Silver (SLV) could be trading at roughly half its current price later in 2026, according to Marko Kolanovic, the former chief strategist and co-head of global research at J.P. Morgan (JPM). The metal recently surged to a high of about $113 per ounce before pulling back into the $104–$110 range. However, Kolanovic argues that this sharp move isn’t being driven by fundamentals. Instead, he believes silver’s gains are largely the result of speculative activity, describing the rally as “meme traders attempting to take over the market.”
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At the same time, both silver and gold (GLD) have been climbing amid rising political uncertainty. In fact, prediction markets are now assigning roughly an 80% chance of a partial U.S. federal government shutdown by the end of the week, which has helped fuel demand for traditional safe-haven assets. As a result, silver is up about 54% so far in January and roughly 264% year-over-year. Still, Kolanovic warns that this strength is unlikely to hold. In his view, current prices are unsustainable, and silver should eventually fall back to about half today’s levels later this year.
Despite Kolanovic’s negative view on silver, many other analysts are growing increasingly optimistic about gold. In fact, bold forecasts have recently emerged, including ICBC Standard Bank strategist Julia Du, who suggested that gold could reach as high as $7,150 if current trends persist. In addition, Goldman Sachs (GS) has called gold its highest-conviction trade due to durable, long-term demand.
Is Silver a Good Buy?
Using TipRanks’ technical analysis tool, the indicators seem to point to a positive outlook for silver. Indeed, the summary section pictured below shows that 15 indicators are Bullish, compared to one Neutral and six Bearish indicators.
