Miners turn to bond markets for funding
Mining companies are turning to the debt markets to fund operations and development projects, as volatile equity markets and caution on the part of lenders stem traditional sources of funding for the industry.
Sales of junk bonds by the mining sector, excluding coal and steel companies, are up almost 40 per cent so far this year, compared with the already-strong start to 2011, with Toronto-listed Inmet Mining, Thompson Creek, New Gold, and Molycorp tapping the market.
“In some of these cases, it is a case of nowhere else to turn. No one wants to raise equity at these prices and there is limited appetite from investors,” said John Turner, head of Fasken Martineau’s global mining group.
The FTSE All World mining index is down more than 35 per cent in the past year and equity raised in Toronto had fallen by about half to April, starving junior miners and explorers of a key source of funds.
“Without equity markets or traditional bank finance, companies are being much more creative about how they raise money,” Mr Turner added.
The biggest global mining groups, such as London-listed BHP Billiton and Glencore, have also in recent months sold bonds, locking in low long-term funding rates as the sector reduces its past reliance on bank financing. Investment grade bonds sales in the sector are up 90 per cent on last year, according to Thomson Reuters.
While well-capitalised, the big miners were selling bonds to pay back shorter-term bank debt as part of prudent balance sheet management, said advisers. Bonds also do not have the same restrictions, such as covenants, as bank debt, offering more flexibility.
However, recent market turbulence has caused some companies to pull back on bond sales, with HudBay recently shelving a $400m offering of junk bonds.
But more junior and midsized miners are expected to tap debt markets, if investor sentiment improves.
Most companies that have sold high-yield bonds have producing mines. But Martin McCann, partner at Norton Rose, said, “There are signs that interest is increasing among junior miners to fund exploration and that investors are becoming more receptive to those deals for the right return.”
“Certainly the banks are keen to see if they can get deals away. Clients often have to run a dual and even triple process with structures racing against each other so the client retains options if markets close mid-process,” he added.
Finland’s Northland Resources, which is expected to start iron ore production later this year, showed that Scandinavian investors will back earlier stage companies raising $350m in February.
Other companies have turned to hybrid or convertible structures, adding an equity sweetener to reach a broader set of investors. Gold miner Banro, which started production in Democratic Republic of the Congo last October, sold $175m of bonds with a warrant attached in March.
Read th article online here: Miners turn to bond markets for funding - FT.com
June 4, 2012
Hedge funds curbed bullish bets on #commodities for a third consecutive month - Bloomberg
Tags:
Gold,
Hedge Funds,
Mining,
News
Hedge Funds In Longest Rout Since Global Recession
Hedge funds curbed bullish bets on commodities for a third consecutive month, the longest retreat since the global recession, as Europe’s worsening debt crisis and slowing U.S. job growth sent prices tumbling.
Money managers reduced net-long positions across 18 U.S. futures and options by 8.1 percent to 620,715 contracts in the week ended May 29, extending the monthly decline to 26 percent, Commodity Futures Trading Commission data show. Speculators are now the most bearish since the start of year on copper, oil, heating oil, corn, gold and silver. The Standard & Poor’s GSCI Spot Index of 24 raw materials slumped 13 percent in May.
June 4 (Bloomberg) -- Juerg Kiener, chief investment officer at Swiss Asia Capital Ltd. in Singapore, talks about the outlook for commodity markets. Gold declined after rising the most in more than three years as some investors sold the metal to raise cash following losses in equities and other commodities. Kiener speaks with Rishaad Salamat on Bloomberg Television's "On the Move Asia." (Source: Bloomberg)
The euro fell to a 23-month low against the dollar June 1 after the European Central Bank rejected a plan to recapitalize Bankia group, Spain’s third-largest lender. The region’s manufacturing fell to a three-year low, and unemployment reached a record 11 percent, reports showed. Europe accounts for 18 percent of copper and wheat demand. The U.S., the world’s biggest oil and natural-gas consumer, said last week that employers added the fewest workers in a year in May.
“Commodities are continuing to take a beating in light of global macro uncertainties,” said Chad Morganlander, a Florham Park, New Jersey-based money manager at Stifel Nicolaus & Co., which oversees more than $115 billion. Europe has “thrown a wet blanket on speculators’ desire to hold risk,” he said.
Plunging Prices
Speculators reduced their net-long position by 47 percent since the end of February, the longest slump since a four-month retreat ending in October 2008. Commodity prices fell 61 percent in the seven months through January 2009 as the global economy contended with its worst recession since World War II.
