Honestly, if you looked at a silver chart two years ago and predicted we’d be sitting here in January 2026 with prices flirting with $90 an ounce, people would have called you delusional. Yet, here we are. The current price of silver is hovering around $90.88 per ounce as of January 17, 2026.
It's been a wild ride. Just this week, we saw a massive spike where silver briefly tested the $93 mark before some traders decided to pull their profits off the table. That caused a slight dip, but the "dip" is still higher than any peak we saw in the previous decade. If you're looking at your screen wondering if this is a bubble or a structural shift, you aren't alone.
What's driving the current price of silver right now?
The market is behaving differently than it used to. It's not just a "poor man's gold" anymore. While gold is certainly hitting its own records—trading north of $4,500—silver has been the real overachiever. In 2025 alone, silver gained about 143%.
Why? Basically, it's a perfect storm of industrial desperation and investor FOMO.
We’ve had five straight years of structural deficits. The world is quite literally using more silver than it mines. According to the Silver Institute and analysts at Fitch’s BMI, this deficit isn't going anywhere in 2026.
The Solar and EV "Squeeze"
The green energy transition is no longer a "future" thing; it's the current reality. Solar panel manufacturing and electric vehicle (EV) production are inhaling silver supplies. Silver is the most conductive metal on the planet. You can't just swap it out for copper without losing efficiency, and in the world of high-performance electronics and 5G, efficiency is everything.
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Geopolitics and Export Bans
Then you have the messy stuff. Beijing recently threw a wrench in the gears by restricting physical silver exports starting January 1. This sent shockwaves through the London and Zurich vaults. When the world’s second-largest producer starts hoarding its own supply, the "spot price" starts to feel a lot more like a "panic price."
Breaking down the January 2026 silver market
If you’re tracking the current price of silver for an investment or a business, you have to look at the gold-to-silver ratio. For years, that ratio lived in the 80s or 90s. Now? It’s crashed below 60.
That means silver is gaining ground on its yellow cousin. UBS recently noted that this is one of the most powerful rallies in modern history, drawing comparisons to the 1970s. But unlike the 70s, which was mostly speculative, this run-up has a massive industrial floor.
Recent price performance (USD per Troy Ounce):
- Today (Jan 17, 2026): ~$90.88
- Weekly High: ~$93.00
- Start of 2026: ~$72.00
- One Year Ago: ~$30.00
The numbers are staggering. We are looking at a 196% increase over the last 12 months.
Why the "Paper" price and "Physical" price are drifting apart
You’ve probably noticed that if you go to buy a physical 1-ounce silver Eagle or a Maple Leaf, you aren't paying $90. You’re paying $90 plus a hefty premium.
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Premiums have stayed stubbornly high because the physical supply chain is strained. Logistics issues in Australian mines and declining ore grades in Mexico—the world's top producer—mean that even when the price is high, the metal isn't just magically appearing.
David Erfle, a well-known name in the mining space, recently pointed out that the Federal Reserve's easing cycle is acting as a tailwind. When interest rates stay low or drop, the "opportunity cost" of holding silver disappears. You don't get a dividend from a silver bar, but when the bar gains 25% in two weeks, nobody cares about a 4% yield on a bond.
Expert forecasts: Where does silver go from $90?
The room is split. It always is.
On one side, you have the "Moon" crowd. Robert Kiyosaki has been all over social media lately shouting about $200 silver. Even some institutional analysts, like those at The Oregon Group, are running scenarios where $150 isn't just a fantasy but a mathematical possibility based on the current supply-demand gap.
Then there’s the conservative camp. UBS and Bank of America are starting to sound a bit more cautious. They argue that silver is no longer "cheap" compared to gold. They're watching for a correction—maybe a 15% to 20% drop—to shake out the speculators before the next leg up.
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Misconceptions about silver in 2026
One of the biggest mistakes people make is thinking silver only moves when there’s a war or a financial crisis.
While the criminal investigation into Fed Chair Jerome Powell and general sovereign debt fears are definitely helping, the underlying "AI sector" demand is the new variable. Data centers are using massive amounts of silver in their high-end circuitry. If you’re bullish on AI, you’re inadvertently bullish on silver.
Another myth? That recycling will save us. Silver recycling is up, sure. But it’s incredibly difficult to reclaim silver from a single smartphone or a microscopic component. It’s not like lead-acid batteries where the recovery rate is nearly 100%. Much of the silver used in industry is "consumed" and gone for good.
Actionable insights for the current market
If you're looking at the current price of silver and trying to decide your next move, keep these three things in mind:
- Watch the $88 Support: Technical analysts are obsessed with the $88 level right now. If silver holds above that on the weekly close, the path to $100 looks relatively clear. If it breaks below, we might see a fast slide back to the $70s.
- Physical vs. ETFs: If you're worried about liquidity, ETFs like SLV or the Sprott Physical Silver Trust (PSLV) are the easiest way to play the price action. But if you're worried about systemic risk, there’s no substitute for the heavy stuff in your own safe.
- The Industrial Lag: Keep an eye on Mexico's production reports. If Fresnillo or other major miners continue to report declining grades, the supply squeeze will only tighten, regardless of what the Fed does with interest rates.
The era of $20 silver feels like a lifetime ago. Whether we hit $100 tomorrow or next month, the reality is that the metal has moved into a new "strategic" category. It’s no longer just a shiny trinket; it’s the literal wiring of the modern world.
Next Steps for Investors: Review your current portfolio allocation. If you are heavily weighted in tech but have zero exposure to the metals that build that tech, the current price levels might be a wake-up call. Start by tracking the daily "London Fix" and the COMEX inventory levels. These provide the most accurate picture of how much physical silver is actually available for delivery versus how much is just being traded as "paper" contracts. Compare the premiums at at least three major bullion dealers before making a physical purchase, as the spread has become unusually wide in early 2026.