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Myrmikan's Dan Oliver: Gold is the best measure of the value of other assets
9:43a ET Thursday, January 15, 2026
Dear Friend of GATA and Gold:
In his new analysis, Myrmikan Capital manager Dan Oliver explains today how gold, as the best form of money, is also the best measure of the value of other assets, though, as now, gold will get ahead of prices generally and they eventually will catch up to gold.
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Oliver concludes: "Myrmikan's core investment thesis is that as a matter of economic law, commodities increase against gold in a credit boom, pressuring gold mining margins, and fall against gold in a credit bust, expanding gold mining margins. Rising interest rates and the waning of the dollar as the international reserve currency are credit negative and, therefore, gold-mining positive. The accidental oil/silver story adds to the thesis: A glut of oil in the West (at the expense of the East) and accelerating efforts to substitute away from oil will keep mining costs contained even as gold moves higher.
"This is not to say that oil and other commodity prices will not rally in nominal terms -- we think they will -- only that gold will continue to outpace them.
"Gold stocks soared in 2025. As discussed in other letters, returns that large usually come at the beginning of a bull market, as prices lurch up from the abyss, and at the end, when greed matures into a mania. We think it's clear that the former condition applies.
"The Fed has lost its leverage. Credit will continue to decay. The deficit will not be reduced in nominal terms. The dollar cannot recover its former glory. Gold will trade higher, though with increasing volatility. Gold miners will not see significant margin compression. We think 2025 was the start of a multi-year bull market."
Oliver's analysis is headlined "Gold Measures the Real Value of Other Assets" and it's posted in PDF format at the Myrmikan internet site here:
https://www.myrmikan.com/pub/Myrmikan_Research_2026_01_15.pdf
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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