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Financial analyst, economist, and author Jim Rickards has shared his outlook on the ongoing metals bull market. He predicts that both gold and silver could experience explosive price growth in 2026.
In a recent interview, Rickards explained that the strong bullish momentum behind gold’s rally—driven largely by central bank demand—combined with the metal’s limited supply, is likely to persist into the New Year (2026). He also added that the increasing participation of non-traditional buyers, such as private investors, sovereign wealth funds, and institutional endowments, could propel gold prices even higher.
Europe’s recent moves to seize Russian assets may also be influencing global gold demand, as countries increasingly seek to reduce exposure to assets that can be frozen or confiscated. For major holders of U.S. Treasury securities—such as Saudi Arabia, Japan, Taiwan, and Brazil—these developments raise concerns that geopolitical tensions could put their reserves at risk. As a result, many are considering greater diversification into gold as a safer store of value.
Commenting on the recent surge in silver prices, Rickards explained that the rally is being driven by physical delivery pressures. He noted that the silver market is heavily skewed toward paper contracts, with paper claims exceeding available physical supply by roughly 100 to 1. This imbalance can create sharp upward price pressure when physical settlement is required.
In his words, Rickards said he would not be surprised if gold rises to $10,000 before the end of 2026. He also suggested that silver could reach the $200-per-ounce level.
Gold has already surged beyond the $4,500 mark, while silver has climbed above $70, marking one of its strongest performances in recent years. Meanwhile, other metals—including platinum and copper—have also recorded notable gains, highlighting broad strength across the metals market.
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