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Jon Matonis: Hunt Brothers demanded physical delivery too
5p ET Monday, March 15, 2010
Dear Friend of GATA and Gold (and Silver):
Jon Matonis, who describes himself as an economist of the Austrian school living in Gibraltar, has written at his blog, The Monetary Future, a fascinating account of the infamous attempt of the Hunt Brothers to get hold of a lot of silver in 1979-80.
The biggest lesson of the story may be that, then as now, position limits in the U.S. commodity markets are to be applied against longs but not against shorts. Of course that's the big issue underlying the U.S. Commodity Futures Trading Commission's hearing on the precious metals futures markets on March 25, and GATA will try to raise it.
Matonis' essay is headlined "Hunt Brothers Demanded Physical Delivery Too" and you can find it at The Monetary Future here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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