This Top Bank Projects Silver Will Get Back to $90 Within 12 Months

The price of silver hit an all-time high of more than $121 per ounce in January, and it hasn't gotten anywhere near those levels since. On Tuesday, it was trading at around $63 -- roughly half of where it was at its peak.

There may, however, be multiple catalysts that send the precious metal higher in the weeks and months ahead. The iShares Silver Trust (NYSEMKT:SLV) tracks the price of silver and can be an excellent option for investors to diversify their portfolios. While, like silver, it has come down in value this year, it's still up around 47% in the past 12 months.

If silver ends up rising higher, as one top bank thinks it might, this exchange-traded fund could prove to be a good buy right now.

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Citi forecasts that silver could hit $90

Silver has been trading sideways in recent weeks, but in the near term, analysts at Citi believe that it might rise to $75. And within the next six to 12 months, it could rise to around $90. While getting back to its all-time high isn't in the forecast, silver has shown to be highly volatile in the past, and so when it gets hot, there is the potential that it eclipses that price target.

Citi also admits that it expects silver to be more volatile than gold. And with precious metals potentially becoming more attractive options to investors in the near future, silver could have greater upside than gold. It believes that under a possibly less hawkish Federal Reserve, precious metals may come back into the spotlight for investors. It also expects conditions to ease in the Middle East. And if oil prices come back down as a result of that, investors may move away from oil and gas stocks, which have been soaring this year, and back into silver.

The iShares Silver Trust could be a great buy right now

Although silver hasn't been moving much in recent months, there may be an uptick in its value in the near future, and when it goes on a rally, it has shown that its moves can be both sudden and significant.

With many stocks trading at inflated valuations, loading up on the iShares Silver Trust, which is down 17% this year, could be a good move for investors, not only to gain exposure to silver but also possibly as a hedge against market uncertainty.

Citigroup is an advertising partner of Motley Fool Money. David Jagielski, CPA has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.