That the Dutch have successfully repatriated 122 tonnes of gold (for context this is 122 of the 166 that left the FRBNY in 2014), from the same black-hole vaults in which the German Gold is apparently stuck, adds a fascinating new twist to the issues of 21st century ‘Diplomacy’ and sovereign Gold reserves.
It seems certain that the story of Germany & Gold will be something to watch once more in 2015:
Apparently, the delay in publication of the blockbuster story on PM manipulation involving gov’t collusion by renowned financial journalist William Cohan comes down to this:
Last week we published a note from our good friend Ned Naylor-Leyland regarding a “bombshell development” in the PM manipulation story, calling for renowned financial journalist William Cohan to publish his in-depth expose of gold and silver manipulation by the Western banking cabal.
Bombarded by emails from precious metals investors, Mr. Cohan has responded.
It appears the ball is not in his court…
In September 2013, just 24 hours after Andrew Maguire went public with revelations of two actual JP Morgan whistle-blowers in the silver manipulation case, the CFTC quickly and summarily closed what had been an ongoing, 5-year silver market investigation. In a curious development, just two days later the chief investigative officer of the CFTC, David Meister, suddenly resigned his position and left the agency.
Fast forward to yesterday…
In this excellent interview with Matterhorn Asset Management’s Lars Schall, Quilter-Cheviot Investment Director Ned Naylor-Leyland discussed the need to be patient when holding precious metals, the phenomenon of backwardation in the gold market, the current investigations into the gold & silver fix in London, his view related to the physical movement of gold from the West to the East, and why Naylor-Leyland believes the end game will include a complete monetary reset.
Ned Naylor-Leyland’s full MUST LISTEN interview is below:
Quilter Cheviot Investment Director & precious metals expert Ned Naylor-Leyland joins The Doc & Eric Dubin on this week’s SD Weekly Metals & Markets for an in-depth discussion on gold & silver.
Ned discusses the German investigation into precious metals market manipulation- and why unlike the CFTC, the German’s have the motivation to conduct a real investigation.
We cover the Bundesbank’s attempts to repatriate its gold reserves: why NNL is “da*n sure” the Germans knew their gold was gone, and that after only receiving 37 tons in year 1, Ned almost wonders whether the Germans will get ANY more, and states that we are likely seeing the last little trickle of the repatriation game kicked off by the Venezuelans.
Naylor-Leyland believes it is difficult to say the price of gold has really fallen when you see such a complete divergence between demand for the underlying and the price on the screen and that redemption for precious metals investors may not be far off:
We’ve all been long and wrong for awhile, but with the kind of premiums in India- the same kinds of premiums that broke the London Gold Pool last time around- the same 20% ish arbitrage opportunities. The physical is swirling around madly, and I see a change taking place very soon.
The MUST LISTEN SD Weekly Metals & Markets with Ned Naylor-Leyland is below:
Our old pal, Ned Naylor-Leyland stopped by yesterday for a wide-ranging discussion which included:
- The new German “gold price manipulation investigation” which, as noted on Friday, has been widened to include Deutsche Bank (http://www.reuters.com/article/2013/12/13/metals-probe-deutschebank-idUSL6N0JS1DK20131213)
- Empirical data which illustrates these ongoing schemes
- The new, Asian physical gold exchanges
In the latest Keiser Report, Max interviews Ned Naylor Leyland of Quilter Cheviot Asset Management about the latest on the German and UK investigations into the manipulation of the gold fix.
They look at infinite rehypothecation in the London Dustbin and the exit of Bart Chilton from the CFTC as the pin-up girl for silver price manipulation.
GoldMoney’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:
Our good friend Ned Naylor-Leyland of Cheviot Asset Management is back with a MUST READ update on gold.
In light of the deep sell-off in the Gold price, I present 3 charts to clarify what has (and hasn’t) happened.
Chart 1 is a chart of Spot Gold, the second an illustration of what makes up the daily ‘Gold’ market, the third shows the enormous flow of physical metal from West to East in the context of Global mine supply.
There is an ongoing clash between the forces of paper supply and physical demand – paper supply has won the latest round, but its objective of satisfying and slaking demand for the real metal has failed entirely.
Leyland’s full report on gold is below:
As most of our readers are aware, our friend Ned Naylor-Leyland of Cheviot Asset Management along with whistle-blower Andrew Maguire have been consulting with a group of wealthy Chinese businessmen regarding the launch of a fully physical allocated silver exchange in China.
Responding to an inquiry in regards to the progress of the launch of the physical silver exchange that could literally break the back of the banking cartel, Ned informs our friend TF of TFMetalsReport that things are progressing now, with substantial domestic interest.
Our friend and Cheviot Asset Management’s Ned Naylor-Leyland joined Max Keiser in studio to discuss the cartel silver manipulation and whether Leyland sees an end to the manipulation in 2013.
Naylor-Leyland stated that: I will make a bold prediction, I think that contrary to all the evidence, I think they silver manipulation story will break in 2013. The price will break free of it’s shackles, due to the fact that there’s a serious lack of physical silver within the bullion banking system, and I think we’re all going to be very happy this time next year!
If NNL is correct, 2013 will be the year that the silver manipulation story goes from tin-foil conspiracy theory to widespread MSM attention.
