BRICS countries' silver strategy shakes the market, JPMorgan forecasts $81

BRICS countries are pulling large amounts of physical silver from COMEX, creating new stress in the international precious metals market. This strategic procurement is believed to be driven by concerns over supply shortages and long-term asset security. The price gap with the Shanghai silver market is rapidly widening, increasing market participants’ interest.

Rapid Decline in COMEX Inventories and Supply Tightness

The large-scale withdrawal of physical silver by BRICS countries is rapidly intensifying inventory pressure on the COMEX market. This liquidity constraint reflects already tight refined silver supplies, making it even more difficult to fulfill orders with upcoming delivery deadlines.

Market watchers point out that the worsening supply-demand balance is causing structural stress across the entire COMEX market. According to data from NS3.AI, this trend is expected to accelerate further over the coming months.

JPMorgan’s Quiet Silver Accumulation Strategy

Major financial institution JPMorgan is steadily increasing its silver holdings, anticipating market movements. This acceleration in physical accumulation and the looming supply difficulties of refined silver suggest they are building positions proactively. This is seen not merely as market speculation but as a strategic response to long-term supply constraints.

Silver Market Outlook and Price Forecast for 2026

JPMorgan’s latest forecast predicts that silver prices will average around $81 per ounce throughout 2026. This level significantly exceeds last year’s prices, indicating that the supply restrictions driven by BRICS countries’ strategic procurement are exerting upward pressure on prices.

For market participants, the actions of BRICS countries are more than just market news—they are likely to be a key factor shaping silver market strategies through 2026.