Silver is
having one of its most extraordinary years in modern market history. Up 161%
year-on-year, the white metal briefly touched an all-time high of $121.62
per ounce in January 2026 before a brutal CME margin hike-driven
correction sent it tumbling back toward $70.
Now, on
Tuesday March 10, it is testing $90 per ounce for the third
consecutive gaining session, and the question the entire precious metals
community is asking is simple: has the paper pricing mechanism finally broken,
or are we watching an extraordinary but ultimately temporary squeeze?
In this
article, I will break down the technical analysis of the silver chart, examine
the COMEX delivery situation, and compile the most relevant silver price
predictions from Wall Street and independent analysts for the rest of 2026.
Based on my over 15 years of experience as an analyst and retail investor, here
is what I am watching.
Follow
me on X for real-time silver market analysis: @ChmielDk
Silver has
been rising for the third session in a row, bouncing from local lows near $80
and once again drawing strength from global geopolitical tensions. On Tuesday
March 10 it is testing $90 per ounce – a weekly high. However,
as I write these words, we are pulling back slightly from the intraday peak,
with silver up 2% and trading at $88.80 per ounce.
From a
technical standpoint, very little has changed. The silver price remains within
the same consolidation channel it has held since early February.
The lower boundary of this range sits near $70 per ounce – the
December-February lows.
The upper
boundary is the local peak zone between $90 and $94, tested at the
start of March. Midway through this channel sits the key local support at $80,
which is not coincidental – it aligns precisely with the historical highs from
late December 2025 and is additionally supported by the 50-day EMA,
making it a doubly significant level.
Why silver is going up? Source: Tradingview.com
The market
is now at a decision point. If the consolidation breaks upward, silver has a
clear path toward the all-time high zone near $120, with no
meaningful technical resistance between $94 and that level.
If it
breaks downward, the target is the 200-day EMA near $60, which
together with the October 2025 highs around $55 forms a
substantial support zone that would likely attract significant buying.
Level | Type | Notes |
$121.62 | All-time high (Jan 2026) | Silver |
$90-$94 | Upper consolidation band | Local |
$88.80 | Current price (Mar 10) | +2% Tuesday, third green session |
$80 | Mid-channel support | 50 EMA + Dec 2025 historical highs |
$70 | Lower consolidation band | Dec-Feb lows |
$60 | Bear target | 200-day EMA |
$55 | Major bear support | Oct 2025 |
Why Silver Is Going Up?
Geopolitics and the Physical Squeeze
The
immediate catalyst for this week’s three-session recovery is the same force
that has dominated the silver narrative all year: geopolitical tension.
The US-Iran conflict and Strait of Hormuz situation that triggered the
February spike to $96 and the subsequent crash below $84 remain unresolved, and every
escalation sends a fresh wave of safe-haven demand into precious metals. Gold
has already climbed above $5,400 – more than 100% higher year-on-year – and
silver, which historically
amplifies gold’s direction in both directions, is following.
But the
deeper structural story sits in the COMEX vaults. In just seven days in
January, 33.45 million ounces of silver were physically withdrawn for
delivery – roughly 26% of COMEX’s entire registered inventory gone in
a single week. By the end of February, registered silver stocks had fallen to
approximately 86.1 million ounces, a 31% decline from levels
seen just months earlier.
The March
2026 delivery cycle has been described as a “stress test” for the
entire global silver pricing system, with delivery demand representing more
than 60% of total registered inventory – leaving almost no
margin for error.
The CME’s
response – raising margin requirements from 15% to 18% in mid-February –
triggered the brutal 10% single-day
crash that made it the third-worst silver decline since 2020. The margin hike worked to control
leverage in the short term, but it cannot solve physical scarcity. As
TradingKey noted, “this system did not collapse only because of one simple
assumption: nobody would ask for delivery all at once. In early 2026, that
assumption failed”.
The Paper vs. Physical
Divide: Shanghai vs. COMEX
One of the
most significant technical developments in silver markets is the divergence
between Eastern and Western pricing. As analyst Echo points out,
silver is already trading near $87 in Shanghai while the
Western COMEX price lags behind, a gap driven by physical demand cracking the
paper market and relentless industrial buying from Chinese manufacturers. Echo
describes “blue sky” territory above $80, where there is technically
no meaningful resistance on the Western chart.
Silver Price Surge
Listen up. AI Asian Guy breaks down why silver just exploded, and why weโre only moments away from a new all-time high.
