Citigroup Bank technical market analysts are looking for new gains in silver, as long as the current bullish precious metal market follows the same pattern as between 1971 and 1980. With this development, the long-term price of $ 100 per ounce of silver is a very realistic goal. In April this year, the price of silver approached $ 50 an ounce. We have witnessed a “double bottom” in the price of silver and a good foundation has been laid for further growth.
Since the start of the current uptrend since November 2001, silver has risen 5.8 times until March 2008, when it fell 60%. Now silver has recovered again from the fall of 2008 and in April 2011 reached its peak in 1980 at $ 50 an ounce.
Citigroup analyst Tom Fitzpatrick said in his report: “If the rise in prices is the same as in 1980, in the long run we can expect $ 100 per ounce of silver. Given the maximum price of silver this year reached its peak in January 1980, adjusted for inflation, the long-term uptrend is not over yet. “
Citigroup analysts also added that “the silver price correction ended after the fall of May 2011. And now a good platform has been created to start further growth.”