Silver Price Forecast: Citi Predicts $150/Ounce Amid Surging Demand

• Citi has significantly raised its near-term silver price forecast to $150 per ounce, up from an earlier $100, citing strong investment demand and tightening physical supply.
• The upgrade follows a more than 30% surge in silver prices over the past two weeks, overshooting previous targets.
• Citi describes silver as "gold on steroids," with investors rotating from gold due to silver's perceived undervaluation and higher upside potential.
• A key driver is a growing physical silver shortage, particularly in US trading hubs, fueled by geopolitical tensions and economic self-reliance concerns.
• Silver prices have nearly doubled since December, with strong retail demand from China and India, despite some negative signals like declining ETF holdings.

Why It Matters: Citi projects silver prices to hit $150/ounce soon, driven by robust demand and a tightening physical market.