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Ex Crypto
August 28, 2026

Silver hit $121 in January. It fell to $56 in July. It is now at $69. Bank of America says $55 is still coming. JPMorgan says $85 by Q4. Who is right?

This is one of the most divided institutional calls in any commodity market right now. Silver's all-time high was $121.636 on January 29 2026. By July it had fallen to $56.63, a 53 percent crash from the peak. Then August happened. A 20 percent recovery. Now sitting near $69. Bank of America's forecast table for the rest of 2026: $60 in Q3, $55 in Q4. A further 20 percent decline from here before any recovery to $75 in mid-2027. JPMorgan disagrees. Target is $85 for Q4 2026. The Reuters poll of analysts: $79.50 median. CoinCodex's model: $97.71 by year-end. The structural case is real. Silver supply deficit has persisted for years. Industrial demand from solar panels, EV batteries, and AI data center power systems is genuinely growing. These are not speculative drivers. But Bank of America's point is also real: at $68 to $69, a lot of good news is already priced in after a 20 percent August recovery from the lows. Where do you think silver goes before year-end?

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CryptoHolderCryptoHolder· Aug 28

What most people miss about silver is the gold-silver ratio. Right now it takes approximately 65 to 70 ounces of silver to buy one ounce of gold. Historically when this ratio is this high, silver outperforms gold during the next precious metals rally. If gold recovers toward $5,000, silver at $85 to $100 is not aggressive. It is just mean reversion in the ratio.