黄金、白银再跳水，金银比跌至10年新低

Core Viewpoint - The article discusses the recent decline in gold and silver prices, highlighting the significant drop in the gold-silver ratio, which is an important indicator of economic conditions and asset allocation strategies [1][2][4]. Price Movements - As of January 8, gold prices fell to $4413 per ounce, a decrease of 0.96%, while silver prices dropped to $74.6 per ounce, down 4.76% [1][2]. - The gold-silver ratio has fallen below 60, currently around 59, marking a significant decline from a high of 103 in April 2025 [2][4]. Historical Context - The last time the gold-silver ratio fell below 60 was in September 2010, and it reached a low of below 40 in 2011 before recovering [2]. - Historically, the gold-silver ratio has been a key indicator of macroeconomic cycles, often rising during economic crises and falling during recoveries [6][8]. Economic Indicators - The gold-silver ratio is correlated with the Juglar cycle, which describes medium-term investment and capacity fluctuations, indicating economic volatility [3][8]. - A higher gold-silver ratio suggests that gold may be overvalued, while a lower ratio indicates that silver may be undervalued [4][12]. Investment Strategies - The article emphasizes the importance of the gold-silver ratio in asset allocation, suggesting that investors can optimize returns by adjusting their holdings based on this ratio [11][12]. - Wealth management institutions are increasingly focusing on precious metal investment products, indicating a growing interest in gold and silver as core assets [11]. Future Outlook - Analysts predict that the gold-silver ratio will likely oscillate within a range of 40 to 80, moving away from its previous high levels [11][14]. - The current economic environment, characterized by a shift towards new production capacities and policies, is expected to influence silver demand significantly [8][9].