--- title: "Bullish to $150 in the coming weeks! Citigroup shouts that silver is \"gold on steroids,\" led by China with India following suit" description: "Citi believes that silver is not the \"shadow\" of gold, but rather the \"square term\" of gold. During this round of increases, the premium of Shanghai silver over London has significantly risen and rema" type: "news" locale: "en" url: "https://longbridge.com/en/news/273918964.md" published_at: "2026-01-28T02:01:07.000Z" --- # Bullish to $150 in the coming weeks! Citigroup shouts that silver is "gold on steroids," led by China with India following suit > Citi believes that silver is not the "shadow" of gold, but rather the "square term" of gold. During this round of increases, the premium of Shanghai silver over London has significantly risen and remains at historically high levels, while the premium of Indian silver has also seen a rare rebound recently. Assuming that the gold price operates within a range of USD 5,100–5,400 per ounce, Citi has raised its silver price target for the next 0–3 months to USD 150 per ounce As the precious metals market is in a frenzy, Citigroup is set to "max out" its short-term judgment on silver. According to the Chase Trading Desk, on January 27, Citigroup Research significantly raised its silver price target for the next 0-3 months from $100 per ounce to $150 per ounce in its latest report, "MetalMatters." This $100 target was only given two weeks ago, and the current silver price has quickly surpassed the $110 mark. Citigroup bluntly stated that at this stage, silver's performance is no longer "following gold," but rather resembles "gold on steroids." ## From "precious metal" to "capital allocation asset," silver is replicating gold's pricing logic Citigroup believes that the core driving force behind the current silver market rally is not traditional industrial demand or supply contraction, but rather the full activation of capital allocation logic. Similar to gold, silver is being viewed by global funds as an asset to hedge against macroeconomic uncertainty, a tool to hedge against geopolitical risks, and a pricing vehicle for the risk of "damaged Federal Reserve independence." However, unlike gold, silver possesses greater elasticity and stronger price acceleration. In the past two weeks, gold prices have risen about 10%, while silver has surged over 30%. Citigroup vividly describes it as: silver is not a "shadow" of gold, but rather the "square term" of gold. ## The "engine" of this silver bull market: China leads, India follows Citigroup clearly points out that the current "doubling" of silver prices since December shows a highly distinct regional characteristic: China is the leading force, with India and global retail demand following. Several key signals are particularly noteworthy: > - The premium of Shanghai silver over London has significantly risen and remains at historically high levels, clearly reflecting the strong physical and investment demand in China; > - The premium for silver in India has also recently shown a rare rebound—historically, India usually buys heavily only at low prices and remains restrained at high prices; Citigroup notes that the simultaneous emergence of "chasing demand" in both China and India, against the backdrop of significantly rising prices, is an important feature of this silver bull market. ## Policy cooling cannot stop the trend: Retail investors resemble CTAs rather than "fearful funds" In response to market concerns about "regulatory intervention," Citigroup's judgment is quite clear: the trend is unlikely to change in the short term. Recently, several "cooling measures" have emerged in the Chinese market, including: the suspension of new subscriptions for China's only silver ETF and the previous increase in silver futures margin ratios by the Shanghai Futures Exchange. However, Citigroup believes that these measures affect trading rhythm more than trend direction. The reason is that the behavior pattern of Chinese retail investors is more akin to trend-following CTAs rather than value-reversion investors. In a strong momentum and strong trend market environment, as long as silver is not considered "outrageously expensive" relative to gold, funds tend to continue to increase positions in line with the trend, further tightening the supply-demand balance in the physical and circulation layers ## The Market Where Fundamentals Have "Failed": ETF Outflows and Decreased Holdings