Reddit might be “coming for silver,” Reuters reports this morning, but the wire reckons a short squeeze is “unlikely” — never mind Thursday’s headline on Reddit that blared silver could be the “biggest short squeeze in the world.” We’re not here to make any predictions. The news, though, certainly takes us back — to the early 1980s, when we found ourselves at breakfast with Nelson Bunker Hunt.
Hunt was the Texas billionaire who sought to corner silver in the 1970s. We were then just back from overseas and starting as an editorial writer of the Wall Street Journal. Whenever in a new city, we had a practice of inviting someone newsworthy for a meal. In Dallas, we extended an invitation to the oil baron. We didn’t — and don’t — trade or own silver. We were interested in the metal as the original constitutional money.