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Alasdair Macleod Profile
Alasdair Macleod

@MacleodFinance

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Head of Research for Goldmoney. Educator for sound money and demystifying finance and economics. See

Joined July 2012
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@MacleodFinance
Alasdair Macleod
2 years
Credit Suisse is not the only major bank whose price-to-book is flashing warning signals. The list below is of all G-SIBs with PtBs of under 40%. A failure of one of them is likely to call the survival of the others into question.
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Alasdair Macleod
2 years
The collapse in Credit Suisse's share price is of great concern. From $14.90 in Feb 2021, to $3.90 currently, markets are saying it's insolvent and probably bust.
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Alasdair Macleod
2 years
China is recommending businesses use yuan and counterparties’ currencies to settle international payments bypassing USD. Commodity imports will be de-dollarised. Taken with Russian insistence on rouble payments this is a major step against USD hegemony.
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Alasdair Macleod
3 years
Zelensky could end the war by agreeing to not join EU and/or NATO. That is clear from Lavrov's statements. The problem is US will not permit ceasefire. So Putin is intensifying attacks. It is now a war between US and Russia played out by killing Ukrainian citizens.
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Alasdair Macleod
1 year
Yesterday, we had confirmed the most important monetary development since Bretton Woods 80 years ago: BRICS and SCO will adopt a gold standard for trade. This is over 50% of global GDP on a PPP basis, and 64% of the worlds population. $,£,€ and yen will be toast.
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Alasdair Macleod
2 years
The euro won’t stop falling until ECB raises interest rates. ECB won’t raise interest rates because the euro system will collapse. Ergo, euro won’t stop falling. See my article for Goldmoney next Thursday!
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Alasdair Macleod
4 years
The bullion bank silver short on Comex is about 100m ounces and there is no liquidity in London. It won’t take much to put a rocket under the price, as we are now seeing. Could destabilise all PM contracts.
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Alasdair Macleod
9 months
Gold closed today within $5 of all time closing highs and no one is interested! This really is the most bizarre situation I've ever come across in my 53 years in markets!
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Alasdair Macleod
4 years
People power taking out Wall Street is an unexpected development with serious implications. It appears to be fuelled by helicopter drops of USD into the hands of a disillusioned public. Their quick grasp of what is required to dethrone the Masters of the Universe is remarkable.
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Alasdair Macleod
4 years
I can't wait to see what happens on Monday!
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Alasdair Macleod
2 years
The Fed has a practical problem with raising interest rates. Entire financial system is based on financial assets as collateral. Collateral is compounded on collateral. Now Imagine the consequences of falling values on the entire financial system. That is the Fed’s true dilemma!
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Alasdair Macleod
2 years
Interest rates will be raised and bond yields increase until the system breaks.
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Alasdair Macleod
2 years
I expect the gold price to be "managed" in the coming days...
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Alasdair Macleod
2 years
The Japanese yen is on the verge of a collapse. Look at this chart. It indicates that the rate is about to soar (i.e. yen weakens). And the 10-yr JGB yields 0.255%, above the BoJ's line in the sand. Currency crisis here next week.
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Alasdair Macleod
2 years
Bitcoin was never money. Not even a currency. Just a speculative counter with a credible story...
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Alasdair Macleod
5 years
According to ZeroHedge, someone dumped $3bn gold futures driving the price down $25 to $1650. Note that if gold continues rising bullion banks will be in deep trouble. Expect more attempts to break the bull, but they won't work. Upcoming money printing will dwarf all seen so far.
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Alasdair Macleod
10 months
Gold has fallen over $100 from its overnight spike. The bullion establishment has banged the price, triggering stops. But the cat is out of the bag with bullion disappearing as fast as it becomes available. Stackers should keep stacking, because fiat is collapsing.
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Alasdair Macleod
2 years
Explains a lot. Fascism is a variant of Marxism. Marx wanted to rule the world. Schwab wants to rule the world.
@silverguru22
David Morgan
2 years
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Alasdair Macleod
3 years
The next humanitarian crisis is staring us in the face...
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Alasdair Macleod
6 months
With London closed for Easter Monday, we would expect the bullion banks to smash the gold price after such strong rises to take out the hedge fund stops. But it is just not happening. Also, last week the price rose strongly on declining Open Interest on Comex. This tells us that
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Alasdair Macleod
3 years
Yen is in free-fall. Rates are stuck in neg. territory and rising bond yields mean the BOJ is bankrupt. Even didn't happen to the Riechsbank in 1920-23. Same problem is faced by the ECB. Both have the most leveraged commercial banks. Shows in this crisis fiat ccys will collapse.
