Gold's Flight Path From Here; "Just the Beginning"
Myrmikan Research
Gold’s Flight Path (TL;DR)
The current gold bull market began with global reserve diversification, as central banks quietly shifted away from dollar assets after the freezing of Russian reserves in 2022.
The next phase may emerge when external dollar pressure feeds back into the U.S. financial system, forcing the Federal Reserve to choose between interest-rate control and financial stability.
In that environment, gold functions as a balance-sheet clearing asset, suggesting the move seen so far may represent only the first stage of a broader monetary repricing.
EXEC SUM
The Myrmikan report broken down below argues that the current gold bull market is still in its earliest stage. The initial move has been driven primarily by international reserve diversification as central banks and sovereign institutions reduce exposure to dollar-denominated assets following the weaponization of financial reserves in 2022.
