Citi(US:C) Datayes·2026-01-28 12:31Core Viewpoint - Silver prices surged over 50% in January, reaching a historical high, with Citigroup predicting prices could hit $150 per ounce in the next three months due to strong demand from China and tightening supply [1]. Group 1: Price Movements and Predictions - Citigroup analysts expect silver prices to reach $150 per ounce in the next three months, continuing the historical upward trend that saw silver rise nearly 50% in January [1]. - On a single day, silver prices increased by 14%, marking the largest intraday gain since the 2008 financial crisis, reaching a peak of $117.71 [1]. - If the gold-silver ratio falls to the 2011 low of 32:1, silver prices could potentially rise to $170 per ounce [4]. Group 2: Market Dynamics - The recent surge in silver prices is supported by strong physical demand and increased speculative interest in a relatively illiquid market, with indications that Chinese buyers are leading the trend [1]. - Despite the price increase, there are several bearish factors, including outflows from silver-backed ETFs, futures market sell-offs, and declining U.S. warehouse inventories, which enhance supply availability in other regions [4]. - The rapid pace and volatility of the price increase have raised alarms among traders and analysts, suggesting that the current rally may be closer to its end than its beginning [4].