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Wednesday Conversation - Ned Naylor-Leyland


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.




Jun 4, 2020 - 4:50pm

Figure ill stay a day behind

Figure ill stay a day behind posting on the old threads since im days behind. Great interview with Ned TF, thanks.

While driving/moving did some trading. Sold jnug 92.51 at 94.50 iirc. Then did 2 jdst scalps. Then jnug again just before close for a scalp. Great trading day especially considering im on the road. Currently flat.

Im about 10% down from the march collapse debacle of miners and my jnug account 81 to 46. Ive made up some serious ground and am now back to daytrading. Most importantly im getting closer to even on share count.

Wifey is very happy ive made most of the loss back after she got over the shock of me trading again. She let go of a little from the Intl Bank of Mrs M to my surprise. Her listening to podcasts while trapped in the car has been a massive help.

Discussions days back about best way to get the Misses on board...trap her in the car and play tf's podcasts...let him and guests do the heavy lifting.

Jun 4, 2020 - 1:43pm

Bart - This move?

The Hunt For Red October 1990 - Crazy Ivan
Jun 4, 2020 - 11:47am


"What 'out of control low enforcement industry' do you speak of? I am completely unaware of such." Really? You're unaware of asset forfeiture abuse? The taking of assets by government for many times not committing a crime. You're unaware of private prisons in the US and the conflict of interest that brings? You're unaware of the private probation companies? You're unaware that 40% of ALL ARRESTS (663,000) were for marijuana and the 'war on drugs' is the biggest scam of all-time? You're unaware of quotas for cops?

You're unaware of the thousands of online videos of police constantly violating citizens first and second amendment Constitutional rights? Everyday it happens and you're still unaware. Do you care about Constitutional rights, or do you just lick boots and call it a day?

"What are you going to do when they cut pensions and other social programs? 'I will probably cheer'" Yeah, I'm sure you will cheer when your fellow citizens is screwed over by The Elite.

"Who's to say any of those entitlements you listed should even be yours in the first place?" This is a good one folks, why should contributing for 45-50 years into SS or Medicare be yours when you need it? Maven thinks the government should just screwed you over and we can lick their boots. That's our money mavens, NOT the governments!!!

"I'm going to vote for Trump" Yeah, we need more of that great economic nationalism!!! How's that rebuild America going? That big infrastructure stimulus? How's that return jobs back to the US going? How's that fixing the trade deficits? How's fixing immigration going, you know the guy advocating for even MORE legal immigration. Oh, what about that great corporate tax cuts where 83% benefited the 1%? Yeah, I voted for him as well, not the next time. BTW, Biden isn't getting my vote either.

"become self reliant" That's a good idea, but guess what? We live in the most interconnectedness in human history. Every aspect of our lives is dependent on others. Our food, energy, income and a millions of other aspects comes from other humans. Everybody gets old if they fortune enough and staying self reliant becomes an issue, so enough of this pipe dream of being completely independent from the outside world. It's pure fantasy.

I' m done with this discussion, you're going to lick the boots of The Elite regardless of the circumstances. The system needs people with your mindset, people that obey and don't question the ruling class. Well done.

Jun 4, 2020 - 10:51am

You sir

do not know history,

may I suggest you review how Ghandi expelled the british

many good lessons to learn from the "The Battle of Algiers" very violent beginnings. In the end it was the population coming out in mass, that forced the french out.

Jun 4, 2020 - 10:45am

in 2013

few were paying attention, apart from the 'occupy wallstreet group'

Now, the baby boomers are the only ones that take the MSM serious... And they are quickly becoming irrelevant...

the increased frequency and magnitude of the 'crisis cycle' belies the desperation of tptb. they did not get that much 'mileage' out of the corona and already the 'civil war' is losing it's supporters.


Jun 4, 2020 - 10:39am

UST 10 yr % now .812...wow

UST 10 yr % now .812...wow

JNUG 92.24....seems to have stabilized for the morning....yeah, right.

