Silver bars are located in the precious metal vault of the La Caridad smelting plant of Grupo Mexico SAB in Sonora, Mexico.
Susana Gonzalez | Bloomberg | Getty Images
Silver rose to an eight-year high this week, fueled by a Reddit trading frenzy that saw private investors discuss the precious metal on a popular forum.
The rally may not be over yet and silver could hit new highs, says Citi analyst Tom Fitzpatrick.
On Monday, silver futures rose 8% to $ 29.06 an ounce – the largest one-day rise in silver prices on NYMEX since at least 2013.
Spot silver last traded at $ 27.61 an ounce in Asia in the afternoon, falling more than 4% after posting big gains the day before.
Fitzpatrick, the global head of CitiFXTechnicals, outlines three possible cases for silver. The most bearish scenario represents gains greater than 100% if the price of gold climbs to $ 2,500 an ounce.