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Alasdair Macleod
2 years
Game on!
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Alasdair Macleod
2 years
Silver breaks out dramatically...
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Alasdair Macleod
1 year
It hasn't been picked up by the MSM yet and markets just can't believe it. But...
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Alasdair Macleod
2 years
Rouble now under 70 to USD. So are they really suffering from your sanctions, Mr Biden??
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Alasdair Macleod
2 years
The euro is a catastrophe. And it's not going to stop at par to USD. My article for Thursday goes into why the euro is toast. Look out for it!
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Alasdair Macleod
2 years
If it hadn't before, I think that this shows the Nobel Prize Committee has lost all credibility.
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Alasdair Macleod
3 years
EUR breaking down. Blowback from Russian sanctions will likely collapse the euro system. The well-informed will be getting out now...
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Alasdair Macleod
2 years
Seems the MSM are catching on to the central bank's insolvency problems. Now that it is becoming public that CBs are not in a position to simply rescue failing banks, public confidence in the financial system is likely to implode at a quickening pace.
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Alasdair Macleod
3 years
Hot news: with the rouble now at 75 to the dollar, the Russian Central Bank is buying gold at $66.7 per gram from domestic banks v. a current price of $62.14! That's the equivalent of $2,072 So far as I can see, a Russian bank can buy gold in Dubai and deliver it to the RCB...
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Alasdair Macleod
2 years
Rising US bond yields are ringing alarm bells for those who are desperate for an inflation pivot. They rightly believe that default risk and a collapse in the banking system is becoming inevitable. But a pivot will only lead to a dollar collapse.
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Alasdair Macleod
4 years
57.5 tonnes of silver delivered out of Comex y'day. Coins premium over paper about 50%. Stand for delivery and get seignorage!
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Alasdair Macleod
3 years
It appears that the West want to cut Russia off from SWIFT except for settling energy, fertiliser supplies etc. They are saying we will cut you off except for the things we need. How's that going to work??
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Alasdair Macleod
3 years
Shhh- don’t tell anyone but due to falls on central bank bond portfolios their liabilities now significantly exceed their assets. In other words they are all trading illegally! ECB, BOJ, BOE, Fed…
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Alasdair Macleod
2 years
The Fed is now bailing out two banks (Bail in didn't last!). But don't forget that the Fed itself is insolvent. It has exactly the same problem as SVB — it paid top dollar for bonds whose prices have fallen, driving the Fed deep into neg equity (along with BoJ, ECB...)
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Alasdair Macleod
2 years
The trend in the gold price is remarkable. It is not often you see a breakout on the upside from a rising wedge. It usually indicates a signifianct re-rating is in progress, a dawning recognition that a security, commodity or whatever is badly mis-priced.
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Alasdair Macleod
1 year
To send 100-year old Kissinger to see President Xi smacks of desperation after Yellen's failed mission. The USG has suddenly realised that if BRICS introduces a gold-backed trade currency not only is the dollar toast, but USG funding is as well.
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Alasdair Macleod
3 years
German CPI up 7.6% and Spanish CPI up 9.8%. Yet ECB holds its deposit rate negative. Stark raving bonkers!
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Alasdair Macleod
1 year
Janet Yellen failed in her mission so the US sends Kissinger over to try to persuade the Chinese... but what exactly? My view it is desperation to stop the new BRICS trade currency. If it goes ahead, USTreasuries will be sold down and dollar will be toast.
@MacleodFinance
Alasdair Macleod
1 year
As far sighted as ever!
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Alasdair Macleod
3 years
We’re used to cheap reliable energy, the product of capitalism. Now we see energy prices soaring due solely to governments debasing currency, shutting down oil coal and gas and sanctioning Russia. When will people learn the problem is governments?
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Alasdair Macleod
3 years
This month so far 36,050,000 ounces of silver have stood for delivery on Comex. That's 1,121.3 tonnes!
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Alasdair Macleod
1 month
I'm hearing from multiple sources outside UK that the government is destroying the UK's credibility. Leaking of budget proposals is causing anyone with movable wealth to leave the country or take avoiding action. Economic disaster looms.
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Alasdair Macleod
3 years
Benefit of hindsight. Ukraine should have learned from Switzerland. Be independent, neutral and arm your own citizens. Big mistake was trying to join NATO and EU. Same lesson for Baltic states, Poland et al. Error is to look elsewhere for defence and economic protection.
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Alasdair Macleod
3 years
The ECB won’t raise rates for fear of a property and banking crisis (Lagarde). Rates only part of the problem. ECB must stop printing euros to save it NOW. But that bankrupts governments. Nowhere to go. Monetary policies’ total failure now inevitable.
