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

The chronological events of 2013 set the background for gold in 2014. It was a momentous year which should ensure a rise in the gold price in 2014. Before 2013 demand for physical ETFs was high. At the same time Asian demand, from China,...
When US money supply measured by M2 stood at $11 trillion in December 2013, I calculate that total broad money of the next largest 50 countries ranked by GDP amounted to the equivalent of a further US$67 trillion at current exchange rates...
The China Gold Association this week released estimates for China's "gold consumption" for 2013 at 1,176 tonnes. Furthermore the CGA reported China's own gold production at 428 tonnes. The CGA's figures were significantly less than...
When Lehman collapsed in 2008, the world stopped while the Fed implemented its plan to rescue America's banks and the world's financial system. This was achieved by making unlimited money available to the banks, and the stimulus has...
Thanks to the Fed's tapering, a wider public is becoming aware of currency instability in diverse economies, from Turkey to Argentina, and India to Indonesia. Indeed, on Tuesday night Turkey raised overnight interest rates by a whopping 4....
By December, the most recent month for which statistics are available, the US dollar Fiat Money Quantity (FMQ) had grown to $12.48 trillion. This is $5.05 trillion more than if it had grown in line with the established average monthly...
According to Reuters, Deutsche Bank has decided to quit as a member of the gold and silver fixing committees in the London bullion markets. This news comes after Deutsche Bank was instructed in mid-December by BaFin, Germany’s bank...
A number of readers and bloggers have recently suggested there must be collusion between America and China over the transfer of physical gold from Western capital markets. They assume that governments know what they are doing, so there is...
There are two main indices tracked by commodity tracker funds: the S&P-Goldman Sachs Commodities Index and the Dow Jones UBS Commodities Index. According to S&P Indices (which manages both), total assets estimated at $155bn track...
The future price of gold cannot be discussed without considering its implied discount rate expressed through time-preference. This is the relative desire to own goods at an earlier date rather than later. There are several reasons gold is...

In 1933 President Franklin Roosevelt signed Executive Order 6102 which outlawed U.S. citizens from hoarding gold.

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