Alasdair Macleod


Kostas Koutsaftikis/

Off The Cuff: An Important Shoe Just Dropped In Europe

The Greek election is a clear rejection of the status quo
Wednesday, January 28, 2015, 8:11 PM

In this week's Off the Cuff podcast, Chris and Alasdair Macleod discuss:

  • Greece: What Will The Syriza Win Bring?
    • A rejection of kow-towing to the Troika
  • Stresses Across The Eurozone
    • Running out ways to delay the inevitable
  • Gold & Inflation
    • Rising prices for both are likely from here
  • Slowing Global Growth
    • But a deflationary wave may need to sweep the globe first


Off the Cuff: Gold Wars

Europeans increasingly want their gold back
Thursday, November 27, 2014, 9:47 AM

In this week's Off the Cuff podcast, Chris and Alasdair Macleod discuss:

  • The Swiss gold referendum and the extraordinary lengths to which the Swiss National Bank is going to prevent its passage.
  • The World Gold Council's bizarre under-reporting of Chinese gold demand
  • Fuzzy numbers:  GDP is both distorted and not representative of actual economic progress
  • Russia moving toward putting the ruble under a gold standard?
  • Provoking Russia.  The aims of the west are not clear, probably because there's no real strategy in place.

There are very big movements happening in the world of physical gold, with the dutch somehow getting their 120+ tonnes of gold back from the US Federal Reserve over just three months while Germany continues to insist 5 tonnes over an entire year was reasonable.  A major political figure in France has written a letter to the French central bank demanding that all French gold be repatriated while Russia's central bank continues to accumulate gold in preference for dollars.

Yet the price for physical gold remains stuck in a tight band between $1190 and $1200.  

But what if Russia is moving towards a gold standard?  This would make sense for them on a lot of levels and would be a true game changer for a world that currently revolves around the petrodollar.  Alasdair and Chris discuss the hows and the whys. » Read more



Why Gold Is Undervalued

And poised to re-price upwards from here
Wednesday, October 22, 2014, 11:31 AM

Gold has been in a bear market for three years. Technical analysts are asking themselves whether they should call an end to this slump on the basis of the "triple-bottom" recently made at $1180/oz, or if they should be wary of a coming downside break beneath that level. The purpose of this article is to look at the drivers of the gold price and explain why today's market value is badly reflective of gold's true worth. » Read more



The Case For Owning Physical Gold Now

When physical stocks are empty, paper gold will be worthless
Wednesday, October 22, 2014, 11:30 AM

Executive Summary

  • Why China & Russia are placing the highest priority on increasing their gold reserves
  • The Asian SCO's agenda for re-defining trans-Asian money
  • The looming crisis in paper currencies
  • The 6 key reasons to amass paper gold today

If you have not yet read Part 1: Why Gold Is Undervalued available free to all readers, please click here to read it first.

Part 1 summarized gold’s technical position, the market position, made a value judgement against fiat dollars, described and quantified the paper market, and noted the long-term shifts of bullion into Asia. There are three big subjects left to deal with: the dynamics at the hear of the West-to-East flow of physical bullion, the scope for an accelerated deterioration in the purchasing-power of paper currencies, and the financial cold war between the advanced western economies and the Asian Shanghai Cooperation Organisation (SCO.

Understanding The Flow Of Gold Into China & Russia


China’s appetite for gold has only become obvious in recent years. In reality, we do not know how much gold China has imported. We only know that for whatever reason she appears to be importing significantly larger quantities than publicly admitted. It is worth bearing in mind that this started long before the Shanghai Gold Exchange was established in 2002; the original regulations delegated total control of gold and silver to the Peoples Bank (the central bank – PBOC) in June 1983. Given at that time the west was selling gold down to the $250 level, China has most probably been secretly stockpiling gold for the last thirty years.

The 1983 regulations appear to have been introduced to take advantage of freely-available supply. Between 1983 and 2002 there was significant leasing activity by European and other central banks as well as outright sales in addition to mine output. Furthermore, the bear market from 1980-2000 led to considerable divestment of privately owned gold vaulted in Switzerland. The following table summarizes the estimated effect.

