Emre Yumlu 
Attention in global commodities markets has firmly shifted back to silver. Prices have surged beyond the $120 level, setting a new all-time high and reinforcing the view that this move is far more than a short-lived spike. Current dynamics suggest a powerful and persistent uptrend that continues to gather momentum.
A Standout Performance Across All Time Horizons
Silver’s rally becomes even more striking when viewed across different timeframes. On a daily basis, prices climbed by 2.95%, while the monthly gain has reached an impressive 51%. On an annual scale, silver is up an extraordinary 292%, placing it among the best-performing major assets.
The pace of the move has accelerated sharply in recent weeks. Over the past two weeks alone, prices have risen by more than 30%, making silver one of the most significant market stories of 2026 so far. This rapid appreciation has forced many market participants to abandon previously conservative short-term forecasts much earlier than expected.
Citi Revises Outlook: $150 Target Comes Into Focus
Following the sharp advance, Citigroup has revised its short-term outlook decisively upward. Just two weeks ago, the bank had set a 0–3 month target of $85 per ounce. After silver swiftly broke above $100, Citi increased its short-term target to $150 per ounce.
According to Maximilian Layton, Global Head of Commodities Research at Citi, silver still has room to climb until it begins to look historically expensive relative to gold. Layton emphasizes that the current price action is being driven less by traditional supply-demand fundamentals and more by capital flows. This behavior has led many investors to describe silver as acting like “gold squared” or “gold on steroids.”
What Is Powering Silver’s Surge?
Citi points to several forces underpinning the rally. Rising geopolitical tensions and renewed concerns over the independence of the US Federal Reserve are fueling both investment and speculative demand. In periods of heightened uncertainty, silver appears to be benefiting alongside other hard assets.
Demand from China has been a key driver, with additional support coming from India and a broad base of global retail investors. Notably, traditional indicators that might normally slow prices—such as falling ETF holdings, lower Comex positioning, or declining inventories—have failed to cool the rally. Premiums in Shanghai and India continue to signal tight market conditions.
Will Policy Tightening Slow the Momentum?
Chinese authorities have taken steps to curb speculative excess by suspending new subscriptions in the country’s sole silver ETF and raising margin requirements on the Shanghai Futures Exchange. Despite these measures, Citi does not expect a meaningful slowdown in demand.
Layton argues that retail investors in China tend to follow strong price trends, which could further tighten the market rather than ease it. As long as this behavior persists, upward pressure on prices may remain intact.
In summary, silver continues to stand out as one of the hottest assets in global markets, supported by powerful momentum, strong investor conviction, and increasingly bullish expectations.
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