Your SlideShare is downloading. ×
Objective Capital Precious Metals, Diamonds and Gemstones Investment Summit: A Fund Manager's View of Precious Metals  - Ned Naylor-Leyland
Objective Capital Precious Metals, Diamonds and Gemstones Investment Summit: A Fund Manager's View of Precious Metals  - Ned Naylor-Leyland
Objective Capital Precious Metals, Diamonds and Gemstones Investment Summit: A Fund Manager's View of Precious Metals  - Ned Naylor-Leyland
Objective Capital Precious Metals, Diamonds and Gemstones Investment Summit: A Fund Manager's View of Precious Metals  - Ned Naylor-Leyland
Objective Capital Precious Metals, Diamonds and Gemstones Investment Summit: A Fund Manager's View of Precious Metals  - Ned Naylor-Leyland
Objective Capital Precious Metals, Diamonds and Gemstones Investment Summit: A Fund Manager's View of Precious Metals  - Ned Naylor-Leyland
Objective Capital Precious Metals, Diamonds and Gemstones Investment Summit: A Fund Manager's View of Precious Metals  - Ned Naylor-Leyland
Objective Capital Precious Metals, Diamonds and Gemstones Investment Summit: A Fund Manager's View of Precious Metals  - Ned Naylor-Leyland
Objective Capital Precious Metals, Diamonds and Gemstones Investment Summit: A Fund Manager's View of Precious Metals  - Ned Naylor-Leyland
Objective Capital Precious Metals, Diamonds and Gemstones Investment Summit: A Fund Manager's View of Precious Metals  - Ned Naylor-Leyland
Objective Capital Precious Metals, Diamonds and Gemstones Investment Summit: A Fund Manager's View of Precious Metals  - Ned Naylor-Leyland
Objective Capital Precious Metals, Diamonds and Gemstones Investment Summit: A Fund Manager's View of Precious Metals  - Ned Naylor-Leyland
Objective Capital Precious Metals, Diamonds and Gemstones Investment Summit: A Fund Manager's View of Precious Metals  - Ned Naylor-Leyland
Objective Capital Precious Metals, Diamonds and Gemstones Investment Summit: A Fund Manager's View of Precious Metals  - Ned Naylor-Leyland
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Objective Capital Precious Metals, Diamonds and Gemstones Investment Summit: A Fund Manager's View of Precious Metals - Ned Naylor-Leyland

536

Published on

Objective Capital Precious Metals, Diamonds and Gemstones Investment Summit …

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
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
536
On Slideshare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
5
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 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. Precious Metals, Diamonds and Gemstones Investment Summit Ned Naylor-Leyland Cheviot Asset Management 20th May 2010 1
  • 3. ARE YOU A… A GOLDBUG CONSPIRACY THEORIST B PAPERBUG COINCIDENCE THEORIST 2
  • 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. Diminishing Marginal Productivity of Debt in the US Economy (in Dollars) 4
  • 6. US Mortgage Resets 5
  • 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. Gold in £ € Source: Bloomberg 7
  • 9. Gold + DXY (Dollar Index) Source: Bloomberg 8
  • 10. Gold vs NASDAQ Secular Bull Market Comparison Source: Bloomberg 9
  • 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. 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. Why Silver ? 12
  • 14. Gold/Silver Availability 13

×