Another TFMR Podcast --- Ned Naylor-Leyland

Earlier this week, I had the great opportunity to visit with Ned Naylor-Leyland of Cheviot Asset Management in the U.K.

Many of us first became familiar with Ned when James Turk interviewed him at the GATA conference back in August. As a refresher, here is the original TFMR post where the interview is linked:

http://www.tfmetalsreport.com/blog/2256/page-turning

Ned is a tireless advocate of sound money. He is also a wise and learned ally in the battle against the Evil Empire. Above all else, he's a good guy and a Turdite! The call lasts about 45 minutes but is well worth your time. (I tried diligently to manage the 2-second audio delay from the U.S. to the U.K. but I got a little sloppy toward the end. I apologize.)

http://traffic.libsyn.com/tfmetals/Ned.mp3

When you're finished with that, you should take time to explore the videos from the "Sound Money" conference that Ned put together back in January. Each presenter has some terrific information so I would highly encourage you to check out all of the different presentations. They can be accessed by clicking the link below:

http://www.cheviot.co.uk/sound-money-conference/ 

Have a great weekend!  TF

349 Comments

Ferd Torgerson's picture

This Comment Sequentially Precedes all those Remaining

Thanks, TF.  Please take the rest of the weekend off and re-charge.

Haole's picture

Thanks Turd!

Don't let yourself get over-extended with the site and the energy it takes.  

As they say in the movie business up here, "give yourself a break because nobody else is going to give you one."

Best regards.

RedRover's picture

Economic Trends

Stormdancer's picture

*snicker*  Good on ya Ferd :)

*snicker*  Good on ya Ferd :)

Maryann's picture

Thank you and Giving

Thank you for the weekend homework, Turd!  So appreciate what you do for us.

As a reminder of Mr. Hydes comments on last thread, let's all feed the Turd whatever we can.  Financial burden is not fun and we who benefit have a responsibility to give back in some way.  And if you can't give financially at least tell others about the site.  A little from many adds up to much for Turd!! :D

Well played, Ferd!

Save_America1st's picture

A couple new gold stories from ZeroHedge this morning...

Implications come Monday???

Tyler Durden's picture

Fund Blamed For Gold Sell Off, Salida Capital, Tumbles 37% In September, 49% YTD

Art Cashin Central Banks Dennis Gartman European Central Bank Exchange Traded Fund M2 Monetary Policy Money Supply Recession Sovereign Debt

Last week, a fund rumored to be on deathwatch, was Toronto-based, gold and energy-focused hedge fund Salida Capital (whose gold exposure, in addition to Paulson's, were both factors in the rapid drop in the price of gold last week, following concerns that it was being liquidated in the open market - for more on Salida's gold exposure, read the attached letter). The fund promptly came out and refuted said rumors, however upon review of its monthly P&L, we are somewhat skeptical about its survival chances, even if, in principle, we agree with the fund's investment philosophy. The reason for our skepticism is that Salida was down a whopping 37.2% in September, and 49.4% YTD, a collapse which only compares to that of Paulson's Advantage Plus, and demonstrates vividly just how much of a misnomer the name "hedge" can be when applied to members of the asset management industry. What is worse, however, is that the reason attributed for this epic collapse is amateur hour 101, and any LPs should be far more concerned by the explanation provided for this underperformance than the actual underperformance itself.
 

Paulson's Biggest Fund Cut In Half

recovery

A few days ago we suggested that based on ongoing losses in the portfolio of Paulson & Co, the biggest fund of the firm, Advantage Plus, is down a massive 50% YTD. A few hours ago, Absolute Return confirmed that the firm which has stepped on virtually every single possible landmine year to date, has had its AUM cut if not exactly in half, then surely close enough for Keynesian work at -47%. And with that the speculations of an imminent terminal redemption event coupled with liquidations of the firm's gold share class (its GLD holdings) will resume, although the one thing unclear is whether Paulson has already sold off the bulk of his winners. We are confident we will learn the answer as soon as Monday.

Haole's picture

Funny

I just e-mailed my ex-money managers (Leith Wheeler) about Bank of New York Mellon (the custodian of their funds).  Glad I pulled all my money a couple of years ago to invest myself, having done about 75% since as opposed to going absolutely nowhere in their CAD Equity and Balance Funds to date.  What a joke...

buzlightening's picture

western bankstering fiat money ponzi

is losing confidence as an iceberg melting in the suns center.  One nation under fraud.  Can't say who's behind occupy wall street.  banksters most likely.  Need a radical scape goat to shut down electronic banking; extended bankstering holiday through radicals cyber attack.  Hungry?  Eat a banker! Signage may be self fullfilling in ameriCON'd

Haole's picture

Sound Of Da Police

Where is everyone?

