CHAPTER 9

Anti-bubbles: How to Profit and Protect the Portfolio via Gold, Volatility, and Correlation

Playing to Make Money, Not to Be Correct

I believe the gold market is at the beginning of a multiyear bull run. A bullish supercycle that offers investors a highly asymmetric risk–reward with “a few hundred dollars of downside and a few thousand dollars of upside.”

First you need to understand the rules of the game.

Then you need to play better than everyone else.

—Albert Einstein

Many respected analysts hold the exact opposite view. They believe that gold prices are going through a quasi-permanent bear market and prices will continue to go down “forever.” They have their own perspective and solid arguments to defend their views and investment ...

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