A2A with Ned Naylor-Leyland


This week's A2A webinar guest was precious metals fund manager, Ned Naylor-Leyland. The discussion covered a wide range of topics and is a must listen for all residents of Turdville.

Over the course of the 50-minute call, Ned discusses:

  • the ongoing EU discussion with Greece and a possible Greek exit from the euro
  • German gold repatriation and the BaFin investigation into "market manipulation"
  • the long-term effects of ZIRP and NIRP on metals prices
  • which category of mining stocks he's most interested in buying here
  • the relevance of pricing gold in currencies other than the US dollar

Great stuff from a brilliant guy and an ardent supporter of our cause.




Feb 12, 2015 - 1:42pm

ya first first for 2015

now time to listen to the podcast

Great stuff as always Turd!

Feb 12, 2015 - 1:51pm

Nice, almost an hour long!

The metals are basically flat as I listen.

Good Luck All...


Feb 12, 2015 - 2:03pm

Trying for Third for Marchas

third. So I got to say Jeez, not again. :)

Feb 12, 2015 - 2:17pm

Damn It

That was mine Lakedweller2 Sheeee Keep Stacking

Feb 12, 2015 - 2:29pm

will we be listening to Jim Willie over this presidents day ?

Hope so...great A2A, just finished listening in Yokosuka Japan 4:30 am

Feb 12, 2015 - 2:44pm


I can barely hear Ned. I also couldn't hear his answer to where are they getting the gold from (heard some not all). O! well. Keep Stacking

Feb 12, 2015 - 3:00pm

He did not say this did he

It won't work, Eric, because the problems we have just discussed are guaranteed to propel gold to new highs in 2015.”

Oh no ! Its another Kingworld news prediction. I like Egon but how many times can you say this before, like the Fed, you lose credibility. Anyway still better than the daily dose of years and years of stagnant prices just because, well we have had stagnant to down prices for 4 years. So its easy to say this or regurgitate some analyst like Armstrong adn claim to be right.

Mr. Fix
Feb 12, 2015 - 4:00pm

May we please have more war? Senate confirmation.


Senate Majority Leader McConnell expects him "to speak truth to power"

Image Credits: DoD, Erin A. Kirk-Cuomo


The Senate on Thursday easily approved President Barack Obama’s pick to head the Pentagon, confirming the fourth secretary of defense in six years.

In a 93 to 5 vote, the Senate approved Ashton Carter to head the Department of Defense to help lead the U.S. response to Islamic extremists, Russian-back militants in Ukraine, and an end to the war in Afghanistan.

Senate Majority Leader Mitch McConnell said before that vote that he would support Carter, but he expects him “to speak truth to power.”

Carter has promised to deliver candid advice to the White House, and in his confirmation hearing said he favors changing the Obama administration’s currently policy of not providing lethal aid to Ukraine.

Read more


Does anyone actually believe that Obama's mind needs to be changed?

The hoodlums in Washington DC will send “lethal aid” anywhere on the planet, as long as they promise to use it against us. Our tax dollars, hard at work…

Texas Sandman
Feb 12, 2015 - 4:22pm

Crickets chirping at the GAO

Consumer tip line at the CFTC is a bad joke, but their inspector general might (MIGHT) be worthwhile.

From: "Young, Charles" <YoungC1[at]gao[dot]gov>
Date: February 12, 2015 at 1:49:13 PM CST


Subject: RE: CFTC accountability

Dr. XXX,

Thank you for reaching out to us and sharing your concerns about the Commodity Futures Trading Commission (CFTC).

We note that you have copied the appropriate Congressional Committees. If you have not done so already, we also suggest that you also contact CFTC on its customer tip and complaint line (https://www.cftc.gov/ConsumerProtection/FileaTiporComplaint/index.htm.)

In addition, we suggest that you forward your concerns to CFTC's Office of the Inspector General (https://www.cftc.gov/About/OfficeoftheInspectorGeneral/index.htm).

Chuck Young

Chuck Young
Managing Director, Public Affairs
Government Accountability Office (GAO)
Connect with GAO on Twitter, Facebook, YouTube, Flickr, Podcasts
Subscribe to our RSS Feeds or Email Updates

Feb 12, 2015 - 4:30pm

Ashton Carter Goldman

Jamie: Hey Ashton. Can you take out ifstanmicstan so we can get the gold and oil.

Ashton: Sure and do you want to rape the women and children or just the men?

Feb 12, 2015 - 4:38pm
Feb 12, 2015 - 4:41pm


You are wrong, wrong, wrong, wrong

Jamie is much more interested in raping the cows and chickens than male or female humans!

The humans are for bloodsucking.

Video unavailable

Feb 12, 2015 - 4:41pm

Feb 12, 2015 - 4:50pm

Total silver OI

Total silver OI continues to surge. Even as the Mar15 is slowly closed out toward expiration, the May15 is growing by a greater amount.

Total Comex silver OI now 169,334. This is just just 7,000 off the all-time highs seen back in November...while silver was banging around and forming The Bottom.

As noted earlier and in contrast, The Specs continue to be flushed out of paper gold. Yesterday, while price declined $12, total OI fell by another 3,600 to just 389,685. This puts total gold OI up only 18,000 on the year and DOWN over 62,000 contracts from the peak back on Jan 22.

Feb 12, 2015 - 4:52pm


I recall seeing this posted earlier...