BTW, I have to comment on ScottJ's sentiments on the TSA, etc. from the previous thread as I found them a bit absurd personally.  I share your sentiments of love and understanding, rising above fear, etc. Scott.  Hate and the energy it creates is not at all productive, I'm with you on all of that and really enjoy your posts.  However, the TSA, the cops, the establishment in general ARE THE ENEMY of the people.   To a large extent these people are lost in their perceptions, agendas, their programming and their general paths in life.  They will not be saved or "enlightened" by passive pinko "understanding, compassion and love" as they grope your daughter's crotch, steal the fruits of one's labor or bust you over the head with a piece of wood for not only standing-up for your rights but the very liberties they should be protecting.   We must proceed with integrity and love for our basic rights as living, breathing entities naturally but the way forward has nothing to do with expressing and exercising empathy for tyrants and their henchmen.

IMHO 

rahul's picture

Monetary Revolution

http://www.youtube.com/user/davincij15?blend=22&ob=5

Physical Silver is Money - Help END JP Morgan Chase Ponzi of Debt

Big L's picture

Shameless syncophant

I fed the Turd!

Thanks dude.....

jacey's picture

China/India Gold ATMs

US has these dispensers???  Does anyone know where??  

"A scanner attached to the ATM recognizes the two-dimensional bar code in each gold bar or coin dispensed. The scarlet and yellow ATM with a touch screen dispenses gold bars and coins of various weights. Prices are based on current market rates and updated every 10 minutes"

"Central banks worldwide are raising their gold reserves to hedge against market risk, even as other Asian countries drive up gold demand. Thailand, Indonesia and South Korea had record increase in gold sales in 2010."

http://www.atimes.com/atimes/South_Asia/MJ06Df01.html

rahul's picture

video utube

Hi,

Pls let me know how to add video, thanks

Strongsidejedi's picture

Don't lose sight of the principles of our nation

Sound money is at the core.

Recall that Patton would have remembered a world without the Federal Reserve Bank and system.

He would also remember a Russia under the Czar and a Europe under monarchy.

Haole's picture

@rahul

To post YouTube videos just copy and paste the URL into the comment box and voila/voici.

rahul's picture

Gold: Independent Money

¤'s picture

Seven? VII? 7? I'm a bit surprised it's that many...

Seven Currencies in Century Enough for Germans Rescuing Euro

Q

Addi Brittnacher is one German willing to pay a Greek ransom to save his way of life.

The 61-year-old retired machine worker is from Saarland, the western corner of Germany wedged beside France and Luxembourg and a region built on coal and steel that became the heart of the European Union’s genesis. His wallet used to bulge with three kinds of cash and an identification card to cross theborders a few hundred meters from his home.

“There are no more borders here and people don’t have borders in their heads,” said Brittnacher, as he drove a van on a rutted gravel road along vineyards above the Mosel River.“It’s worth saving Greece to save the euro.”

http://www.bloomberg.com/news/2011-10-03/seven-currencies-since-1914-is-enough-for-germans-rescuing-euro.html

 
commoditypress's picture

Silver upside breakout imminent

This chart is self explanatory. No one has to fear for a further silver price collapse. The upside breakout looks to be imminent.

¤'s picture

Assad warns Jordan against holding a war game like Turkey and Is

Assad warns Jordan against holding a war game like Turkey and Israel

 
Big L's picture

This looks like the markets

Look familiar?

Ferd Torgerson's picture

With All Due Respect

I respect the rights of anyone who expresses an opinion on this blog but I can’t buy into the idea that our police, our TSA, etc. are all our enemies.

If we have police over-reacting anywhere, let’s remember that policemen are directed in their actions by superiors who are appointed by officials who are elected by US.  Same goes with Sheriff’s deputies.  Sheriffs are elected in most municipalities.  The TSA is run by appointees of OUR elected officials.

I’ve never been mistreated or abused by any member of law enforcement.  I earned every speeding ticket I ever received (and the warnings when there wasn’t a ticket).  I have flown frequently in the past 10 years and have never been treated with anything but courtesy and respect by anyone with the TSA.

Before we outright condemn law enforcement and government with too broad a brush, let’s remember how the occasional suppressor of one’s rights came to be in their position.   Believe it or not, a vote in this country still counts for something.  If we are not happy with how local law enforcement or national government behaves, we have the right and the duty not only to vote but to campaign against those responsible.  If there are such problems in your local community, look at the leaders you have voted for or sat by and allowed others to elect.  If the TSA reps in your area are uncivil, how does that reflect on the accepted level of mutual respect and civility in that specific community?

We should not fall into the trap of letting the protest du jour sway us into the false impression that all law enforcement people are evil.  That’s exactly what the sponsors are hoping for.  When respect for law and order breaks down, we will lose all our rights, both individually and collectively.

My government is not my enemy - only those who want to destroy its original foundations.  We can fix what doesn’t work through our votes and support for those who still believe in the ideals that inspired the creation of our country.

Haole's picture

Wow Ferd, just wow.Good luck

Wow Ferd, just wow.

Good luck with that, you're going to need it.

"My government is not my enemy."

I don't know whether to laugh or cry over that one...