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Alasdair Macleod
3 years
Touché!
@UgRwah
Bikeke
3 years
The BBC hadn’t prepared for this moment and it was beautiful.
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Alasdair Macleod
2 years
Putin cuts off EU energy supplies after G7 finance ministers introduce Soviet style price cap on Russian Oil. Don’t these idiots ever learn? They’re just playing into Putin’s hands.
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Alasdair Macleod
1 year
Soaring bond yields are driving a crisis in the $400 trillion interest rate swap market. It is forcing the sale of enormous quantities of collateral. It is only just starting. How can the authorities stop it? Renewed QE? They've already lost control of interest rates!
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Alasdair Macleod
1 year
We have a problem...
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Alasdair Macleod
3 years
Ronan is spot on here
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Alasdair Macleod
3 years
Essentially, the new deal spells out no rubles, no gas. Contracts become null and void once you violate trust. The US and the EU broke legally biding agreements with unilateral sanctions and on top of it confiscated foreign reserves of a – nuclear – G20 nation. —Pepe Escobar
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Alasdair Macleod
10 months
With gold above $2000 this morning spare a thought for the central banks which have swapped and leased gold over the decades to suppress the price. They are now short of real money with no hope of recovering it.
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Alasdair Macleod
2 years
Powell at Jackson Hole repeats the mistake of believing that inflation ca be managed by interest rates. He has it the wrong way round. Interest rates reflect inflation, not control it. Powell’s error is repeated by every central bank.
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Alasdair Macleod
2 years
Understand this about gold. It is not gold that is rising but currencies declining. Discard all analysis that suggests or states otherwise. And extend this insight into all prices.
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Alasdair Macleod
2 years
Spare a thought for those precious souls who decided to help the planet by buying electric cars. Electric cars now cost more to run than petrol😁
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Alasdair Macleod
3 years
Looks like the Establishment is losing the gold price battle...
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Alasdair Macleod
2 years
I can't help liking this lady...
@WallStreetSilv
Wall Street Silver
2 years
The new Italian Prime Minister, Georgia Meloni, telling the world what she really thinks of French President Macron. The next EU meeting will be interesting. 🔈
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Alasdair Macleod
4 years
The way this is likely to play out is SLV will be forced to suspend share creation for lack of physical silver. This could happen this week. We must then assess how this announcement will be taken in the market.
@comtrader2
Uranium News
4 years
BREAKING NEWS: This is a live shot of 37 million ounces being add to the $SLV vault. @ArcadiaEconomic @TFMetals @silverguru22 @GlobalProTrader @MacleodFinance
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Alasdair Macleod
1 year
The confirmation of a new gold backed BRICS currency is met with disbelief in financial markets. This will change when central banks clean out the gold market. Policy committees around the world will be meeting this week to re-examine their bullion requirements.
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Alasdair Macleod
4 years
We should say a big thank you to the bullion banks and perhaps a few hedge funds for giving us just one last opportunity to dump worthless fiat for real money - physical gold and silver.
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Alasdair Macleod
4 years
Coming to a country near you...
@GoldTelegraph_
Gold Telegraph ⚡
4 years
MUST WATCH 🎥 Today the streets of Venezuela are covered with cash. This is what happens when hyperinflation destroys the value of money... it becomes worthless.
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Alasdair Macleod
1 year
No wonder the S&P500 is crashing... Foreign holders holding $25 trillion in US long-term financial assets will begin selling everything from USTs to equities. That will crash the $.
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Alasdair Macleod
2 years
Credit Suisse down nearly 10% to new lows... The flight out of weak banks is only just starting IMO
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Alasdair Macleod
2 years
Convincing people rising prices are due to falling purchasing power of a currency and not changes in supply/demand is the most difficult but necessary task. Not even those in charge of monetary policy understand it. Until they do there can be no solution to the current crisis.
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Alasdair Macleod
4 months
It is theft. A British PM should not be condoning it.
@MarioNawfal
Mario Nawfal
4 months
🇬🇧 SUNAK: WE'RE PAYING ZELENSKY WITH PUTIN'S DIME "We're in this for the long term. The UK has committed £3 billion of military aid per year until the end of the decade. The G7 has agreed a new loan for Ukraine worth $50 billion. It will be repaid using the extraordinary
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Alasdair Macleod
2 years
The rouble is amazingly strong. I think it is by design.
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Alasdair Macleod
2 years
If you think gas/petrol prices in the US are high, in the UK they are £2 per litre. That’s equivalent to $11.25 a gallon. Mostly tax which can be substantially reduced. Just an example of why the British people can no longer afford their government.
