Silver prices have relentlessly climbed, turning last year’s dream of three-digit figures into reality. As of January 2026, the ongoing surge in silver prices, prompted by several factors, continues to astonish despite forecasts of continued monthly double-digit gains. Citi has already revised its price predictions upward.
Citi’s Revised Silver Price Target
Originally targeting $100 per ounce, Citi increased its projection to $150 within weeks after reaching the previous target. This revision is attributed to robust speculative demand and tight physical supply outside the U.S. Analysts issue short-term warnings, noting potential price pressures from profit-taking by Chinese investors.
On Monday, silver futures soared to $115 before dropping by 5%. President Trump’s move to increase tariffs for South Korea, reverting to a reward-punishment system, is favorable for silver.
Diplomatic closeness between China and Canada provoked Trump, who threatened a 100% tariff if no trade deal is signed. However, Canadian Prime Minister Mark Carney dismissed this as a bluff aimed at U.S.-Canada free trade negotiations, questioning the effectiveness of Trump’s “ask for more, settle for less” tactic. Still, Trump remained unhesitant to impose triple-digit tariffs when necessary.
In China, silver contracts surpassed $125, diverging from the U.S. figure of $112. The premium over Comex prices in Shanghai indicates global supply stress, which is the main driver. China’s physical demand guides the prevailing trend, with global markets struggling to catch up. As this article was being written, prices hovered at $106.
Silver Price Forecast
Compared to gold, the silver futures market is considerably less liquid, leading to the spot price behaving erratically for months amid unusual demand. An analyst known as RyanMatta suggests that JPMorgan faces margin calls on a $300 billion short position in silver and is being forced to liquidate, yet warns that silver prices might drop by 50%.
Rashad Hajiyev predicts the rally will continue to $125-$130, followed by a sharp 15% decline before potentially higher gains.
“Personally, I expect silver to rise to $125-$130, after which a sharp 15% sell-off could purge weaker hands. Such a sell-off would cause investor panic and rushed exits. After cleanup, silver could embark on a monumental rally to $250-$300, representing the mother of all rallies. This is not investment advice!”
