Chapter 153: Returning to New York, A Meeting with the Chairman of Citibank
Lin Haoran had booked a flight to New York departing on the morning of December 29.
The peak period for gold prices was expected to occur in January 1980.
Therefore, as long as the price was favorable at any point in January, he could sell at any time.
Traveling from Hong Kong to New York involved a significant time difference, with Hong Kong being thirteen hours ahead of New York's winter time.
Thus, despite flying out on the morning of the 29th, upon arriving in New York, it would still be December 29 locally.
Once he arrived, he would monitor market changes and close out his gold futures contracts accordingly.
Naturally, all these operations would be handled by Citibank, which specialized in futures trading as one of their main businesses.
On the morning of December 29, at 8:28 AM, Lin Haoran appeared once again at Hong Kong's Kai Tak International Airport, accompanied by Li Weiguo and Li Weidong.
This time, he did not bring Su Zhixue along, finding it unnecessary.
Lin Haoran had been waiting for this day for half a year — the season of harvest had finally arrived.
The plane took off smoothly from Kai Tak International Airport.
By the evening of December 29, New York time, shortly after 8 PM, Lin Haoran had arrived safely in downtown New York City.
This time, he didn't book a hotel near Wall Street but chose one right next to Citibank's headquarters.
Since Citibank was handling his futures contracts, there was no need for him to personally watch the price movements at the New York Futures Exchange.
Being one of the financial industry's giants at the top of the pyramid, Citibank's access to real-time gold prices was just as fast, if not faster, than the exchange itself.
After resting at the hotel overnight, Lin Haoran had breakfast at the hotel's buffet the next morning and then called Citibank's Vice President John Reed to inform him of his arrival in New York.
It was Sunday and not a trading day at the futures exchange, so there was no need to monitor gold prices that day.
"Mr. Lin, where are you? I could send someone to pick you up," John Reed offered politely.
Currently, John Reed was still only a Vice President, but since Lin Haoran had signed his massive contract under Reed's witness, they had built a strong rapport.
"John, no need to send anyone. I'm staying at the Marriott Hotel right next to your headquarters. I'll walk over now," Lin Haoran said with a smile.
John Reed's tone had become increasingly respectful, and Lin Haoran understood why.
Given that his futures contract was now worth over a billion dollars, he commanded significant attention.
At this time, such an amount of money was truly staggering, enough to make any financial institution pay very close attention.
Accompanied by his two bodyguards, Lin Haoran walked directly to the Citibank building next door.
Even though it was his second visit, the skyscraper still amazed him.
Four towering columns supported the structure, over two hundred meters high, a testament to human intelligence and strength.
Upon entering the grand lobby, Lin Haoran was surprised to find John Reed himself waiting to greet him.
"Mr. Lin, welcome back to Citibank," John Reed said with a beaming smile.
"Mr. Reed, it's truly an honor to be welcomed personally by you," Lin Haoran responded respectfully.
Although John Reed was not yet the head of Citibank, he was already a high-level executive.
"Mr. Lin, our Chairman, Mr. Walter Wriston, is already waiting for you in his office. Let's head up," John Reed said without unnecessary pleasantries.
Lin Haoran nodded and followed him into the elevator.
The two bodyguards remained in the lobby's lounge to wait for him.
A few minutes later, the elevator doors opened, and they walked toward an office.
John Reed knocked gently, and a steady voice from inside called out, "Come in."
Turning the doorknob, Lin Haoran finally met the legendary figure himself — Walter Wriston, Chairman of Citibank.
The office was luxurious yet elegant, over a hundred square meters in size, creating a spacious and relaxed atmosphere.
A massive floor-to-ceiling window framed a stunning panoramic view of New York City, offering a breathtaking scene.
For Lin Haoran, this was his first face-to-face meeting with one of the financial world's titans.
Thinking back to his previous visit, he hadn't even been qualified to meet this magnate directly. He couldn't help but feel emotional.
Now, with his investments having snowballed several times over, his wealth gave him the confidence to sit across from such a giant.
"Mr. Walter, it's a pleasure to finally meet you. I've long admired your reputation," Lin Haoran said warmly, studying the man before him.
Although Walter Wriston was already in his sixties, and his hair was thinning, it didn't diminish his charisma at all.
As one of the era's most distinguished bankers, his wisdom and foresight were renowned.