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Alasdair Macleod
3 years
I hope this convinces those who think politicians know what they are doing that we are in fact ruled by idiots .
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Alasdair Macleod
1 year
We cannot afford our governments. They are bleeding everyone dry. It is the single greatest cause for the decline and fall of the western alliance economies.
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Alasdair Macleod
2 years
Policy makers are now increasing deficits (printing more money) to subsidise rising prices. This is hyperinflation in action!
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Alasdair Macleod
3 years
How long will it take for people to realise they must get out of fiat? Stampede could start in a matter of weeks. Watch gold, silver, energy, and food prices!
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Alasdair Macleod
2 years
The word is out… yuan will be tied to gold!
@JeremieBrown21
Jeremie Roy
2 years
🪙 Gold selling for 1965$ on Shanghai Gold Exchange 0.6% over London OTC
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Alasdair Macleod
3 years
Motorists in the UK may think petrol prices at £1.60 per litre is evidence of profiteering. But they should be reminded that of that £0.83 is tax. The government are the real profiteers here.
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Alasdair Macleod
10 months
This action in gold futures suggests that liquidity is very restricted...
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Alasdair Macleod
3 years
I can see that the West will try to sanction gold next. Already, the price seems to be behaving oddly.
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Alasdair Macleod
3 years
Gold and silver shorts take note!!!
@DominicFrisby
Dominic Frisby
3 years
#nickel that might be the most amazing chart I’ve ever seen
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Alasdair Macleod
6 months
Silver is looking very bullish, though as the chart shows, in the short-term a reaction to test the $25 level is probably due. But it would be a mistake to be put off a generally bullish setup. For over a decade, China has been controlling the price, building up a stockpile
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Alasdair Macleod
4 years
Just totted up the expiring Dec gold cals on Comex with strikes at $1800 or more - about 150,000. This is why gold has been smashed, so that they expire worthless!
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Alasdair Macleod
1 year
When there's a sell off in gold like we see at the moment, it is always engineered by the bullion establishment in an attempt to go long, or at least to square their books. What an opportunity for stackers!
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Alasdair Macleod
1 year
German bund yields have broken higher. This leads the way to a banking crisis in the Eurozone.
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Alasdair Macleod
2 years
Bullion banks are borrowing SLV to cash in for physical. Hence the enormous short position. Sign of severe market stress in silver!
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Alasdair Macleod
2 years
It cannot be Russia. After all, Putin could have just turned the taps off. The US is more likely to have done it. Cutting off Germany from Russian gas is likely to keep her in NATO, when she could be thinking of breaking ranks.
@AndreasSteno
Andreas Steno Larsen
2 years
The sabotage of Nord Stream 1 and Nord Stream 2 happened outside of the Danish Island Bornholm.. Close to Russian territory.. 2/n
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Alasdair Macleod
2 years
European nations are planning to protect consumers from higher energy prices. by printing currency. It is said that this will contain inflation (consumer prices). But the source of inflation is not that, it is soaring budget deficits. This cure will only make things far worse.
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Alasdair Macleod
3 years
US narrow M1 money supply now over $20 trillion. Slightly less than US GDP. So much currency in circulation only a matter of time before its purchasing power suffers a major collapse!
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Alasdair Macleod
2 years
Putin confirms Russia is working on a dollar replacement for trade settlement and pricing:
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Alasdair Macleod
4 years
The silver price feels firm and there is no physical around. The only way to get physical is to buy Comex futures and stand for delivery. If the paper traders try to bash the price they will only end up more short.
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Alasdair Macleod
4 years
Just noticed that on Friday 50 tonnes of gold were delivered out of Comex GC contract. Silver deliveries were 153 tonnes!
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Alasdair Macleod
2 years
Attempts to knock back gold continue to fail. While technical analysts point out a correction is due, they seem to be unaware that central banks are buying every ounce they can get their hands on.
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Alasdair Macleod
2 years
The ECB’s deposit rate rise to zero was no more than an attempt to stabilise the euro. But the ECB is still hooked on monetary inflation promising to print unlimited credit to support the PIGS. It won’t save the euro and the euro system.
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Alasdair Macleod
2 years
Bye bye euro...
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Alasdair Macleod
3 years
Remember, Ursula von der Leyen as Germany's defence minister screwed up procurement so badly her troops paraded with broomsticks not rifles. This is the lady who thinks she can freeze Russian CB assets without unintended consequences! She is now in charge of the entire EU!!!
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Alasdair Macleod
1 year
Naturally, gold gets hit in the paper markets. But at these levels, there's no physical around. No wonder the Chinese are paying over $2,000! US-centric paper markets are a joke!
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