The price of silver fell 2.85% against the U.S. dollar last week. However, taking a broader perspective, the precious metal has made significant gains this year. Over the past six months, silver has risen more than 29% against the greenback, and as of April 22, 2023, it was hovering around $25.08 per ounce. Citi analysts recently projected that silver prices could increase to $30 per ounce this year, citing “near-perfect conditions for the ongoing bull market” in silver markets.
Analysts See Potential for Silver Market to Take Off
Although silver has experienced a recent decline, the precious metal has made significant gains in 2023. Last week, Citi analysts, led by Maximilian Layton, told Forbes writer Jonathan Ponciano that the U.S. dollar still has room to weaken. In a recent note, Layton and the Citi analysts stated that “precious metals, and especially silver, [have] near-perfect conditions for the ongoing bull market.” They also projected that silver could increase by 18% to around $30 per ounce in the coming months.
Additionally, the Citi analysts noted a “disti
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Author: Jamie Redman
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