Word: bunkers
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...Classics this was no ordinary trip. Or competition. While the Classics have grown accustomed to meeting the likes of Bunker Hill Community College. Deer Island Penal Institute, and the Harvard J.V., the Cubans were, well, nothing to sneeze...
Last year Bunker and his syndicate began buying silver again, this time on a truly gargantuan scale. They were soon imitated by other speculators shaken by international crises and distrustful of paper money. It was this that sent the price of silver from $6 per oz. in early 1979 to $50 per oz. in January of this year. Chairman Walter Hoving of Tiffany & Co., the famous jewelry store, was incensed. Tiffany ran an ad in the New York Times last week asserting: "We think it is unconscionable for anyone to hoard several billion, yes billion, dollars worth of silver...
Just what the Hunts were up to, no one in the outside world yet knows. Bunker is garrulous about race horses but extremely secretive about business, and there are no published figures on his activities since public investors do not participate in them. Bunker once told reporters that "I am not a speculator. I am not a market squeezer. I am just an investor and holder in silver...
...known how much Hunt may have borrowed to buy his silver and how badly the borrowing may have strained even his resources. But last week stories spread that he was selling silver in Europe, and traders interpreted that as a signal that he was running out of cash. Then Bunker, Herbert and their associates offered to sell billions of dollars worth of bonds in Europe to be backed by a "substantial portion" of the estimated 200 million oz. of silver they hold. These bonds would pay a low rate of interest (estimated at 8%). One theory, advanced by Metals Dealer...
...fact, Bache appears to have enough capital to meet any demands on it, and by week's end markets had rebounded sharply. The Securities and Exchange Commission began an investigation, presumably to determine whether Hunt had manipulated the market. Bunker, closemouthed as ever, was said to be in Saudi Arabia, conferring with his colleagues, and Wall Streeters were trying to figure out his position...