objective capital precious metals, diamonds and gemstones investment summit: a fund manager's...
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Objective Capital Precious Metals, Diamonds and Gemstones Investment SummitA Fund Manager's View of Precious Metals 20 May 2010by Ned Naylor-Leyland - Cheviot Asset ManagementTRANSCRIPT
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PRECIOUS METALS,DIAMONDS & GEMSTONES INVESTMENT SUMMIT
THE LONDON CHAMBER OF COMMERCE AND INDUSTRY ● THURSDAY, 20 MAY 2010www.ObjectiveCapitalConferences.com
9.30 – 10.00 A Fund Manager's View of Precious Metals Ned Naylor-Leyland – Investment Director, Cheviot Asset Management
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Precious Metals, Diamonds and Gemstones Investment Summit
Ned Naylor-LeylandCheviot Asset Management
20th May 2010
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ARE YOU A…
A
GOLDBUG CONSPIRACY THEORIST
B
PAPERBUG COINCIDENCE THEORIST
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Market Madness
• Nationalise losses, privatise gains
• €750bn bailout of German/French/UK banks
• PIIGS 3 year debt refinancing needs around €2 trillion
• Goldman + JPMorgan had PERFECT trading quarter
• Around 60% of NYSE volume is ‘program trading’
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Diminishing Marginal Productivity of Debt in the US Economy (in Dollars)
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US Mortgage Resets
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G.A.T.A
GOLD ANTI-TRUST ACTION COMMITTEE
• Short-selling paper vs physical
• Central Bank leasing + swapping
• Throwing light on esoteric subjects
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Gold in
Source: Bloomberg
£
€
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Gold + DXY (Dollar Index)
Source: Bloomberg
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9Source: Bloomberg
Gold vs NASDAQ Secular Bull Market Comparison
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25.5%
8.0%
17.1%2.2% 5.4%
4.4%
7.3%
30.1%
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1966: “In the absence of the Gold Standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value... deficit spending is simply
a scheme for the confiscation of wealth. Gold stands in the way of this insidious process.”
2009: “The rise in gold and silver is strictly a monetary phenomenon and is an indication of the very early stage of an endeavour to move away from paper currencies’.”
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Alan Greenspan Quotes
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25.5%
8.0%
17.1%2.2% 5.4%
4.4%
7.3%
30.1%
1111
Monetary Star Wars
‘Buy Gold’
‘Audit the Fed’
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Why Silver ?
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Gold/Silver Availability