Episode Details

Recorded on March 24 2026 Alasdair Macleod joins Andy Millette to break down why the recent collapse in gold and silver prices may be far more misleading than most investors realize. He argues that the paper market has detached from the underlying bullion market, that speculative participation is unusually weak, and that retail demand in the Far East is still holding up despite the selloff. The conversation then moves into options pressure, backwardation, and why bullion banks may have a major incentive to keep prices suppressed into expiry and quarter end. From there, Macleod lays out a much larger macro…