Silver prices fell to their lowest level in more than 13 years.
Another factor was the international crash of silver prices in 1982.
Silver prices climbed to their highest levels in four months.
The Act had the immediate effect of depressing silver prices.
And he added, "For 10 years, manufacturers have had the advantage of low silver prices."
"When the silver price jumped like never before, I could have gotten $10 million for my $500,000 purchase."
Silver prices climbed above $6 an ounce for the first time in six weeks.
The city also experienced a depression in 1893 after the crash of silver prices.
In 1991 the silver price fell to $3.90 per ounce and the operation was losing money.
Gold was under pressure from the steep slide in silver prices.