MacleodFinance Substack
Dedicated to explaining why gold is money and the rest is credit. Dedicated to explaining economics relevant to the preservation of wealth. And dedicated to explaining geopolitical developments relevant to investors.
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What they write about
Writing on gold, credit and monetary theory from a hard-money perspective. Recurring subjects include central bank gold holdings and repatriation, the yen carry trade and its effect on bond yields, Treasury funding, stablecoins and how they are accounted for, and the dollar's international position. Also publishes interviews.
- gold
- monetary theory
- bond yields
- carry trade
- us dollar
- stablecoins
Recent examples: Mid-terms pause · Transition markets
Written from MacleodFinance Substack’s own published post titles and openings in Sep 11, 2026. It describes the subjects the newsletter covers, not its views, and is not investment advice.
Growth history
Subscribers (thousands, nightly)
24K on Sep 10, 2026 → 24K on Oct 21, 2026
Followers (thousands, nightly)
Rank in Substack’s finance leaderboard: #93 today · #90 a week ago · #87 a month ago
Stats worth sharing
Tracked since Sep 10, 2026 — 62 daily snapshots so far. The card below is built from what we track and refreshes nightly.
- Percentile
- Top 18%
- Best rank seen
- #83
- Rank, 7 days
- −3 places
- Rank, 30 days
- −6 places
- Followers added
- +789
- Posts
- 15
- Reactions per post
- 79
- Reactions tracked
- 3.9K
of 525 ranked finance newsletters
on Oct 25, 2026
since tracking began
last 30 days
average, recent posts
across 49 posts
Most-reacted post we have seen: Global debt crisis starts with France — 131 reactions on Oct 4, 2026.
Recent posts
- Mid-terms pause
There’s talk of Iran at last prepared to discuss peace. Presumably, the logic goes that it would be foolish of the electorate to disenfranchise Trump’s Republicans just when he’s on the point of ending the war. Consequently, the immediate panic in the bond market has subsided: Together with the oil price declining this is a source of relief for financial markets. And with gold and silver down sharply, the debasement trade has been blown out of the water: There is one big problem: it is market manipulation by propaganda. For instance, Iran is said to be ready to negotiate. They have always…
- Transition markets
This week saw gold move sideways, while silver dips towards historic peaks at $50. But quietly, there appears to be a move of bullion into stronger hands. Silver’s open interest on Comex is an illustration: Note how open interest has been increasing since the highly oversold level of last April — not dramatic, but coupled with healthy trading volumes, silver paper appears to be moving into stronger hands: These are still early days, but we see something similar in gold. There is a further clue: the insiders’ insider Jamie Dimon mentioned $10,000 gold and called for foreign holders to retain…
- UK budget: The wrong direction
Chancellor Healey’s maiden budget confirms that it’s politics what drives economics, and not the other way round. Politically, it was understandable. The government is boxed in by the accumulation of 21 st -century tax burdens on a struggling economy. And the Bank of England will have told Healey’s Treasury that inflation will almost certainly rise due to developments in the Middle East which will also undermine economic growth. It is a recipe for stagflation faced by his namesake, an earlier Healey chancellor in the 1970s. But don’t tell the voters. MacleodFinance Substack is a…
- Bond crisis in the making
The background Markets are being horribly complacent over the inflationary consequences of the Middle East crisis. This is not unusual. Time and again we have seen markets and the authorities underestimate the consequences of these events. The most recent example was the inflation following Russia’s special military operation against Ukraine, when the Fed was reluctantly forced to increase its funds rate leading to a number of regional banks having to be rescued. This reluctance to embrace higher rates and bond yields has a long history, from usuary laws to Keynes’s General Theory to…
- Hope to see you in New Orleans this week
- Global inflation badly underestimated
“The only surefire protection to one’s wealth is to get out of all forms of credit and into the safety of gold, which is real legal money. The Iran war and its consequences have made this decision increasingly urgent.” General commentary plays down the consequences of today’s Hormuz crisis, has entered a stalemate. The fact of the matter is that the US and its Israeli lobby will not accept Iran’s red lines, and the war which is already lost will continue. Not only that, but the Houthis are severely restricting Saudi pipeline oil flows Yanbu, emasculating the Saudi economy and destabilising…
- Interview with As Good As Gold Australia
“Everywhere we look, the economic warning lights are flashing red. From civil unrest and a looming €1 trillion bailout crisis in Europe, to Japan preparing to dump $1.4 trillion in U.S. Treasury holdings, the era of central bank intervention is losing control. Even U.S. Treasury Secretary Scott Bessent recently admitted, "The house doesn't win every hand." ”Meanwhile, Wall Street is sitting on a $1.5 trillion margin lending timebomb, and everyday investors are waking up to a startling reality: the 60-year "boom" in real estate is a fiat currency illusion. When measured in real money—physical…
- Gold and silver trashed
Looking at the chart above showing gold and silver declining over the course of 2026, you wouldn’t think that the world is going to hell in a handcart. Instead, gold and silver prices are reflecting declining risk, in ignorance of the facts. Currently, the opportunity for the shorts to bash precious metal prices is created by a pause in the increase in bond yields reducing the fear factor, while oil prices head moderately higher. The yield on the 10-year US treasury note has backed down in what looks like a normal correction, encouraged by minor portfolio reweighting from equities, which are…
- Interview with Jon Lindau of SilverTrade
“Alasdair Macleod joins the SilverTrade Insider for a MUST WATCH interview breaking down the global oil crisis, the bond market crisis, and the ramifications for gold and silver. ”Macleod warns we're about to see an ACCELLERATION in the collapse of fiat currencies - just as retail investors have LOST ALL HOPE in gold and silver! ”Have precious metals investors forgotten the fundamental reasons for owning physical gold and silver in the hype of short term trading profits!? ”Macleod warns the CRACK UP BOOM has begun, now is NOT the time to forget that FIAT CURRENCIES ALWAYS COME TO AN END!”…
- Ukraine is finished
Ukraine is having a very tough time of it. While the Western media lauds her few successes such as Operation Vivaldi which is said to have gained Ukraine 100 square miles in the Eastern Donbas, it ignores the reality on the ground. Russia appears to be slowly gaining territory in such a way to minimise casualties. However, she has also accelerated the destruction of Ukraine’s energy and rail infrastructure promising a miserable winter for the roughly one half of the original population that is left. Yes, you read that correctly. It seems that a combination of loss of territory, loss of life…
- Interview with Pinacle Digest
“The next financial crisis has already started, according to Alasdair Macleod. His warning is extraordinary: stocks will crash, the Federal Reserve will unleash limitless money printing, and gold will rise while most investors watch their wealth disappear. ”But if the crisis is already underway, why is gold struggling? ”Gold remains far below its January peak, even as inflation heats up, borrowing costs remain elevated, and America's $40 trillion debt burden places mounting pressure on the financial system. ”In our latest pod, veteran financial analyst Alasdair Macleod revisits his prediction…
- Talk is cheap — Buying bonds is not
The chart of the 10-year Treasury note yield plainly indicates that having broken above resistance at 5% which has held for three years, it is perfectly natural for it to tick back to find support at or close to that level. But the larger context should be kept in mind:
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Data: Substack public leaderboards and publication archives, refreshed nightly, plus public beehiiv sitemaps and recommendation pages, refreshed weekly. Source for this page: MacleodFinance Substack. Subscriber counts are Substack’s own rounded public figures, so week-on-week changes move in steps. beehiiv audience sizes are self-reported by the publisher and are not verified. Last snapshot: Nov 10, 2026.