Alasdair Macleod: What to Expect in 2025 for Gold

As 2024 draws to a close, the latest Live from the Vault episode reflects on the seismic shifts witnessed this year in global markets, currencies, and precious metals. The episode brings together renowned precious metals expert Andrew Maguire and returning guest Alastair MacLeod, a key contributor to the Gold Antitrust Action Committee (GATA), to examine the economic landscape and what lies ahead in 2025.

Alastair MacLeod highlights how his early prediction of the dollar’s diminishing global credibility was validated throughout 2024, with gold emerging as the ultimate benchmark of “real legal money.” Central banks and nations like China continue to accumulate gold, underlining its role as a stabilising force amid growing economic uncertainties.

Notably, the rise in gold prices signifies the declining purchasing power of fiat currencies rather than an intrinsic increase in gold’s value—a shift that MacLeod predicts will become more apparent to the public, potentially triggering a broader collapse of fiat systems.

Investment Strategies in Uncertain Times

MacLeod’s advice is clear: prioritise physical gold and silver over exchange-traded funds (ETFs), which fail to provide true ownership or protection in systemic crises. He also draws attention to the gold-silver ratio, which, at current levels of 80:1, indicates silver’s potential to outpace gold in value appreciation as markets move to restore balance.

Amidst these dynamics, G7 nations’ unsustainable debt-to-GDP ratios and high-risk economic policies—reminiscent of the 1930s Smoot-Hawley Tariff Act—threaten to deepen the global economic slump, accelerate currency devaluation, and widen the US budget deficit.

Asian Demand and Western Disregard

Gold continues its eastward flow, driven by Asian central banks, governments, and individuals who view it as a safeguard against depreciating currencies. Meanwhile, Western investors—with minimal portfolio allocations in gold—largely overlook its critical role in wealth preservation.

The growing demand from China, where households save 35% of income annually, reinforces gold’s status as a safe haven, particularly as access to foreign currencies remains restricted. In contrast, the CME’s recent launch of unbacked gold contracts highlights Western market desperation, a move unlikely to sway Asia’s long-standing trust in physical gold.

Broader Implications for 2025

The evolving global economic landscape reveals a stark bifurcation between the West and an industrialising bloc led by BRICS nations, now representing over 60% of the world’s population. With a focus on long-term economic stability, BRICS countries are advancing a gold-backed currency framework, signalling a strategic shift away from US dollar dependency. The decline in foreign interest in US Treasuries, coupled with surging central bank gold purchases, underscores an ongoing revaluation of gold’s role in the financial system.

As 2025 approaches, the precious metals market stands at the forefront of these global shifts. Rising gold demand, driven by public awakening to fiat currency risks and deteriorating economic conditions in the West, marks the early stages of a transformative era. Investors who recognise these trends might be better positioned to navigate the turbulence ahead, safeguarding their wealth with tangible assets like gold and silver.

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The opinions, analyses, and predictions expressed by Andrew Maguire and his guests in this content are their own and do not necessarily reflect the views, positions, or official policies of Kinesis.

This information is provided for informational purposes only and should not be considered financial advice. 

Kinesis assumes no responsibility for any investment or financial decisions made based on the information provided. Please consult with a qualified financial advisor for personalised guidance.