Overview
- After spiking to about $121, silver slumped to roughly $65 before rebounding 28% to around $83 in early February.
- J.P. Morgan Global Research projects a 2026 average price of $81 per ounce, more than double the 2025 average.
- The Silver Institute forecasts a sixth straight market shortfall of about 67 million ounces in 2026, with total supply near 1.05 billion ounces.
- Tight physical liquidity in London and continued dependence on above-ground inventories are expected to persist, the institute says.
- Volatility has been driven by policy signals and dollar moves, including a sell-off after Kevin Warsh’s Fed nomination, while high prices raise substitution and thrifting risks in solar.