Liberty and Finance, Released on 5/15/25

Alasdair Macleod analyses the liquidity strains in London and the systemic risks they expose. He explains that recent large gold outflows from the Bank of England were primarily leased gold, suggesting dwindling physical liquidity rather than abundant reserves. Macleod warns that much of the gold in LBMA vaults is owned and not available for delivery, raising concerns about actual deliverable supply. He also emphasizes the relentless accumulation of gold by China and other Eastern nations, which continues to drain Western vaults. Overall, Macleod sees this as part of a broader global realignment, where Eastern powers rise financially while Western systems weaken under unsustainable debt and monetary policy.

0:00 Intro
1:30 Say’s Law
9:54 Credit cycles
12:00 Economic reset
19:40 Bank of England’s gold
32:47 COMEX deliveries
35:20 Bond market

Alasdair Macleod is head of research for GoldMoney. Alasdair has been a celebrated stockbroker and Member of the London Stock Exchange for over four decades. His experience encompasses equity and bond markets, fund management, corporate finance and investment strategy. Read Macleod’s writing: https://www.goldmoney.com/research and MacleodFinance Substack.

  gold, precious metals