The S&P GSCI fell 6.4 percent last week, the most since September. The MSCI All-Country World Index of equities dropped 2.7 percent, while the dollar rose 0.6 percent against a basket of six major currencies, the fifth consecutive gain. Treasuries returned 1.35 percent, a Bank of America Corp. index shows.
Twenty of the materials tracked by the S&P GSCI declined last week. Crude oil tumbled 8.4 percent and reached the lowest price in almost eight months, while cotton slumped to a 27-month low. Nickel led the declines in base metals, dropping 5.6 percent. Wheat dropped 10 percent even as hedge funds became the most bullish since June 2011. Crude extended its slump today, falling 0.8 percent to $82.53 a barrel.
A gauge of manufacturing within the 17 nations that use the euro contracted for a 10th month, dropping in May to 45.1, the lowest since mid-2009, compared with 45.9 in April, London-based Markit Economics said June 1. The European Union said June 1 that Spain’s unemployment rate was the highest in the trade bloc at 24.3 percent in April.
Slow Growth
In the U.S., the world’s largest economy, the Labor Department said June 1 that payrolls climbed by 69,000 last month, less than the most-pessimistic forecast in a Bloomberg survey. The unemployment rate unexpectedly rose to 8.2 percent from 8.1 percent. Treasuries rallied, driving 10-year yields below 1.5 percent for the first time.
“When there’s concern about the global economy, you’re not going to be rushing into commodities, and end-users are going to be more cautious about buying,” said Adrian Day, the president of Adrian Day Asset Management in Annapolis, Maryland, who oversees about $170 million of assets. “People are selling because they’re looking for liquidity and they’re nervous about the global economic outlook.”
Commodities may rebound should governments take further steps to revive economic growth, said Jason Votruba, the co- manager for small-cap equities at Scout Investment Advisors in Kansas City, Missouri, which manages about $22 billion.
‘Coordinated Effort’
“We will get some sort of rebound in the second half of the year,” Votruba said. “This is tied to global macroeconomic concerns, and we’re going to see a coordinated effort by governments to focus on getting global growth going in the right direction, and that will drive commodities higher.”
The U.S. jobs report last week “does change the game” for the Federal Reserve, said John Silvia, the chief economist at Wells Fargo & Co. in Charlotte, North Carolina. The central bank may consider new stimulus at its June 20 meeting, said Dean Maki, the chief U.S. economist at Barclays Plc in New York and a former Fed economist.
Bullish gold bets were little changed at 77,325 contracts, close to the lowest since December 2008, CFTC data show. Gold futures rallied 3.2 percent last week to $1,622.10 an ounce on the Comex in New York, on renewed concern that further steps by the Fed to spur growth will accelerate inflation and boost demand for the metal as a hedge.
Money Flows
Investors added $510.2 million into commodity funds in the week ended May 30, according to data from Cambridge, Massachusetts-based EPFR Global, which tracks money flows. That’s the first inflow in six weeks, said Brad Durham, a managing director for EPFR. Investors seeking a haven investment put money mostly into gold and silver, he said.
“Investors are running scared,” Durham said by telephone. “They’ve lost faith in equities and lost faith in anything that’s so-called higher risk. The money has to go somewhere. The general comfort level with holding cash is pretty low.”
Speculators cut their net-long position in crude for a fourth week, down 0.1 percent to 136,584 contracts, the lowest since September 2010, CFTC data show. Prices tumbled as low as $82.29 a barrel last week on the New York Mercantile Exchange, the lowest since Oct. 7.
Copper futures fell 3.9 percent last week, touching $3.30 a pound on the Comex in New York, the lowest for a most-active contract since Dec. 20. The metal has dropped 21 percent in the past year. Speculators more than doubled their bets on lower copper prices last week to 6,757 contracts, the most bearish since Nov. 29, CFTC data showed.
China Manufacturing
China’s Purchasing Managers’ Index fell to 50.4 last month from 53.3 in April, the statistics bureau and logistics federation said June 1 in Beijing. Economic growth in China may slow for a sixth straight quarter to 7.9 percent in the three months that end June 30, according to the median of estimates from 21 economists in a Bloomberg survey.
A measure of net-long positions in 11 U.S. farm goods fell 11 percent to 389,702 contracts, the CFTC said. Bullish holdings have dropped 47 percent in the past 10 weeks.
