ned-naylor-leyland.09.11.11GoldMoney’s Alasdair Macleod has released an excellent interview with our friend Ned-Naylor Leyland.
Ned discusses his recent paper (Gold- What Has & Hasn’t Happened) and his view that gold has actually been in backwardation a lot longer than this just this last week. Ned sees this backwardation as a very telling point when one considers the large above-ground stock of gold.
Ned brings up a very interesting point regarding velocity within the LBMA physical gold market versus the paper money markets. Physical gold, which should sit relatively still, is moving while currency velocity is low.
They then discuss daily trading volumes and the fractional nature of the precious metals markets before analysing the movement of physical metal, from West to East.
NNL’s full must listen interview with Alasdair Macleod is below:

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  1. 25% premium on Gold, where? Why? How?
    Analysts keep mentioning this matter of factly, but I’d like it to be presented in factual terms. Show me the invoice!
    Jim Willie’s been calling high margins in Dubai, but other articles seem to hint at the minute premiums  having crept up a percentage point or so. What’s true? Or, if someone is paying high premiums…over which volume and to whom?

    • He’s not completely right. The import duty+VAT in India comes to around 10% for both gold and silver. The premiums here are presently anywhere between 3% and 5% for gold coins/bars. and 15% for gold jewelry. So premiums for gold jewelry are 25% (10% + 15%), gold coins/bars around 15%(10% + 5%), silver coins/bars 20%(10% + 10%) and silverware around 30%(10% + 20%)

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