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Quote of the Day
“I’d rather see someone with a gambling tendency go to Las Vegas and drop $200 than betting on pork bellies, the silver market or new issues market. You shouldn’t speculate except with money you can afford to lose.”
Paul Samuelson, the first American to win the Nobel Prize in economics in a 1971 New York Times interview
June 19th – This Day in Stock Market History
June 19, 1934 — Roosevelt Signs the Silver Purchase Act
On June 19, 1934, President Franklin D. Roosevelt signed the Silver Purchase Act of 1934, authorizing the Secretary of the Treasury to purchase silver until either the monetary value of U.S. silver stocks reached one-third the value of gold stocks, or the market price of silver reached its monetary value of $1.29 per ounce.
The same statute authorized a 50% tax on profits from the transfer of silver bullion, enforced through silver tax stamps also authorized that day. The market price of silver had been stuck near 45 cents per ounce through the first half of 1934.
On August 9, 1934, Roosevelt followed up with Executive Order 6814, nationalizing domestic silver and requiring its delivery to the U.S. Mint, with the nationalized rate set at 50.01 cents per ounce.
The aftermath was global and largely unintended. By raising the world price of silver, the U.S. program drained silver out of silver-standard economies and forced them into painful deflation.
Large-scale U.S. purchases pulled silver out of Shanghai, and on November 4, 1935, China abandoned the silver standard entirely.
The Act was ultimately repealed during the Kennedy administration in 1963.
June 19, 2022 — Juneteenth Becomes a Market Holiday
President Joe Biden signed the Juneteenth National Independence Day Act into law on June 17, 2021, creating the first new federal holiday since Martin Luther King Jr. Day was established in 1983.
The major exchanges did not close in 2021 since the law was signed too close to the date. The NYSE and Nasdaq announced they would observe the holiday beginning in 2022 after consulting market participants.
Because June 19, 2022 fell on a Sunday, the first observed market closure for Juneteenth was Monday, June 20, 2022. The first closure falling on the actual date, June 19, came in 2023 (a Monday). Juneteenth now sits among the ten annual full-day closures the NYSE and Nasdaq have.
Read of the Day
The Story of Silver: How the White Metal Shaped America and the Modern World
This book explores how silver has influenced global economics, politics, and power over the last 200 years. It provides a fascinating look at the major “silver manipulations” throughout history, such as FDR’s policies in the 1930s and the Hunt brothers’ cornering of the market in the 1970s.
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