Core Viewpoint - Silver has experienced significant volatility, with a sharp decline of nearly 10% in 48 hours after reaching a high of $95.85, raising questions about its future trajectory [1][5]. Market Movements - Silver reached an all-time high of $121.64 per ounce on January 29, followed by a dramatic drop of 31.4% on January 30 due to a surge in the dollar and increased margin requirements on futures [2][3]. - After the initial crash, silver recovered over 10% in February, regaining much of its lost value before facing another downturn in early March, attributed to a strengthening dollar and reduced expectations for Fed rate cuts [4][5]. Institutional Sentiment - Despite the volatility, major institutional players like J.P. Morgan and Deutsche Bank have maintained their year-end price targets for silver, indicating confidence in its fundamentals [6][7]. - J.P. Morgan projects an average price of $81 per ounce for 2026, while Deutsche Bank anticipates a price of $100 by year-end, citing silver's tendency to outperform gold in later stages of a metals bull cycle [8]. Forecasts from Major Institutions - J.P. Morgan: $81 annual average for 2026, with potential for significant overshoot during strong inflow periods [8] - Deutsche Bank: $100 target by year-end, emphasizing silver's late-cycle outperformance relative to gold [8] - Citigroup: $150 target for Q2 2026, driven by bullish investment demand and tightening physical supply outside the U.S. [8] - UBS: Bullish on fundamentals, highlighting supply deficits and structural demand from sectors like solar and electronics [8]