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

There are so many things wrong with GDP that even mainstream economists are becoming vaguely aware of its shortcomings. A good friend drew my attention to a Bloomberg article on this subject, which at least shows a growing awareness that...
One of my regular readers has raised the important subject of Say’s Law, the denial of which both Keynesian and modern monetarists are emphatic. They need this fundamental axiom to be untrue to justify state stimulation of aggregate demand...
It is a month after Britain’s surprise vote to leave the EU. A new Conservative Prime Minister and Chancellor are in place, both David Cameron and George Osborne having fallen on their swords. The third man in the losing triumvirate, Mark...
The earliest signs are developing of hyperinflation, more correctly described as a collapse of the purchasing power of all the major government currencies. Central bankers are almost certainly unaware of this danger, partly because their...
In my view, this new bout of turmoil in financial markets is the prelude to the final demise of government currency. If I’m right, a long expected collapse in the purchasing-power, and of the very concept of fiat currency, will evolve from...
The collective decision of the British electorate is to reject the recommendation of its government, excepting those of its few dissenting ministers, that Britain should remain in Europe. It is a signal failure of government policy. Above...
Brexit is not the most important problem facing markets, it is mounting problems in the European banks. But before looking at that systemic issue, I will summarise the Brexit position in the last few days before the referendum.
The British have recently seen two unpleasant examples of the cost of pension fund deficits. A deficit at British Steel, estimated to be about £485m, was followed by a deficit at British Home Stores of £571m. In both cases, pension fund...
Gold weakened during May by about $100…from a high point of $1300 to a low of $1200. For technical analysts this is entirely within the normal correction zone of a third to two-thirds of the previous rise, which would be 84 to 167 dollars.
Yesterday the World Gold Council released its estimate of gold demand for the first quarter of 2016, which compared with supply estimated at 1,081 tonnes.

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China has only 2% of its Total Foreign Reserves in gold.