Many of the complex theories he advocated had become classics respected worldwide.
Walter Wriston stood up warmly and extended his hand.
They exchanged a firm handshake.
"Mr. Lin, you're even younger than I imagined. It's truly remarkable — to have amassed a fortune of over a billion dollars at your age is awe-inspiring," Walter Wriston said, full of praise.
Lin Haoran responded humbly, "Mr. Wriston, you flatter me. It was mostly luck. When I invested in gold, I was confident in the market's direction, but even I didn't expect prices to skyrocket the way they did, especially given everything that happened internationally in November and December."
"Luck is often just another form of strength, Mr. Lin. You don't need to be so modest," Walter Wriston said with a smile, inviting him to sit down.
They moved over to the sofa area, with Lin Haoran seated across from the two Citibank executives.
"Once you close out your gold futures, what are your plans, Mr. Lin? Citibank is an excellent financial and investment partner. You could consider continuing a long-term cooperation with us," Walter Wriston suggested with a smile.
For Citibank, a client controlling over a billion dollars was far too valuable to lose.
Likewise, Lin Haoran wanted to build a strong relationship with Citibank — both sides had real mutual benefits to offer.
Lin Haoran's gain from this futures trade would be enormous, but Citibank, as his broker, would also earn considerable fees.
In simple terms, Lin Haoran would eat the meat, and Citibank would drink the soup.
"My plan is primarily to invest," Lin Haoran said. "Mr. Wriston might know that I'm from Hong Kong, so I'll likely invest heavily in companies there, aiming to acquire high-quality enterprises that will aid my future development.
Additionally, I'm also considering investing in some top-tier American companies.
I've been very satisfied with my cooperation with Citibank this time, and I would be glad to maintain a long-term partnership."
There were only a few major international financial giants.
Lin Haoran couldn't build relationships with all of them, but since he had partnered with Citibank first, he intended to maintain it.
Cooperation was built on mutual interest: Lin Haoran valued the connections and power Citibank wielded, while Citibank saw profitable opportunities in him.
"The gold price has risen to a very high level. May I ask when you plan to close your position?" John Reed inquired.
"I'll observe the price movement over the next trading days and decide when to close out," Lin Haoran replied.
"By the way, John, given the size of my gold futures position now, if I close it all at once, would it impact the market price significantly?" he asked in return.
Previously, when he first invested, John Reed had advised him not to exceed a 500-million-dollar position.
Clearly, Lin Haoran's holdings had now far exceeded that figure.
"Mr. Lin, your futures contracts now represent a massive position," John Reed explained.
"If you close it all at once, it would cause a significant increase in supply in a short time, potentially putting downward pressure on prices.
However, the impact isn't absolute, because prices are influenced by many factors.
Large-scale closing might trigger market attention — if investors interpret it as a lack of confidence, it could trigger more selling, deepening the fall.
On the other hand, if seen as a technical adjustment or capital management move, the impact could be minor.
It also depends heavily on market liquidity.
Currently, the gold market's liquidity is extremely high, with trading volumes several times greater than six months ago.
Every day, there are massive numbers of investors buying gold futures.
Therefore, considering today's liquidity levels, even if Mr. Lin closes out all at once, the impact on prices would be limited.
If the price is right, I suggest Mr. Lin close the position directly. We will provide the best service to ensure minimal loss — after all, your loss would mean a loss for Citibank too!"
After hearing this, Lin Haoran understood.
No significant market impact — that was the best news.
Given the current investor influx into gold, even a multi-billion-dollar position could be absorbed quickly.
After another half hour of chatting with the Citibank executives, John Reed took Lin Haoran to meet the futures brokerage team assigned to him.
With the scale of his position, a dedicated team was necessary.
After familiarizing himself with the team, Lin Haoran left Citibank headquarters.
Until he closed his futures contracts, he planned to stay either at the hotel or at Citibank.
Time flew by, and soon it was December 31, 1979 — the final day of the year!
It was Monday, and the New York Futures Exchange was open.
At 9 AM, Lin Haoran hurried to Citibank headquarters, heading straight to the brokerage team's office.
The previous Friday, the international gold price had already risen to over 600 dollars per ounce.
Barring any surprises, it would set new records soon.
Six hundred-plus dollars per ounce was still far from the peak.
The question now was:
How much higher would gold climb today?
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