Another active week for the precious metals complex, with monetary spot prices peaking in the middle of the week.
On Wednesday, the spot gold price briefly eclipsed the critical $1550 level. It remains to sn if gold will make a run for $1600 or need some time to gather energy.
After a sharp Thursday spot sell-off, gold appears to be on pace to close the week above $1520. Look up at the top of your screen at SD Bullion or Silver Doctors to see if it indeed did.
The spot silver price on Wednesday too popped over the $19.50 mark. Selling off on Thursday, silver appears to be ending this week below the $19 oz handle.
The Gold-Silver ratio briefly pierced in the high 70s this week. For those technical momentum traders using the GSR as a timing tool, this is perhaps bullish short term for silver spot prices to comes gold.
The platinum spot price keeps chugging along with higher likely closing around the $960 oz mark to finish the week.
Finally, palladium prices have mostly been moving sideways since all three other primary precious metals rose out of their price slumbers this summer 2019.
Turning to our guest this week, it was one year ago the last time we spoke with Ned Naylor-Leyland in London.
I spoke with him yesterday, Thursday, September 5th about the significant changes in financial market sentiments since we last spoke. We mainly focus on the silver market.
And most importantly for precious metal bulls. What are the catalysts which will drive a raging bull market for precious metals? Who are the players and what is the psychology which will tip the scales of massive capital flowing into the precious metals arenas?
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Silver Podcast with Ned Naylor-Leyland of Merian Global Investors
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Welcome to this week’s SD Metals & Markets Wrap, I am your host James Anderson of SD Bullion.
With us this week, a returning guest who we spoke with almost exactly one year ago from today.
We welcome back Mr. Ned Naylor-Leyland, a Gold & Silver Fund Manager at Merian Global Investors.
Ned, thanks for taking the time for us today.
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I want to start by taking you back 12 months in time when we last spoke on the related gold-silver podcast.
In early September last year 2018, the silver spot was in the low $14 an oz range, the gold spot price was in the high eleven hundred dollar range.
We had a supposedly hawkish Fed hiking cycle still going on, and US stock market indexes that had yet to flinch nominally at least.
Sentiment in precious metals was mostly rubbish at the time. On our end, only the hardcore bullion stackers were buying the spot price dips with happiness.
Many things have changed since.
I wonder, from your perspective over in the London financial district.
What’s been the critical structural sea change?
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I have seen you talk about how, for multiple decades running now, the underreported real inflation rate was perhaps around 9% per annum.
Listeners out there can look up the Chapwood Index or ShadowStats if they are confused. But ever since 1980, for 40 years inflation data lies have compounded and gotten larger with time.
For the listeners out there, what are some of the many motivations for underreporting price inflation?
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Historically when a group of human beings conspires to press the price of gold down (e.g., London Gold Pool, 1974 COMEX US Treasury cables wanting to deter US citizen free gold bullion buying with outsized volatility) at artificially fixed prices or via more complex derivative contrivances for long durations.
Do we not historically and eventually get the opposite reaction with acute mania in precious metal prices?
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Silver $14 now threatening $20. Is there a short squeeze going on?
Just eyeballing the silver ETF data, over +120 million oz of silver bullion flows into ETFs this past summer. What do you think is happening there?
The British pound was originally defined as 12 troy ounces of silver. The price of silver in the fiat pound sterling is near 16£s. That is -99.5% devaluation. Is the trend, not in yet?
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Now over $17 trillion NIRP bonds.
And IMF Bank Bail-in architect Christine Lagarde, likely to lead the ECB next.
The Fed is potentially too turning Japanese in the recession.
How well do you think their managed retreat policies will work?
How far away might we be from ‘on fire in my pocket’ cash, bond, money market, stock investor retreat into bullion?
Potential catalysts to come?
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Thanks for coming on the show Ned.
And thank you too for visiting us here at SD Bullion today.
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