Ned Naylor-Leyland on CNBC: Gold Manipulated Like LIBOR

Cheviot’s Ned Naylor-Leyland, who recently sat down with The Doc and advised SD readers that Bob Pisani’s ‘GLD’ gold bar is actually owned (and registered on the bar list) by ETFS was back on CNBC Europe today, with Naylor-Leyland advising shocked…SHOCKED! CNBC hosts that ‘gold may have been manipulated like LIBOR.

Naylor-Leyland advised CNBC that gold manipulation serves dual purposes:

It is effectively an intervention in two ways; one would be the fact that for central banks, gold and silver going up doesn’t make their currency look any good and secondly a number of the big commercial banks have very large short positions which they like to manage and make easy money from.

Full MUST WATCH interview below: