JP Morgan is alleged to have maintained a massive naked short position in silver, with estimates ranging from 2.6 billion to 4.2 billion ounces—a figure that has fueled long-standing claims of market manipulation.  While no public regulatory body has confirmed these positions as of early 2026, multiple sources suggest the bank’s short exposure has been a central theme in silver market dynamics. 

In late January 2026, silver spiked to around $120 per ounce, then plunged 35% intraday to $78 on February 4—a move dubbed the “Great Silver Crash 2026″ by some analysts.  Critics argue this crash coincided with JP Morgan allegedly closing its short position at the intraday low, aided by a sudden CME margin hike, a London Metal Exchange (LME) pre-market glitch, and HSBC system outages.  This sequence has led to speculation of an “engineered flush” rather than market chaos. 

Despite these claims, no official enforcement action, indictment, or settlement from the CFTC, DOJ, SEC, or Federal Reserve has confirmed illegal manipulation as of February 2026.  Public regulatory data allows for net short positions but does not reveal whether they are “naked” (uncovered) or hedged. Reports of an “undisclosed bank bailout” are attributed to margin stress and liquidity demands, not verified insolvency. 

Meanwhile, a December 2025 report claimed JP Morgan closed its entire 200 million-ounce silver short position and flipped to a 750 million-ounce long position, suggesting a historic shift in strategy.  If true, this would mark a pivotal moment in silver’s price trajectory, potentially signaling the end of decades-long suppression.   

$500 SILVER INCOMING! JPMorgan SHORT SQUEEZE About to EXPLODE – Middelkoop Warninghttps://www.youtube.com/@FinancialCrux-e1k

Key Points:

• Alleged short position: 2.6B–4.2B oz (unconfirmed). 

• February 4, 2026 crash: 35% drop, coinciding with margin hikes and system glitches. 

• No regulatory confirmation of manipulation or naked shorts as of early 2026.

• Willem Middelkoop just dropped a bombshell at the Vancouver VRIC conference. He’s predicting a JPMorgan short squeeze that could propel silver to $400-$500 by the second quarter. Silver shorts have hit their LOWEST levels since November 2023. The trap is set. The squeeze is coming. But that’s not even the most bullish prediction out there. Analyst Rashad Hajiyev just revealed that if gold hits $6,000 and the gold-to-silver ratio compresses to 18 (its historical lower band), silver would MATHEMATICALLY trade above $200 per ounce. And that’s the CONSERVATIVE scenario.Rumors of JP Morgan covering shorts and going long—if verified—could signal a major market shift.