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.

Alasdair Macleod Articles

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 Furthermore, it has been replaced by government currencies, which we use to buy and sell, do our accounts and pay our taxes.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....
There is a myth prevalent today that the gold price always falls when interest rates rise. The logic is that when interest rates rise it is more expensive to hold gold, which just sits there not earning anything. And since markets discount...
There is a common view in financial markets that credit deflation is bad for gold prices, because gold nowadays is regarded as an asset to be sold in the scramble for cash, when people are forced to pay down their debts. When asked by...

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China is the world’s biggest gold producer with more than 355 tons annually. Australia is second.