Today we shift gears a bit and bring the focus back to the precious metals and miners. For this conversation, I can think of no one better to have as a guest than Ned Naylor-Leyland, precious metals fund manager for Merion Capital in London.
Of course, we've known Ned for years now and it's an honor to consider him a friend. He's also one of the most vocal critics of the current fractional reserve pricing scheme and, from his shop in London, he has a bird's eye view of the shenanigans of the LBMA.
To that end, we begin this podcast with a discussion of recent events or, more specifically, the frays and fractures that have begun to appear in the LBMA/COMEX system since March 23. Though this Reuters story was released last week, it's still quite relevant as you listen to this podcast: https://www.reuters.com/article/us-health-coronavirus-gold-cme-exclusive...
From there, Ned and I discuss:
- the ongoing spreads/premiums in silver
- the fundamental importance of inflation-adjusted or "real" interest rates
- where we are in the cycle of a bull market in the mining shares
- and the importance of diversification
It's always great to visit with Ned and I always feel smarter after hearing from him. I suspect you feel the same so please be sure to carve out some time today to give this podcast a thorough listen.