Just kills me that this arrogant, power-drunk fool actually thinks he might succeed Woody as president: https://www.weeklystandard.com/blogs/biden-gives-shout-out-old-butt-budd...

Feb 12, 2015 - 4:54pm

What a great A2A!

I could listen to Ned all day- really well informed opinion backed by facts from a player in the investment side of PM's. Truly great stuff. I was impressed by his observation that during the 15 year bull market in PM's, each big "run" was first preceded by a rise in gold in other currencies before it took off on USD- I didn't realize this and it's the first time I've heard this observation made. Second, his opinion that mid-Tier producers are the sweet spot right now makes perfect sense, as Turd noted. Classis A2A- that is giving people their monies-worth right there, TF. Outstanding.

Pining 4 the Fjords
Feb 12, 2015 - 4:58pm

I can see right through you

You're just happy because Ned personally gave you a shout-out for your artwork.

<at least he didn't call you "his old butt buddy"...>

Feb 12, 2015 - 5:05pm
Feb 12, 2015 - 5:06pm

greece fly-over

greek public official statements say 'no mas'

unofficial media statements say 'not really, but maybe sorta... kinda' (from anon sources)

merkel plagiarized Big-Bird and declared that "compromise is good" (translation: idkwtf is going on, i just repeat what the voices say)

'no mas' would play into the bigger picture usd coup attempt

'ok we'll stay' is an alternate ending that hasn't been developed thus far, but...

right now it's < 5 days from the end of the made up deadline!! so who knows, we'll see!

greatest show on earth

exit system, stack silver, you win!

Feb 12, 2015 - 5:11pm

Corrected: MoU means memo of understanding

Thanks for the corrections below.

#Tsipras: "The MoU as we knew it is over. The same goes for the troika" #Greece #EUCO

— Kathimerini English (@ekathimerini) February 12, 2015
Feb 12, 2015 - 5:21pm


Memorandum of Understanding, often abbreviated as MoU

Memorandum of Agreement, MoA


Feb 12, 2015 - 5:34pm

This is a good question to ask

The US Senate is investigating Loretta Lynch, the nominee to replace Eric Holder at attorney general:

the office of Sen. David Vitter, R-La., announced it is investigating why Lynch, in her capacity as U.S. Attorney for the Eastern District of New York, allowed banking giant HSBC to avoid criminal prosecution of bank officers and other employees. HSBC paid a hefty fine, instead, for laundering uncounted billions of dollars of illegal drug and terrorist money through its U.S. bank in the service of Mexican drug cartels and Middle Eastern terrorists.


Feb 12, 2015 - 6:45pm

Agree CPE

MOU = Memo of understanding. Usually done as interim for a contract.

Feb 12, 2015 - 6:48pm
4 oz
Feb 12, 2015 - 6:50pm

THE GOLD SCANDAL: What They Aren’t Telling You!

“The Federal Reserve Bank of New York’s underground vault supposedly holds 7,716 tons of gold bullion – most of it in trust for foreign nations, central banks and official international organizations. The United States Bullion Depository, known as Fort Knox, is a fortified vault located within the United States Army post of Fort Knox, Kentucky, and used to store a large portion of United States gold reserves. But how much gold is really in these massive vaults? – and how easy is it to withdraw reserves? ”

THE GOLD SCANDAL: What They Aren't Telling You!
Feb 12, 2015 - 7:05pm

@matt -- Loretta Lynch

Sounds like Lynch is a shoe in for US AG since she doesn't know what a criminal indictment is and thinks money laundering is a civil fine.

Corruption is corruption.

Feb 12, 2015 - 7:05pm

This hurts: OT,btw

draw your own conclusions. No propaganda, just witness testimony.

The Day Israel Attacked America...

Feb 12, 2015 - 7:19pm

joe "butthead" biden

What the hell does "butt buddy" mean? I have only heard that term in one context. Jeeeeez. Between him and the disgraceful video put out by our supreme leader today, acting like a fool, nothing will surprise me ever again.

Feb 12, 2015 - 7:53pm

London Open




Feb 12, 2015 - 10:40pm

Top Oregon Democrats ask Governor Kitzhaber to resign

PORTLAND, Ore. (Reuters) - Top Oregon Democrats and the state treasurer on Thursday called on Governor John Kitzhaber to resign in response to conflict-of-interest allegations involving his fiancee, and Oregon's secretary of state said she is ready to step into the job.

Kitzhaber, a Democrat, faces mounting pressure to resign amid a criminal corruption probe launched last week by the state attorney general over a possible conflict of interest between the role of his fiancee as an unpaid adviser and her consulting contracts. House of Representatives Speaker Tina Kotek and Senate President Peter Courtney, both Democrats, met with Kitzhaber on Thursday and urged him to resign. A Courtney spokesman said the governor, in response, was "upset" and "defiant."

Two petition campaigns to recall Kitzhaber have been organized in recent weeks, and the Oregonian, the state's biggest newspaper, called last week for his resignation.

Secretary of State Kate Brown, next in the line of succession to become governor should he resign, said Thursday that she is ready to assume the role even though Kitzhaber told her he has no plans to step down. Brown said in a statement that Kitzhaber summoned her back to Oregon two days early from a conference in Washington, D.C., for a private meeting on Wednesday. "It was a brief meeting. ... The governor told me he was not resigning, after which he began a discussion about transition."


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