The London spot silver price surpassed 79 US dollars/ounce, reaching another record high. This round of rising prices is reminiscent of the “silver frenzy” manipulated by the Hunter Brothers in 1980. Both of these rounds showed the characteristics of sharp price surges and active trading in the futures market, but the core driving logic and market structure were quite different from the final direction — the former was a short-term bubble caused by a single agency manipulating the market, while the latter was a trending market supported by fundamentals, macroeconomics, and capital aspects. Through two “silver frenzy” spanning more than 40 years, we can clearly explore the evolutionary trajectory of the capital market and the core rules of the logical transformation of asset pricing.

The London spot silver price surpassed 79 US dollars/ounce, reaching another record high. This round of rising prices is reminiscent of the “silver frenzy” manipulated by the Hunter Brothers in 1980. Both of these rounds showed the characteristics of sharp price surges and active trading in the futures market, but the core driving logic and market structure were quite different from the final direction — the former was a short-term bubble caused by a single agency manipulating the market, while the latter was a trending market supported by fundamentals, macroeconomics, and capital aspects. Through two “silver frenzy” spanning more than 40 years, we can clearly explore the evolutionary trajectory of the capital market and the core rules of the logical transformation of asset pricing.