NED NAYLOR-LEYLAND: GOLD- WHAT HAS (& HASN’T) HAPPENED

Tuesday, July 9, 2013
By Paul Martin

SilverDoctors.com
JULY 9, 2013

Our 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.
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.

The Rest…HERE

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