Banks Are Squeezing The Physical Gold Supply: Daniel Oliver Explains Phase Two Volatility

Video Description

Kitco News Anchor Jeremy Szafron sits down with Daniel Oliver, founder of Myrmikan Capital, to analyze the shifting mechanics of the global gold market and the approaching private credit cycle. Oliver argues that the smooth accumulation phase of the gold bull market is officially over. He details how the market is now entering a volatile second phase driven by stress spreading throughout the U.S. credit system. During the interview, Oliver outlines the specific pressures facing the Federal Reserve. He highlights a $10 trillion maturity wall and explains the mathematical impossibility of the central bank shrinking its balance sheet while simultaneously attempting to lower interest rates. He further explains how the private equity industry's massive leverage is setting a trap for policymakers, noting that printing money cannot solve underlying insolvency in sectors like commercial real estate. The conversation also uncovers a hidden squeeze in the physical market. Oliver reveals how nervous banks are tightening margin requirements on smelters. This action forces these entities to shrink their processing pipelines, which directly restricts the physical gold supply entering the broader market and exacerbates price volatility. Finally, Oliver unpacks the historical relationship between central bank balance sheets and gold reserves. By applying 19th-century banking standards to the modern financial system, he lays out the exact math that points to significantly higher gold valuations. "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," states Oliver. Interview recorded on February 25, 2026. 00:00 Gold and Silver Update 01:15 Dollar Weaponization Shift 02:26 Stocks Priced in Gold 04:24 Real Time Inflation Pricing 06:59 Gold vs Silver Cycles 08:34 Why Silver Is Surging 11:31 Three Phase Gold Bull 14:58 Private Credit Bubble Risks 17:31 Liquidity and ETF Fragility 21:03 Fed Trapped on Rates 24:23 Debt Spiral and Politics 26:58 Unsustainable US Debt Math 28:29 Crash vs Slow Repression 28:44 Why Crashes Matter 30:00 Gold Supply Squeeze 33:38 Volatility and Leverage 35:16 Why Miners Lag Gold 38:59 What Sparks a Mania 44:21 Gold Versus Fed Balance 50:09 Digital Money Control Risks 52:50 Gold as Lifeboat 55:18 Closing Thoughts #Gold #Silver #FederalReserve #DanielOliver #KitcoNews #Economy #Investing #Macroeconomics __________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US: X: https://x.com/kitconewsnow Instagram: https://www.instagram.com/kitconews Facebook: https://www.facebook.com/KitcoNews LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights. Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.