Tom welcomes back Alasdair Macleod, Head of Research at GoldMoney to discuss his insights into the silver market and its relationship with gold prices. He suggests that despite a seemingly undersupplied market, the price disparity between gold and silver does not reflect this reality. Macleod anticipates a significant shift in investor behavior once patience runs thin among those who have already bought into gold but yet to enter the silver market. The role of foreign investors, particularly central banks, in driving gold prices is highlighted. Macleod also emphasizes the importance of understanding the impact of the ongoing credit bubble on financial markets and encourages listeners to consider reducing their exposure to credit.
Alasdair expresses his views on Donald Trump’s impact on gold prices, citing increased foreign demand due to Trump’s status as an inflationist and his executive orders. However, concerns over tariffs and potential economic repercussions remain. Macleod also touches upon historical examples of tariffs and interest rates and their relationship with an economy’s purchasing power. He emphasizes the importance of understanding this connection for investors during the upcoming credit bubble.
Throughout the conversation, Alasdair highlights the importance of considering global economic trends and various factors influencing gold and silver prices. He also discusses the role of speculators versus central banks in driving these markets and the potential for a significant shift once investor sentiment changes.
Time Stamp References:
0:00 – Introduction
0:39 – Trump & Macro Picture
10:30 – Trump Inflationist
15:26 – Strong Dollar Impact
19:24 – Debt, Yields, & Economy
26:18 – Global Bubbles & Dollar
33:04 – Gold Industry & ETFs
36:47 – Speculators & Price
39:52 – Tariffs & C.B. Buying?
41:49 – Silvers Underperformance
49:05 – Tariffs & Consequences
50:16 – Silver Supply Outcomes?
56:06 – Biggest Bubble & Wrap Up
Talking Points From This Episode
- Alasdair Macleod predicts a shift in investor behavior towards silver due to gold price disparity.
- Foreign investors, particularly central banks, influence gold prices significantly.
- Macleod emphasizes understanding the impact of credit bubble and reducing exposure to it.
Guest Links:
Twitter: https://twitter.com/MacleodFinance
Substack: https://substack.com/@macleodfinance
Website: https://goldmoney.com
Research: https://www.goldmoney.com/research/
Alasdair Macleod is Head of Research for GoldMoney. He is an educator and advocates for sound money thru demystifying finance and economics. His background includes being a stockbroker, banker, and economist.
Alasdair started his career as a stockbroker in 1970 on the London Stock Exchange. Within nine years, he had risen to become senior partner of his firm.
Subsequently, he held positions at the director level in investment management and worked as a mutual fund manager. Mr. Macleod also worked at a bank in Guernsey as an executive director.
For most of his 40 years in the finance industry, he has been demystifying macro-economic events for his investing clients. The accumulation of this experience has convinced him that unsound monetary policies are the most destructive weapon governments use against the common man. Accordingly, his mission is to educate and inform the public in layman’s terms what governments do with money and how to protect themselves from the consequences.
