Citibank sets price target for silver at $40 per ounce in the next 12 months

Barron’s recently published an article titled “Silver Prices Are Set to Benefit From Surge in Solar Panels and 5G” highlighting the expansion of solar energy and 5G networks will be a major driver of electronics silver demand over the next two years.

The author mentions information provided by Mikhail Sprogis, Vice President, Commodities Research at Goldman Sachs who explained “silver is a key component in the solar industry, which is poised for big growth. Solar investments account for 18% of silver industrial demand and about 10% of overall demand for the metal. Sprogis has a $30 price target on it” [by 2023].

Another reputable source is even more optimistic with the author noting “Citigroup analysts are even more bullish, with a $40 price target on silver over the next 12 months, driven by investor desire for safety as well as industrial demand once the recovery picks up.”

If Sprogis is accurate, silver will realize a 25.37% increase from Friday’s closing spot price of $23.93. If Citibank’s forecast is achieved, silver will increase by 67.15%.

It may be time to acquire some silver.

Keown, C. (2020 October 12) Silver Prices Are Set to Benefit From Surge in Solar Panels and 5G. Retrieved from:

Image: The Harris Company, Saratoga Springs, NY.