Tuesday, 30 August 2011

8am Beijing gold fix

Uploaded by GoldMoneyNews on Aug 30, 2011

Ned Naylor-Leyland, of Cheviot Asset Management, and James Turk, Director of the GoldMoney Foundation, talk about how the Chinese banks will join to create an 8am gold fix. They explain how institutional and retail clients will have access to these PAGE gold spot contracts.

They discuss how the paper gold market is an estimated 100 times larger than the physical gold behind it, so that investors will have a very strong incentive to have physical or a secure title that is as close to physical as possible.

Ned explains that PAGE gold can be leased or swapped, but unlike current contracts, title is lost when doing this, so that there can be no fractional gold reserve.

This interview was recorded on August 5 2011 in London.