. silver-market collapse on March 27, 1980 became known as Silver Thursday?

The Hunt brothers’ attempt to corner the silver market collapsed on March 27, 1980, in the episode known as Silver Thursday.

Nelson Bunker Hunt and William Herbert Hunt accumulated large amounts of physical silver and silver futures. Their buying helped drive the price dramatically higher, and the brothers became associated with an effort to control a substantial share of the available metal.

Exchange rule changes increased margin requirements and restricted new purchases. The resulting need for additional cash weakened the Hunts’ position. When silver prices plunged, the brothers and their associates faced enormous losses and difficulty meeting obligations.

The event was a commodities-market collapse rather than a conventional stock-market crash, but it remains an important example of how leverage, concentrated positions, and changing exchange rules can destabilize markets. The Hunts later faced bankruptcy proceedings and legal penalties connected with the episode.