GLOBAL MINING INVESTMENT CONFERENCE 2010 STATIONERS’ HALL ● CITY OF LONDON ● TUESDAY-WEDNESDAY, 28-29 SEP 2010 www.ObjectiveCapitalConferences.com Investment Conferences Gold & Silver Outlook Arthur Vestey – Investment Manager, Cheviot Asset Management DAY 1 - SESSION 3: PRECIOUS METALS SECTOR
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Arthur Vestey: Gold & Silver Outlook (Day 1 - Session 3: Precious Metals Sector)
Objective Capital Global Mining Investment Conference 2010 Stationers' Hall, City of London 28-29 September 2010 Speaker: Arthur Vestey - Cheviot Asset Management
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GLOBAL MININGINVESTMENT CONFERENCE 2010
STATIONERS’ HALL ● CITY OF LONDON ● TUESDAY-WEDNESDAY, 28-29 SEP 2010
“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?
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.”