Zhongjin Wealth Futures: The trend of gold remains relatively strong, while silver follows gold and finds it difficult to break through the gold-silver ratio range.

The mainstream global institutions are almost unanimously bullish on gold. The reasons are also quite consistent, including the normalization of geopolitical conflict risks, continued de-dollarization of global assets, central bank gold purchases, geopolitical risks, and the transition of the gold pricing anchor from a framework dominated by real interest rates to one dominated by credit risk hedging. From an allocation perspective, a simple calculation shows that the percentage of gold investment may exceed the peak of 2011 between 2026-2028, with the price of gold expected to rise to $5100-6000 per ounce. As for silver, we believe that after the correction of the gold-silver ratio, the range will be between 55-80. Silver may still face policy suppression in case of a sharp rise, reducing forced liquidation risks, with silver mainly following the trend of gold.