Gold has crossed $4,000 an ounce for the second time, and according to veteran analyst Alasdair Macleod, this breakout isn’t just another price move — it’s a warning. The London Bullion Market Association (LBMA) is running low on real liquidity as physical gold leaves London vaults for COMEX and Asia. Behind the scenes, central banks are locking in physical metal while Western markets rely on paper promises.
In this video, we break down what Macleod calls a structural crisis in the global bullion system — the shrinking LBMA liquidity, the pressure on COMEX deliveries, and why gold’s second surge above $4,000 may signal the final trigger in the paper-metal era.
Key insights covered:
* Why gold’s $4,000 breakout is different from the first one in October
* The LBMA’s disappearing liquidity and COMEX delivery stress
* The risk behind leased and unallocated gold accounts
* How silver’s physical shortage adds pressure to the system
* What rising U.S. yields, dollar weakness, and debt mean for metals
* Alasdair Macleod’s warning for U.S. investors ahead of 2026
As U.S. bond markets wobble and foreign investors retreat from dollar assets, physical gold and silver are reclaiming center stage. This isn’t about price speculation — it’s about the breakdown of confidence in paper markets and the return of real money.
Credit to : MACROEDGE