William L. Silber

 

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

Cover Interview of May 08, 2019

Lastly

Here are the main “takeaways” from the book: First, FDR ignored how the Silver Purchase Act inadvertently encouraged Japanese aggression in the 1930s, demonstrating the danger of formulating domestic policy without reference to international consequences. It is a cautionary lesson for putting America First today, especially since the fallout from such narrow-minded policymaking may not materialize until it is too late, just like back then.

Second, the ongoing world-wide experiment in fiat currency that began in 1971 has succeeded so far but 50 years is a heartbeat in world history. Uncontrolled spending by the federal government in a fully-employed economy suggests that precious metals like gold and silver belong in every portfolio to hedge against a failure by central bankers to avoid the political pressure to run a printing press.

Third, silver has been more than just an investment vehicle for Americans like Nelson Bunker Hunt and Warren Buffett; it has been part of the country’s monetary system since the founding of the Republic and is woven into the fabric of our history like the stars and stripes.

Fourth, investors like Warren Buffett discovered that silver is like a switch hitter in baseball, an industrial batter but also comfortable from the precious side of the plate. Silver soared like gold after Lehman’s bankruptcy in 2008, unlike copper and oil which collapsed along with the stock market.