¤'s picture

Oakland Raiders owner Al Davis dead at 82

Oct. 8, 2011, 11:32 a.m. EDT

Oakland Raiders owner Al Davis dead at 82

By MarketWatch

SAN FRANCISCO (MarketWatch)-- Al Davis, the legendary owner of the Oakland Raiders, has died at age 82, the National Football League team announced on its website Saturday morning. The team said it would have a statement later in the day. Davis, whose teams own three Super Bowls, was known as much for winning an antitrust suit against the NFL when it tried to block his moving the team to Los Angeles. The Raiders later returned to Oakland. Davis had been head coach of the Raiders and commissioner of the old American Football League, which merged with the NFL.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

DPH: I think Ralph Wilson might be next and soon unfortunately. He's been pretty sick lately and has been missing Bills games for the first time. Passing of the old guard.

Piano Racer's picture

Need Advice

I have a friend who is looking to diversify some of his silver into gold.  He currently has no gold, but a few hundred ounces of silver.  The deal we came up with is 2oz AU (1 2011 maple and 1 2011 eagle) for 105 ounces silver (100oz Engelhard and 5 1oz Philharmonics)

The GSR seems favorable at 52.5 to 1, given the estimates of future available reserves and above-ground stock.  However, looking at the longer-term GSR charts here:

http://goldprice.org/gold-silver-ratio.html
 

The average over the past three decades would seem to be even higher than we are now.

Anyway, I guess none of us can predict where the GSR will be headed in the short/medium/long term, but I'd be curious to hear fellow Turdites' thoughts, as well as whether they would do the trade - also, given the spot price this weekend, is 52.5:1 a good deal for me?  It's essentially an exact exchange at exactly spot, but he is getting more "premium" than I am since the 100oz bar has a lower premium than the maples/eagles.

Thanks in advance and keep stacking all!

¤'s picture

U.S. Ties to Turkey Face New Strains

  • MIDDLE EAST NEWS
  • OCTOBER 8, 2011

U.S. Ties to Turkey Face New Strains

WASHINGTON—Escalating tensions in the Mediterranean are complicating the U.S.-Turkey alliance at a time when President Barack Obama views Ankara as central to helping the U.S. manage the Middle East's political upheavals.

Associated Press

Turkish Prime Minister Recep Tayyip Erdogan addressed the United Nations General Assembly in September.

Secretary of State Hillary Clinton privately has pressed Turkish officials to back off from their threats to send warships to waters around Cyprus in a dispute over energy deposits, according to U.S. officials. The top American diplomat cautioned that any escalation could jeopardize U.S. interests in the Mediterranean, as the gas fields are being jointly developed by Cyprus and Houston-based Noble Energy Inc.

U.S. officials also are concerned by Turkish threats to deploy naval vessels to accompany flotillas headed to the Palestinian territories, which could heighten the potential for a military conflict between Turkey and Israel, both close U.S. allies. American diplomats have worked to broker a...

http://online.wsj.com/article/SB10001424052970204294504576617282941472812.html?mod=WSJ_hp_MIDDLENexttoWhatsNewsSecond

Ferd Torgerson's picture

@ Haole

Not so much good luck as hard work and hustle.

In real estate, the mantra is "Location,  location, location".

In keeping good public servants in and tossing bad ones out, the mantra is "Turnout, turnout, turnout".

We just can't allow ourselves to be out-hustled in the ground game.  We have to make our own luck.

Depending upon your psychological makeup, I will leave it to you to decide whether to laugh or cry.  Can't help you there.  I can only do so much.

Haole's picture

Ferd

The problem is that the political process has become rooted in fraud and corruption.

Have you seen Harri Hursti's testimony in front of the New Hampshire legislature?  Clinton Curtis' testimony in Ohio?  The film Hacking Democracy?  This is years ago, I can only imagine they've perfected software-generated fraud to a higher degree since then.

Your vote most likely means jack **** if you're doing it on a Diebold machine.  In fact, you're likely voting for someone other than the person you intend to vote for.

CreditCrumbs's picture

Turkey and/vs. USA

The reason US needs Turkey is that we screwed up in Iraq. Iraq and Iran used to be two balancing forces that were about equal in military strength and influence in the region. If we had kept them that way, the middle east region would be in peace without much effort needed from our side. Now that we have invaded and weakened Iraq, there is no balancing force against Iran. So Iran has been flexing its muscles in new Iraqi government, Saudi Arabia, etc. It wants to rise up as a new regional power. 

Comes Turkey. The US views Turkey as a strong regional power that can balance Iran's influence. This was argued by George Friedman in his "The Next Decade" book. So Turkey is happy. It is backed by a superpower and is treated as a special ally. Then it also senses that for the time being, the US is busy with domestic affairs that it cannot act in the Middle East even if it wants to. It also sense Europe's traditional powers are weakening and splintered. So it seizes the opportunity to flex its muscles. It knows the US is unhappy about it but it won't do a thing as it needs Turkey as an ally. So Turkey is rising as a regional power. By now I think it is unstoppable, it is cast in stone. 

One thing that worries me is that Germany, Turkey, and Russia, are all rising. These are countries with a history of agression. 

ScottJ's picture

@CommodityPress

Nice chart,

I think you are onto something ;)

Glad I am not the only one thinking so...

$80-120 silver by the end of 2011 is my thinking.

This is the last few days to buy physical silver in the low 30s, forever.

IMO only.... I would be loading up if I had spare fiat....

ata's picture

@haole - - -

Good to see the b###r coming back.

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