Loading ...Based on reports surrounding the volatile silver market in late January 2026, there are significant indications that JPMorgan (JPM) moved to address its silver position, though the exact details remain within the realm of high-stakes market speculation.
Here are the key points regarding JPMorgan and its silver position as of Jan 30, 2026:
- Massive Short Position & Pressure: Prior to late January 2026, reports alleged JPMorgan held a massive short position (estimated at over 5,900 tons or ~118 million ounces) while silver prices were rallying, causing substantial mark-to-market losses.
- Reversal and Closing Reports: Some sources indicated that by January 2026, the bank was reversing course and aggressively taking physical delivery on COMEX contracts to cover their position.
- The January 30 Crash: Following a record high near $121, silver prices fell by over 30% on January 30, 2026. A report on LinkedIn/social media (as of Jan 31, 2026) suggested a COMEX report indicated JPM closed its short position around the ~$78-$85 level, coinciding with the massive, sudden drop.
- Shifting Stance: While former JPM strategist Marko Kolanovic was predicting a crash back to $50, some market commentators noted that some traditional silver bears, including those associated with JPM’s previously bearish outlook, began shifting toward a bullish or neutral stance after the crash.
Summary: While official, public documentation of exact bank positions is generally delayed, reports from late January 2026 suggest JPMorgan was forced to cover a massive, underwater short position during the violent sell-off on Jan 30, 2026, effectively closing or significantly reducing that position.