Dominic Frisby has a couple of podcasts out from the
Mines and Money conference in London. Dominic is a great interviewer and
probably the only gold friendly one who is willing to ask some very pointed
questions, instead of the usual soft ball stuff.
The one
with Ross Norman, CEO of Sharps Pixley is good but I found the one
with Ned Naylor Leyland of Quilter Cheviot the most interesting.
As an
example of Dominic's pointed questions, this is what he asks five minutes in:
"I put it to you that gold and
silver bugs have experienced their worst dream only in the opposite in that
all their options on gold and silver aka their junior mining stocks have
wiped them out in much the same way that a hyperinflationary event would have
done."
Some
other interesting bits include Dominic recounting a conversation with an
educated moneyed Malaysian on a plane trip about whether Asian countries
would follow the path of Western countries where use and investment in gold
has faded, and how people still think the pound is redeemable in gold.
The
most telling part is towards the end where Ned tells a wealthy
investor, who isn't invested in gold and is using residential property as his
hedge against the current rocky financial architecture, that property is a
poor illiquid hedge "and I could see
the penny slightly dropped but he didn't like it and so he just looked at me
and went don't give me that goldbug look". If you want
to understand why Westerners are not buying gold, the "but he didn't
like it" cognitive dissonance explains it all.
