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
Text of Objective Capital Precious Metals, Diamonds and Gemstones Investment Summit: A Fund Manager's View...
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 GemstonesInvestment SummitNed Naylor-Leyland Cheviot Asset Management20th May 2010 1 3. ARE YOU A A GOLDBUG CONSPIRACY THEORIST BPAPERBUG 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 Resets5 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: Bloomberg9 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 insidiousprocess. 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 Availability13