With gold prices reaching all-time highs, professional and retail investors everywhere are seeking to understand the fundamentals of precious metals markets. How do bullion banks facilitate global gold and silver trading? What drives the arbitrage between futures and OTC markets? Why do central banks continue to accumulate gold reserves?
In Mastering Gold and Silver Markets, veteran precious metals trader Robert Gottlieb―who served as Managing Director of Precious Metals Trading at major financial institutions including Citibank, HSBC, Bear Stearns, and JP Morgan―delivers an insider’s account that demystifies the esoteric world of bullion banking. Drawing on over four decades of experience managing billion-dollar arbitrage books and structuring high-stakes transactions with central banks, the author provides readers with unparalleled insight into how bullion banks bridge physical commodity markets with financial and futures markets, facilitating liquidity and hedging strategies for clients worldwide.
The book combines compelling memoir with practical education, recounting legendary trades including the liquidation of the Hunt Brothers’ silver position and a 223-ton gold transaction for the Japanese Ministry of Finance. Gottlieb explains the mechanics of CME/London arbitrage, and the role of Exchange for Physicals in market-making. He also examines major market disruptions, like the ones caused by COVID-19 and tariff threats that reshaped precious metals trading. Gottlieb details his technical expertise in advising the World Gold Council during the launch of the SPDR Gold Shares (GLD) ETF, now one of the world’s largest gold-backed investment vehicles.
Perfect for mining company executives, central bankers, Wall Street traders, hedge fund managers, wealth portfolio managers, and retail investors seeking to understand precious metals markets beyond the headlines, Mastering Gold and Silver Markets offers an authoritative guide to navigating gold and silver trading with confidence and skill.
Praise for MASTERING GOLD AND SILVER MARKETS
“Robert’s knowledge of the intricacies and issues surrounding the trading of precious metals is unparalleled. I rely on his keen mind and deep bench of expertise on the opaque but fascinating world of precious metals. This book is a must-read.”
―MICHAEL DIRIENZO, President and CEO, The Silver Institute
“This book offers an engaging and accessible look into bullion banking and precious metals investing, told through vivid insider anecdotes and sharp insights. Written by a lifelong, distinguished bullion trader, it captures both the drama of trading desks and the enduring role of gold and silver as safe-haven assets. A fascinating guide for anyone curious about how these markets truly work.”
―DAVID NG, Professor of Finance Cornell University, Charles H. Dyson School of Applied Economics and Management
“A compelling book that sets out the evaluation of the gold industry over the past three decades. Bob Gottlieb has been at the heart of the markets and engagement with central banks worldwide. His insights are invaluable, so too are his career experiences. It’s a must-read in the current environment.”
―ARAM SHISHMANIAN, Former CEO, World Gold Council
“A must-read book for all those that want to understand the history and the current drivers of the precious metals markets. Bob is one of the precious markets leading risk managers and risk takers, with decades of industry experience at some of the largest money center banks.”
―ROY J. SALAMÉ, Board Member at Newlab and Rincell Corporation, Former Vice Chairman of JP Morgan Global Commodities and Global Head of JP Morgan Commodities Sales and Structuring
“Bob has lifted the veil on bullion banking, precious metals vaults, the motivations of central banks and other players in the industry. He does it by walking through his career that was at the epicenter of the bullion market to shine light on the often opaque gold market. He also explores where the market is today and suggests improvements for the future. A must-read for anyone who wants to understand the precious metals market.”
―PHIL BAKER, Retired President and CEO, Hecla Mining Company
About the Author
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.
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