Corn holdings plunged 44 percent to 61,493 contracts, the fewest since June 2010, CFTC data show. Prices tumbled to an 18- month low of $5.51 a bushel on the CBOT.
“Commodities are falling because folks are downgrading growth and supply expectations,” said Mihir Worah, who manages Pacific Investment Management Co.’s $22 billion Commodity Real Return Strategy Fund from Newport Beach, California. There’s “a general desire to avoid risky or volatile assets, given all the uncertainties in Europe,” he wrote in an e-mail.
To contact the reporter on this story: Tony C. Dreibus in Chicago at tdreibus@bloomberg.net
Hedge Funds in Longest Rout Since Global Recession - Bloomberg
Hedge funds curbed bullish bets on commodities for a third consecutive month, the longest retreat since the global recession, as Europe’s worsening debt crisis and slowing U.S. job growth sent prices tumbling.
Money managers reduced net-long positions across 18 U.S. futures and options by 8.1 percent to 620,715 contracts in the week ended May 29, extending the monthly decline to 26 percent, Commodity Futures Trading Commission data show. Speculators are now the most bearish since the start of year on copper, oil, heating oil, corn, gold and silver. The Standard & Poor’s GSCI Spot Index of 24 raw materials slumped 13 percent in May.
June 4 (Bloomberg) -- Juerg Kiener, chief investment officer at Swiss Asia Capital Ltd. in Singapore, talks about the outlook for commodity markets. Gold declined after rising the most in more than three years as some investors sold the metal to raise cash following losses in equities and other commodities. Kiener speaks with Rishaad Salamat on Bloomberg Television's "On the Move Asia." (Source: Bloomberg)
The euro fell to a 23-month low against the dollar June 1 after the European Central Bank rejected a plan to recapitalize Bankia group, Spain’s third-largest lender. The region’s manufacturing fell to a three-year low, and unemployment reached a record 11 percent, reports showed. Europe accounts for 18 percent of copper and wheat demand. The U.S., the world’s biggest oil and natural-gas consumer, said last week that employers added the fewest workers in a year in May.
“Commodities are continuing to take a beating in light of global macro uncertainties,” said Chad Morganlander, a Florham Park, New Jersey-based money manager at Stifel Nicolaus & Co., which oversees more than $115 billion. Europe has “thrown a wet blanket on speculators’ desire to hold risk,” he said.
Plunging Prices
Speculators reduced their net-long position by 47 percent since the end of February, the longest slump since a four-month retreat ending in October 2008. Commodity prices fell 61 percent in the seven months through January 2009 as the global economy contended with its worst recession since World War II.
The S&P GSCI fell 6.4 percent last week, the most since September. The MSCI All-Country World Index of equities dropped 2.7 percent, while the dollar rose 0.6 percent against a basket of six major currencies, the fifth consecutive gain. Treasuries returned 1.35 percent, a Bank of America Corp. index shows.
Twenty of the materials tracked by the S&P GSCI declined last week. Crude oil tumbled 8.4 percent and reached the lowest price in almost eight months, while cotton slumped to a 27-month low. Nickel led the declines in base metals, dropping 5.6 percent. Wheat dropped 10 percent even as hedge funds became the most bullish since June 2011. Crude extended its slump today, falling 0.8 percent to $82.53 a barrel.
A gauge of manufacturing within the 17 nations that use the euro contracted for a 10th month, dropping in May to 45.1, the lowest since mid-2009, compared with 45.9 in April, London-based Markit Economics said June 1. The European Union said June 1 that Spain’s unemployment rate was the highest in the trade bloc at 24.3 percent in April.
Slow Growth
In the U.S., the world’s largest economy, the Labor Department said June 1 that payrolls climbed by 69,000 last month, less than the most-pessimistic forecast in a Bloomberg survey. The unemployment rate unexpectedly rose to 8.2 percent from 8.1 percent. Treasuries rallied, driving 10-year yields below 1.5 percent for the first time.
“When there’s concern about the global economy, you’re not going to be rushing into commodities, and end-users are going to be more cautious about buying,” said Adrian Day, the president of Adrian Day Asset Management in Annapolis, Maryland, who oversees about $170 million of assets. “People are selling because they’re looking for liquidity and they’re nervous about the global economic outlook.”
Commodities may rebound should governments take further steps to revive economic growth, said Jason Votruba, the co- manager for small-cap equities at Scout Investment Advisors in Kansas City, Missouri, which manages about $22 billion.
