'Gold on Steroids' — Citi sees Silver at $150 in the next three months

Citigroup Inc., the US-based firm expects spot Silver prices to jump to as high as $150 an ounce within the next three months, as per its latest note on Tuesday.

Spot Silver prices have already seen a record run so far. Having had their best calendar year in four decades in 2025, Silver prices have surged nearly 50% in the month of January itself, marking the best start to the year for the White Metal in many decades.

The note from Citi states that they continue to believe Chinese buying momentum in Silver to continue, and that higher prices will be needed to encourage existing holders to sell.

“Silver is behaving like ‘gold squared’ or ‘gold on steroids’,” the analysts wrote in a note Tuesday. “And we think this likely continues until silver looks expensive by historical standards, relative to gold.”

These extreme gains in Silver prices led to the iShares Silver Trust ETF seeing a turnover of nearly $40 billion on Monday, nearly on par with the State Street SPDR S&P 500 ETF, which is one of the biggest ETFs in the world. The Silver ETF turnover was nearly double of Nvidia's $23 billion and Tesla's $22 billion.

Silver prices hit a new record of $117.7 earlier in the week after a 14% intraday jump, the biggest since the Global Financial Crisis. Strong physical demand, speculative interest in an illiquid market and Chinese buying has aided the move. Adding to the rally is the weakness in the US Dollar, which fell to a four-year low on Tuesday.

If the ratio of gold prices to silver return to a 2011 low of 32 to 1, that would point to silver trading as high as $170 an ounce, the Citi analyst said.

(With Inputs From Agencies)