Silver prices in a “steroid phase” smash past $120 for the first time as gold races beyond $5,600 — silver just quadrupled the S&P 500’s 2025 return in 29 days. Is Citi’s $150 silver call closer than markets expect?

Silver prices hit a historic $119.80, surging 65% in January 2026. This "white metal" rally has outperformed the S&P 500's 1.9% gain by over 30 times this month. Gold followed, smashing through $5,600. Citi’s $150 target hinges on a collapsing gold-silver ratio, now at a decade-low of 47:1. Structural shortages and Chinese export bans drive this parabolic "gold on steroids" phase.