On Jan. 27, 2026, JP Morgan analyst Marko Kolanovic warned that silver prices could fall by half, a view stated in his note to clients. Two days later, the XAG/USD index fell about 30% on Friday, dropping to a low near $75 per ounce.
Kolanovic attributed the prior rally to speculative flows rather than fundamentals. He likened the move to the meme market and called it “meme traders attempting to take over the market.”
He also described the rally as “unsustainable.” The recent 30% fall did not meet his 50% decline forecast, but he said further weakness could trigger deeper losses (Ed. note: a renewed sell-off could bring prices nearer to his projection).
While bearish on silver, JP Morgan remains bullish on gold and projects it could reach $8,000 by the decade’s end. The bank cited ongoing central bank purchases as a key reason for its gold outlook.
