TFMR Podcast #28 - Ned Naylor-Leyland discusses the miners


We all know and love Ned around here. Over the past year or so, he has become one of the "public faces" of our movement as he consistently and eloquently states the principles and necessity of sound money. What you may not realize is that Ned's day job is that of a fund manager.

What kind of fund, you ask? Ned manages a portfolio of miners for Cheviot Asset Management in London. In short, the miners are his specialty. Recognizing this, I thought it would be fun to discuss mining stocks with Ned, particularly since the metals are rolling higher again and the HUI has finally broken above 460.

Ned also discusses the current status of the physical silver exchange he first brought to out attention back in February so please the time to listen to this entire podcast. I'm confident that you'll enjoy it.



Sep 7, 2012 - 4:23pm

CoT analysis

In case you missed it on the previous thread:

Gold CoT just as expected. Gold Cartel issues new paper silver to satisfy spec demand.

Silver CoT incredibly interesting for the second week in a row and leads me to think that, in fact, the initial stages of my summer "forecast" have, indeed, begun.

Just like last week, spec silver demand was NOT met with fresh paper shorts. Instead, the Silver Cartel again chose to dump silver longs to meet the bids of the specs. THIS IS VERY UNUSUAL. Another 5,742 longs dumped this week. For those keeping score at home, from a high of 47,747 three weeks ago, the smaller banks have now shed 15,450 contracts or 32.3% of their gross long position. In three weeks! All to satisfy spec demand! While price has risen from $27.85 to $32.41!!

The questions are: What happens when the smaller banks, noticing that JPM is remiss to issue more shorts, turn on JPM and stop selling? Indeed, what happens when the smaller banks join the specs, begin to buy and really put the squeeze on JPM?? Would it be hot and explosive? Would it perhaps be historic?

Chew on that this weekend.

Sep 7, 2012 - 4:28pm

Numero Uno?

No longer a virgin.

Sep 7, 2012 - 4:40pm

Ned rocks

Lead us in- Turdville is ready to get dirty!

Sep 7, 2012 - 4:41pm

Your Lips To God's Ears

Let's hope this IS it. Have a great weekend all you long suffering metal folks.

Sep 7, 2012 - 4:42pm

I'm thurd,!!!

Woohoo And on such a great up day!

Sep 7, 2012 - 4:46pm

COTS - JPM Intervention

Not sure what form it will take, but I'm thoroughly convinced that some bought-and-paid for governmental (quasi?) agency will come riding to the rescue of JPM to keep them from serious harm.

Maybe Benny will do a special print run for Jamie and claim it was saving us from disaster and all in the best interest of the country.



Edit: Wow, think this is my first time in the top 10... now off to listen to podcast.

Sep 7, 2012 - 5:01pm

Could have Would have Should have......

........been first had I not taken the time to read the post and make a phone call.

Thanks Turd for all you do, and making this a great PM site.

Sep 7, 2012 - 5:12pm



Sep 7, 2012 - 5:22pm


Your Photoshop skills are without equal.

Have a great weekend.

Oink to the Fourth Power.

Sep 7, 2012 - 5:23pm

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