The Story of Silver: How the White Metal Shaped America and the Modern World

328 Pages·2019·4.81 MB·English

by  William L. Silber

THE STORY OF
SILVER
Silver Prices for 200 Years
This semi-log chart shows the annual average price per troy ounce of pure silver
in U.S. dollars from 1792 through 2015 and some of the major events
influencing the white metal during that period. The data are spliced from the
following sources: 1) The U.S. Mint price from 1792–1833; 2) The average
market price reported by the Department of the Mint, 1834–1909; 3) The
average of monthly prices reported by the CRB database, 1910–1946; 4) The
average of daily prices reported by the CRB database, 1947–2015. The annual
average price in 1980 is lower than in 2011, even though the daily peak price
($50) was higher in 1980, because daily prices fell more precipitously during
1980 compared with 2011. Note: Because of inflation, the value of $1.29 in 1792
is equivalent to $31.30 in current dollars of 2011, when silver hit a peak of $48
(based on the consumer price index calculator from the EH.net website of the
Economic History Association).
By the Same Author Volcker: The Triumph of Persistence
When Washington Shut Down Wall Street:
The Great Financial Crisis of 1914 and the Origins of
America’s Monetary Supremacy
Financial Options: From Theory to Practice (coauthor) Principles of Money, Banking, and Financial
Markets (coauthor) Financial Innovation (editor)
Money (coauthor)
Portfolio Behavior of Financial Institutions
THE STORY OF
SILVER
HOW THE WHITE METAL SHAPED
AMERICA AND THE MODERN WORLD
WILLIAM L. SILBER
PRINCET ON UNIVERSITY PRESS
PRINCETON & OXFORD
Copyright © 2019 by Princeton University Press Published by Princeton University Press 41 William
Street, Princeton, New Jersey 08540
6 Oxford Street, Woodstock, Oxfordshire OX20 1TR
press.princeton.edu
All Rights Reserved
LCCN 2018941299
ISBN 9780691175386
eISBN 9780691184517 (ebook) Version 1.0
British Library Cataloging-in-Publication Data is available Editorial: Peter Dougherty and Jessica Yao
Production Editorial: Natalie Baan Text and Jacket Design: Leslie Flis Production: Jacqueline Poirier
Publicity: James Schneider Jacket Credit: 1879 US silver dollar
To
Danny
You left us too soon
CONTENTS
From the Author xiii Main Characters xvii
INTRODUCTION
Obsession 1
CHAPTER 1
Hamilton’s Design 10
CHAPTER 2
Solving the Crime of 1873 17
CHAPTER 3
Free Silver 27
CHAPTER 4
Seeds of Roosevelt’s Manipulation 38
CHAPTER 5
FDR Promotes Silver 45
CHAPTER 6
Silver Subsidy 52
CHAPTER 7
China and America Collide 60
CHAPTER 8
Bombshell in Shanghai 71
CHAPTER 9
Silver Lining 90
CHAPTER 10
Costly Victory 99
CHAPTER 11
JFK’s Double Cross 104
CHAPTER 12
LBJ Nails the Coffin Shut 119
CHAPTER 13
Psychiatrist’s Meltdown 131
CHAPTER 14
Battle Lines 146
CHAPTER 15
Nelson Bunker Hunt 150
CHAPTER 16
Heavyweight Fight 165
CHAPTER 17
Saudi Connection 175
CHAPTER 18
Silver Soars 183
CHAPTER 19
Collapse 202
CHAPTER 20
The Trial 224
CHAPTER 21
Buffett’s Manipulation? 236
CHAPTER 22
Message from Omaha 242
CHAPTER 23
The Past Informs the Future 249
Notes 253
Selected Bibliography 317
About the Author 327
Illustration Credits 329
Index 331
A lover of silver will never be satisfied with silver.
—Ecclesiastes 5