Approximately half the above-ground stocks in 2002 appears to have changed hands since 1983. The principal buyers were the Middle East until the mid-1990s and India after the Gold Control Act was rescinded. No one has suspected China of acquiring meaningful quantities of gold during this period, but the timing of the 1983 regulations suggests otherwise. India’s demand between 1990 and 2002 was only 5,426 tonnes, with perhaps 2,000 tonnes smuggled in the seven years previously, leaving 68,424 tonnes unaccounted for. And while Middle Eastern oil exporters were certainly buying in quantity it is unlikely they would have taken more than 35,000-40,000 tonnes, which leaves 28,000-33,000 tonnes unaccounted for. Conversion of bullion into jewellery for the European and North American markets could have absorbed 5,000 tonnes at most, but equally there were other sources of supply such as Russia, which was forced to sell all her gold (507 tonnes) during the financial crisis in 1998, and potentially some net selling as a result of the Tiger economies’ crisis at about the same time.

There is only one logical conclusion: China passed regulations in 1983 to acquire gold bullion. This being the case, before 2002 she could easily have secretly acquired over 20,000 tonnes. And this explains why she was then happy to let her own citizens in on the act... » Read more


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Off the Cuff: Market Mayhem

After the recent carnage, what's next?
Thursday, October 16, 2014, 8:12 PM

In this week's Off the Cuff podcast, Chris and Alasdair MacLeod discuss:

  • The Market Meltdown
    • What the heck just happened?
  • The Next Round of Bailouts
    • If you hate the problem, wait till you see the solutions
  • Gold
    • Ready for a return to the limelight?
  • Ebola
    • Is the media selling us too much fear?

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Off the Cuff: A Look Across the Pond

Europe is driving much of the action this week
Thursday, September 18, 2014, 10:46 AM

In this week's Off the Cuff podcast, Chris and Alasdair Macleod discuss:

  • Independence For Scotland
    • The implications of this week's historic vote
  • Gold's Depressed Price
    • The establishment benefits from a low price
  • Europe vs Russia
    • Why the EU holds a losing hand
  • The Evils of Central Banking
    • Creating worse problems than they're supposed to solve

Denis Rozhnovsky/Shutterstock

Ukraine: A Perspective from Europe

The West's power & influence is on the wane
Wednesday, August 20, 2014, 10:54 AM

It is still a mystery to many historians as to how and why this World War I led to the slaughter of nine million people. But analysis of different parties to the original event, pursuing their own vested interests without a grasp of the bigger picture, certainly rings true of the Ukrainian situation today with regards to the West, embodied in a disparate committee called NATO. The similarity with the chaotic diplomacy that led to WW1 stops there: Russia under Vladimir Putin’s leadership appears to have a good grasp of its objective. » Read more



Off the Cuff: A European Perspective On The Conflict With Russia

Playing with fire
Friday, August 1, 2014, 9:55 AM

In this week's Off the Cuff podcast, Chris and Alasdair discuss:

  • Europe's Quizzical Acquiescence
    • Acting like the junior partner to the US agenda
  • The Significance of Russian Energy
    • Europe has no real Plan B if Putin turns off the gas
  • The Role of Gold
    • Russia has been dramatically increasing its gold reserves. To what end?
  • The Vulnerability of the Global Economy To Russian Hardball
    • Russian defaults would ripple through the banking system


Off the Cuff: Europe Is A "Train Crash In The Making"

The risks have only grown much worse since 2008
Friday, May 23, 2014, 11:57 AM

In this week's Off the Cuff podcast, Chris and Alasdair discuss:

  • The Insane UK Housing Bubble
    • Courtesy of central bank-driven low rates & hot money
  • EU Banks Are As Vulnerable As Ever
    • None of the issues from 2008 have been resolved
  • The Coming EU Energy Drought
    • Worsened by Russia's new gas deal with China
  • The Lack of Churchills
    • Strong leaders are needed, but nowhere in sight

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China's Demand for Gold Has Trapped The West's Central Banks

Kill the banks or kill their currencies?
Wednesday, April 9, 2014, 5:12 PM

Every once in a while, an Off the Cuff interview is so important that we decide to make it available to the entire public. This is one of those occasions.

In this week's Off the Cuff podcast, Chris and Alasdair Macleod build on the insights laid out in Chris' recent mega-report last week on gold: The Screaming Fundamentals for Owning Gold. And specifically, they delve deeply into the poorly-understood topic of why Chinese demand has become such a game changer in recent years. » Read more