Summary
- Citigroup said it has raised its silver price target from $100 to $150 per ounce.
- Citi cited strong speculative demand and a shortage of physical supply outside the US.
- Citi warned that in the short term, profit-taking by Chinese investors could lead to downward price pressure and increased short-term volatility.
According to Walter Bloomberg, a breaking-news account, on the 27th (local time), Citigroup said it raised its silver price target from $100 per ounce to $150. It cited strong speculative demand and a shortage of physical supply outside the US.
Citi cautioned, however, that in the short term, profit-taking by Chinese investors could put downward pressure on prices. In fact, silver futures are currently down about 5.7% after breaking above $115 per ounce the previous day.
Citi explained that "while the supply-demand balance remains tight over the medium to long term, short-term volatility could increase after the sharp rally."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