Silver just surged from the low $70s to $79, with the Western COMEX ATH sitting at $84. Meanwhile, silver is already trading near $87 inโฆ pic.twitter.com/i1MxcEYkEI
โ Echo ๐ (@echodatruth) January 6, 2026
This
East-West split is not new – the earlier
analysis covering silver’s surge toward $91 noted that gold was not following silver
higher on that occasion, suggesting the move was industrial rather than purely
safe-haven driven. Silver’s dual role as both a monetary metal and an
industrial input – critical for solar panels, AI infrastructure, and
electronics – means it is subject to demand pressures that gold simply does not
face. The Silver Institute’s latest data shows annual supply deficits
running at 110-300 million ounces, a structural imbalance that underpins
every long-term price thesis.
Analyst Bix
Weir argues these COMEX silver drains signal the end of what he
calls 180 years of price suppression, implying a massive upward
repricing as the paper-to-physical gap closes.
SILVER ALERT! COMEX Warehouse Silver Drained AGAIN! 180yr Price Suppression ENDING! (Bix Weir)๐ฅ๐๐ฅ @clif_high @silverguru22 @Beyond_Mystic @MilesFranklinCo https://t.co/92jKrzEdkU
โ RoadtoRoota (@RoadtoRoota) January 29, 2026
Bark puts
specific numbers on the leverage problem, identifying a 21:1
paper-to-physical ratio and predicting parabolic moves as that
illusion breaks.
๐จ SILVER SUPPY SHOCK UNCOVERED, PRICE SURGE IMMINENT
Silver shortages are hitting the globe, but the true story is much deeper than anyone realizes.
The Setup: The banks have issued paper contracts promising 337,000,000 Ounces of Silver. These have flooded the market in recentโฆ pic.twitter.com/CUjfAkHuI2
โ Bark (@barkmeta) January 4, 2026
Silver Price Predictions
2026: The Full Spectrum
The
forecast range for silver in 2026 is as extraordinary as its recent price
action. At the conservative end, JP Morgan forecasts an average price
of $81 per ounce, based on tight supply and strong demand – double silver’s
2025 average but well below current trading levels. The bank’s more cautious
analyst Marko Kolanovic has warned silver could crash back to $50 if
speculative positioning unwinds before fundamentals catch up.
Bank of
America’s Michael Widmer sits at the opposite extreme on the institutional spectrum,
maintaining his $135-$309 target for 2026 based on
gold-to-silver ratio compression and supply constraints.
Bank of America revamps silver stock price target for 2026
Michael Widmer, the bank’s head of metals research, projects silver could reach anywhere between $135 and $309 per ounce before the end of 2026.https://t.co/SfL76xZitY
โ bob coleman (@profitsplusid) March 1, 2026
That $309
figure implies silver tripling from current levels in under a year –
extraordinary, but built on the same physical shortage thesis that has been
proven partially correct by January’s $121 spike.
Independent
analyst Jochen Staiger lays out a sequential target structure: $111,
then $146, then $185 within 12-18 months, citing permanent shifts
where physical shortages have broken the paper pricing mechanism and Eastern
markets have taken control of price discovery.
SILVER TO $185? SWISS EXPERT BREAKS DOWN THE END OF PAPER PRICE MANIPULATION
In a revealing interview, Swiss commodity analyst Jochen Staiger dissects the seismic power shift in the silver market. The old rules are over. His price forecast๐
PRICING POWER HAS MOVED EAST
โ โTheโฆ pic.twitter.com/mzHkGBmhbeโ Mark (@Mark4XX) January 21, 2026
Michael
Oliver uses the phrase “quantum leap” – predicting $100-$200
per ounce in quarters, not years – describing an explosive repricing
of “decades of stored energy in the market.”
๐ QUANTUM LEAP: Why Silver is About to Go PARABOLIC ๐
Michael Oliver’s Radical Forecast:
โก๏ธ Not a slow climb – a sudden, explosive repricing
โก๏ธ Calls it a “quantum leap” – permanent shift to new price ranges
โก๏ธ $100-200 silver within quarters, NOT years
โก๏ธ Gold to enterโฆ pic.twitter.com/Y0umm3hiz7โ Mark (@Mark4XX) November 26, 2025
Analyst
Rashad Hajiyev sees silver “tripling to $240-$260 by May 2026,”
framing the recent 3x move from $40 to $121 as only the first leg of a steeper
bull cycle.
