Citi Reportedly Expects Spot Silver To Hit $150 An Ounce In 3 Months: Analysts Say Precious Metal Behaving Like ‘Gold On Steroids’

Citi analysts believe that the rally is being driven by strong physical and speculative demand, particularly from China, according to a Bloomberg report.

• Citi expects silver to continue outperforming gold until it appears expensive by historical standards.
• Citi sees an additional 30% to 40% upside to spot prices in the near term.
• The bank also noted that if the gold-to-silver ratio were to return to its 2011 low, silver prices could reach $160 to $170 an ounce.

Citigroup expects silver’s powerful rally to extend further, forecasting spot prices could surge to a record $150 an ounce within the next three months, according to a report by Bloomberg on Tuesday.

Spot silver (XAG/USD) has been on a historic run, gaining over 50% in 2026. As of Tuesday, it is up 4.3% at $108.3 per ounce. An extremely volatile session on Monday saw the precious metal surge over 13% to a record high of $117.75 an ounce before wiping off most of the gains to close 0.3% higher.

Citi analysts, led by Max Layton, stated that the rally is being driven by strong physical and speculative demand, particularly from China, in a market that remains relatively illiquid.

Gold On Steroids

“Silver is behaving like ‘gold squared’ or ‘gold on steroids,’” the analysts wrote, noting that higher prices may be needed to coax existing holders to sell. Citi believes silver will continue to outperform gold until it appears expensive by historical standards.

Despite traditionally bearish signals such as ETF outflows and reduced speculative positioning in futures markets, prices have continued to climb. Layton said the move is being fueled more by capital flows than traditional fundamentals, supported by geopolitical risks and renewed concerns over Federal Reserve independence.

Citi now sees an additional 30% to 40% upside in the near term. The bank also noted that if the gold-to-silver ratio were to return to its 2011 low, silver prices could reach $160 to $170 an ounce.

Expert Take

Not everyone is convinced. On Monday, economist Peter Schiff warned of an impending economic crisis after gold surged past $5,000 an ounce and silver climbed above $100 per troy ounce. “Most people are clueless about what this means and are in for quite a shock,” the economist said in a post on X.

Andreas Steno Larsen, CIO of Steno Global Macro Invest and founder of Steno Research, in a post on X on Monday, said the precious metals’ current run is unsustainable and appears to be “FOMO-driven speculation.”

Retail Reaction

Retail investors were more bullish with sentiment for iShares Silver Trust (SLV) on Stocktwits turning ‘extremely bullish’ from ‘bullish’ a day earlier.

One user believes that SLV needs to cool before the next leg up to $130.

Meanwhile, silver futures for March 2026 deliveries were down 6.9% at $107.63 an ounce.

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