Cannot Stop the Rise An intuitive yet highly significant phenomenon is that the surge in silver prices has occurred against the backdrop of multiple traditional "bearish indicators," including: > COMEX silver inventories have seen outflows of about 100 million ounces since October last year. > > Global (excluding China) silver ETF holdings have net outflows of about 270 million ounces since December. > > CFTC data shows that some managed funds have taken profits during the price increase. Under traditional frameworks, these signals should suppress prices. However, the reality is that macro risk premiums + Chinese retail demand have completely overshadowed these effects. Citigroup bluntly states that many traditional supply-demand and holding models have "failed" at this stage. ## How High Can Silver Go? It Depends on the "Gold-Silver Ratio" as a Measure In a highly speculative market, Citigroup chooses to use the gold-silver ratio as an important reference for determining the upper limit. Assuming the gold price operates within the range of $5,100–$5,400 per ounce: > If the gold-silver ratio falls back to the 2011 low of about 32 times, the silver price could reach $160–$170 per ounce. > > In an extreme case, if it returns to the post-Bretton Woods low of about 14 times in 1979, the theoretical price range would point to over $300. Citigroup emphasizes that the latter scenario is "extremely unlikely," but it clearly indicates that from a historical relative pricing perspective, the "imagination space" for silver has not yet reached its ceiling. ## Conclusion: This is a Silver Revaluation Driven by Capital and Behavior Overall, Citigroup's judgment on the silver trend in the coming weeks is highly clear: maintain a tactical bullish stance, with the 0–3 month target price raised to $150 per ounce. The core drivers come from: macro and geopolitical risk premiums, China-led retail and physical demand, which relative to silver's historical pricing are still not "overly expensive." However, Citigroup also warns that **the period before the Chinese New Year may become a risk window for short-term profit-taking in silver**, with about two weeks remaining until the festival at the time of the report's release. **The macro and capital factors supporting the rise in silver are still expected to continue in the short term**. In Citigroup's view, this is not a market of "precise calculations of supply-demand balance," but rather a re-pricing process of precious metals shaped by capital preferences, risk pricing, and collective behavior ### Related Stocks - [SLV.US - iShares Silver Tr](https://longbridge.com/en/quote/SLV.US.md) - [01787.HK - SD GOLD](https://longbridge.com/en/quote/01787.HK.md) - [600489.CN - ZHONGJIN GOLD](https://longbridge.com/en/quote/600489.CN.md) - [GBUG.US - Sprott Active Gold & Silver Miners ETF](https://longbridge.com/en/quote/GBUG.US.md) - [600547.CN - SD-GOLD](https://longbridge.com/en/quote/600547.CN.md) - [SLVR.US - Sprott Silver Mnrs & Physical Silver ETF](https://longbridge.com/en/quote/SLVR.US.md) - [PAAS.US - Pan American Silver](https://longbridge.com/en/quote/PAAS.US.md) - [SLVP.US - iShares MSCI Global Silver Miners](https://longbridge.com/en/quote/SLVP.US.md) - [002716.CN - Hunan Silver](https://longbridge.com/en/quote/002716.CN.md) - [01818.HK - ZHAOJIN MINING](https://longbridge.com/en/quote/01818.HK.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | 泛美白銀的財報預覽 | 泛美白銀（NYSE:PAAS）定於 2026 年 2 月 18 日發佈季度財報，分析師預計每股收益（EPS）為 0.90 美元。該公司此前每股收益未能達到預期，差距為 0.02 美元，導致次日股價上漲 1.77%。目前，股價為 57.93 | [Link](https://longbridge.com/en/news/276134030.md) | | 黃金價格下跌了 2.02% | 黃金下跌 2.02%，至 4890.35 美元/盎司 | [Link](https://longbridge.com/en/news/276095374.md) | | 由於白銀價格下跌 2%，白銀礦業股在盤前交易中下跌 | 包括 Hecla Mining、Endeavor Silver 和 First Majestic Silver 在內的銀礦公司在市場開盤前股價下跌 | [Link](https://longbridge.com/en/news/276128991.md) | | Beirne Wealth Consulting Services LLC 購買了 23,723 股泛美白銀公司（Pan American Silver Corp.）的股票，股票代碼為$PAAS | Beirne Wealth Consulting Services LLC 在第三季度將其在泛美白銀公司（NYSE: PAAS）的持股增加了 83.5%，額外購買了 23,723 股，總持股達到 52,142 股，價值為 2,019,000 | [Link](https://longbridge.com/en/news/276109304.md) | | Silver Standard Resources 第四季度收益電話會議要點 | 銀標準資源公司（NASDAQ: SSRM）在其第四季度財報電話會議上報告了強於預期的生產和穩健的自由現金流。該公司在第四季度產生了超過 1 億美元的自由現金流，並以 5.35 億美元的現金結束了年度。公司批准了一項最高達 3 億美元的新股票 | [Link](https://longbridge.com/en/news/276191804.md) | --- > **Disclaimer**: This article is for reference only and does not constitute any investment advice.