A well-known economist and bestselling author recently released an eye-catching outlook report on gold and silver. He predicts that gold will experience an explosive surge by 2026, with prices potentially breaking through $10,000 per ounce, while silver will also rise, reaching the $200 per ounce mark.

The market is confirming these expectations. Spot silver has recently gapped higher, surpassing the $73 per ounce level and setting a new all-time high. However, based on the gold-silver ratio, this year's decline has exceeded 32%, the lowest since February 2014.

What are the factors supporting this trend? Traditional drivers are still at play—continuous demand from central banks and relatively limited supply. These two long-term factors are unlikely to change direction before 2026.

Interestingly, the participation of institutional investors such as sovereign wealth funds and university endowments is increasing. These large capital pools are boosting demand for gold, which could further drive prices higher.

From a geopolitical perspective, many countries and regions are pondering a question: if they hold a large amount of US Treasuries, what happens if the US opposes certain measures? Countries like Saudi Arabia, Japan, and Brazil are beginning to consider shifting some assets into gold to diversify risk. This directly boosts physical gold delivery demand.

Overall, if gold prices indeed reach $10,000 per ounce by the end of 2026, it would not be surprising at all. Following the upward trend, silver reaching $200 per ounce is also not a fantasy. The market's logical chain is gradually closing.