The gold market is entering a more volatile phase as U.S. private credit stress mounts, according to Daniel Oliver, founder of Myrmikan Capital. Oliver suggests that the orderly rise in gold prices, driven by central bank accumulation since 2022, has ended. He attributes the new volatility to refinancing risks in private equity and a Federal Reserve constrained by a heavy maturity schedule. Oliver highlights that the Federal Reserve's ability to lower interest rates is limited while it attempts to shrink its balance sheet. He anticipates that if credit markets seize, the Fed may expand its balance sheet to prevent systemic collapse, potentially driving gold prices higher. Additionally, Oliver points to structural stress in the physical gold market, where rising volatility has led banks to tighten margin requirements, affecting supply flows and amplifying price fluctuations. The shift in the gold market is also influenced by broader economic concerns, including U.S. federal debt levels and potential monetary restructuring. Oliver warns that the digitization of money could lead to tighter financial controls, making physical gold a valuable asset without direct counterparty exposure. As the gold market transitions, its future trajectory will depend on the unfolding private credit cycle and the Federal Reserve's response.