In this webinar, Ned contends that Gold is the true risk-free instrument of the system (rather than US Treasuries) and as such is the correct measuring tool for real rather than nominal performance. Most investors think of Gold ‘going up’ in Sterling, Dollars or Euros but is Gold actually the constant, just measuring your true loss of purchasing power? This observation has wide implications for performance measurement and may explain the rise of populism in the context of low statistical inflation but continued rises in the true cost of living. That Central Banks hold Gold in large quantities as primary reserve asset and in light of Gold not having or needing a credit rating (unlike Government bonds) it appears that the masters of the monetary universe may already agree behind closed doors.
Ned Naylor-Leyland is a Fund Manager (Head of Gold & Silver) in the Gold & Silver team.
Before joining Jupiter in July 2020, Ned worked at Merian Global Investors as a portfolio manager in the Gold & Silver Team. Prior to this, he worked at Quilter Cheviot where he founded a dedicated monetary metals fund in 2009. He began his investment career at Smith & Williamson in 2001.