Description
Explore the high-stakes world of gold and silver trading
In Mastering Gold and Silver Markets: Insights from a Legendary Bullion Bank Trader, veteran precious metals trader, Robert Gottlieb, delivers an insightful blend of memoir and education that covers the world of bullion trading from a banker’s perspective. The book covers his journey from working at a certified public accounting firm to his position as the Global Head of Precious Metals Trading and Sales at many of the largest bullion banks in the world.
Gottlieb dives deep into the critical role played by bullion banks in the global precious metals ecosystem. He provides a detailed explanation of financial and futures markets and how they facilitate liquidity and hedging strategies for their clients. You’ll also learn about how banks leverage arbitrage opportunities between the CME futures markets and the London OTC markets to meet customer needs.
You’ll find:
- Explanations of the supply-and-demand fundamentals of gold and silver
- An engaging combination of personal experience, industry expertise, and thought-provoking analysis
- Examinations of significant disruptions to gold and silver markets, including Covid-19 and the impacts of US tariff announcements in 2025
Perfect for mining company executives, central bankers, Wall Stret traders, and professionals in finance and commodities trading, Mastering Gold and Silver Markets is also a must-read for hedge fund managers, wealth portfolio managers, and retail investors.
Table of Contents
Preface xiii
Part I An Insider’s Account to Bullion Banking 1
Chapter 1 Breaking Into Precious Metals Through the Back Door 3
Chapter 2 Breaking Into Bullion Banking 19
Chapter 3 Bullion Banking: Developing An Arbitrage Book 39
Chapter 4 TRADING IN THE 1990s ON A MARKET-MAKING DESK: The Colorful Days 55
Chapter 5 Expanding the Arbitrage Book and Bullion Banking Business 69
Chapter 6 Gld and the End of An Era at Hsbc 79
Chapter 7 Building a Successful Bullion Banking Business From Scratch 87
Chapter 8 Joining Jp Morgan: An Eye-opening Encounter with Risk 97
Chapter 9 Managing a Proprietary Arbitrage Book 107
Chapter 10 Tariff Distortions 121
Part II Investing in Gold and Silver 135
Chapter 11 A Brief History of Gold and Silver Over Time 137
Chapter 12 Gold Market Structure: Mining and Refining 153
Chapter 13 Supply and Demand: Silver Versus Gold 171
Chapter 14 Trends for Gold in India and China 189
Chapter 15 Why Everyone From Individuals to Central Banks Invest in Gold 197
Chapter 16 Value Proposition for Owning Silver 219
Chapter 17 An Individual’s Guide to Investing in Gold and Silver 225
Chapter 18 Gold and Cryptocurrencies 247
Chapter 19 Gold’s Role as a Safe-haven Asset 251
Notes 261
Acknowledgments 269
About the Author 271
Index 273
