Objective Capital Precious Metals, Diamonds and Gemstones Investment Summit: A Fund Manager's View of Precious Metals - Cheviot Asset Management
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Objective Capital Precious Metals, Diamonds and Gemstones Investment Summit: A Fund Manager's View of Precious Metals - Cheviot Asset Management

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Objective Capital Precious Metals, Diamonds and Gemstones Investment Summit
A Fund Manager's View of Precious Metals
20 May 2010
by Ned Naylor-Leyland - Cheviot Asset Management

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    Objective Capital Precious Metals, Diamonds and Gemstones Investment Summit: A Fund Manager's View of Precious Metals - Cheviot Asset Management Objective Capital Precious Metals, Diamonds and Gemstones Investment Summit: A Fund Manager's View of Precious Metals - Cheviot Asset Management Presentation Transcript

    • PRECIOUS METALS, DIAMONDS & GEMSTONES INVESTMENT SUMMIT 9.30 – 10.00 A Fund Manager's View of Precious Metals Ned Naylor-Leyland – Investment Director, Cheviot Asset Management THE LONDON CHAMBER OF COMMERCE AND INDUSTRY ● THURSDAY, 20 MAY 2010 www.ObjectiveCapitalConferences.com
    • Precious Metals, Diamonds and Gemstones Investment Summit Ned Naylor-Leyland Cheviot Asset Management 20th May 2010 1
    • ARE YOU A… A GOLDBUG CONSPIRACY THEORIST B PAPERBUG COINCIDENCE THEORIST 2
    • Market Madness • Nationalise losses, privatise gains • €750bn bailout of German/French/UK banks • PIIGS 3 year debt refinancing needs around €2 trillion • Goldman + JPMorgan had PERFECT trading quarter • Around 60% of NYSE volume is ‘program trading’ 3
    • Diminishing Marginal Productivity of Debt in the US Economy (in Dollars) 4
    • US Mortgage Resets 5
    • G.A.T.A GOLD ANTI-TRUST ACTION COMMITTEE • Short-selling paper vs physical • Central Bank leasing + swapping • Throwing light on esoteric subjects 6
    • Gold in £ € Source: Bloomberg 7
    • Gold + DXY (Dollar Index) Source: Bloomberg 8
    • Gold vs NASDAQ Secular Bull Market Comparison Source: Bloomberg 9
    • Alan Greenspan Quotes 1966: “In the absence of the Gold Standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value... deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process.” 2009: “The rise in gold and silver is strictly a monetary phenomenon and is an indication of the very early stage of an endeavour to move away from paper currencies’.” 25.5% 30.1% 8.0% 7.3% 4.4% 17.1% 5.4% 2.2% 10 10
    • Monetary Star Wars ‘Buy Gold’ ‘Audit the Fed’ 25.5% 30.1% 8.0% 7.3% 4.4% 17.1% 5.4% 2.2% 11 11
    • Why Silver ? 12
    • Gold/Silver Availability 13