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Myrmikan's Dan Oliver: Markets are already crashing against gold
9:06a ET Thursday, June 12, 2025
Dear Friend of GATA and Gold:
In his new market study, Myrmikan Capital's Daniel Oliver argues that gold, natural free-market money, always has traded against asset markets and now is showing that asset markets are already crashing in real terms if not in nominal terms.
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Oliver concludes: "Gold is still cheap. At $3,300 per ounce, gold comprises just 13% of the Federal Reserve's assets, the same level as in 1971. As discussed in previous letters, the market demands one-third backing in normal times, assuming that the central bank's other assets are sound. These are not normal times, and the Fed's other assets are not sound.
"Gold is cheap, and the gold miners are cheaper still. As yet we have only two of the three conditions necessary for a mania: a rising nominal gold price and a rising real gold price. If the Fed panics and increases dollar liquidity, we should see at least a redux of 2016 and 2020 gold-mining stock returns. Now that nominal prices are starting to reveal real values, and the ongoing devaluation of the dollar is obvious to everyone, the
performance will likely be better."
Oliver's analysis is headlined "Markets Already Crashing" and it's posted in PDF format at the Myrmikan internet site here:
https://www.myrmikan.com/pub/Myrmikan_Research_2025_06_12.pdf
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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