arthur vestey: gold & silver outlook (day 1 - session 3: precious metals sector)
DESCRIPTION
Day 1- Session 3: Precious Metals SectorGold & Silver OutlookObjective Capital Global Mining Investment Conference 2010Stationers' Hall, City of London28-29 September 2010Speaker:Arthur Vestey - Cheviot Asset ManagementTRANSCRIPT
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GLOBAL MININGINVESTMENT CONFERENCE 2010
STATIONERS’ HALL ● CITY OF LONDON ● TUESDAY-WEDNESDAY, 28-29 SEP 2010
www.ObjectiveCapitalConferences.com
Investment Conferences
Gold & Silver OutlookArthur Vestey – Investment Manager, Cheviot Asset Management
DAY 1 - SESSION 3: PRECIOUS METALS SECTOR
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Other sponsors & participating organisations:
GLOBAL MININGINVESTMENT CONFERENCE 2010
Lead sponsors:
Media partners:
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Gold & Silver Outlook
Arthur Vestey
Cheviot Asset Management
28th September 2010
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10 Year Gold & Silver
GOLD SILVER
Source: Bloomberg
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Why Silver ?
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The History of Silver
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Gold/ Silver Ratio 2007-2010
Source: Bloomberg
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Silver Usage
“Silver is the best technology stock you can own” David Morgan
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Gold/ Silver Availability
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Gold & Silver Bubble?
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11Source: Bloomberg
Gold vs NASDAQ Secular Bull Market Comparison
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Diminishing Marginal Productivity of Debt in the US Economy (in Dollars)
“You can’t bail out debt with debt”
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USD Purchasing Power 1971-
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1966: “In the absence of the Gold Standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value... deficit spending is simply a scheme for the
confiscation of wealth. Gold stands in the way of this insidious process.”
2009: “The rise in gold and silver is strictly a monetary phenomenon and is an indication of the very early stage of an endeavour to move away from paper currencies’.”
2010: “Fiat money has no place to go but gold…If all currencies are moving up or down together, the question is: relative to what? Gold is the canary in the
coal mine. It signals problems with respect to currency markets. Central banks should pay attention to it.”
Alan Greenspan Quotes
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Current View
Silver Equities, 30%
Bullion, 40%
Gold Equities, 30%
- Central Fund of Canada [CEF.US]
- Market Cap $1bn + - Mainly small/ mid cap
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Other sponsors & participating organisations:
GLOBAL MININGINVESTMENT CONFERENCE 2010
Lead sponsors:
Media partners: