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Wednesday Conversation - Ned Naylor-Leyland

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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.

TF

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Key Economic Events Week of 6/27

6/27 8:30 ET Durable Goods
6/27 1:25 ET Jul22 Silver option expiry
6/27 10:00 ET Pending home sales
6/28 10:00 ET Consumer Confidence
6/28 10:00 ET Richmond Fed
6/28 12:30 ET Goon Daly
6/29 8:30 ET Q1 GDP final guess
6/29 9:00 ET Chief Goon Powell
6/29 11:30 ET Goon Mester
6/29 1:00 ET Goon Bullard
6/29 1:25 ET Jul22 Silver off board
6/30 8:30 ET PCE and Core PCE
6/30 8:30 ET Pers Inc and Cons Spend
6/30 9:45 ET Chicago PMI
7/1 9:45 ET S&P Manu PMI
7/1 10:00 ET ISM Manu PMI

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