The Rebirth of Mining | Feb 19, 2026 | Tavi Costa

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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