Economist Jim Rickards recently made a statement that has sparked considerable discussion in the market. He predicts that by 2026, gold prices could surge to $10,000 per ounce, and silver may break through the $200 mark. This prophecy is worth taking seriously.

The current market already shows some signals. Spot gold has stabilized above $4,500, and silver has jumped higher, just breaking through $73.6 to hit a new high. More interestingly, the gold-silver ratio has fallen to 61.6, the lowest level in ten years, indicating a clear rebound in silver relative to gold.

The driving forces come from multiple aspects. Central banks continue to buy gold, coupled with tight global supply, forming the fundamentals of a precious metals bull market. Meanwhile, sovereign funds and large donation funds are quietly entering the market, further increasing buying pressure.

Even more noteworthy is the change in the geopolitical landscape. Events like Europe's attempt to seize Russian assets have led countries to reassess the safety of dollar assets. Rickards points out that this could accelerate the global de-dollarization process, with central banks inevitably turning to gold as the ultimate safe haven.

There is also a hidden risk with silver. The ratio of paper silver to physical silver is as high as 100:1. If physical delivery pressures emerge, prices could experience violent fluctuations. This structural imbalance will eventually need adjustment, and the key is the timing and method of that adjustment.

Whether investors or institutions, everyone should pay attention to this evolving process. What exactly 2026 will bring remains difficult to predict at this point.