International silver spot prices hit a new all-time high last night, hovering around the $70 mark. Looking back, the recent rally has indeed been astonishing.

Previously, I believed that in this precious metals cycle, silver had a strong opportunity for a price catch-up. In the first half of the year, when the gold-silver ratio exceeded 90, silver was clearly undervalued. But in the second half, the situation completely reversed, and silver began to catch up — breaking through key levels of $40, $50, and $60 one after another, now heading straight for $70.

The key question is, where is the ceiling of this bull market? My estimate is that it could eventually reach $100. The underlying logic is that the gold-silver ratio will converge toward 50, corresponding to a gold price of $5,000 and a silver price of $100. Of course, this is just a projection based on relative valuation, and whether it can be realized depends on the actual market trend.