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Myrmikan's Dan Oliver: This is still just the beginning of gold's resurgence
5:24p ET Wednesday, February 11, 2026
Dear Friend of GATA and Gold:
In his latest commentary, Myrmikan Capital's managing member Dan Oliver outlines what he sees as the collapse of currencies under the weight of debt and credit bubbles, gold's replacement of the U.S. dollar as the world reserve currency, and the sharp rise in gold mining company profit margins.
Oliver concudes: "We think the bull market in gold mining stocks remains young. The forces identified in this letter should drive gold much higher. The metal is still massively underowned by professionals and domestic institutions. The miners will continue to get a boost from the rising gold price, but the real fireworks will begin when the market starts repricing multiples.
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"The senior miners will do well as capital panics into the space. The juniors should do better as their projects become too compelling to ignore. For the first time since starting Myrmikan 16 years ago, we have seen juniors turning down financing deals. Anyone who wants to play will have to pay up."
All this is more than plausible, but will governments be honest about currency collapse and their responsibility for it and gracefully accept the defeat of their infinite fiat money systems? When gold returns to rule the currency markets and the world financial system, will governments let it rule alone and democratically?
Or will they penalize gold's owners with windfall profits taxes, drastically increase royalty requirements for gold mining companies or nationalize them, and resort to ever-more financial repression or even to confiscation?
Even as monetary metals prices are rising, acquiring them remains relatively easy for the time being. The hard part may be finding a safe planet to keep them on.
Oliver's commentary is headlined "Just the Beginning" and it's posted at the Myrmikan internet site here:
https://www.myrmikan.com/pub/Myrmikan_Research_2026_02_09.pdf
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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