Catching Up With Ned Naylor-Leyland


On Wednesday, we had a chance to get caught up with our old pal, Ned Naylor-Leyland of Old Mutual Investors in London. Ned's job as fund manager puts him in front of institutional investors worldwide so it's always extraordinarily valuable to hear from him directly.

Over the course of this 40-minute call, Ned and I discuss a variety of topics, including:

  • overall sentiment in the precious metals sector
  • the growing interest in the sector from asset allocators and money managers
  • any sign or signal in London of a pending crisis of confidence in the LBMA system
  • how the level of real interest rates affects asset allocation decisions
  • the technical picture in the metals and why it appears that a new bull market is underway
  • and much, much more!

It was great fun to connect again with Ned as we've both been quite busy lately. I think you'll find this call to be very informative and well worth the wait. We promise to speak again soon on these subjects.


p.s. My apologies for the audio quality as Ned and I were plagued by some Skype issues through the call.


Sep 14, 2017 - 11:18pm

Chocolate Chip

Lets say China wants to trade in the perhaps 4 trillion dollars its stuck with, err holding.

They expect gold or yuan. If we need to buy yuan we have no choice but to use gold, or just send them the gold.

But our 8300 tons (yada yada) currently worth 375 billion give or take would need to be valued at 11 times higher, but then we screw ourselves and everybody else as we are out of gold.

In that situation the Yuan accelerates to upside and the Eagle "shits". Regardless of how you deal the cards we are holding we are in trouble.

Gold has to get to ~75k just to pay off debt, and we know there is much more out there, including the never discussed $3.5 trillion of unfunded amounts due Federal Workers pensions.

I do not have a clue how much things wil cost with gold over 100k, but I know we will be in better shape than most of the US, ya know, the ones that roll their eyes at us.

Danforth Coxwell
Sep 14, 2017 - 11:29pm

Just some crazy talk about North Korea,,,,,,

The rocket launch that took place earlier today, was to be expected. The recently placed sanctions on Korea are just a bunch of bluster. The U.S. had to do something but they are unable to do anything that is meaningful. Here is why.....

(1) North Korea has a large "Black Export Economy". That is to say, the country produces "two goods" that most governments would consider to be illegal to export abroad. These are fake U.S.$100.00 bills and shall we say, non prescription recreational drug...and I don't mean weed. These two products have contributed to the purse of North Korea. The proceeds of the sale of the aforementioned goods have been used to purchase gold. In turn this gold has been used by the North Koreans to purchase arms, oil etc. Red China has been the middle man and the supplier of arms . Iran has been the supplier of oil. Oil is then transferred to North Korea via a pipeline from China. As a note, Iran has a long history of cooperating with North Korea in the development of nuclear weapons! Iran has a long history of selling oil for gold.

(2) Todays rocket launch was slated to occur Friday/Saturday. When the launch did not take place, many observers took a deep breath. No doubt feeling that LIl Kim got the message and backed down. Todays launch should come as no surprise. The launch was delayed by the CME that were experienced late last week. (I think Craig did an excellent job keeping us up to date by posting articles on the subject) Reports that I have read, indicate that the North Koreans were afraid that the solar flares might affect with the guidance system of the rocket, with the end result of a test failure. The optics would not be good if that were to occur, and the rocket landed in Japan!

Just a thank you for having Ned on the show today. As a note, Ned's reporting on the business of gold has always been honest and straight forward. Something that I like. I know he is a busy guy, but I would like to see him as a featured guest more often.

Thanks again Craig. Keep up the good work

Sep 14, 2017 - 11:36pm

Joseph Farrell 9/14..he reviews Russia and

Saudi Arabia and what they are doing..the Silk Rd and Israel

14 min...quite interesting

Sep 15, 2017 - 12:20am

Always a great privilege to hear from NNL, staunch PM advocate

This will Ned when gold and silver finally fly:

Sep 15, 2017 - 1:26am

PMs could be red shortly

The criminals hard at work trying to turn the latest Nork missile into a gesture of world peace and prosperity.

Sep 15, 2017 - 5:21am

$/Y headed to 111

Because the world is in a better place after Nork fired a missile. If that missile actually hit something Dow would probably spike up 10 percent.

On a serious note the Bengals need to get rid of Andy Dalton he is horrible.

Sep 15, 2017 - 6:02am
Sep 15, 2017 - 6:11am

$/Y pop nothing compared to

cable, £/$ is up 4 cents since this time yesterday, allegedly because Carney ("hockey puck to the head", as Max calls him)

was slightly more hawkish yesterday!!! Nothing actually has changed, but Lol, what eva!

Sep 15, 2017 - 6:31am

Yes - here in the UK gold in

Yes - here in the UK, gold in sterling ain't great today!

I think we are stuck (in terms of a new rally) until the Fed meeting is out of the way and options expiration - so that means until early Oct. We've seen the Yen sell off along with Gold approximately every 2 months so far this year, so perhaps this is official BOJ intervention at scheduled periods to drop their currency - and then all the HFTs pile in.

Implied lease rates have indicated for the last week that the paper price had got ahead of the physical market - so will be interesting to see what gold price causes those lease rates to start rising again - should be in the 1300-1320 range from what I took from Maguire's last interview - so will be interesting to see if that plays out or not.

