Could Citigroup be exaggerating or on target? Today's silver spot price is about $23.50 per ounce; so a move to $30.00 would be a 28% jump.

Let's look at a few data sets that augur for higher silver prices…

Throughout human history, about 8.5 ounces of silver have been extracted from the earth for every one ounce of gold.

According to the World Gold Council, an estimated 208,874 tonnes of gold have been mined.

The distribution of gold above ground is as follows:

Jewelry: 46%

Bars and coins: 22%

Central banks: 17%

Other: 15%

According to the U.S. Geological Survey (USGS), about 1.74 million metric tons of silver have been mined.

Here are the top five uses of silver by percentage, including bullion, solar, jewelry, and electronics:

Jewelry: 40%

Electronics: 25%

Industrial: 15%

Bullion: 10%

Other: (art, religious objects, currency) 10%