This is the story of silver's transformation from soft money during the 19th century to hard asset today, and how manipulations of the white metal by American president Franklin D. Roosevelt during the 1930s and by the richest man in the world, Texas oil baron Nelson Bunker Hunt, during the 1970s altered the course of American and world history. FDR pumped up the price of silver to help jump start the US economy during the Great Depression, but this move weakened China, which was then on the silver standard, and facilitated Japan's rise to power before World War II. Bunker Hunt went on a silver-buying spree during the 1970s to protect himself against inflation and triggered a financial crisis that left him bankrupt.

Silver has been the preferred shelter against government defaults, political instability, and inflation for most people in the world because it is cheaper than gold. The white metal has been the place to hide when conventional investments sour, but it has also seduced sophisticated investors throughout the ages like a siren. This book explains how powerful figures, up to and including Warren Buffett, have come under silver's thrall, and how its history guides economic and political decisions in the 21st century.

Listening Length

10 hours and 10 minutes
Author

William L. Silber
Narrator

Jim Meskimen
Audible release date

February 5, 2019
Language

English
Publisher

Blackstone Publishing
ASIN

B07N1QGB7D
Version

Unabridged
Program Type

Audiobook
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Product details

Listening Length	10 hours and 10 minutes
Author	William L. Silber
Narrator	Jim Meskimen
Whispersync for Voice	Ready
Audible.com Release Date	February 05, 2019
Publisher	Blackstone Publishing
Program Type	Audiobook
Version	Unabridged
Language	English
ASIN	B07N1QGB7D
Best Sellers Rank	#305,211 in Audible Books & Originals (See Top 100 in Audible Books & Originals) #150 in Banks & Banking (Audible Books & Originals) #470 in Economic History (Audible Books & Originals) #1,557 in Banks & Banking (Books)

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4.5 out of 5

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Silver Bull

Reviewed in the United States on May 12, 2019

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N.Y.U. Economic historian William Silber has a real fondness for silver as a monetary metal. He starts his story in ancient times but his history really begins with Alexander Hamilton establishing a bi-metal standard in 1793 valuing silver at 1/16th of an ounce of gold, creating the 16-1 gold/silver ratio that would legally stand until 1873. That standard valued silver at $1.29/ounce.

He is not happy about the “Crime of 1873” where Senator John Sherman demonetizes silver and puts the United States on the road to the gold standard which occurs in 1879. By using the then populist slogan, he puts himself squarely on the of the pro-silver/pro-inflation forces extant in the country at the time. Unfortunately Silber fails to distinguish between a good deflation caused by rapid increases in productivity and a bad deflation distinguished by a collapse in aggregate demand. The 19th Century silver wars culminate with William Jennings Bryan’s “Cross of Gold” speech at the 1896 Democratic Convention. By then gold becomes more plentiful and the U.S. enjoys the full benefits of the gold standard.

One of Silber’s heroes is Nevada Senator Key Pitman who leads the silver bloc in the Senate which counted fourteen senators among the seven mining states. In the 1930s Pitman convinces Roosevelt to raise the price of silver through huge treasury purchases. That ripples across the Pacific breaking China, then on the silver standard, leading to a flood of illegal exports that cause a credit contraction thereby weakening the economy. That in turn will make it easier for first Japan and then Mao’s Communists to take over the country.

Silber’s most interesting character is Henry Jarecki, a Yale psychiatrist who become enamored of silver. Jarecki sees that silver is undervalued and buys up as much coin and silver certificate currency to redeem at the U.S. Mint at $1.29/ounce. Soon the mint runs out of silver and the price explodes. Jarecki would leave Yale and found Mocatta Metals, a leading precious metals trading company.

Silber spends most of the book in excruciating detail describing the Texas Hunt Brothers corner on the silver market in 1980. An operation that nearly bankrupts Wall Street and triggers Fed action. To me, he is way too sympathetic to the Hunt Brothers.

Simply put Silber describes silver as a dual functioning metal. It is both an industrial commodity and a store of value. He makes his case on the store of value proposition when the price of silver surges with gold amidst the short inflation scare that existed following the financial crisis of 2007-2010. In essence it seems Silber has more faith in metals than the fiat currency of the Central Banks.

Though not as good as his earlier books on Paul Volcker and the 1914 closure of the stock market, “The Story of Silver” is a good read for those interested in economic history.

4 people found this helpful

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Alejandro

Hope you like politics in the 1800 in the US

Reviewed in the United States on May 26, 2023

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I've only read 7% of this book, so my evaluation is superficial. Is enough to tell is not meant for me. From a content perspective, I found it extremely focused on the historical details of who, when, where. The book goes to great length to mention who was doing who a favor, but doesn't explain in great detail what life was then and how silver affected people in practical day to day perspectives.

