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Alasdair Macleod: Gold Could More Than DOUBLE By May

VRIC Media Aug 29, 2026

Summary

The guest argues America's $40 trillion debt is becoming impossible to refinance as Japan and China retreat from Treasuries, forcing bond yields higher.

Suppressing long-end yields risks accelerating dollar weakness and a potential equity crash on par with 1929-32, the guest warns.

Gold is severely under-owned — ETFs hold just 0.34% of North American portfolios versus a recommended 15-20% allocation.

The guest recommends physical gold stored in foreign private vaults to avoid bank-system and confiscation risk, citing the 1933-34 precedent.

The guest sets an 18-month timeline for the currency-collapse thesis to play out, with gold potentially more than doubling.

Alasdair Macleod's takeaways

  • Top takeaway The guest argues gold could roughly double in conventional dollar terms between December 2026 and May 2027 if the recent momentum in dollar depreciation against gold continues, framing it as a collapse in fiat purchasing power rather than a re-rating of the metal.
  • The guest expects the dollar's purchasing power to collapse within roughly 18 months of the August 2026 as-of date, warning that U.S. Treasury yields could exceed 15-20% as $40 trillion+ of debt is rolled over and foreign creditors (Japan's pensions and insurers, China's banks) pull back.
  • The guest says U.S. equities are at historic extremes with around $25 trillion held by foreigners and roughly $9 trillion in hedge fund margin debt, putting the system at risk of a crash on the scale of 1929-32 once Treasury yields break higher.
  • The guest argues gold is dramatically under-owned — ETFs and Canadian mining equities together represent only about 1% of North American portfolios versus a recommended 15-20% allocation — and expects a rush into physical gold and silver to push prices above what economic fundamentals alone would justify.
  • The guest recommends holding physical gold outside the U.S. banking system in jurisdictions with strong property rights (referencing his partnership with Von Grets' vaults in Switzerland and Singapore), and warns that a 1933-34-style confiscation round is plausible.

Darrell Thomas's takeaways

  • Top takeaway The host frames the interview around recent moves by Treasury Secretary Bessent — bailing out the yen and buying back long-dated U.S. debt — and presses the guest on what this means for the dollar globally.
  • The host cites Ray Dalio's recent piece forecasting a debt crisis within three years and asks the guest to put a timeline on when the dollar collapse he describes could actually unfold.