Video News/In Focus with Jeremy Szafron

Daniel Oliver, Founder and Managing Member of Myrmikan Capital, says the gold market is entering a more volatile phase as stress builds within the U.S. credit system. Speaking with Kitco News anchor Jeremy Szafron, Oliver argued that the steady accumulation phase of the bull market has transitioned into a second stage marked by tighter liquidity, rising refinancing pressures, and growing strain across private credit markets. He pointed to a roughly $10 trillion maturity wall and questioned the feasibility of shrinking the Federal Reserve’s balance sheet while lowering interest rates. Oliver also described what he sees as tightening conditions in the physical gold market, stating that banks are increasing margin requirements on smelters, which restricts supply entering the broader market. He examined the historical relationship between central bank balance sheets and gold reserves and said, “Gold has to go to a price that rebalances the Fed's balance sheet, and $8,000 currently gets you to about a third, $12,000 gets you around a half.”