China’s Silver Export Statistics
China’s official trade data show zero unwrought silver exports in 2025, a stark departure from previous years. By contrast, AI‑driven estimates claim the country shipped roughly 5,100 tonnes that same year, creating a data dispute. The World Bank’s WITS portal confirms the zero‑export figure, while the source of the AI estimate remains unclear. Regardless of the discrepancy, the first quarter of 2026 recorded a pronounced uptick in global silver imports, and Western capital markets continue to exhibit strong liquidity.
Interview with Mining.com
Gold is trading around $4,700‑$4,800 an ounce, held up by strong demand even as a firmer U.S. dollar and higher bond yields pressure prices. In a Mining.com interview, former banker Alasdair Macleod argues the market’s real shift is occurring in...
Silver’s Price Outlook
Silver has been reclassified by the United States as a critical mineral, driven by soaring industrial demand and its historic role as a monetary metal in Asia. China, the world’s second‑largest producer after Mexico, supplies about 110 million ounces (≈3,421 tonnes) annually,...
China’s Gold Demand Quantified
China’s gold accumulation strategy, launched by the People’s Bank of China in 1983 and continued through 2002, has built a massive reserve that far exceeds official figures. Recent spikes in bullion prices, driven by weakening fiat currencies, are prompting Chinese...
Surreal Markets
Equities are soaring to fresh record levels while gold and silver remain largely unchanged, with gold near $4,785 an ounce and silver around $79 an ounce. Both COMEX contracts show minimal open interest, indicating thin speculative liquidity, and price movements...
Gold and Commodities Are Set to Soar
Gold and silver appear to have found a floor and are climbing, driven by a broader rally in commodities. The surge follows the United States’ naval blockade in the Sea of Oman, which threatens the supply of base metals, sulphuric...
Global Inflation Will Skyrocket
The ongoing Iran‑Israel conflict is tightening oil supplies, driving Asian spot prices above $12 per barrel—a 60% increase since hostilities intensified. Analysts draw parallels to the 1973 oil crisis, which triggered double‑digit inflation across the United States, United Kingdom, France,...
Are Central Banks Selling Gold?
Poland’s central bank head clarified that, despite talk of selling gold to fund defence spending, the government has no intention to do so. In contrast, Turkey’s central bank is actively using gold leases and swaps with commercial banks, turning the...
Interview with GoldRepublic
Alasdair Macleod warns that the escalating conflict with Iran could ignite the endgame of the global fiat currency system, linking energy disruption to soaring bond yields, collapsing credit and a broader monetary crisis. He argues that bond markets now provide...
Decline and Fall
Markets are downplaying the escalating Hormuz Strait tension despite U.S. officials portraying the situation as stable. The article warns that the geopolitical risk could quickly affect global oil supplies, pushing bond yields higher. Japan, heavily reliant on Gulf energy, faces...
The Most Important Charts for the Next Few Weeks
The article highlights a sharp rise in US Treasury yields after an inflation shock tied to the closure of the Strait of Hormuz. The 10‑year note closed at 4.44%, and analysts warn that a move toward 5% would confirm fears...
Fiat Will Not Survive the Consequences of Iran
The United States and Israel’s recent military actions against Iran have sparked a broader geopolitical and economic backlash, threatening the stability of Western fiat currencies. Iran’s warning to Gulf states to shut down U.S. bases adds pressure to an already...
March Futures Expiry
Silver’s open interest has fallen to its lowest level in over two decades, suggesting the metal is deeply oversold and may soon reverse higher. Gold also shows weakness, with Comex open interest under 400,000 contracts and prices testing key moving...
Anterview with Andy Millett
Andy Millett and Alasdair Macleod dissect the recent plunge in gold and silver prices, arguing that paper markets have become detached from the underlying bullion demand. They highlight weak speculative activity on COMEX and note that retail demand in the...
Tweet From X Worth Reading
Swiss wealth manager Dieter Lüscher warned that gold and silver are about to experience a sharp, engineered dip as large short positions and expiring options pressure prices downward. He says the low could arrive within days, after which a structural...
Credit Crisis Imminent
The article warns of an imminent credit crisis as bond yields climb amid rising inflation expectations. It argues that expanding quantitative easing and war‑related spending will erode fiat currencies, prompting a historic wealth shift from creditors to debtors. Meanwhile, gold...