Silver price tripled within 3.5 months from September 2025 to January 2026 from $40 to $121.
Next silver price tripling is going to happen within lesser timeframe as bull run is entering a steeper cycle. I expect silver to reach my $240 – 260 target by May 2026.
Posts are notโฆ pic.twitter.com/I80aC2kP77
โ Rashad Hajiyev (@hajiyev_rashad) February 18, 2026
Source | Silver Target | Timeframe |
JP Morgan (bear) | $50 | If speculation unwinds |
JP Morgan (base) | $81 average | Full year 2026 |
MEXC technical model | $100-$121 | Mid-2026 if $92 breaks |
GoldSilver (Hibbard) | $100+ | 2026 supply deficit driven |
Bank of America (Widmer) | $135-$309 | Full year 2026 |
Jochen Staiger | $111 โ $146 โ $185 | 12-18 months |
Michael Oliver | $100-$200 | Quarters, not years |
Rashad Hajiyev | $240-$260 | By May 2026 |
The January surge
to $120 that Citi had forecast demonstrates that the upside scenarios are not purely theoretical.
FAQ, Silver Price Analysis
How high can silver go in
2026?
The
institutional range runs from JP Morgan’s $81 average to Bank of America’s $309
bull case. Independent analysts project $185-$260 based on physical shortage
theses and Eastern market control of price discovery. My technical analysis
shows $120 (all-time high retest) as the first major target if silver breaks
above $94, with $136 as the full Fibonacci extension target.
What is the silver price
today?
Silver is
trading at $88.80 per ounce on Tuesday March 10, up 2% on the day and extending
a three-session recovery from the $80 local low. The price is testing the upper
boundary of the consolidation channel between $90 and $94. Silver is up 161%
year-on-year and 18.4% year-to-date but has corrected approximately 27% from
its January all-time high of $121.62.
What is the bear case for
silver in 2026?
As shown on
my chart, a break below the $70 lower consolidation boundary opens the path to
the 200-day EMA near $60, which together with the October 2025
highs at $55 forms the key support zone. JP Morgan’s Kolanovic
warns of a potential crash to $50 if speculative positioning
unwinds before fundamentals catch up.
Silver is
having one of its most extraordinary years in modern market history. Up 161%
year-on-year, the white metal briefly touched an all-time high of $121.62
per ounce in January 2026 before a brutal CME margin hike-driven
correction sent it tumbling back toward $70.
Now, on
Tuesday March 10, it is testing $90 per ounce for the third
consecutive gaining session, and the question the entire precious metals
community is asking is simple: has the paper pricing mechanism finally broken,
or are we watching an extraordinary but ultimately temporary squeeze?
In this
article, I will break down the technical analysis of the silver chart, examine
the COMEX delivery situation, and compile the most relevant silver price
predictions from Wall Street and independent analysts for the rest of 2026.
Based on my over 15 years of experience as an analyst and retail investor, here
is what I am watching.
Follow
me on X for real-time silver market analysis: @ChmielDk
Silver has
been rising for the third session in a row, bouncing from local lows near $80
and once again drawing strength from global geopolitical tensions. On Tuesday
March 10 it is testing $90 per ounce – a weekly high. However,
as I write these words, we are pulling back slightly from the intraday peak,
with silver up 2% and trading at $88.80 per ounce.
From a
technical standpoint, very little has changed. The silver price remains within
the same consolidation channel it has held since early February.
The lower boundary of this range sits near $70 per ounce – the
December-February lows.
The upper
boundary is the local peak zone between $90 and $94, tested at the
start of March. Midway through this channel sits the key local support at $80,
which is not coincidental – it aligns precisely with the historical highs from
late December 2025 and is additionally supported by the 50-day EMA,
making it a doubly significant level.
Why silver is going up? Source: Tradingview.com
The market
is now at a decision point. If the consolidation breaks upward, silver has a
clear path toward the all-time high zone near $120, with no
meaningful technical resistance between $94 and that level.
If it
breaks downward, the target is the 200-day EMA near $60, which
together with the October 2025 highs around $55 forms a
substantial support zone that would likely attract significant buying.
Level | Type | Notes |
$121.62 | All-time high (Jan 2026) | Silver |
$90-$94 | Upper consolidation band | Local |
$88.80 | Current price (Mar 10) | +2% Tuesday, third green session |
$80 | Mid-channel support | 50 EMA + Dec 2025 historical highs |
$70 | Lower consolidation band | Dec-Feb lows |
$60 | Bear target | 200-day EMA |
$55 | Major bear support | Oct 2025 |
Why Silver Is Going Up?
