Citigroup forecasts silver prices could exceed $40 per ounce within the next three months due to increased demand and supply constraints. The long-term target is set at $43 per ounce for the next 6 to 12 months. Silver prices have already risen over 30% this year, driven by strong fundamentals and anticipated Federal Reserve interest rate cuts. Meanwhile, gold reached a record $3,500 per ounce in 2025 but may decline gradually to between $2,500 and $2,700 next year.