‘Coordinated Effort’
“We will get some sort of rebound in the second half of the year,” Votruba said. “This is tied to global macroeconomic concerns, and we’re going to see a coordinated effort by governments to focus on getting global growth going in the right direction, and that will drive commodities higher.”
The U.S. jobs report last week “does change the game” for the Federal Reserve, said John Silvia, the chief economist at Wells Fargo & Co. in Charlotte, North Carolina. The central bank may consider new stimulus at its June 20 meeting, said Dean Maki, the chief U.S. economist at Barclays Plc in New York and a former Fed economist.
Bullish gold bets were little changed at 77,325 contracts, close to the lowest since December 2008, CFTC data show. Gold futures rallied 3.2 percent last week to $1,622.10 an ounce on the Comex in New York, on renewed concern that further steps by the Fed to spur growth will accelerate inflation and boost demand for the metal as a hedge.
Money Flows
Investors added $510.2 million into commodity funds in the week ended May 30, according to data from Cambridge, Massachusetts-based EPFR Global, which tracks money flows. That’s the first inflow in six weeks, said Brad Durham, a managing director for EPFR. Investors seeking a haven investment put money mostly into gold and silver, he said.
“Investors are running scared,” Durham said by telephone. “They’ve lost faith in equities and lost faith in anything that’s so-called higher risk. The money has to go somewhere. The general comfort level with holding cash is pretty low.”
Speculators cut their net-long position in crude for a fourth week, down 0.1 percent to 136,584 contracts, the lowest since September 2010, CFTC data show. Prices tumbled as low as $82.29 a barrel last week on the New York Mercantile Exchange, the lowest since Oct. 7.
Copper futures fell 3.9 percent last week, touching $3.30 a pound on the Comex in New York, the lowest for a most-active contract since Dec. 20. The metal has dropped 21 percent in the past year. Speculators more than doubled their bets on lower copper prices last week to 6,757 contracts, the most bearish since Nov. 29, CFTC data showed.
China Manufacturing
China’s Purchasing Managers’ Index fell to 50.4 last month from 53.3 in April, the statistics bureau and logistics federation said June 1 in Beijing. Economic growth in China may slow for a sixth straight quarter to 7.9 percent in the three months that end June 30, according to the median of estimates from 21 economists in a Bloomberg survey.
A measure of net-long positions in 11 U.S. farm goods fell 11 percent to 389,702 contracts, the CFTC said. Bullish holdings have dropped 47 percent in the past 10 weeks.
Corn holdings plunged 44 percent to 61,493 contracts, the fewest since June 2010, CFTC data show. Prices tumbled to an 18- month low of $5.51 a bushel on the CBOT.
“Commodities are falling because folks are downgrading growth and supply expectations,” said Mihir Worah, who manages Pacific Investment Management Co.’s $22 billion Commodity Real Return Strategy Fund from Newport Beach, California. There’s “a general desire to avoid risky or volatile assets, given all the uncertainties in Europe,” he wrote in an e-mail.
To contact the reporter on this story: Tony C. Dreibus in Chicago at tdreibus@bloomberg.net
Hedge Funds in Longest Rout Since Global Recession - Bloomberg
Why should I Buy Britain’s #Gold Back? | The Daily Gold
Tags:
Gold,
News,
Precious Metals,
UK
The aim of the campaign is, in short, to get individuals to buy back their share of the gold which Gordon Brown sold. We hope to show that gold investment is entirely accessible. For instance, to buy back your share of the gold which Gordon Brown sold, it would cost you less than £500 (at current gold prices).
But why should you care? Why should you buy gold bullion?
Read the Comment below:
Why should I Buy Britain’s Gold Back?
Posted MAY 30 2012 by JAN SKOYLES in BUY BRITAIN’S GOLD BACK, ORIGINAL COMMENTARY
This month, The Real Asset Company announced the launch of a new campaign to Buy Britain’s Gold Back.
The aim of the campaign is, in short, to get individuals to buy back their share of the gold which Gordon Brown sold. We hope to show that gold investment is entirely accessible. For instance, to buy back your share of the gold which Gordon Brown sold, it would cost you less than £500 (at current gold prices).
But why should you care? Why should you buy gold bullion?
Well, it’s all very well saying that it isn’t our fault that 395 tonnes of gold was sold over a decade ago, and so we should get the government to buy it back. But, as one MP pointed out to me, the government doesn’t have any money. They are running around shouting about the need for austerity, so they’re not likely to see it as a positive move for them to be spending £13 billion on an asset which does not, in the short term, directly impact the electorate.
