Markets
February 26, 2026
After its January 2026 rally, when silver hit $115, prices were largely stable. But over the past five days, the precious metal has again shown positive signs, climbing by over 11%. The recently released JPMorgan silver forecast also highlights how silver is outperforming expectations. It signals strong industrial silver demand as well as interest as an investment asset.
According to JPMorgan’s research, silver is expected to average around $81 per ounce in 2026, almost double the average for the past year.
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Why JPMorgan’s Silver Price Forecast Rises on Strong Demand Outlook
The revised JPMorgan silver price forecast projects the price for Q1 2026 as $84/oz, Q2 2026 as $75/oz, Q3 2026 as $80/oz, Q4 2026 as $85/oz, and for 2027 as $85.5/oz. The revised forecast is, on average, 40-50% higher than the one released in November 2025.
JPMorgan’s silver price prediction is largely based on three factors. These include the silver demand outlook in 2026, the past price trends, and increased investor interest.
The silver demand outlook is shaped by both industrial consumption, like in solar panels, and evolving demand from emerging technologies, such as electric cars.
But as silver prices rise, there’s also the risk that industries will look into other technologies and minerals to minimize their reliance on silver and cut costs.
Speaking about the industrial silver demand and the risk of silver-free technology, Gregory Shearer, J.P. Morgan’s head of Base and Precious Metals Strategy, said,
“Long term, the largest risk we see for silver comes from more widespread adoption of silver-free technology, such as the cadmium telluride thin-film technology.”
Shearer added,
“While a precious metal at its core, silver is still a very industrial metal, with industrial applications accounting for about 60% of total demand (excluding ETF flows). From a fundamental perspective, we believe the surge higher in silver has likely already set in motion a meaningful acceleration in substitution and thrifting trends, which will leave scar tissue on silver balances over the coming quarters.”
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JPMorgan’s silver price forecast for 2026, although slightly on the higher side, is in line with other leading banks and organizations. Investors should remain cautious about market volatility and sharp price swings. Apart from that, the forecast should be treated as a possible scenario, not a guarantee.
