Liberty and Finance, Released on 1/28/26

Alasdair Macleod argues that the surge in gold and silver prices is less a story of metals rising and more a diagnosis of a rapidly falling US dollar, as informed capital such as central banks and sovereign funds quietly exit paper claims for real money. He traces this shift from fundamentals to infrastructure by showing how China has spent decades accumulating gold and silver while building parallel trade and payment systems centered on the Shanghai Gold Exchange and yuan settlement outside the dollar based framework. These physical vaults and trade corridors function like new monetary plumbing, allowing value to circulate without passing through the dollar, much as an alternative power grid comes online before the old one fails. As commodity prices measured in gold reveal deep underpricing, Macleod warns that inflationary pressure will surge, forcing higher bond yields that threaten equities, debt markets, and financial stability in the West. The forward looking risk, he concludes, is a systemic squeeze where fiat currencies lose purchasing power, supply chains fragment, and gold and silver reassert themselves not as speculative assets but as anchors of value in a reordering global economy.

0:00 Intro
1:00 Physical silver/gold markets
18:00 Dollar devaluation
23:30 Silver market breakdown
35:00 Last thoughts

Alasdair Macleod is head of research for GoldMoney and Strategic Advisor at VON GREYERZ. 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, silver, silver shortage