PRECIOUS METALS,
DIAMONDS & GEMSTONES
INVESTMENT SUMMIT
                9.30 – 10.00
                A Fund Manager's View...
Precious Metals, Diamonds and Gemstones
           Investment Summit


       Ned Naylor-Leyland
    Cheviot Asset Managem...
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 deb...
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 + swappi...
Gold in

                              £




                       €




Source: Bloomberg
                              ...
Gold + DXY (Dollar Index)




Source: Bloomberg
                                                8
Gold vs NASDAQ
                    Secular Bull Market Comparison




Source: Bloomberg
                                  ...
Alan Greenspan Quotes




  1966: “In the absence of the Gold Standard, there is no way to protect savings from
confiscati...
Monetary Star Wars




‘Buy Gold’

             ‘Audit the Fed’




                      25.5%                           ...
Why Silver ?




               12
Gold/Silver Availability




                           13
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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

Published in: Economy & Finance, Business
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Objective Capital Precious Metals, Diamonds and Gemstones Investment Summit: A Fund Manager's View of Precious Metals - Cheviot Asset Management

  1. 1. 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
  2. 2. Precious Metals, Diamonds and Gemstones Investment Summit Ned Naylor-Leyland Cheviot Asset Management 20th May 2010 1
  3. 3. ARE YOU A… A GOLDBUG CONSPIRACY THEORIST B PAPERBUG COINCIDENCE THEORIST 2
  4. 4. 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
  5. 5. Diminishing Marginal Productivity of Debt in the US Economy (in Dollars) 4
  6. 6. US Mortgage Resets 5
  7. 7. G.A.T.A GOLD ANTI-TRUST ACTION COMMITTEE • Short-selling paper vs physical • Central Bank leasing + swapping • Throwing light on esoteric subjects 6
  8. 8. Gold in £ € Source: Bloomberg 7
  9. 9. Gold + DXY (Dollar Index) Source: Bloomberg 8
  10. 10. Gold vs NASDAQ Secular Bull Market Comparison Source: Bloomberg 9
  11. 11. 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
  12. 12. 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
  13. 13. Why Silver ? 12
  14. 14. Gold/Silver Availability 13

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