If you’ve checked the charts lately, you know things are getting weird. Honestly, the current price of silver per troy ounce has been moving like a tech stock on a caffeine high, and if you're trying to time your entry, you've probably noticed the spot price isn't the same as it was ten minutes ago.
As of early morning on January 17, 2026, silver is hovering around $90.88 per ounce.
That’s a slight dip from the record highs we saw just a couple of days back when it flirted with $93.54. It’s kinda wild to think that just a year ago, we were looking at $30 and wondering if it would ever break past its old resistance. Now, here we are, seeing $90 as the "new normal" for a weekend pullback.
Why the current price of silver per troy ounce is actually a bargain
Most people look at a $90 price tag and think they missed the boat. You’ve probably heard someone say, "I should have bought at $20." Sure. We all should have. But the reality of the 2026 market is different because the silver deficit isn't a theory anymore—it’s a physical reality in the supply chain.
Silver is the "indispensable" metal.
You can’t build a modern solar farm without it. You can't run a high-performance EV battery without it. And you definitely can't scale AI data centers without the conductivity that only silver provides.
While gold gets all the headlines for hitting $4,600, silver is doing the heavy lifting in the background. The gold-to-silver ratio, which for decades sat near 80:1, has been shrinking. It's currently sitting around 50:1. When that ratio drops, it basically means silver is finally catching up to its "big brother" in terms of value.
The tug-of-war between industry and investors
Right now, the market is caught in a weird spot. On one hand, you’ve got massive industrial demand from green tech. On the other, you have retail investors who are spooked by currency shifts and "tariff wars" that started dominating the news late last year.
Philippe Gijsels from BNP Paribas recently made waves by suggesting silver could double again before the end of the year. Is $150 silver possible? Some experts at The Oregon Group think so, especially if the current supply deficit isn't addressed by new mining projects—which, by the way, take years to come online.
Most silver is a byproduct.
That’s a huge detail people miss. When you mine for copper or zinc, you get silver as a "bonus." Because of this, miners can't just flip a switch and produce more silver just because the price is high. They have to mine more copper first. If the global economy slows down and we need less copper, silver supply actually tightens even if the price is skyrocketing.
What you’re actually paying (Spot vs. Premium)
If you go to a local coin shop today, you aren't going to pay $90.88.
You've got to deal with the "premium." Dealers have to make a margin, and when demand is this high, those premiums can get spicy. For a 2026 1 oz Silver Kangaroo or a Silver Maple Leaf, you’re looking at closer to $98.00 per ounce.
- Spot Price: The paper trading price on the COMEX ($90.88).
- Physical Price: What you actually hand over cash for ($97-$99).
- The Spread: The difference between what you buy for and what the dealer will buy it back for.
Honestly, the spread is where most new investors get burned. They buy at $98, see the spot price at $91, and think they’re losing money immediately. You have to view silver as a long-term play, not a "get rich by Tuesday" scheme.
The "Paper Silver" trap
A lot of the volatility we're seeing this Saturday comes from the futures market. Institutional traders use "paper silver" (contracts) to hedge their bets. This can cause the current price of silver per troy ounce to crash on paper even while your local coin shop is sold out of actual metal.
We saw this in late 2025. The spot price dropped $5 in a day, but the price of a physical American Silver Eagle didn't budge. Why? Because people didn't want the paper; they wanted the silver in their safe.
What to watch for the rest of 2026
If you're holding or looking to buy, keep an eye on three things. First, the Federal Reserve’s stance on interest rates. High rates usually hurt silver because silver doesn't pay a dividend. But with inflation still lingering above 2%, people are treating silver as a "hard asset" hedge regardless of what the Fed does.
Second, watch the trade headlines.
Recent friction between the U.S. and major exporters has made physical delivery harder. If silver becomes harder to move across borders, the price in New York will keep decoupling from the price in London or Shanghai.
Lastly, look at the solar sector. China’s recent move to restrict certain mineral exports has sent a shockwave through the renewables industry. If they squeeze silver exports, $90 will look like a steal in retrospect.
Your next moves with silver
Don't panic-buy on the highs. The current $2 dip is a standard correction after a massive run-up. If you're serious about adding silver to your portfolio, consider "dollar-cost averaging." Instead of dropping $10,000 today, maybe buy a 10-ounce bar every month. This smooths out the volatility and keeps you from losing sleep when the spot price does one of its signature 4% mid-day dives.
Check the live bid/ask spreads on reputable sites like JM Bullion or SD Bullion before you walk into a physical store. Knowing the "ask" price gives you leverage. If a dealer tries to charge you a $15 premium over spot, walk away. There's plenty of metal out there if you know where to look.
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To stay ahead of the curve, you should track the Gold-to-Silver ratio daily; if it starts climbing back toward 65:1, it might signal that silver is becoming undervalued again relative to gold. You can also set price alerts for the $85 support level, as many analysts believe that’s the "floor" for the first quarter of 2026.