
William L. Silber is the Marcus Nadler Professor of Finance and Economics at the Stern School of Business, New York University. He was voted Professor of the Year by MBA students in 1990, 1997, and 2018, and was awarded NYU's Distinguished Teaching Medal in 1999. In the past he managed an investment portfolio for Odyssey Partners, was a Senior Vice President, Trading Strategy, at Lehman Brothers, was a Senior Economist with the President's Council of Economic Advisors, and was a member of the Economic Advisory Panel of the Federal Reserve Bank of New York. He holds an M.A. (1965) and Ph.D. (1966) from Princeton University and is a graduate of Yeshiva College (1963). He has written eight books, including a biography of former Federal Reserve Chairman, Paul A. Volcker, entitled VOLCKER: The Triumph of Persistence (Bloomsbury, 2012). The biography was named the China Business News 2013 Financial Book of the Year, was a finalist in the Goldman Sachs and Financial Times 2012 Business Book of the Year Award, was named “One of the Best Business Books of 2012” by Bloomberg Businessweek, and was listed as “One of 2012’s Great Leadership Books” by the Washington Post.
This book tells the story of the greatest commodities market manipulation of the 20th century – one that was perpetrated by the larger than life Nelson Bunker Hunt, who, at one time the richest man in the world, ultimately went bankrupt trying to corner the silver market with his brothers, Herbert and Lamar, in the 1970s. The Hunts rode the price of silver to a record $50 an ounce in January 1980 and nearly brought down the financial markets in the process.But the Hunt brothers were not the first nor the last to be seduced by the white metal. In 1997 Warren Buffett, perhaps the most successful investor of the past fifty years, bought more than 100 million ounces, almost as much as the Hunts, and pushed the price of silver to a ten-year peak. In 1933 Franklin Delano Roosevelt raised the price for silver at the U.S. Treasury to mollify senators from western mining states while ignoring the help it gave Japan in subjugating China.Was FDR’s price manipulation in the 1930s less criminal than Nelson Bunker Hunt’s in the 1970s? Reading this book will let you make an informed judgment and it will also show that the white metal has been part of the country’s political system since the founding of the Republic. Perhaps the most famous speech in American electoral politics, Nebraska Congressman William Jennings Bryan’s “Cross of Gold” sermon at the 1896 Democratic convention, was all about silver. Bryan’s cause, the resurrection of silver as a monetary metal, aimed to rectify the injustice perpetrated by Congress in the Crime of 1873, which discontinued the coinage of silver dollars that Alexander Hamilton had recommended in 1791. Thus, the story of silver spans two centuries and is woven into the fabric of history like the stars and stripes.

William L. Silber The Story of Silver: How the White Metal Shaped America and the Modern World Princeton University Press328 pages, 6 1/8 x 9 1/4 inches ISBN 978 0691175386
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