With silver currently in the $23.50 range, this represents a possible 27.66% return.

We think recent price weakness offers a strong dip-buying opportunity, reiterating our call for $30/oz silver over the next 6-12 months as US growth rolls over, even if emerging markets growth stagnates."

Silver is currently in a dip. The white metal is down almost 7%  this month after cumulative gains of 20% over the past two months. Silver was above $26 at one point. But the dip appears to be temporary.

Citigroup analysts aren't buying the Federal Reserve's hawkish posturing. They think interest rates will fall in the near future as a recession takes hold.

We expect silver would rally in anticipation of the fall in US interest rates and real yields that will likely accompany an anticipated rollover in US growth in Q4'22 or early 2024. This should weigh on the dollar, with Citi economists expecting US rates and the dollar to weaken further."

Citigroup analysts said these dynamics should underpin demand for ETF silver.

Weaker competition for investment capital from other asset classes should also support silver pricing as markets increasingly price US recession risks."

They also expect a potential increase in demand for silver in China.

Our economists expect China to continue to gradually recover and any associated rebound in EM [emerging market] growth sentiment could be an incremental tailwind for silver. … We expect China demand could recover in 2H 23 following further easing measures by the PBoC."