In this work, random metal-dielectric nanocomposites consisting of Ag nanorods embedded in Co0.05Ti0.95O2 are studied. The aspect ratio of Ag nanorods is about 15, and different contents of Ag nanorods are investigated. The nanocomposites with Ag content exceeding its percolation threshold, show metal-like behavior with negative permittivity. Moreover, in these nanocomposites, Ag nanorods form silver networks with diamagnetic response which combine with the magnetic resonance of ferromagnetic Co0.05Ti0.95O2 particles. The permeability spectra show that CTO-Ag15 33% nanocomposite has strongest diamagnetic behavior. These results indicate that the CTO-Ag15 33% sample is a promising candidate for the double negative materials.