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

Silver has played a significant role in world history for over two hundred years, transitioning from soft money to a hard asset. Manipulations by figures such as Franklin D. Roosevelt and Nelson Bunker Hunt have impacted the US economy and global politics. It is still seen as a safe-haven asset against inflation and government defaults, attracting both ordinary investors and sophisticated ones like Warren Buffett.

Format: Hardback
Length: 328 pages
Publication date: 05 February 2019
Publisher: Princeton University Press

Silver has had a profound impact on world history over the past two centuries, transitioning from a soft currency to a hard asset. Its manipulation by influential figures such as American President Franklin D. Roosevelt during the 1930s and Texas oil baron Nelson Bunker Hunt during the 1970s has shaped the course of American and global events.

During the 19th century, silver was widely used as a medium of exchange and was considered a soft currency. However, the Great Depression in the 1930s led to a decline in the value of silver, which affected many countries that were on the silver standard. In response, Roosevelt implemented policies to increase the price of silver, hoping that it would stimulate the U.S. economy. While this move did help to boost the economy, it also weakened China, which was then on the silver standard, and facilitated Japan's rise to power before World War II.

On the other hand, Bunker Hunt, a wealthy Texas oil baron, went on a silver-buying spree during the 1970s to protect himself against inflation. His actions triggered a financial crisis that left him bankrupt. Silver has been seen as a safe-haven asset, particularly during times of economic uncertainty or political instability. It is cheaper than gold, making it more accessible to a broader range of investors.

Despite its historical significance, silver has not been without its challenges. In recent years, the price of silver has been volatile, and its role as a safe-haven asset has been questioned by some investors. Additionally, the use of silver in industrial applications has declined, leading to a decrease in demand for the metal.

Despite these challenges, silver continues to hold a place in the hearts and minds of many investors and collectors. Its history and story are fascinating, and its unique properties make it a valuable asset in today's market. As we look to the future, it will be interesting to see how silver continues to influence world events and economic decisions.

Weight: 658g
Dimension: 167 x 243 x 29 (mm)
ISBN-13: 9780691175386