Mastering Gold and Silver Markets

ROBERT GOTTLIEB is a legendary precious metals trader with more than four decades’ experience at major financial institutions. His career includes leadership roles as Managing Director of Precious Metals Trading and Sales at Citibank, HSBC, Bear Stearns, JP Morgan, and Koch Supply & Trading. He managed one of the world’s largest CME/London arbitrage books, provided technical gold expertise to the World Gold Council during the launch of the GLD ETF, and has been quoted by Bloomberg, Reuters, The Wall Street Journal, Financial Times, and The Washington Post.

• Preface xiiiPart I An Insider’s Account to Bullion Banking 1Chapter 1 Breaking Into Precious Metals Through the Back Door 3Chapter 2 Breaking Into Bullion Banking 19Chapter 3 Bullion Banking: Developing An Arbitrage Book 39Chapter 4 TRADING IN THE 1990s ON A MARKET-MAKING DESK: The Colorful Days 55Chapter 5 Expanding the Arbitrage Book and Bullion Banking Business 69Chapter 6 Gld and the End of An Era at Hsbc 79Chapter 7 Building a Successful Bullion Banking Business From Scratch 87Chapter 8 Joining Jp Morgan: An Eye-opening Encounter with Risk 97Chapter 9 Managing a Proprietary Arbitrage Book 107Chapter 10 Tariff Distortions 121Part II Investing in Gold and Silver 135Chapter 11 A Brief History of Gold and Silver Over Time 137Chapter 12 Gold Market Structure: Mining and Refining 153Chapter 13 Supply and Demand: Silver Versus Gold 171Chapter 14 Trends for Gold in India and China 189Chapter 15 Why Everyone From Individuals to Central Banks Invest in Gold 197Chapter 16 Value Proposition for Owning Silver 219Chapter 17 An Individual’s Guide to Investing in Gold and Silver 225Chapter 18 Gold and Cryptocurrencies 247Chapter 19 Gold’s Role as a Safe-haven Asset 251Notes 261Acknowledgments 269About the Author 271Index 273