Silver Prices Edge Closer to JPMorgan's Bearish Forecast

Silver's price has dropped to around $64.50 after a sharp decline on Thursday, leaving it just above JPMorgan's forecast of $63 for Q4 2026.

The drop in silver prices follows higher inflation numbers, with US producer prices rising 0.4% in August and annual PPI accelerating to 5.4% from 4.8%.

JPMorgan cut its Q4 2026 silver target to $63 in August, citing easing physical-market tightness, weaker demand, and rising interest-rate risks.

The Silver Institute still expects a global mine production deficit of 46.3 million ounces in 2026, which could limit the case for sustained surplus.