Citi analyst Tom Fitzpatrick has made a few bullish calls on gold lately. He wrote in a recent note to clients that gold could hit $2500/oz within six months. He also recently said that a $6300/oz gold price doesn't seem unreasonable either.

But Fitzpatrick thinks the real action is in the silver market.

In an interview with King World News, Fitzpatrick said that just a bit more of a rise in gold will send investors flocking to silver:

“When it comes to silver, if we see the moves we are looking for in terms of the next leg of the metals, which is $2,050 for gold and $50 for silver, then you are looking at a gold/silver ratio of around 41. This suggests the classic trade for silver to the upside as the ‘poor man’s gold.’

When gold breaks above $1,790, many people will feel they have missed the boat, and they will go to silver instead. So silver should outperform gold. People have to remember that we are only at the midpoint of the gold/silver ratio of the last 45 years. So it is not inconceivable that we could still go lower in terms of that ratio.

If we see gold move to the $3,400 level, it is not inconceivable that we may see silver closer to $100. Investors have to remember that at the end of the 70s the gold price doubled in a mere five or six weeks. If 3 to 5 years down the line we see that the base policy of the developed world is to continue printing money, then the gloves are off in terms of what levels gold and silver could actually go to.”

$1790 is only 1.5 percent above the current gold price.