Rickards Unveils Bullish Gold Case, Cites $1 Trillion Treasury Windfall

Financial expert Jim Rickards recently outlined his bullish case for gold in late 2026. He cites a balance sheet trick that could be hiding in plain sight, combined with the U.S. Treasury's growing war chest.

Rickards points out that despite gold's recent slide from $5,400 to a low near $3,900, it has since clawed back towards $4,700. He expects gold to rise significantly, possibly before the end of 2026 or by mid-2027 at the latest.

The fundamentals never flipped, according to Rickards. Gold found a floor near $4,500 and continues to hold its ground while central banks accumulate and mine output remains flat.

Rickards' key argument centers on the U.S. Treasury's gold certificates, which are still priced at $42 an ounce despite market gold being over 100 times that level. He believes a single phone call from Scott Bessent to Kevin Warsh could change this accounting entry, effectively revaluing the certificates closer to $4,500 an ounce.

This would release roughly a trillion dollars into the Treasury General Account, giving the government significant firepower in its financial war on Iran without issuing new debt. Rickards notes that this move would not be just an accounting footnote but rather a clear signal to the world that the metal on the Treasury's books is worth what the market already says it is.