Citi Forecasts Silver Price to Hit $90 Within 6-12 Months
The price of silver has been volatile in recent months, trading at around $63 per ounce after hitting an all-time high of over $121 in January. While it hasn't come close to those levels since, analysts at Citi believe that the precious metal could see a significant increase in value within the next year.
The bank forecasts that silver will rise to around $90 within six to 12 months, with some analysts predicting it could even surpass its all-time high. This prediction is based on several factors, including a possibly less hawkish Federal Reserve and easing conditions in the Middle East.
Citi also expects precious metals like silver to become more attractive options for investors as oil prices decline. The bank notes that investors may move away from oil and gas stocks, which have been soaring this year, and back into silver.