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

Advance signs of a global slump in economic activity emerged in 2015. Furthermore, the dollar’s strength, coupled with widening credit spreads confirms a global tendency for dollar-denominated debt to contract. These developments typically...
The Fed will never succeed in its attempt to manage inflation and unemployment by varying interest rates, because it and its economists do not accept the relationship between, on one side, the money it creates and the bank credit its...
Markets have been extraordinarily complacent about the bad debts building up in the financial system. In the wake of the Fed’s decision to raise interest rates this week, the effect on debt was barely mentioned in the subsequent analysis...
The Indian government made headlines recently with its attempts to obtain possession of the gold held by its citizens. It claims it is in the national interest to restrict gold imports, which would reduce India’s trade deficit. Accordingly...
“I can prove anything by statistics except the truth” – George Canning. Canning’s aphorism is as valid today as when he was Britain’s Prime Minister in 1817. Unfortunately, his wisdom is ignored completely by mainstream economists. Nowhere...
After a few months of slower growth, FMQ has picked up again. FMQ is the sum of True Money Supply (as defined by the Austrian School of Economics), plus the banking system’s reserves and other banking-related liabilities on the Fed’s...
There are signs that the US dollar, instead of consolidating the sharp rise that peaked last March, might be reversing its previously rising trend. Certainly, a weakening dollar fits with the Federal Reserve Board deferring attempts to...
With the benefit of hindsight, the two-day devaluation of the yuan in mid-August might have been a masterstroke of strategy. China executed a financial move that appeared to undermine its own position but instead created trouble for the US...
In last week's article I pointed out that negative interest rates should lead to a general shift in consumer preferences from money towards essential goods. Central bankers may wish for this outcome on a controlled basis to allow them to...
I shall briefly address the impact of negative interest rates, should they occur, at the end of this report, after looking at this week's trading. The week started with a slow downwards drift for precious metals on Monday and Tuesday...

Pages

Gold is still being mined and refined at the rate of almost 2,600 tonnes per year.