Bullion banking system 'not fully backed,' Naylor-Leyland tells CNBC Europe
Submitted by cpowell on Fri, 2012-01-20 16:47. Section: Daily Dispatches
8:45a PT Friday, January 20, 2012
Dear Friend of GATA and Gold:
Cheviot Asset Management's investment director, Ned Naylor-Leyland, was interviewed for 7 minutes the other day on CNBC Europe and noted that the bullion banking system is "not fully backed" -- that is, that it is selling promises of gold it doesn't have. The interview is posted at the Cheviot Internet site here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Gold Anti-Trust Action Committee Inc.
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