Geopolitics and the Physical Squeeze
The
immediate catalyst for this week’s three-session recovery is the same force
that has dominated the silver narrative all year: geopolitical tension.
The US-Iran conflict and Strait of Hormuz situation that triggered the
February spike to $96 and the subsequent crash below $84 remain unresolved, and every
escalation sends a fresh wave of safe-haven demand into precious metals. Gold
has already climbed above $5,400 – more than 100% higher year-on-year – and
silver, which historically
amplifies gold’s direction in both directions, is following.
But the
deeper structural story sits in the COMEX vaults. In just seven days in
January, 33.45 million ounces of silver were physically withdrawn for
delivery – roughly 26% of COMEX’s entire registered inventory gone in
a single week. By the end of February, registered silver stocks had fallen to
approximately 86.1 million ounces, a 31% decline from levels
seen just months earlier.
The March
2026 delivery cycle has been described as a “stress test” for the
entire global silver pricing system, with delivery demand representing more
than 60% of total registered inventory – leaving almost no
margin for error.
The CME’s
response – raising margin requirements from 15% to 18% in mid-February –
triggered the brutal 10% single-day
crash that made it the third-worst silver decline since 2020. The margin hike worked to control
leverage in the short term, but it cannot solve physical scarcity. As
TradingKey noted, “this system did not collapse only because of one simple
assumption: nobody would ask for delivery all at once. In early 2026, that
assumption failed”.
The Paper vs. Physical
Divide: Shanghai vs. COMEX
One of the
most significant technical developments in silver markets is the divergence
between Eastern and Western pricing. As analyst Echo points out,
silver is already trading near $87 in Shanghai while the
Western COMEX price lags behind, a gap driven by physical demand cracking the
paper market and relentless industrial buying from Chinese manufacturers. Echo
describes “blue sky” territory above $80, where there is technically
no meaningful resistance on the Western chart.
Silver Price Surge
Listen up. AI Asian Guy breaks down why silver just exploded, and why weโre only moments away from a new all-time high.
Silver just surged from the low $70s to $79, with the Western COMEX ATH sitting at $84. Meanwhile, silver is already trading near $87 inโฆ pic.twitter.com/i1MxcEYkEI
โ Echo ๐ (@echodatruth) January 6, 2026
This
East-West split is not new – the earlier
analysis covering silver’s surge toward $91 noted that gold was not following silver
higher on that occasion, suggesting the move was industrial rather than purely
safe-haven driven. Silver’s dual role as both a monetary metal and an
industrial input – critical for solar panels, AI infrastructure, and
electronics – means it is subject to demand pressures that gold simply does not
face. The Silver Institute’s latest data shows annual supply deficits
running at 110-300 million ounces, a structural imbalance that underpins
every long-term price thesis.
Analyst Bix
Weir argues these COMEX silver drains signal the end of what he
calls 180 years of price suppression, implying a massive upward
repricing as the paper-to-physical gap closes.
SILVER ALERT! COMEX Warehouse Silver Drained AGAIN! 180yr Price Suppression ENDING! (Bix Weir)๐ฅ๐๐ฅ @clif_high @silverguru22 @Beyond_Mystic @MilesFranklinCo https://t.co/92jKrzEdkU
โ RoadtoRoota (@RoadtoRoota) January 29, 2026
Bark puts
specific numbers on the leverage problem, identifying a 21:1
paper-to-physical ratio and predicting parabolic moves as that
illusion breaks.
๐จ SILVER SUPPY SHOCK UNCOVERED, PRICE SURGE IMMINENT
Silver shortages are hitting the globe, but the true story is much deeper than anyone realizes.
The Setup: The banks have issued paper contracts promising 337,000,000 Ounces of Silver. These have flooded the market in recentโฆ pic.twitter.com/CUjfAkHuI2
โ Bark (@barkmeta) January 4, 2026
Silver Price Predictions
2026: The Full Spectrum
The
forecast range for silver in 2026 is as extraordinary as its recent price
action. At the conservative end, JP Morgan forecasts an average price
of $81 per ounce, based on tight supply and strong demand – double silver’s
2025 average but well below current trading levels. The bank’s more cautious
analyst Marko Kolanovic has warned silver could crash back to $50 if
speculative positioning unwinds before fundamentals catch up.
