# The Silver Supply Shock Nobody Sees Coming | Alasdair Macleod & Michelle Makori (Pt. 1/2)

Page: https://stenobird.com/podcast/the-real-story-with-michelle-makori-7658633/the-silver-supply-shock-nobody-sees-coming-alasdair-macleod-michelle-makori-pt-1-2
Text version: https://stenobird.com/podcast/the-real-story-with-michelle-makori-7658633/the-silver-supply-shock-nobody-sees-coming-alasdair-macleod-michelle-makori-pt-1-2.md
Podcast: [The Real Story with Michelle Makori](https://stenobird.com/podcast/the-real-story-with-michelle-makori-7658633)
Published: 2026-06-09T21:42:32+00:00
Episode link: https://podcasters.spotify.com/pod/show/the-good-podcast-co6/episodes/The-Silver-Supply-Shock-Nobody-Sees-Coming--Alasdair-Macleod--Michelle-Makori-Pt--12-e3kio6k
Audio file: https://anchor.fm/s/10ddc838c/podcast/play/121249428/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-5-9%2F425835202-44100-2-b5632ba9c7e5b.mp3
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JSON: https://stenobird.com/v1/public/podcasts/the-real-story-with-michelle-makori-7658633/episodes/the-silver-supply-shock-nobody-sees-coming-alasdair-macleod-michelle-makori-pt-1-2
Duration seconds: 3000

## Resource

Part 1 of 2: Michelle Makori, President & Editor-in-Chief, Miles Franklin Media, interviews Alasdair Macleod, economist, monetary historian, and publisher of Macleod Finance Substack. Is silver on the verge of a major breakout? Alasdair Macleod believes the silver market is facing a powerful convergence of forces that investors may be underestimating. In Part 1 of this interview, Macleod argues that silver is being mispriced by markets despite persistent supply deficits, growing industrial demand, China’s aggressive silver accumulation, and mounting stresses in physical silver markets. Macleod explains why disruptions tied to the Strait of Hormuz and sulfuric acid supplies could impact global silver production, why China may have abandoned its long-standing policy of suppressing silver prices, and why he believes silver should increasingly be viewed as an industrial metal rather than simply a precious metal. In this episode Of The Real Story with Michelle Makori: - Why Alasdair Macleod believes silver is significantly mispriced - How the Iran conflict could affect global silver supply - China’s record silver imports and what they signal - Why silver was added to the U.S. critical minerals list - Growing demand from AI, data centers, EVs, solar and defense industries - Why China may no longer be exporting silver to global markets - Why Macleod believes silver could potentially double from current levels Follow Michelle Makori on X: https://x.com/MichelleMakori Follow Miles Franklin Media on X: https://x.com/MilesFranklinCo Follow Alasdair Macleod on X: https://x.com/MacleodFinance 👍 Like, 🔔 Subscribe, and Stay Informed Join Miles Franklin Media for expert interviews, market insights, and real-time coverage of gold, silver, Bitcoin, and global economics. Hit the bell…

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## Transcript

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