As recent events have shown, politicians and their economists aren’t great at predicting what the best remedy for this situation is. This isn’t so surprising considering that it was their policies and election friendly spending which got us into the financial crisis.
The problem is, worryingly, that the majority of politicians don’t even truly understand how the monetary system works but they believe they can fix it with yet more debt, achieved through money printing – the medicine which placed the UK as the West’s most leveraged nation in the first place.
The Real Asset Co believes it is time to start taking our money back into our own hands in placing it outside of the banking system in an asset which is tested and proven as the best store of value during financial crises.
Now, our money really does grow on trees – it is paper.
The apparent ‘beauty’ of paper money, or fiat money, is that it can be created at will; a feature which is escalated by the electronic banking system.
Some argue that the strength of having a currency which is not backed by gold enables us to grow faster as a nation, increases living standards and it allows us to make huge leaps in science and technology.
Governments like this type of money as it means more can be created (in various ways) in order to fund projects such as new roads or increase benefits.
It sounds very pleasant, and like something which benefits everyone, but our paper money is unfortunately a tried and failed experiment. No money, which is not backed by gold or silver in the bank, has ever succeeded. Money has only been in its current form since 1971, before this it was pegged to gold in one way or another.
When money is pegged to a finite and rare commodity, such as gold, then there is a limit on how fast wealth can be accumulated, how quickly spending can be carried out and most importantly, a limit to how much one can spend.
When the Bank of England announced that they were going to embark on quantitative easing, the general public were left feeling confused. After all, we were all taught at school, from our history books, that the money printing in Germany led to devastating consequences.
The problem we have now is that the majority of people believe that we need more money in order to create wealth. If this were the case then Zimbabwe would be the wealthiest nation and we would be kowtowing to Mugabe’s demands.
Each time more money is printed then the value of that currency is devalued significantly. The stock of money since the link to gold was broken has increased several times over. Since 1967, the pound has lost 90% of its value, in America the dollar has lost 97% of its value.
The most simple explanation for the pound’s loss of purchasing power is the continued devaluation through inflationary policies implemented by governments in the latter half of the 20th Century.
In the UK, there is now £1.1 trillion on deposit, but there are a plethora of complex and confusing products offered to savers. Sadly it is easier to apply for a credit card, with 0% interest, than it is to apply for a long-term savings account.
The quantitative easing programme currently being carried out by the Bank of England’s Monetary Policy Committee is designed to help boost the economy and help to keep individuals spending and companies investing. The bank rate has been ‘maintained’ at 0.5% since March 2009, the same time Quantitative Easing began.
This is all very well but unfortunately it’s no good for savers. The current level of inflation means that many savers will now be experiencing a negative rate of return on their savings. £41.8 billion a year is confiscated from pensioners and savers as a result of this. The Centre for Economic and Business Research estimate the bank rate will stay this way until 2016.
At present your money whether sat in your purse, piggy bank or your bank account is subject to decisions made by politicians and bankers, who we have so far seen, do not have the interests of long-term savers at heart.
By buying back that small amount of gold which Gordon Brown sold, just 13,3g per individual you are looking after your money, it’s in your control and it’s the most precious thing in the world – gold.
“You have to choose between trusting to the natural stability of gold and the natural stability of the honesty and intelligence of the members of the government. And, with due respect to these gentlemen, I advise you, as long as the capitalist system lasts, to vote for gold.” George Bernard Shaw
Buy Britain’s Gold Back!
The aim of the campaign is, in short, to get individuals to buy back their share of the gold which Gordon Brown sold. We hope to show that gold investment is entirely accessible. For instance, to buy back your share of the gold which Gordon Brown sold, it would cost you less than £500 (at current gold prices).
But why should you care? Why should you buy gold bullion?
Well, it’s all very well saying that it isn’t our fault that 395 tonnes of gold was sold over a decade ago, and so we should get the government to buy it back. But, as one MP pointed out to me, the government doesn’t have any money. They are running around shouting about the need for austerity, so they’re not likely to see it as a positive move for them to be spending £13 billion on an asset which does not, in the short term, directly impact the electorate.
As recent events have shown, politicians and their economists aren’t great at predicting what the best remedy for this situation is. This isn’t so surprising considering that it was their policies and election friendly spending which got us into the financial crisis.
