Paul Buitink talks to veteran precious metals trader, author and former bullion banker Robert Gottlieb. Robert worked amongst others for Citi, Bear Stearns and JP Morgan.Bob explains why gold and silver are surging, how price discovery works and how bullion banks such as JP Morgan work. We discuss manipulation, future/paper markets, central bank leasing and buying and much, much more.His new book Mastering Gold and Silver Markets will be out in February.Follow Paul on X here:https://x.com/paulbuitinkFollow Robert Gottlieb here:https://www.linkedin.com/in/robert-gottlieb-519275319/https://www.amazon.nl/Mastering-Gold-Silver-Markets-Legendary/dp/139438002XTimestamps:0:00 Intro2:16 Robert Gottlieb's background as trader and bullion banker4:14 The book Mastering Gold and Silver Markets7:47 Spot price, loco London, LBMA and premiums10:32 Local China/Shanghai spot price and VAT12:52 Arbitrage between The West and China, India13:57 Flows between LBMA and CME during the tariff war21:14 Backwardation and CME/Comex inventories explained24:26 Hedging and mining28:48 Interaction between spot price and paper/future price35:50 Why gold and silver are so heavily traded on future markets38:04 Silver price manipulation43:30 Manipulation at JP Morgan and bank shorts49:59 Central bank gold leasing53:47 Gold repatriation and central bank buying56:57 Silver scarcity59:08 Silver versus copper1:00:40 Should you own physical or paper metal?1:02:16 ETFsand leasing of metal1:03:17 Outro