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Citi analyst Aakash Doshi came to a similar conclusion in a note last week that suggested investor FOMO could easily drive silver prices to between US$25 and US$30.

“Positive momentum could quickly lift trading to US$25-30/oz over the next 6-12 months, per our bull-case scenario,” Doshi wrote. “Given the richening of silver skew and the outsized move in silver versus gold implieds, there is a clear sense that investors are adding topside silver structures both outright and perhaps versus gold.”

A move to $30/oz. may be likely, Blue Line Futures president and trader Bill Baruch said, but not before the rally cools down.

On a technical basis, silver hit resistance at just above US$26.20 late Monday before falling back to US$24.56, where it traded at 4:35 p.m. EST on Tuesday. Baruch is expecting the pullback to bring silver down to around US$21, its 2016 high, before the precious metal surges forward again.

“That would be constructive and lay the groundwork for a move to $30 early next year,” Baruch said.