Silver Demand Is Still Off the Scales
Alasdair Macleod warns that silver is severely mispriced despite a chronic supply shortfall and surging industrial demand. He cites geopolitical risks such as the Strait of Hormuz disruption and constrained sulfuric acid supplies that could tighten production. China’s record‑high silver imports and its removal of price‑suppression policies further bolster the bullish case. Macleod believes these forces could drive silver prices to double current levels.
Silver Mispriced
Alasdair Macleod warns that China’s rapid silver accumulation is creating a widening gap between physical metal markets and exchange prices. He links this mispricing to broader supply constraints in copper and energy inputs, heightened by geopolitical tensions in the Middle...
The End of Pax Americana
The article argues that the United States is losing its global hegemony as an emerging Asian bloc, led by China, reshapes the international order. It invokes the Thucydides Trap, comparing today’s US‑China rivalry to ancient Athens‑Sparta tensions, and points to...
Open Interest Collapses
Open interest in the COMEX gold futures contract slipped below 350,000 contracts this week, the lowest level in at least thirteen years. The decline signals a near‑total absence of speculative activity, despite rising gold prices that would normally attract traders....
Interview with AGAGA
Alasdair Macleod’s May 2026 interview spotlights two geopolitical moves reshaping the precious‑metals market: India’s sudden call for citizens to limit gold and silver spending, and France’s decision to liquidate and repatriate its U.S.-held gold reserves. He also revisits his Substack...
US$ — Slowly Then Rapidly
The article charts the U.S. dollar’s erosion in real value when measured against gold, showing a drop from $1,000 buying 28.6 ounces in 1968 to just 0.22 ounces today. It argues that the decline is accelerating, especially on a logarithmic...
A Gold-Based Asia
The United States appears to be losing its foothold in the Persian Gulf, a development that could erode the dollar’s reserve‑currency status and lift gold and other safe‑haven assets. China, Russia and Iran are deepening cooperation within the Shanghai Cooperation...
Is the Silver Bull Back?
Silver futures on the COMEX experienced a rapid 13.7% rally this week, climbing from $72.21 to $82.12. At the same time, open interest fell to levels not seen in decades, signaling a near‑absence of speculative buyers. The combination of soaring...
Iran: To TACO or Not?
The United States misread Iran’s strategic posture, turning a quick‑strike plan into a two‑month stalemate centered on the Strait of Hormuz. Tehran, backed by Russia and China, now holds the initiative while the U.S. Navy avoids operating within 200 miles...
Gold: Differences of Opinion
MacleodFinance explains why gold prices have stayed flat despite rising geopolitical risk and oil prices. In Western markets, higher oil fuels inflation and pushes interest rates up, making the cost of holding gold higher and the dollar more attractive. Asian...
The Secret History of Gold
Frisby’s new book “The Secret History of Gold” launches in the United States, tracing gold’s evolution from ornamental metal to the world’s primary monetary asset. The author mixes archaeological anecdotes with modern charts that show house prices, wages and oil...
Bond Armageddon Ahead
The article warns of a looming bond market crisis triggered by a new oil shock stemming from heightened U.S. tensions with Iran. Rising energy costs are expected to squeeze corporate margins, spark mass layoffs, and erode tax revenues, pushing already...
Comex Silver Grinds to a Halt
Comex silver’s open interest has plunged to under 100,000 contracts, the lowest level in more than 15 years. The drop accelerated after silver breached $40 per ounce and the May contract expired, leaving only about 95,800 contracts open. Market makers...
Interview with AGAGA
Alasdair Macleod argues that China’s massive household savings—estimated at $30 trillion—combined with new gold‑accumulation accounts could enable the country to purchase the world’s entire annual gold output. He contrasts the All‑In Sustaining Cost of top gold miners, which yields roughly $54,000...
Impasse at Hormuz
The United States and Iran remain locked in a stalemate over the Hormuz Strait, with Iran leveraging backing from China and Russia to keep the waterway closed. The impasse, now extending into a two‑month truce, has halted vital energy flows...