The Rebirth of Mining | Feb 19, 2026 | Tavi Costa
Following is an excerpt from the substack. For the entire substack article visit - The Rebirth of Mining
Neither the macro regime nor industry fundamentals point to late-stage conditions.
Seen through this lens, recent price moves in hard assets are not signs of excess. They are the opening act of a much larger repricing, in our view.
The forces driving this shift are structural and self-reinforcing, including:
- Record sovereign debt driven by persistent twin deficits
- A constrained Federal Reserve limited by the rising cost of debt service
- A global system reliant on inflation to reduce leverage
- Accelerating central bank gold accumulation to restore monetary credibility
- Constrained supply of gold and critical metals after decades of underinvestment
References
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