The Silver Endgame
The Silver Endgame
Contemplative Christmas Days
While many European stock exchanges remain closed on December 26, a tsunami is rolling through Asia and the United States. Today alone, the silver price rose by 10%—after already gaining 130% since the beginning of the year.
What is behind this?
One of the world’s largest banks, JP Morgan, is said to have relocated its entire global precious metals team to Singapore by the end of 2025.
However, there is no official confirmation from respected newspapers such as the Financial Times, Reuters, or Bloomberg. JP Morgan itself has also not released any official press statement on the matter.
On the contrary: industry sources and reputable financial news agencies describe these reports as “unconfirmed market speculation” and “rumors” based on an alleged leaked internal email. It is well known, however, that JP Morgan has operated precious metals vaults there since 2010 and has maintained an FX and precious metals trading hub in Singapore since 2020.
Eerie, this silence of wolves in sheep’s clothing. Could an official announcement about looming delivery difficulties at the COMEX in New York trigger panic and an immediate “run” on physical silver—thus destabilizing the global financial system?
These pieces of information therefore come mainly from economic blogs and social media sources, which interpret the urgency and lack of a public announcement as signs of imminent market upheaval— although for years they have been selling gold and silver alongside their apocalyptic scenarios.
“One might say now he’s really overdoing it,” just as one might exclaim at the death of a hypochondriac. I rub my eyes in disbelief.
In market circles, lively discussions are taking place about whether these reports were deliberately spread to further fuel the current rally. All the ingredients for both a perfect conspiracy theory and deliberate market manipulation are present— and aligned in such a way as to trigger this price explosion.
1. Psychological Effect of the “Flight” to Singapore
The reports often describe the move not as an expansion, but as an “escape” from U.S. jurisdiction. This stokes fears of systemic risks in the Western financial system and drives investors toward physical silver. Since Singapore levies no import taxes on precious metals and serves as a hub for physical trading with Asia, this reinforces the narrative that “real” metal will soon only be available in the East.
2. JP Morgan’s Track Record
JP Morgan has a checkered history: in 2020, the bank paid a record fine of USD 920 million for market manipulation (spoofing) in precious metals. Coincidentally, the silver price has been rising ever since.
Critics therefore often suspect manipulative intentions behind “leaked” information designed to artificially move prices. With the great silver speculation of the Hunt brothers in 1979/1980, we already have an old script for a remake.
3. Supply Tightening Through Reclassification
Parallel to the relocation rumors, reports emerged that JP Morgan had shifted around 169 million ounces of silver (almost 10% of global supply) into “non-deliverable” categories— potentially putting the COMEX in New York under strain. This genuinely tightens the supply available for trading.
4. Extreme Price Forecasts
The information about the relocation coincided with extremely bullish forecasts:
Annual demand of 1.2 billion ounces (at 31.1 grams per ounce) faces production of only 1.0 billion ounces. Some analysts are predicting prices of over USD 100, or even up to USD 200, by 2026. For example, the silver contained in a single solar panel would then be worth an absurd EUR 120— far more than the current price of the entire module.
The combination of unconfirmed “leaks” (relocation), physical scarcity (reclassification of inventories), and media hype creates an ideal environment for either a speculative bubble or a massive price surge.
Millions of Ounces of Silver
If, according to FXStreet, JP Morgan has indeed hoarded a mountain of
650 million ounces of silver over the past 10 years on the sidelines of its short positions—
and moved it from the U.S. to Asia—prices could rise astronomically.
The bank has closed its last 200 million ounces of short contracts
and finally lifted the price cap.
What could possibly go wrong?
The Hunt era was a classic speculation bubble driven by leverage and the goal of cornering the market; today, however, the foundation is strongly growing industrial demand (photovoltaics) and the distortions of the global economy.
If this crime story were ultimately true, JP Morgan alone would have it in its hands either to supply industry with the necessary silver—or to reduce exchange-traded ETFs and contracts to electronic confetti.
By selling its silver treasure and then reaping even greater profits from the subsequent price crash, JP Morgan could become the most powerful and valuable bank in the world— and, as a side effect, plunge the rest of us into financial chaos.