: Despite the bullish target, the bank warns that high prices may lead manufacturers to "thrift" (use less silver) in solar panels, potentially capping long-term gains. Controversy and Manipulation History
: Analysts at J.P. Morgan project silver will average $81 per ounce in 2026, more than double its 2025 average.
: Between June and October 2025, the bank reportedly closed out its entire 200-million-ounce "paper short" position (a bet that prices would fall) to acquire physical metal. jp morgan buying silver
P. Morgan's 2026 quarterly price forecasts compared to other major banks?
: In early 2026, the bank was reportedly adding to its position at a rate of 21 million ounces in just six weeks . Market Outlook and Price Targets : Despite the bullish target, the bank warns
J.P. Morgan holds one of the world's largest private stockpiles of physical silver, an accumulation that began in earnest following its 2008 acquisition of Bear Stearns' precious metals operations. Reports from early 2026 indicate the bank has transitioned from a massive "short" position to being "long" on both physical and paper silver for the first time in its history. Current Holdings and Strategic Shift
J.P. Morgan Global Research has significantly revised its outlook for silver, driven by tight supply and surging industrial demand from the solar and EV sectors. : Between June and October 2025, the bank
: Silver reached a historic all-time high of $121.64 in January 2026 before pulling back to roughly $75–$79 by late April.