COMEX dynamics around BRICS silver is currently straining severely with registered inventories straining and physical silver hoarding by large institutions accelerating. The disparity between the BRICS silver price and Shanghai, currently at approximately $10 per ounce, is drawing metal out of the Western markets at a pace that is difficult to ignore, and is increasing JP Morga’s silver holdings quietly in anticipation of what analysts believe might be a major repricing. JP Morgan’s silver activity at COMEX, and also its delivery posture, is increasingly at the center of what is happening in this market.
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BRICS Silver Price Pressure Hits COMEX While JP Morgan Silver Holdings Surge
COMEX Inventory Is Being Stretched
BRICS silver COMEX stress has become very visible in the registered inventory numbers. During the first week of January 2026, COMEX warehouses recorded a 33.45-million-ounce withdrawal in just seven days — roughly 26% of registered inventory, gone in a single week. The March 2026 futures contract alone carries 528 million ounces of exposure against only 113 million ounces of registered silver, which is more than four times the deliverable supply concentrated in a single contract month.
Andy Shechman, CEO of Miles Franklin Precious Metals, had this to say about the stress building in BRICS silver COMEX markets:
“The market stays calm until it doesn’t. If even 20% of that silver stands for delivery, that’s 50 million ounces with a 90 million ounce registered category. It’s putting serious stress on the market.”
Physical silver accumulation by large institutional players has also been going on for around 16 months now, with big money reportedly standing for delivery and taking metal at discounted prices while margin hikes clear out the leveraged traders. Refiners, meanwhile, have been shut down — margin called before they can even process the metal they have already bought.
JP Morgan Silver and the Shanghai Spread
The BRICS silver COMEX disconnection is most clearly seen in the East-West price gap. Physical silver accumulation in Shanghai has been sustained enough to keep a $5–$10 premium over Western benchmarks for months. Shechman explained the mechanics of how JP Morgan silver flows into that market actually work:
“If JP Morgan sends 50 million ounces of silver at a $10 premium and makes all $500 million, they’re not paying the VAT tax. It’s the recipient when the metal leaves the Shanghai exchange. It’s on them. So they’re paying a $10 premium plus a VAT tax. That goes to show how much they value silver over the western paper price.”
What JP Morgan Silver Holdings and the Forecast Table Say
J.P. Morgan Global Research’s updated silver projections show a dramatic upward revision from its November 2025 estimates — the full table is below:
| 2025 (Average) | 1Q2026 | 2Q2026 | 3Q2026 | 4Q2026 | 2026 | 2027 | |
|---|---|---|---|---|---|---|---|
| New | 40.1 | 84.0 | 75.0 | 80.0 | 85.0 | 81.0 | 85.5 |
| Old (Nov 2025) | 39 | 54.1 | 56.1 | 56.5 | 58.4 | 56.3 | 58.8 |
| Change (%) | 3% | 55% | 34% | 42% | 46% | 44% | 45% |
“With amplified Chinese investment demand significantly influencing price formation across the metals complex, we believe this remains another catalyst to watch in silver over the coming weeks.”
The BRICS silver price is now projected to average $81/oz across 2026 — more than double the 2025 average of $40.1/oz. With JP Morgan silver holdings continuing to shift and physical silver accumulation accelerating on both sides of the world, the BRICS silver COMEX gap between paper pricing and real demand is unlikely to close quietly.
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