Another thing I found confusing is the author jumping back and forth in time. One thing is foreshadowing, another is paragraphs that feels like deja vu.

If you are already knowledgeable of life in the US 1800-1900, then this book might ring bells and add additional connections to characters you already know. If you are not from that background, then the book feels like name dropping without much context.

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More to silver than you thought

Reviewed in the United States on April 14, 2019

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I always enjoy creative perspectives on history and this book does not disappoint. Silber tells the story of silver and events involved around it. He starts from the beginning of the American republic with various opinions on the metal from people such as Alexander Hamilton, continues through William Jennings Bryan famous speech at the Democratic National Convention, spends a lot of time with the Hunts (as would be expected) and ends with current prognostications, including Warren Buffett's venture into the metal.

He explains silver's unique role as both a metal used for practical purposes as well as a store of value. Historically this led a few times to people exchanging their silver items for cash as the price increased, further increasing the price. While everyone is familiar with the metal, this book will surprise the reader with how many significant events on the world stage involved the metal.

The most interesting part of the book is the subject most people probably first think of when seeing this book- the Hunt brothers and their fascination with the metal. I never knew too much about the episode, but always thought the Hunts were a wealthy oil family and the brothers tried to corner the market and ended up in bankruptcy. While this covers the gist of it, Silber provides many fascinating aspects of the story. I had no idea that the government basically changed the rules midstream in order to fight off the buying frenzy and the role the government had in their bankruptcy.

Highly recommend this easy read on a common topic presented in a unique manner.

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Jupp

sehr gutes und spannendes Buch zum Thema Silber!

Reviewed in Germany on April 25, 2023

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beschreibt perfekt die Hintergründe der Silberkrise Anfang der 80er Jahre.
Da sich Geschichte ständig wiederholt, sollte man auch dieses Buch gelesen haben!
Eine deutsche Übersetzung gibt es wohl nicht in Buchform.

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Murphy

Loved the book start to finish.

Reviewed in Canada on June 22, 2019

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Not sure where the other commenter got the idea that the author had political leanings one way or the other. I couldn't see that anywhere. My only wish was maybe a little bit more history on silver before the crime of 1873 but you can't have everything I guess. Makes me wonder, now that about one third of Global sovereign bond yields are in negative territory will we one day see another Hunt or Buffet accumulation in Silver by investors or the general public who wish to avoid the negative yields and protect themselves in this noble metal. Haven't seen it yet and most people seem to forgotten that this was the money of the people for thousands of years. Time will tell I guess. It was worth every penny to buy and I am glad I have a little more knowledge on the subject after I finished the book.

One person found this helpful

D Swan

Great read

Reviewed in the United Kingdom on October 1, 2021

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This was a great read very , informative and well written. Lots of useful learning on a great shiny commodity and currency.

RAK

Ein tolles Buch

Reviewed in Germany on July 13, 2019

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Der Autor beschreibt ausführlich die Rolle von Silber als Währungsmetall in der Geschichte der USA. Er lässt kaum Fragen offen. Das Buch ist ist in einem exzellenten Stil geschrieben und auch durchaus unterhaltsam zu lesen. Einigermaßen gut Englisch sollte man aber können.

Um das Fazit vorweg zu nehmen: Der Bimetallismus – ein von Silber und Gold gedeckter US Dollar – ist schon etwa 150 Jahre vorbei. Silber war nur in systemischen Krisen ein gutes, dann aber auch sehr gutes Investment: Ende der 1970er Jahre, als nach dem Zerbrechen des Systems von Bretton Woods der Dollar in Gefahr war. Und seit 2003 bzw. 2008-2011, als die Spekulationsblasen immer größer wurden und am Ende das Weltfinanzsystem am Abgrund stand.

Gold hat im Juni 2019 seine 2011 begonnene Korrekturphase beendet. Auch der Silberpreis, der dem Goldpreis immer hinterher läuft, dürfte demnächst wieder stärker steigen. Insofern das richtige Buch zur richtigen Zeit. Empfehlenswert!

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Chris Woof

Major printing error.

Reviewed in Canada on October 16, 2022

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The first part of the book is a different book!!! Then it just switches to the correct book out of nowhere mid sentence. What is this?! I have never had this happen before. Thanks Amazon. Terrible.

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The Story of Silver: How the White Metal Shaped America and the Modern World Audible Audiobook – Unabridged

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