Save cash for now and buy in Oct - or are we just going to sell of like recent years all the way into Dec - hope not and if Maguire is at all right, then that shouldn't even be possible - especially with the dollar under strain. Couple that with Craig and Ned's thoughts too and Oct would seem like a good buy time.

lolWotEvA Blythesshrink
Sep 15, 2017 - 7:29am

I'm tempted to hold on,,,

GBP looks to be rallying beyond any reasonable support, so could dive bigly when it runs out of technical buying, short covering or what eva else is causing this crazy rally. I would appreciate Craig's thoughts if he has time to take a look at cable.

Subscribe or login to read all comments.


Donate Shop

Get Your Subscriber Benefits

Exclusive discount for silver purchases, and a private iTunes feed for TF Metals Report podcasts!

Key Economic Events Week of 7/15

7/15 8:30 ET Empire State Fed Index
7/16 8:30 ET Retail Sales and Import Price Index
7/16 9:15 ET Cap Ute and Ind Prod
7/16 10:00 ET Business Inventories
7/17 8:30 ET Housing Starts and Building Permits
7/18 8:30 ET Philly Fed
7/19 10:00 ET Consumer Sentiment

Key Economic Events Week of 7/8

7/9 8:45 ET Fed Stress Conference, three Goon speeches
7/10 8:30 ET CGP Hump-Hawk prepared remarks
7/10 10:00 ET CGP Hump-Hawk House
7/10 10:00 ET Wholesale Inventories
7/10 2:00 ET June FOMC minutes
7/11 8:30 ET CPI
7/11 10:00 ET CGP Hump-Hawk Senate
7/11 12:30 ET Goon Williams
7/12 8:30 ET PPI

Key Economic Events Week of 7/1

7/1 9:45 ET Markit Manu PMI
7/1 10:00 ET ISM Manu PMI
7/1 10:00 ET Construction Spending
7/2 6:35 ET Goon Williams
7/3 8:15 ET ADP June employment
7/3 8:30 ET Trade Deficit
7/3 9:45 ET Markit Services PMI
7/3 10:00 ET ISM Services PMI
7/3 10:00 ET Factory Orders
7/4 US Market Holiday
7/5 8:30 ET BLSBS

Key Economic Events Week of 6/24

6/25 10:00 ET New Home Sales
6/25 1:00 pm ET Chief Goon Powell
6/25 5:30 pm ET Goon Bullard
6/26 8:30 ET Durable Goods
6/27 8:30 ET Q1 GDP final guess
6/28 8:30 ET Personal Income and Consumer Spending
6/28 8:30 ET Core Inflation
6/28 9:45 ET Chicago PMI

Key Economic Events Week of 6/17

6/18 8:30 ET Housing Starts and Building Permits
6/19 2:00 ET FOMC Fedlines
6/19 2:30 ET CGP presser
6/20 8:30 ET Philly Fed
6/21 9:45 ET Markit flash June PMIs

Key Economic Events Week of 6/10

6/11 8:30 ET Producer Price Index
6/12 8:30 ET Consumer Price Index
6/13 8:30 ET Import Price Index
6/14 8:30 ET Retail Sales
6/14 9:15 ET Cap Ute and Ind Prod
6/14 10:00 ET Business Inventories

Key Economic Events Week of 6/3

6/4 All day Fed conference in Chicago
6/4 10:00 ET Factory Order
6/5 9:45 ET Markit Services PMI
6/5 10:00 ET ISM Services PMI
6/6 8:30 ET US Trace Deficit
6/7 8:30 ET BLSBS
6/7 10:00 ET Wholesale Inventories

Key Economic Events Week of 5/28

5/28 10:00 ET Consumer Confidence
5/30 8:30 ET Q1 GDP 2nd guess
5/31 8:30 ET Personal Income and Consumer Spending
5/31 8:30 ET Core Inflation
5/31 9:45 ET Chicago PMI

Key Economic Events Week of 5/20

5/20 7:00 pm ET CGP speech
5/21 10:00 ET Existing Home Sales
5/22 2:00 ET FOMC minutes
5/23 9:45 ET Markit PMIs
5/24 8:30 ET Durable Goods

Key Economic Events Week of 5/13

TWELVE Goon speeches through the week
5/14 8:30 ET Import Price Index
5/15 8:30 ET Retail Sales and Empire State Manu. Idx.
5/15 9:15 ET Cap. Ute. and Ind. Prod.
5/15 10:00 ET Business Inventories
5/16 10:00 ET Housing Starts and Philly Fed
5/17 10:00 ET Consumer Sentiment

Recent Comments

by lakedweller2, Jul 17, 2019 - 11:20pm
by Turd Ferguson, Jul 17, 2019 - 11:07pm
by -SilverIsMoney-, Jul 17, 2019 - 10:42pm
by Turd Ferguson, Jul 17, 2019 - 10:38pm
by scoremore, Jul 17, 2019 - 10:38pm

Forum Discussion

by HappyNow, Jul 17, 2019 - 11:20pm
by HappyNow, Jul 17, 2019 - 11:15pm
by zman, Jul 17, 2019 - 10:08pm
by SteveW, Jul 17, 2019 - 9:48pm