Time to let the 91.52 JNUG simmer on the pot....headed to get the trailer and see how much of a dent I can make today. Hopefully that UST10yr % drifts down somewhat today.

Being part of this board is an honor. MC, riots, news, pm's, trading, cars, philosophy...wow. There's some collective genius on these pages and Im just the wingnut riding along.

These days weeks seem like days and days like hours...the speed is up thats for sure. It makes sense that things would speed up before the crash

Jun 4, 2020 - 10:34am

this video

shows a different perspective:

Most INSANE RIOT Videos EXPOSED! - The TRUTH You're NOT Being Told!
Jun 4, 2020 - 10:32am

just in case

you are interested:

Covid-19 Origins

Lab-Made Coronavirus Triggers Debate
The creation of a chimeric SARS-like virus has scientists discussing the risks of gain-of-function research.
Jef Akst
Jef Akst
Nov 16, 2015


If You Think You Can Handle The Truth, Here It Is! (2020)

In this interview, the Author of the US Biowarfare Act, Professor Francis Boyle uncovers four separate studies which he claims confirm as ‘smoking gun’ evidence the Wuhan Coronavirus known as COVID19 was in fact weaponized.

US Biowarfare Act Author: Studies Confirm Coronavirus Weaponized!
The Agenda behind Bill Gates Vaccine & ID2020 : Coronavirus Conspiracies

Visit the FAQ page to learn how to track your last read comment, add images, embed videos, tweets, and animated gifs, and more.

Jun 4, 2020 - 10:05am
BenithoBen Stackin
Jun 4, 2020 - 10:00am

Ben Stackin

Don`t know about Eric Sprott, but Treasury Metals is a current Dave Kranzler recommendation. He called the market cap "ridiculously low" in his newsletter last week.

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9/22 10:30 ET Chief Goon Powell on Capitol Hill
9/22 Noon ET Goon Barkin
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9/23 9:00 ET Goon Mester
9/23 9:45 ET Markit flash PMIs for September
9/23 10:00 ET Chief Goon Powell on Capitol Hill
9/23 11:00 ET Goon Evans again
9/23 Noon ET Goon Rosengren
9/24 1:00 pm ET Goon Bostic #3
9/24 2:00 pm ET Goon Quarles
9/24 10:00 ET Chief Goon Powell on Capitol Hill
9/24 Noon ET Goon Bullard
9/24 1:00 pm ET Goon Barkin again & Goon Evans #3
9/24 2:00 pm ET Goon Bostic #4
9/25 8:30 ET Durable Goods
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9/25 3:00 pm ET Goon Williams again

Key Economic Events Week of 9/14

9/15 8:30 ET Empire State and Import Price Idx
9/15 9:15 ET Cap Ute and Ind Prod
9/16 8:30 ET Retail Sales
9/16 10:00 ET Business Inventories
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Key Economic Events Week of 9/7

9/9 10:00 ET JOLTS job openings
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9/11 8:30 ET CPI
9/11 9:45 ET Core CPI

Key Economic Events Week of 8/31

9/1 9:45 ET Markit Manu Index
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9/1 10:00 ET Construction Spending
9/2 8:15 ET ADP employment
9/2 10:00 ET Goon Williams
9/2 10:00 ET Factory Orders
9/3 8:30 ET Initial jobless claims
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9/3 12:30 ET Goon Evans
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Key Economic Events Week of 8/24

8/24 8:30 ET Chicago Fed Idx
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Key Economic Events Week of 8/17

8/17 8:30 ET Empire State Manu Idx
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8/18 8:30 ET Housing Starts
8/19 2:00 pm ET July FOMC minutes
8/20 8:30 ET Jobless claims
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Key Economic Events Week of 8/10

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8/3 9:45 ET Markit Manu PMI July
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8/3 10:00 ET Construction Spending
8/4 10:00 ET Factory Orders
8/5 8:15 ET ADP employment July
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7/27 8:30 ET Durable Goods
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7/21 8:30 ET Chicago Fed
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