A2A with Ned Naylor-Leyland

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Our pal, Ned Naylor-Leyland has been a supporter of TFMR since its beginning. What a pleasure it was to have him return again today to field subscriber questions in our weekly webinar format.

Among the topics addressed by Ned over the course of this call:

  • The year thus far and his strategy going forward
  • Brexit and the recent events in Great Britain
  • Whether gold and silver are "sound money" or simply commodities
  • How negative rates are driving global physical gold demand
  • And much, much more!

I'm certain that you'll enjoy this recording. Great stuff from a very smart guest. Thanks again to everyone for listening in and thanks to Ned for so generously sharing his time today.



lnardozi's picture



infometron's picture


Majestic!? Oh well, I'll happily settle for 2nd with 1st mining finance!!

Dyna mo hum's picture



glenno321's picture

Now to listen

to the post

SteveW's picture


What happened to Marchas?

Anyway keep stacking.

Pining 4 the Fjords's picture

Everton for the win!

Always a pleasure, sir.  Thank you. 

P.S.-  For those new to the site, NNL goes WAY back here, is a veteran of the TFMR legion, and has been rumored to have held meet-ups with UK Turdites for a pint or two.  Unconfirmed, of course. 

For further background on how Ned's hair is a strong predictor of metals prices, see this link. 

Marchas45's picture

Turd Was


Marcrward's picture

Missed the webinar

But thanks for posting!

JackPutter's picture

Ned sure sounds like a guy I would enjoy

hacking at golf and drinking dome good stout or porter with.

RickshawETF's picture


Damn, I was on the last thread, and missed the Top Ten here!

ilex's picture

Jim Sinclair/David Stockman article

Not sure if this has already been posted, but here you go....


AlienEyes's picture


It has been.

Angry Chef's picture

Hitting a 1 Iron

I caddied in the 1975 Canadian Open at Royal Montreal. I worked in the back shop and got to carry the bag for the local Pro. Our foursome had Dr. Gil Morgan, David Graham, Tom Weiskopf, and my guy. I can attest to what Lee Trevino once said " that only God can hit a 1 iron " is not true. I saw Tom Weiskopf hit a 1 iron on the 16th hole of the Blue course over 300 yards. I also saw him hit the longest drive of my life. He ended up winning the Open that weekend in a playoff against Jack Nicklaus. Had Weiskopf been playing today with the new technology in clubs. They would have to redesign every Golf course on the planet.

And just a note. Weiskopf had one of the best Golf swings ever. The difference between Weiskopf and Nicklaus IMHO ? After 18 holes Weiskopf went to the 19th hole....and Nicklaus went to the driving range.

anarchitect's picture

@Angry Chef

Liked your story.  Along the lines of the Trevino quote, the joke I heard was

Q. What do you do when there's lightning on the course?

A. Wave a 2-iron over your head, because not even God can hit a 2-iron.

Turd Ferguson's picture

The Moment of Truth has arrived


Which direction will silver break?

Will silver move toward $21 and "catch up" to First Majestic...


Will First Majestic drop $1+ and follow silver back down?

btcgoldbull's picture

Big move coming in GDX tomorrow

Low volume GDX days often mean that a big move is coming the next day in GDX, just doesn't tell us the direction. FWIW I bought a ton of out of the money weekly GDX puts that expire tomorrow

Wild daily swings in volatility like we've seen in GDX over the past few days typically occur at tops and bottoms. Throw in an OpEx and things are gonna move one way or another :-)

anarchitect's picture

CEF discountn/premium to NAV

I agree with Ned that CEF trading at a marked discount to NAV (as much as 18% around 1999, and nearly that during the recent bear market) is a good indicator of negative sentiment.  However, I doubt that CEF will trade at a significant premium again.  The reason is that CEF doesn't let you take delivery, whereas the Sprott funds (PHYS and PSLV) do. The Sprott funds are therefore unlikely to trade at a significant premium to NAV, which should also prevent CEF from doing so.

JQuest's picture


More from Islam the religion of love and peace..

I believe they said near 40 killed by being run down by heavy truck during Bastille celebrations.

Major terror attack and gold does nothing?

Update: Gold is making a little "V" bottom to the upside I figured it would.


lund175's picture

I hate to say it,but short term

the bad guys are desperate and I think they will try to shove it down.

It seems some event must be coming out within the next week or so that shoots PM's to the next stair step higher,

as they have been attacking more often than usual.

Captain Scott's picture

Christ, again..

These attacks are just making me feel more sick every time. As a nearly PhD in history, ive spent the best part of the last 15 years of my life studying this kind of stuff and how it ends, tragic, always the same.. i fear the breaking point is approaching :/

JQuest's picture

@ Christ, again..

Yeah like a major slaughter of European Muslims.

How much can the French take? French Muslims need to study up on French history and read about Charles Martel "The Hammer" Oct 10, 732 battle against the Moors (Muslims).



indiana rod's picture

Option Expiration Friday

I don't care what they do, run the price up or down. Tomorrow I'm going to exercise four of my calls and get 400 free shares of  AG. Which in the next six months I wouldn't be surprised to see AG at $22.00 or even @32.00 a share.

Captain Scott's picture


That seems like a likely eventual outcome from where im sitting.

In the immediate term i would suggest mass violent demonstrations against the government and riots are more likely, its now painfully obvious that European governments are ultimately responsible here.

Theres going to be a bunch of dead kids here, things will heat up.

Bunch of cowards.

Edit: Now 75 dead

AlienEyes's picture

@ JQuest

Before they start slaughtering the muslims, they had better start hanging the politicians that insisted on bring them into France for "diversity". Otherwise, they will be peeing in the wind. Not that the muzz don't need to be treated like animals, because that's what they are.

canary's picture

GLD lost 2.37 tonnes

No change in SLV today.

JQuest's picture

@ AlienEyes

I agree with you completely AlienEyes I'm afraid French population might just go nuts in the heat of anger and forget who's really caused this mess.


Benitho's picture

Was very close to posting something...

...along those lines on FB, where I NEVER post anything. Didn´t do it, though. "Hate-speech"-Police stormed into a few dozen apartments today over here (Germany) earlier today (or yesterday). Islam or civilization, can`t have both.


Gramp's picture

That sucks

Quick, jam some legislation through here in the U.S. to protect us from white panel trucks.

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