A Dollar Disaster Looms
Gold and silver prices are sliding as concerns mount over the dollar and the broader fiat currency system. The decline mirrors the 2008‑2009 financial crisis, when gold fell from $1,000 to $680 before rallying to a $1,920 peak in 2011....
Iran Is a Bridge Too Far
The article notes that oil, when priced in gold, sits at only 26% of its long‑term value, implying a potential 300% rebound to pre‑Bretton Woods levels last seen in 2014. It warns that a shutdown of the Straits of Hormuz...
Short-Term Pairs Trade Favours the Dollar
The market is adjusting to heightened geopolitical risk after coordinated US‑Israeli strikes on Iran, which have effectively shut the Hormuz Strait and intensified regional drone attacks. These developments are pushing oil prices higher for a longer period, bolstering the U.S....
The Oil Price
Oil is trading at just 26% of its 1950 post‑war real value, making it exceptionally cheap despite a nominal price that has multiplied 38 times since then. The only period it was cheaper in real terms was during the Covid‑19...
Gold Shortages in China
Markets reacted to the US‑Israel strike on Iran by pushing the dollar higher, which pulled gold and silver lower. In European trading, gold slipped to $5,090 per ounce, down $230, while silver fell to $82.70, down $11. Shanghai silver premiums...
Interview with Dunagun Kaiser
Alasdair Macleod warns that an escalating conflict with Iran could ignite a global financial crisis, driving energy prices higher and pushing bond yields sharply upward. He argues that U.S. equities are perched in a dangerous bubble vulnerable to rapid correction....
The Real Commodity Story
Under the Bretton Woods gold standard, oil was effectively pegged at about $2.60 per barrel, delivering remarkable price stability from 1950 until the system’s collapse. When the United States abandoned the gold‑linked dollar in the early 1970s, oil prices became...
Interview with Andrew Maguire of Kinesis
In this episode, Alasdair Macleod and Andrew Maguire of Kinesis dissect the ongoing silver squeeze, highlighting how massive short positions in China and robust physical demand are forcing paper markets to the brink. They explain the eastward shift of price...
Gold and Silver Recovering
The episode reviews a recent rally in gold and silver prices, noting modest gains in Europe and unusually low trading volumes on the U.S. Comex market due to a holiday. It highlights the scant speculative interest and low open interest...
Silver Paper's Problem
The episode examines the severe liquidity crunch in both physical and paper silver, highlighted by a sharp drop in COMEX open interest and widening spreads that deter speculators. It explains how banks and traders are constrained by the high value...
Interview with Triangle Investor
In this episode, economist Alasdair Macleod outlines a 2026 outlook where a tightening silver market, driven by massive physical shortages and surging demand from China and India, is creating a sharp premium between Shanghai and Western markets. He warns that...
I Talk Silver with Danny of CapitalCosm
In this episode Alasdair Macleod talks with Danny from CapitalCosm about the current state and outlook for silver as an investment. They explore silver's price dynamics, its relationship to gold, and the macroeconomic factors—like inflation, monetary policy, and industrial demand—shaping...
Silver Post-Smash Outlook
Alasdair Macleod analyzes the aftermath of a recent sharp drop in silver derivatives, noting that hedge fund long positions are near a 20‑year low while physical liquidity in COMEX and London vaults is extremely thin. He warns that a massive...
Watch Out for Japan’s Election on Sunday
The episode analyzes the recent collapse in gold and silver prices, attributing it to extremely low speculative open interest on COMEX and a lack of buyers, which created a price vacuum. It notes that the market has now stabilized as...
Interview with Jasmine of Money Magpie
In this episode, Alasdair Macleod discusses the potential collapse of the fiat currency system, drawing parallels to the Weimar Republic's hyperinflation and the subsequent surge in gold prices. He argues that fiat money depends on confidence and credit, but governments...
Interview with Jesse Day of Commodity Culture
In this episode, host Alasdair Macleod and guest Jesse Day of Commodity Culture explore the theory that China is amassing silver to eventually back the yuan with a silver standard, a move that could accelerate the dollar’s decline. They discuss...
Counterparty Risk in Silver Exposed
The episode examines the recent price dynamics of precious metals, noting gold's steady rise to $4,606 and silver's rapid surge to $90.75, driven by heightened open interest on the COMEX. It highlights the emerging counterparty risk in the silver market,...