Bank cuts year-end silver price outlook after January’s 27% plunge and weakening industrial demand.
JPMorgan reduced its silver price forecast to $60-$65 an ounce for the remainder of 2026, down from a prior estimate of $81. The revision follows a 27% crash in January after silver hit a record $121.78 an ounce on January 29, triggered by Federal Reserve chair nomination news.
Silver’s 2025 rally was driven by surging demand from solar panels, electric vehicles, and AI data centers. However, investor demand collapsed post-January, while industrial consumption—60% of total silver use—has softened in key sectors. Both factors now weigh on prices.
Silver futures briefly dipped to $57 before stabilizing near $62. JPMorgan’s Gregory Shearer cited lingering froth in the market, suggesting further downside risk.