New York silver prices climb back after plunge
New York — Silver prices early Tuesday recovered much of the losses incurred near the end of yesterday's trading. On the Commodity Exchange here the spot contract for silver rose to $13.13 an ounce, a rise of 18 cents after a 52-cent decline Monday.
The drop in silver prices came after Federal Reserve Board chairman Paul Volcker stated that a loan agreement reached a year ago between the Hunt brothers and a group of 13 banks was still in effect and requires the billionaire Texans to sell their silver holdings. Nelson Bunker and W. Herbert Hunt own an estimated 63 million troy ounces of silver.