Alasdair Macleod interviews Ned Naylor-Leyland of Quilter Cheviot
Investment Management. Ned discusses his recent paper and his view
that gold has actually been in backwardation a lot longer than just
this last week. Ned sees this backwardation as a very telling point
when one considers the large aboveground 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.
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