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The Grant Williams Podcast

The Grant Williams Podcast Ep. 111 - Ned Naylor-Leyland

The Grant Williams Podcast

Grant Williams

Investing, Business:investing, Business

4.81.6K Ratings

🗓️ 5 November 2025

⏱️ 30 minutes

🧾️ Download transcript

Summary

In this episode of The Grant Williams Podcast, I welcome my old mate Ned Naylor-Leyland, long-time precious-metals fund manager, for a detailed discussion on the shifting dynamics of gold, silver, and the mining sector. Ned argues that gold has decisively emerged from a 44-year bear market against Treasuries to reclaim its role as the world’s true risk-free asset, signalling the start of a genuine, structural bull market. He outlines why silver—still lagging behind gold—may soon explode higher, driven by surging industrial demand, physical shortages, and growing Indian appetite, before turning to the extraordinary profitability now building within mining equities. The result is a conversation that reframes precious metals not as relics of the past, but as vital assets in a new monetary era. Every episode of the Grant Williams podcast, including This Week In Doom, The End Game, The Super Terrific Happy Hour, The Narrative Game, Kaos Theory, Shifts Happen and The Hundred Year Pivot, is available to Copper and Silver Tier subscribers at my website www.Grant-Williams.com.  Copper Tier subscribers get access to all podcasts, while members of the Silver Tier get both the podcasts and my monthly newsletter, Things That Make You Go Hmmm…

Transcript

Click on a timestamp to play from that location

0:00.0

Before we get going, here's the bit where I remind you that nothing we discussed should be considered as investment advice.

0:16.4

This conversation is for informational and hopefully entertainment purposes only.

0:20.2

So while we hope you find

0:21.7

it both informative and entertaining, please do your own research or speak to a financial advisor

0:27.1

before putting a dime of your money into these crazy markets. You're about to listen to a special

0:36.7

preview edition of the Grant Williams podcast featuring my very dear friend and the manager of a large gold and silver fund, Ned Naylor Layland.

0:44.3

The subject at hand is precious metals, and particularly silver, which we're going to get into once we get into the meet of the conversation.

0:51.3

But in the middle of this crazy ball running gold, it felt like the perfect time to talk to someone who spends their days immersed in that world.

0:59.4

Every episode of the Grant Williams podcast, including the end game,

1:02.2

Super terrific happy out, the narrative game, this week in doom,

1:04.6

shifts happen, chaos theory, and the 100-year pivot is available to copper and silver tea subscribers

1:09.6

at my website, grant

1:11.1

dash williams.com. Copper tier subscribers get access to all the podcasts while members of the

1:15.9

silver tier get both the podcasts and my monthly newsletter, things that make you go, hmm. So,

1:20.8

if you enjoy it here on the show and you'd like more high quality content like it, then please

1:24.8

make your way over to grant-dash Williams.com and

1:27.6

your own, our excited community today. And with that, on with the show.

1:40.9

Ah, Ned Naylor-Layland, my old friend. How are you doing? We've a bit of behind the scenes

1:45.1

stuff here. This is about the third time we've tried to record this, mostly due to my technical

1:48.4

incompetence. I'm grateful to you for your patience. I've shown up again to having up the stamina. How are you? I'm great. I think we spent enough time with each other to know that there's no problem here. I know, but it's very nice you to be so patient with me. Now, before we get into

2:00.9

the subject

2:01.3

at hand, which is silver and by extension gold, I wanted to give everybody a little background

...

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