Bank of
America’s Michael Widmer sits at the opposite extreme on the institutional spectrum,
maintaining his $135-$309 target for 2026 based on
gold-to-silver ratio compression and supply constraints.
Bank of America revamps silver stock price target for 2026
Michael Widmer, the bank’s head of metals research, projects silver could reach anywhere between $135 and $309 per ounce before the end of 2026.https://t.co/SfL76xZitY
โ bob coleman (@profitsplusid) March 1, 2026
That $309
figure implies silver tripling from current levels in under a year –
extraordinary, but built on the same physical shortage thesis that has been
proven partially correct by January’s $121 spike.
Independent
analyst Jochen Staiger lays out a sequential target structure: $111,
then $146, then $185 within 12-18 months, citing permanent shifts
where physical shortages have broken the paper pricing mechanism and Eastern
markets have taken control of price discovery.
SILVER TO $185? SWISS EXPERT BREAKS DOWN THE END OF PAPER PRICE MANIPULATION
In a revealing interview, Swiss commodity analyst Jochen Staiger dissects the seismic power shift in the silver market. The old rules are over. His price forecast๐
PRICING POWER HAS MOVED EAST
โ โTheโฆ pic.twitter.com/mzHkGBmhbeโ Mark (@Mark4XX) January 21, 2026
Michael
Oliver uses the phrase “quantum leap” – predicting $100-$200
per ounce in quarters, not years – describing an explosive repricing
of “decades of stored energy in the market.”
๐ QUANTUM LEAP: Why Silver is About to Go PARABOLIC ๐
Michael Oliver’s Radical Forecast:
โก๏ธ Not a slow climb – a sudden, explosive repricing
โก๏ธ Calls it a “quantum leap” – permanent shift to new price ranges
โก๏ธ $100-200 silver within quarters, NOT years
โก๏ธ Gold to enterโฆ pic.twitter.com/Y0umm3hiz7โ Mark (@Mark4XX) November 26, 2025
Analyst
Rashad Hajiyev sees silver “tripling to $240-$260 by May 2026,”
framing the recent 3x move from $40 to $121 as only the first leg of a steeper
bull cycle.
Silver price tripled within 3.5 months from September 2025 to January 2026 from $40 to $121.
Next silver price tripling is going to happen within lesser timeframe as bull run is entering a steeper cycle. I expect silver to reach my $240 – 260 target by May 2026.
Posts are notโฆ pic.twitter.com/I80aC2kP77
โ Rashad Hajiyev (@hajiyev_rashad) February 18, 2026
Source | Silver Target | Timeframe |
JP Morgan (bear) | $50 | If speculation unwinds |
JP Morgan (base) | $81 average | Full year 2026 |
MEXC technical model | $100-$121 | Mid-2026 if $92 breaks |
GoldSilver (Hibbard) | $100+ | 2026 supply deficit driven |
Bank of America (Widmer) | $135-$309 | Full year 2026 |
Jochen Staiger | $111 โ $146 โ $185 | 12-18 months |
Michael Oliver | $100-$200 | Quarters, not years |
Rashad Hajiyev | $240-$260 | By May 2026 |
The January surge
to $120 that Citi had forecast demonstrates that the upside scenarios are not purely theoretical.
FAQ, Silver Price Analysis
How high can silver go in
2026?
The
institutional range runs from JP Morgan’s $81 average to Bank of America’s $309
bull case. Independent analysts project $185-$260 based on physical shortage
theses and Eastern market control of price discovery. My technical analysis
shows $120 (all-time high retest) as the first major target if silver breaks
above $94, with $136 as the full Fibonacci extension target.
What is the silver price
today?
Silver is
trading at $88.80 per ounce on Tuesday March 10, up 2% on the day and extending
a three-session recovery from the $80 local low. The price is testing the upper
boundary of the consolidation channel between $90 and $94. Silver is up 161%
year-on-year and 18.4% year-to-date but has corrected approximately 27% from
its January all-time high of $121.62.
What is the bear case for
silver in 2026?
As shown on
my chart, a break below the $70 lower consolidation boundary opens the path to
the 200-day EMA near $60, which together with the October 2025
highs at $55 forms the key support zone. JP Morgan’s Kolanovic
warns of a potential crash to $50 if speculative positioning
unwinds before fundamentals catch up.
