Alasdair Macleod
Author & Head of Research @ Goldmoney
Alasdair Macleod has over 50 years of experience in financial markets, with a focus on monetary history, systemic risk, and the enduring roll of gold.
He began his career at the London Stock Exchange in 1970, rising to Senior Partner by 1979, and has held senior roles in fund management and private banking, including as Investment Director at Ansbacher (CI) Ltd in Guernsey.
A long-standing commentator on precious metals and unsound monetary policy, Alasdair is widely respected for his clarity, depth, and commitment to helping investors understand how to preserve wealth outside a failing fiat system.
In 2024, he launched his independent platform via Substack, where he continues to provide monetary insights to a global audience.
Alasdair’s expertise enhances our capacity to deliver informed, long-term guidance to our clients.
Alasdair Macleod Articles
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...
We think we know that gold is no longer money, because Keynesians and monetarists insist it is so. Furthermore, it has been replaced by government currencies, which we use to buy and sell, do our accounts and pay our taxes. While it is...
There is one class of money that is constantly being created and destroyed, and that is bank credit. Bank credit is created when a bank lends money to a customer; it becomes money because the customer draws down this credit to deposit in...
This week market relationships underwent a sea-change with a sudden realisation that the global economy is in a deepening crisis. Equity valuations in the developed nations are falling sharply and corporate bond spreads are widening,...
China's recent mini-devaluations had less to do with her mounting economic challenges…and more to do with a statement from the IMF on 4 August, that it was proposing to defer the decision to include the yuan in the SDR until next October.
Interest rates in the US, Europe and the UK were reduced to close to zero in the wake of the Lehman crisis nearly seven years ago. Initially zero interest rate policy (ZIRP) was a temporary measure to counter the price deflation that...
Gold and silver traded in a tight range this week on low futures volume. Last Friday the gold price rallied from $1,080 to $1,101. Silver also traded in a narrow range though both are slightly firmer in early European trade this morning.
We now have an explanation for Gibson's paradox (posted here), a puzzle that has defeated mainstream economists from Fisher to Keynes and Friedman. The best way to illustrate the puzzle is through two charts, the first showing empirical...
Anyone with a nose for markets will tell you that the Chinese government's attempt to rescue the country's stock markets from collapse is far from succeeding. Bubbles collapse, period; and government interventions don't stop them....
