Free Republic

Ned Naylor-Leyland, of Cheviot Asset Management, and James Turk, Director of the GoldMoney Foundation, talk about how the new Pan Asia Gold Exchange (PAGE) will change the price discovery mechanism for gold. Ned explains that the futures market currently takes the lead in price discovery over the much larger spot market and how this may change once PAGE starts to operate. PAGE will provide a valuable alternative because its fully backed, allocated gold contract will provide a better title, closer to physical, than unsecured unallocated contracts. This interview was recorded on August 5 2011 in London.