{"id":12768,"date":"2023-05-23T17:21:30","date_gmt":"2023-05-23T21:21:30","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/silver-seen-at-30-oz-over-next-6-12-months-citi\/"},"modified":"2023-05-23T17:21:31","modified_gmt":"2023-05-23T21:21:31","slug":"silver-seen-at-30-oz-over-next-6-12-months-citi","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=12768","title":{"rendered":"Silver seen at $30\/oz over next 6-12 months – Citi"},"content":{"rendered":"
\n

Investing.com — could hit $30 per ounce highs over the next six months to a year, with imminent support seen from buyers eyeing value in the metal after its sharpest price slide in a month since February, Citigroup\u00a0says.<\/p>\n

\u201cWe think recent price weakness offers a strong dip-buying opportunity, reiterating our call for $30\/oz silver over the next 6-12 months as U.S. growth rolls over, even if emerging markets growth stagnates,\u201d Citi\u2019s analysts said.<\/p>\n

Benchmark on New York\u2019s Comex hovered at above mid-$23 levels in Tuesday\u2019s trade, down almost 7% for May after cumulative gains of 20% over the past two months that took the metal above $26 at one point.\u00a0<\/p>\n

\u201cWe expect silver would rally in anticipation of the fall in U.S. interest rates and real yields that will likely accompany an anticipated rollover in U.S. growth in Q4\u201922 or early 2024,\u201d Citi\u2019s analysts said. \u201cThis should weigh on the dollar, with Citi economists expecting \u00a0and the to weaken further (DXY to 96).\u201d<\/p>\n

With some market punters seeing the cutting interest rates by as early as September \u2014 despite the central bank\u2019s more hawkish officials advocating tighter monetary policy for the foreseeable future \u2014 silver looked fundamentally poised for better returns, Citi\u2019s analysts said.<\/p>\n

\u201cThis should all underpin ETF demand for silver,\u201d the analysts said, referring to exchange-traded products linked to the commodity. \u201cWeaker competition for investment capital from other asset classes should also support silver pricing as markets increasingly price U.S. recession risks.\u201d<\/p>\n

Citi\u2019s analysts also cited potential silver demand from China from the second half of this year.<\/p>\n

\u201cOur economists expect China to continue to gradually recover and any associated rebound in EM growth sentiment could be an incremental tailwind for silver \u2014 Emerging markets demand for silver has been weak with China and India destocking.\u201d\u00a0<\/p>\n

\u201cWe expect China demand could recover in 2H 23 following further easing measures by the PBoC.\u201d<\/p>\n

\u201cChina\u2019s sluggish economic recovery has hit silver demand, with local premiums falling to 0.3% in April. Further easing measures to boost China\u2019s economy could translate to stronger silver demand in 2H\u201923.\u201d<\/p>\n

India was another promising market, the Citi note said.<\/p>\n

\u201cIndia is a price-sensitive market which may continue destocking amid higher prices in 2023,\u201d the analysts said.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com — could hit $30 per ounce highs over the next six months to a year, with imminent support seen from buyers eyeing value in the metal after its sharpest price slide in a month since February, Citigroup\u00a0says. \u201cWe think recent price weakness offers a strong dip-buying opportunity, reiterating our call for $30\/oz silver over […]<\/p>\n","protected":false},"author":1,"featured_media":12769,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-12768","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nSilver seen at $30\/oz over next 6-12 months - Citi | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- could hit $30 per ounce highs over the next six months to a year, with imminent support seen from buyers eyeing value in the metal after\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=12768\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Silver seen at $30\/oz over next 6-12 months - 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