Saturday, June 12, 2010

Citigroup (NYSE:C) Looking for $20 Silver

Citigroup (NYSE:C) said they are looking for silver to reach $20 an ounce sometime within the next six to twelve months, based largely on industrial demand.

Silver prices gained back most of the losses incurred last week, ending the week up 5.4 percent in the U.S., and 3.1 percent in London.

Last week silver prices plunged 6.1 percent.

Silver futures for July delivery reached $18.231 an ounce this week, increasing 93.2 cents over last Friday. The highest level for the week was $18.48 an ounce.

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