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: