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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- #84
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- Subscribers
- 24K
- Paid subscribers
- 1,000+ paid
- Badge
- Bestseller 1k
- Followers
- 37K
- Paid plan
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- Recommends
- 37
- Podcast
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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: Keynesianism’s sudden death · `interview with Commodity Culture
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 Sep 30, 2026
Followers (thousands, nightly)
Rank in Substack’s finance leaderboard: #84 today · #85 a week ago
Stats worth sharing
Tracked since Sep 10, 2026 — 21 daily snapshots so far. The card below is built from what we track and refreshes nightly.
- Percentile
- Top 16%
- Best rank seen
- #83
- Rank, 7 days
- +1 place
- Followers added
- +332
- Posts
- 20
- Reactions per post
- 80
- Reactions tracked
- 2.1K
of 525 ranked finance newsletters
on Sep 16, 2026
since tracking began
last 30 days
average, recent posts
across 26 posts
Most-reacted post we have seen: Bond yields and gold — 118 reactions on Sep 25, 2026.
Recent posts
- Keynesianism’s sudden death
“It is markets which are now paying the piper and the adjustment will be sudden and at least as grim as the soviet collapse.” We have lived with macroeconomics for so long that we know of no other system. It was designed by Keynes purposefully to give governments justification for economic intervention, whether it be industrial or by monetary manipulation. The reason was a misdiagnosis, the apparent death of classical economics which was wrongly blamed for the Great Depression. That was actually due to the newly established Fed pumping up a credit bubble which ended spectacularly with the…
- `interview with Commodity Culture
“Alasdair Macleod thinks the endgame of the fiat currency system is accelerating rapidly, being pushed to the brink by wars, supply shortages, and a blindly corrupt political class hellbent on keeping the paper game alive to the bitter end. Alasdair lays out his timeline to collapse and explains how we can all protect ourselves from the coming storm.” 00:00 Coming Up 00:48 Fiat Currency Endgame Approaching 09:50 How Will Silver Hold Up? 13:39 The East is Positioned to Survive 20:17 Do Central Banks See What's Coming? 24:13 Stack Gold or Silver? 28:42 Digital Currency Won't Work 33:36 Will…
- Bond yields and gold
“The fact of the matter is that the emerging crisis is unlike those which have come before. Since the Second World War, crises have always been in the private sector followed by governments riding to the rescue. This one is in governments themselves, and there is no one to rescue them.” It is now clear that the US government has a funding problem. And it extends also to all the other G7 members, whose debt funding costs are all rising in unison. To put it into context, at current yields debt interest on US government bonds is the equivalent of half the USG’s current on-budget revenue. The…
- Interview with Liberty & Finance
“Alasdair Macleod warns that escalating Middle East tensions could trigger a far broader economic shock through fuel, shipping, food, and global logistics disruptions. He argues that shortages of diesel, kerosene, and ship fuel could drive essential prices sharply higher while simultaneously pushing economies toward recession. “Macleod also warns that foreign demand for U.S. Treasuries could weaken just as Washington faces massive refinancing needs, potentially creating a debt trap and higher bond yields. Against this backdrop, he says major investors are accumulating gold as concerns over…
- Monetary dilemmas
Ever since it was clear that the US/Israeli attempt to destroy Iran has backfired, it was easy to see that the global economy would face an energy crisis. And now it is clear that the effects will be long lasting, the crisis is intensifying into outright supply disruption which higher prices won’t easily resolve. The consequences will be to drive economic activity into a serious downturn along with far higher producer costs for energy and energy derivatives, particularly fuel for product distribution and farming. Separately and adding to price pressures is a perfect storm brewing for food…
- Interview with Paul Buitink
“Alasdair Macleod tells Paul Buitink the Fed’s latest hike does not buy time. He gives the fiat system about 18 months. A 10-year yield above 5% could burst an equity bubble bigger than 1929. “Energy and food shocks from war, drought, and blocked grain will push inflation higher while governments cannot afford the rates needed to stop it. Rescue QE would then destroy currencies. “AI valuations look unsupported next to cheap Chinese rivals such as DeepSeek. Dutch gold leaving New York, after similar German and French moves, suggests the metal may not be there. Trust in the dollar is fading…
- Oil heading higher
Oil heads higher Hormuz and Bab el-Mandab closed is only the start. They remain closed until the US leaves the region. But without US security, tribal and sectarian Arab uprisings will spread. The closure of Hormuz and now Bab el-Mandab by the Houthis, plus the damage inflicted on the Saudis’ East-West pipeline to Yanbu is about to hit global energy markets hard now that US strategic oil reserves are effectively depleted. Furthermore, with the Saudis, Kuwaitis, Qataris, Bahrainis, and the UAR losing nearly all their oil, gas, and derivatives income the ruling families face a major financial…
- Central banks understate inflation
Mere ¼%-step increases are unlikely to achieve price stability, because they will never catch up with the developing squeeze on fuel and food supplies. It is reminiscent of the 1970s, when the reluctance of the authorities to raise rates sufficiently to deal with the inflation problems of the day simply fuelled the price of gold. After three weeks of being on pause, the Fed’s increase of its key interest rate by ¼% on Wednesday to a 3.75%—4.00% band was the signal for precious metals to resume their new upward trend. The Fed’s move was a mirror of the ECB’s ¼% rate increase on 10 th September…
- Oil is very cheap in real terms
It is commonly understood that the purchasing power of gold is relatively stable over long periods of time. Quotes such as the cost of a Roman toga is similar to a lounge suit today are common. In addition, we know that a cup of coffee in Jonathan’s coffee house which was the forerunner of the London Stock Exchange over 250 years ago at a pre-decimal pe…
- Timing the crash
Timing the crash MacleodFinance is giving the fiat currency system about 18 months before it dies. This article explains our reasoning, and the sequence of events as best as can be judged. “The point to grasp is that in a debt trap, bond yields tend to rise exponentially, and politics prevents a solution.” Introduction Let us start with the economic background. The first thing to notice is that there’s a commodity bull market underway with the World Bank’s Total Index up over 30% this year, and Bloomberg’s commodity index up 48%. This is usually described as evidence of a commodity cycle, but…
- Interview with Anthony Fatseas
“On this episode of the WTFinance podcast I had the pleasure of welcoming back Alasdair Macleod. Alasdair Macleod has over decades of experience in financial markets, with a focus on monetary history, systemic risk, and the enduring role of gold. He is one of the most respected voices on sound money and wealth preservation. ”During our conversation we spoke about the current situation in the economy, the geopolitical crisis we're working through, Scott Bessents buyback, why yields could go to 20% and more. I hope you enjoy!” 0:00 - Introduction 2:13 - Overview of Markets and Economy 8:05…
- Interview with As Good As Gold Australia
“Are fiat currencies facing a complete collapse within the next 18 months? Alasdair Macleod issues a dire warning about the changing of the financial guard, while the US national debt crosses a staggering $40 Trillion in record time. ”In this vital update, we break down the accelerating debt spiral. With Egon von Greyerz forecasting an $80 Trillion US debt by 2036, is there any historical precedent to stop the bleeding? We look back at Andrew Jackson—the only US President to reduce the national debt to zero—and examine what options the US has left today. ”Meanwhile, the Eastern Bloc and China…
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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: Sep 30, 2026.