Alasdair Macleod: Why does gold fall as the world cracks up?

8:23a ET Wednesday, May 6, 2026

Dear Friend of GATA and Gold:

In his financial newsletter yesterday, economist and monetary metals advocate Alasdair Macleod addressed a mystery recently haunting gold investors. 

He begins: "Why goes the gold price fall when war risk increases, and rise when tension relieves? And if oil goes up, why is that bad for gold? This is the opposite of what should happen."

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By his kind permission yesterday's letter from Macleod, headlined "Gold: Differences of Opinion," is shared with you in Microsoft Word format here:

https://www.gata.org/sites/default/files/Macleod-05-05-2026.doc

And in PDF format here:

https://www.gata.org/sites/default/files/Macleod-05-05-2026.pdf

Macleod's newsletter targets economics, money, credit, geopolitics, and the monetary metals and is published every few days. A seven-day free trial subscription is available. Subscriptions are $10 per month or $100 per year. To subscribe, please visit his internet site at Substack here:

https://alasdairmacleod.substack.com/

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

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