The problem is, worryingly, that the majority of politicians don’t even truly understand how the monetary system works but they believe they can fix it with yet more debt, achieved through money printing – the medicine which placed the UK as the West’s most leveraged nation in the first place.
The Real Asset Co believes it is time to start taking our money back into our own hands in placing it outside of the banking system in an asset which is tested and proven as the best store of value during financial crises.
What is money?
Money is no longer what our ancestors referred to as money. Our money today is supported by nothing except confidence in the government. Your notes which read ‘I promise to pay the bearer on demand the sum of…’ is just there as a throwback to when the British pound was backed by gold and silver. One hundred years ago, an individual knew that their paper note was a true reflection of the gold which was in the bank.Now, our money really does grow on trees – it is paper.
The apparent ‘beauty’ of paper money, or fiat money, is that it can be created at will; a feature which is escalated by the electronic banking system.
Some argue that the strength of having a currency which is not backed by gold enables us to grow faster as a nation, increases living standards and it allows us to make huge leaps in science and technology.
Governments like this type of money as it means more can be created (in various ways) in order to fund projects such as new roads or increase benefits.
It sounds very pleasant, and like something which benefits everyone, but our paper money is unfortunately a tried and failed experiment. No money, which is not backed by gold or silver in the bank, has ever succeeded. Money has only been in its current form since 1971, before this it was pegged to gold in one way or another.
When money is pegged to a finite and rare commodity, such as gold, then there is a limit on how fast wealth can be accumulated, how quickly spending can be carried out and most importantly, a limit to how much one can spend.
When the Bank of England announced that they were going to embark on quantitative easing, the general public were left feeling confused. After all, we were all taught at school, from our history books, that the money printing in Germany led to devastating consequences.
The problem we have now is that the majority of people believe that we need more money in order to create wealth. If this were the case then Zimbabwe would be the wealthiest nation and we would be kowtowing to Mugabe’s demands.
Each time more money is printed then the value of that currency is devalued significantly. The stock of money since the link to gold was broken has increased several times over. Since 1967, the pound has lost 90% of its value, in America the dollar has lost 97% of its value.
But what does this have to do with you?
Several studies show that gold has maintained its purchasing power since the reign of Queen Elizabeth I. Not only this, but in times of economic distress gold has proven itself as a far better wealth preserver than other assets one normally places their money in.The most simple explanation for the pound’s loss of purchasing power is the continued devaluation through inflationary policies implemented by governments in the latter half of the 20th Century.
In the UK, there is now £1.1 trillion on deposit, but there are a plethora of complex and confusing products offered to savers. Sadly it is easier to apply for a credit card, with 0% interest, than it is to apply for a long-term savings account.
The quantitative easing programme currently being carried out by the Bank of England’s Monetary Policy Committee is designed to help boost the economy and help to keep individuals spending and companies investing. The bank rate has been ‘maintained’ at 0.5% since March 2009, the same time Quantitative Easing began.
This is all very well but unfortunately it’s no good for savers. The current level of inflation means that many savers will now be experiencing a negative rate of return on their savings. £41.8 billion a year is confiscated from pensioners and savers as a result of this. The Centre for Economic and Business Research estimate the bank rate will stay this way until 2016.
At present your money whether sat in your purse, piggy bank or your bank account is subject to decisions made by politicians and bankers, who we have so far seen, do not have the interests of long-term savers at heart.
By buying back that small amount of gold which Gordon Brown sold, just 13,3g per individual you are looking after your money, it’s in your control and it’s the most precious thing in the world – gold.
“You have to choose between trusting to the natural stability of gold and the natural stability of the honesty and intelligence of the members of the government. And, with due respect to these gentlemen, I advise you, as long as the capitalist system lasts, to vote for gold.” George Bernard Shaw
Buy Britain’s Gold Back!
Please Note: Information published here is provided to aid your thinking and investment decisions, not lead them. You should independently decide the best place for your money, and any investment decision you make is done so at your own risk. Data included here within may already be out of date.
About the Author
Jan SkoylesJan first became interested in precious metals and sound money when she met Ned Naylor-Leyland whilst working at Cheviot Asset Management in the summer of 2010. Jan then went on to write her undergraduate dissertation on the use of precious metals in the monetary system. After graduating from university Jan joined The Real Asset Co research desk and now contributes to the Cobden Centre, The Commentator, The Renegade Economist and Market Oracle.View all posts by Jan Skoyles →Why should I Buy Britain’s Gold Back? | The Daily Gold
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