If you haven't looked at a metal chart in the last forty-eight hours, the current price of 1 oz silver might actually make you dizzy. We aren't in Kansas anymore. As of Saturday, January 17, 2026, the spot price for a troy ounce of silver is hovering right around $90.39.
That's a wild number. Honestly, it’s a bit surreal if you remember silver sitting at $23 just a few years back. The market is currently breathing after a frantic week where we saw prices tag **$93.00** before some traders decided to pocket their wins and head for the exits. This morning, the "ask" price—what you’d actually pay on the street—is closer to $90.88 depending on which dealer has stock left.
Why the current price of 1 oz silver keeps breaking records
It isn't just one thing. It’s a messy, complicated pile-up of industrial desperation and political chaos. The big story right now is the "perfect storm" in the silver market.
Basically, we've had five straight years of supply deficits. We are literally digging it out of the ground slower than we are using it up. Most people think silver is just for jewelry or coins, but that’s barely half the story. The AI boom you've been hearing about? It runs on silver. Data centers need it. Solar panels—which are being installed at a record pace in 2026—need it.
Electric vehicles (EVs) are also massive silver hogs. An average EV uses roughly double the silver of a traditional gas car. When you combine that with the fact that Mexico, the world's largest producer, has seen some regulatory tightening that slowed down production, you get a supply chain that’s basically held together with duct tape.
The Washington Factor
Then there's the politics. Right now, there is a lot of noise coming out of D.C. regarding the Federal Reserve. Reports of a criminal probe into Fed Chair Jerome Powell have basically set the dollar on fire. When investors get scared that the Fed is losing its independence, they run toward "hard" assets. They want something they can hold.
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Gold hit a staggering $4,629 this month, and silver—the "poor man's gold"—is just trying to catch up. Historically, gold moves first, and then silver follows like a rocket ship. We’re in the rocket ship phase.
Spot Price vs. What You Actually Pay
Don't be fooled by the number you see on a ticker. If you walk into a local coin shop today to buy a 2026 1 Oz Silver Kangaroo or a Silver Maple Leaf, you aren't paying $90.39.
You’re paying a premium.
Premiums are the dealer’s cut and the cost of minting. Right now, physical silver is so tight that premiums are creeping up again. You’re likely looking at $97.58 to $98.48 for a single ounce coin. It’s a bit of a gut punch, but that’s the reality of a physical shortage.
- Junk Silver: Old 90% silver US coins (dimes, quarters) are popular, but even "junk" bags are trading for huge markups.
- Bars: 100 oz bars usually have lower premiums per ounce, but at $9,000+ a pop, they aren't for everyone.
- ETFs: If you just want to play the price move without owning the metal, the iShares Silver Trust (SLV) is the big dog, but you can't exactly make a solar panel out of a digital share.
The Gold-Silver Ratio is Telling a Story
For decades, the average gold-to-silver ratio was around 67:1. That means it took 67 ounces of silver to buy one ounce of gold. Last year, that ratio was way up over 80.
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Currently, the ratio has dropped toward 60:1. This tells us that silver is outperforming gold. It’s closing the gap. Some analysts, like those at Citigroup, have been shouting from the rooftops that silver could test $100 by March. Others, like HSBC, are a bit more cautious. They think we might be overextended and could see a "mean reversion" back down to the $68 range if supply tightness eases up later this year.
It's a high-stakes game.
Silver has a "personality," as some traders put it. It’s volatile. It’s the "widow maker" of the metal world. It can spike 20% in a week and then drop 15% in a single afternoon. If you’re looking at the current price of 1 oz silver and thinking about jumping in, you have to be okay with that roller coaster.
What happens next?
We are watching the $84.00 level very closely. That was last year's high. As long as the price stays above that, the "bulls" are in control. If we break below that, things could get ugly fast.
On the flip side, if the geopolitical tension in regions like Iran or the uncertainty in Venezuela keeps boiling over, $100 silver isn't just a meme—it's a very real possibility. Safe-haven buying usually doesn't stop until people feel safe, and honestly, nobody feels particularly safe right now.
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Your Actionable Move
If you are holding silver, now is the time to check your "cost basis." If you bought at $25, you are sitting on a massive gain. You might want to consider taking some profit on the table. If you are looking to buy, don't FOMO (Fear Of Missing Out) into a vertical line.
Watch for the dips.
The market just pulled back from $93 to $90. That's a dip. But wait to see if it stabilizes. Look for "support levels" where the price stops falling and starts moving sideways. Most importantly, check multiple dealers for the best premium. One shop might be asking $8 over spot while another is only asking $5. That difference adds up fast when you're buying a stack.
Stay sharp. The metals market in 2026 is moving faster than anything we've seen in forty years. Keep an eye on those Fed headlines—they are the real gas on the fire.
Next Steps for You:
- Compare physical premiums at at least three major online dealers (like JM Bullion or SD Bullion) before placing an order; the spread is currently wider than usual.
- Track the Gold-Silver Ratio daily; if it dips below 55, silver may be becoming "overvalued" relative to its yellow cousin.
- Verify the storage costs if you're buying in bulk; at $90/oz, a standard monster box is now worth nearly $45,000, making home storage a significant insurance risk.