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Alasdair Macleod carries the sound-money message to Substack
By Alasdair Macleod
Saturday, January 13, 2024
It is clear to me that as head of research for Goldmoney, most of the time I am preaching to the converted -- those of us who understand the difference between gold and fiat currencies. We are all broadly aware that the price of gold is rising because governments are debasing their currencies.
Over the decades, GATA has done a magnificent job of exposing the manipulation and government propaganda side-lining gold, which we know is real money. We all owe Chris Powell and Bill Murphy our gratitude for their tireless and mostly thankless dedication to the sound-money cause over the last 25 years.
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I believe it now behoves us to redouble our efforts to build on GATA’s work and spread our knowledge to the widest possible audience. The timing couldn’t be better, for the following reasons.
Gold is now establishing the $2,000 level as a base, and if it continues to rise through $2,100, we can be certain that public interest in gold will grow. Those wholly unfamiliar with why gold is rising will want to know why and whether they should buy gold and related investments. This includes investment managers who have lost sight of the commodity space generally.
Global investment portfolios are estimated to be worth $150 trillion and are less than 1% invested in gold and gold exchange-traded funds. With increasing credit and geopolitical risks, including those faced by fiat currencies themselves, we can be certain that this anomaly will lead to substantial demand for gold and related investments. To put this in context, a 1% increase in global portfolio exposure to gold would be the equivalent of a purchase of more than 23,000 tonnes at current values.
Despite above-ground stocks estimated at about 200,000 tonnes, physical liquidity in bullion markets is severely limited now that central banks are buying in record quantities. When a bull market in gold becomes more widely recognized, severe underweighting in portfolios and lack of liquidity are bound to have a dramatic impact on prices.
The reasons for these potential developments are and will continue to be poorly understood. I believe that there is important work to be done educating and explaining to a wider audience why gold appears to be rising when in fact it is the value of currencies falling. For this reason, I have established an internet site --
-- to reach the widest possible audience, exploiting social media channels to spread the word.
I continue to write and act for Goldmoney, but from next month my more detailed analyses will be available only to paying subscribers on my Substack channel.
I would ask regular readers of GATA’s dispatches to similarly educate their families and friends, or if that proves too difficult or inappropriate, to encourage them to subscribe to my Substack channel.
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Alasdair Macleod is head of research for GoldMoney.
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Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.
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