Full interview below:
In the latest Keiser Report, Max Keiser talks to our friend Ned Naylor-Leyland of Cheviot Asset Management about the fishy smoke signals blowing at the LBMA regarding silver contracts and about the debate between inflation, deflation, hyperinflation actually being a debate about the final denouement of paper currencies. Ned also reveals that the LBMA is about ten times larger than the Comex and that BBC’s flagship program, Panorama, had interviewed him and Andrew Maguire about silver manipulation and yet have never aired the episode.
Full interview below:
Our friend Ned Naylor-Leyland has released a MUST READ letter regarding the implications of the LBMA’s decision to go dark on their reporting of the Silver Forward Lease Rate (SIFO) on Nov 2nd 2012. Naylor-Leyland states the action by the LBMA smells fishy, and appears to be a smoke signal of increasing problems in the physical silver market.
Naylor-Leyland states: ”Bearing in mind that while this was going on there also has been near-frantic churning taking place between the COMEX and the SLV and reports of genuine trouble in size orders of silver being delivered by LBMA members, it seems to me that there are presently a lot of coincidences layering themselves all over the silver market. God’s work perhaps…either way, these backwardation smoke signals are black as can be, and indicate that a move to much higher ground is imminent.‘‘
Naylor-Leyland’s Full note below:
In the latest Keiser Report, Max Keiser and Stacy Herbert discuss Goldfinger at the New York Fed in Lower Manhattan where Germany’s gold did not dissolve in the Hurricane Sandy floods, but $13 trillion in paper assets did. They also discuss Treasury secretaries and Goldman CEOs as the stuff of nightmares. In the second half, Max Keiser talks to our good friend Ned Naylor-Leyland about Germany’s gold, JP Morgan’s shorts and Bart Chilton’s ‘investigation.’
The Doc welcomed back Cheviot Asset Management’s Ned Naylor-Leyland for an exclusive interview Sunday regarding the German gold repatriation, and how it will affect the physical gold market going forward.
In this MUST READ interview, Naylor-Leyland stated that when you take into account the fractional reserve accounting by the bullion banks, the 50 ton annual gold repatriation number is much larger in terms of the impact on the underlying market.
Naylor-Leyland believes Germany and the other central banks storing their gold reserves at the BOE and the NY Fed are essentially SOL, stating: If you’re holding your central bank gold reserves either in the Bank of England or the NY Fed, unless you are Theseus trying to find the Minotaur, you have no chance of getting out of there with any metal. The gold ownership chain of custody is severely tarnished and it’s obvious that it’s a problem. In light of what we know about the tightness of the physical market it appears the pressure is on, and it’s not likely to dissipate.
Full MUST READ interview with Ned Naylor-Leyland on the central bank panic out of paper and into physical gold reserves below:
SilverMoneyFuture has released an excellent interview with our friend Ned Naylor-Leyland regarding what brought him into the precious metals sector and what he sees for gold and silver going forward in a ZIRP (or even NIRP) environment.
Naylor-Leyland discusses his views on QE3, and states that the Fed and Bernanke is attempting to walk a tight-rope between printing enough to prevent a massive economic collapse, without triggering an increase in the velocity of money by causing global investors to lose confidence in the dollar. Naylor-Leyland states it’s all about managing perception and managing the markets, and that there are no markets anymore, only manipulations.
Full interview below:
There’s nothing quite as satisfying to a metals investor (ok, perhaps daily 5% up moves in silver) as watching Eric Sprott or Ned Naylor-Leyland discuss gold or silver on CNBC.
Our friend & Cheviot Investment Director Ned Naylor-Leyland was on CNBC Europe’s Commodities Corner again this weekend, discussing why the idea of a return to the gold standard needs sensible consideration and investigation, rather than open derision as the idea has been received by the financial MSM. Needless to say, the CNBC shills do not agree.
Naylor-Leyland also discusses gold’s breakout in terms of the Euro after a long 13 month consolidation, which NNL believes is a strong indication that a MAJOR MOVE for gold is now underway.
The CNBC analyst responds by asking NNL how he would trade gold here and Ned responds that ‘gold is not something I would be looking to trade, but rather something I would be looking to purchase as an insurance policy‘.
MUST WATCH Full Interview below:
Harvey Organ joins us again for an explosive interview discussing this week’s breakout in gold and silver, the developing ‘TREMENDOUS PHYSICAL SHORTAGE‘ in the silver market, and concerns with unallocated gold and silver accounts, which Harvey describes as nothing but paper notes and obligations.
Harvey also discussed recent reports that the LBMA is refusing to deliver silver outside of the LBMA system: They won’t deliver it outside of the system because there is no silver! That’s a real crisis! The moment London is out of metal, the COMEX will be out in a nano-second!
Harvey also discusses Romney’s threat to fire Bernanke and what it means to Fed monetary policy prior to the elections, the Republican party’s announcement of the development of a ‘gold commission‘ with the goal of returning the US to a gold standard will be official Republican policy and MUCH MORE.
The Doc’s FULL MUST LISTEN interview with Harvey Organ below:
Our friend Ned Naylor-Leyland of Cheviot Asset Management (who advised SD readers in June of the imminent launch of an ALLOCATED physical silver exchange in Asia) was on the Keiser Report today discussing unallocated versus allocated gold and silver bullion, and how permanent backwardation could be an omen of a total meltdown in the precious metals market.
Naylor-Leyland discusses MASSIVE physical strains in the silver market, as evidenced by 2 large silver purchases in London (5-10 million oz range) which the LBMA is REFUSING TO DELIVER OUTSIDE OF THE LBMA SYSTEM!!