Alasdair Macleod

Alasdair became a stockbroker in 1970 and a Member of the London Stock Exchange in 1974. His experience encompasses equity and bond markets, fund management, corporate finance and investment strategy. After 27 years in the City, Alasdair moved to Guernsey. He worked as a consultant at many offshore institutions and was an Executive Director at an offshore bank in Guernsey and Jersey.

Articles by Alasdair Macleod

The latest consequence of economic mismanagement in Europe was the failed attempt at constitutional reform in Italy this week. The Italian people have had enough of their government’s economic failure, and is refusing to give it more power.
The Trump shock produced some unexpected market reactions, partly explained by investors buying into a risk-on argument, favouring equities over bonds and buying dollars by selling other currencies and gold. This is because President-elect...
Two weeks ago, India’s Prime Minister Narendra Modi demonetised an estimated 86% of rupees in circulation, offering conversion into a bank account or into smaller currency notes until 31 December, after which these notes will have no...
There is little doubt that the rapid expansion of both dollar-denominated debt and monetary quantities since the financial crisis will lead us into a currency crisis. We just don’t know when, and the dollar is not alone. All the major...
It is time to revisit the Fiat Money Quantity (FMQ), which totals US dollar money deposited in the banking system, the commercial banks’ money on deposit at the Fed and physical cash. Besides alerting us to how the expansion of fiat money...
Make no mistake, sterling’s collapse is a very serious development, and has serious consequences for sterling interest rates. While it is becoming apparent that interest rates are going to have to rise possibly for all currencies on a one-...
Arguments about sound and unsound money often degenerate into a ‘them-and-us’ dispute, with the supporters of unsound money casting sound money proponents as impractical out-of-date libertarian weirdos. Supporting one side or the other as...
We are accustomed to looking at Europe’s woes in a purely financial context. This is a mistake, because it misses the real reasons why the EU will fail and not survive the next financial crisis. We normally survive financial crises, thanks...
Two weeks ago I pointed out that the Fed is seemingly unaware of early signs of price inflation (see On being an FOMC member). The Fed is clearly ignoring the coincidental rise in USD LIBOR and the growth in bank lending, and is still...
Precious metal prices traded lower this week in lackluster trading, until Wednesday, when someone sold 10,000 gold contracts on COMEX. Before that event, the silver price had been hit hard, though Open Interest remained stubbornly high....

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Nevada accounts for 75% of U.S. gold production.