Ned Naylor-Leyland: Gold- What Has (& Hasn’t) Happened

ned-naylor-leyland.09.11.11Our 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
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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:
Silver Eagles generic add

 

Gold Update_July 2013

 

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