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 case involving oil, commodity inflation, bond yields, and the growing pressure on policymakers to choose between defending the dollar and rescuing the financial system. He explains why he believes that choice ends with more QE, more currency debasement, and a much harsher repricing of credit. He also makes the case that gold reasserts itself as real money when faith in credit instruments breaks down. If you want a hard asset view on what the next 6 to 12 months could look like, this interview lays out the thesis in plain language. #Millettian
Key topics
Gold and silver correction versus physical demand
Paper pricing versus bullion reality
COMEX open interest and weak speculation
Backwardation and the silver squeeze
Options expiry and price suppression
Oil, war, and the next inflation wave
Bond yields, rate pressure, and the debt trap
QE, credit destruction, and currency debasement
Gold versus credit and the gold standard case
Guest links
Substack https://substack.com/@macleodfinance
X https://x.com/MacleodFinance
Host Andy Millette Natural Resource Stocks
Website https://www.NaturalResourceStocks.net
YouTube Main https://www.youtube.com/@naturalresourcestocks
YouTube Clips https://www.youtube.com/@NaturalResoureStocksClips
X https://x.com/theandymillette
LinkedIn https://www.linkedin.com/in/andymillette/
Natural Resource Stocks LinkedIn https://www.linkedin.com/company/naturalresourcestocks-net/
Facebook https://www.facebook.com/people/Natural-Resource-Stocks/100090526686713/
TikTok https://www.tiktok.com/@natural.resource.stocks
Instagram https://www.instagram.com/naturalresourcestocks/
Chapters
00:00 Cold open and the dollar warning
02:17 Intro and the metals correction
02:57 Why this selloff is different
03:36 Retail demand is still holding
04:10 The paper market divorced from bullion
05:01 Why banks are trapped in gold and silver
06:34 Why they want prices lower
07:26 Backwardation and the technical bottom
08:24 Options expiry and suppression
09:06 Oil, war, and the next inflation wave
14:36 Rate cuts, Powell, and the debt trap
17:29 Sacrifice the dollar
18:49 QE like youve never seen before
21:00 The end of the currency system
21:12 Gold is money and all else is credit
23:59 Where to follow Alasdair Macleod
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