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- Wiley
More About This Title The Silver Bull Market: Investing in the Other Gold
English
From one of the world’s most respected authorities on precious metals investment—a thoroughly researched volume on the investment prospects for silver, the other gold.
Gold, outperforming stocks for over a decade, has finally been recognized as a serious asset class to be included in any solid, diversified investment portfolio. Considering present inflationary concerns related to accelerating fiscal crises in Europe, the United States and likely Japan in the years ahead, gold is widely held in the largest professionally-managed portfolios in the world. But silver, which has been moving in the same direction as its sister metal for forty years—and actually outperforming gold over the last ten years—has yet to be taken seriously in the investment world. Widely perceived as an erratic, unpredictable metal best left to speculators, silver has been disdained primarily for its volatility. Taking the long view, as well as a hard look at silver’s investment demerits, Shayne McGuire examines current global financial conditions in order to provide a full and frank assessment of present and future opportunities for investors who may be considering buying silver.
Silver is being rediscovered as a viable alternative to gold, and demand for the metal as an investment vehicle has risen sharply over the past few yearsThough more volatile than gold, silver is highly correlated with the more expensive metal and should continue moving in the same direction (as it has for thousands of years)Widely considered a precious metals expert within the institutional investor community and author of Hard Money: Taking Gold to a Higher Investment Level, McGuire manages a portfolio with over $850 million in precious metals investmentsWhile the investment literature is overflowing with books on how to invest in gold, this is the first serious book in decades offering expert insights, advice and guidance on investing in silverEnglish
Shayne McGuire is a Managing Director and Head of Global Research at Teacher Retirement System of Texas, one of the world's largest pension funds. He also manages the $850 million GBI Gold Fund. Prior to holding these positions, Mr. McGuire managed a $2 billion European stock portfolio and was ranked among the best Latin American analysts by Institutional Investor in the late 1990s. In addition to launching the first dedicated gold fund within the U.S. pension system, he has written two books on gold investing, including Hard Money: Taking Gold to a Higher Investment Level (Wiley). In October 2010, McGuire was profiled in the Wall Street Journal. Mr. McGuire graduated from Fordham University and holds a master's in history and an MBA from the University of Texas at Austin.
English
Preface ix
Acknowledgments xi
Introduction: Coming to Terms with an Unfamiliar Investment, One of the World’s Oldest 1
Part One: The Logic of Owning Silver in Today’s Financial World 29
Chapter 1: Silver Moves with Gold, a Vital Asset for These Times 31
Chapter 2: Thinking about Future Inflation 39
Chapter 3: Silver’s Supply and Demand Dynamics 51
Chapter 4: Poor Man’s Gold Is Different from Other Inflation-Protection Assets 63
Chapter 5: The Gold-Silver Ratio, a 3,000-Year-Old Exchange Rate, Is Out of Historical Balance 75
Chapter 6: Always Keep in Mind the Risks of Investing in Silver 87
Part Two: A Brief History of Silver in the United States and What It Means for the Metal’s Future 97
Chapter 7: 1792: The American Monetary Foundation on a de Facto Silver Standard 99
Chapter 8: 1873: The United States Joins the International Gold Standard and Leaves Silver Behind 105
Chapter 9: 1934: The Federal Government Speculates in Silver 109
Chapter 10: 1960s: As the Last Silver Dime Is Minted, Silver Demand Surges in the Electronic Revolution 117
Chapter 11: The 1970s Silver Boom, the 1980 Crash, and the 20-Year Bear Market 123
Chapter 12: 2001 to the Present: The Bull Market Begins as Silver Reenters the Financial System 133
Part Three: How to Invest in Silver 151
Chapter 13: Deciding on the Best Way to Invest in Silver 153
Chapter 14: Two Investment Considerations: Market Manipulation and Potential Confiscation 171
Chapter 15: The Most Widely Respected Silver Investment Coins 185
Chapter 16: Your Local Coin Show, the Past Decade’s Best-Performing Stock Market 199
Chapter 17: Silver Mining Stocks 211
Chapter 18: Platinum and Palladium: Alternative Metals as Old as the World, but as New as the Internet, as Investments 233
Conclusion 243
Notes 249
Further Reading about Silver 259
About the Author 263
Index 265
