Current Silver Prices Today: Why $90 Silver is the New Normal

Silver just isn't what it used to be. For a decade, it felt like the metal was stuck in a permanent rut, hovering around $20 and frustrating anyone who dared to "stack" it. But today, Saturday, January 17, 2026, we are looking at a completely different landscape.

The current silver prices today are hovering around $90.88 per ounce.

Think about that. We've seen a staggering rise from the $29 levels of early last year. Honestly, if you told a silver bug in 2023 that we’d be knocking on the door of triple digits by early 2026, they’d have called you a dreamer. Yet, here we are. The market is basically in a state of "price discovery," which is just a fancy way of saying nobody actually knows where the ceiling is because we've smashed through every historical roof.

Why Current Silver Prices Today Aren't Just a Fluke

Most people assume this is just a "fear trade" because of what’s happening in Venezuela or the persistent friction between the U.S. and Iran. While geopolitical jitters definitely help, they aren't the whole story. Not even close.

We are currently in the fifth consecutive year of a structural supply deficit.

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That’s the core of it. We are using more silver than we dig out of the ground. Unlike gold, which mostly sits in vaults looking pretty, silver gets used up. It’s in the TOPCon solar cells that are currently being installed across the Sahara. It’s in the semiconductors powering the newest AI data centers. It’s in the wiring of every new EV hitting the road in 2026.

When a solar panel is retired in twenty years, some of that silver might be recovered, but for now? It’s basically gone once it’s manufactured.

The "Paper" vs. "Physical" Disconnect

One thing that gets most retail investors heated is the gap between the COMEX "paper" price and what you actually pay at a local coin shop. If you try to go out and buy a 1-oz American Silver Eagle today, you aren't paying $90. You’re likely paying a premium that pushes the total closer to $100 or even $105.

Regional shortages are real.

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London’s vaults have been thinning out for months. Shanghai has become the new center of gravity for physical metal because that’s where the industrial consumption is actually happening. This regional drain is why we see these sudden 5% or 6% spikes on a random Tuesday. The "paper" shorts get squeezed because there isn't enough physical bars to back up the contracts.

The Fed and the 2026 Rate Cut Cycle

The Federal Reserve has basically thrown in the towel on the "higher for longer" mantra. Even though core inflation is still hovering around 2.7%—well above that 2% target everyone obsesses over—the central bank is shifting toward cuts.

Lower rates are like high-octane fuel for silver.

When interest rates drop, bonds become less attractive. Since silver doesn't pay a dividend (it just sits there), it usually suffers when rates are high. But now? With the dollar weakening and real yields falling, the "opportunity cost" of holding silver has vanished. People would rather hold a bag of pre-1965 quarters or 100-ounce bars than a T-bill that’s losing value against inflation.

What the Experts Are Actually Saying

It’s a bit of a wild west out there in terms of forecasts.

• Goldman Sachs has been pounding the table for a range between $85 and $100.
• Bank of America is a bit more conservative, eyeing a $56 average but acknowledging a peak of $65 was their original 2026 goal—a goal we’ve already left in the rearview mirror.
• Citigroup strategists have even floated $110 if the physical delivery shortages in London worsen this summer.

The Gold-to-Silver Ratio is Shrinking

For years, the gold-to-silver ratio was hovering at a ridiculous 80:1 or even 100:1. It made silver look like the dirt-cheap sibling of gold. But as of today, that ratio has compressed significantly, sitting around 57:1.

This is huge. It means silver is finally outperforming gold on a percentage basis.

When this ratio drops, it usually signals that the industrial side of the economy is screaming for metal. It’s not just about "wealth protection" anymore; it’s about "industrial necessity." If the ratio continues to move toward the historical average of 40:1, we could see silver hit $120 even if gold doesn't move an inch.

Actionable Steps for Today's Market

If you're looking at the current silver prices today and wondering if you missed the boat, you're not alone. Jumping in at $90 feels risky, especially when the metal is known for being a "roller coaster," as Brett Elliott from APMEX recently put it.

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1. Don't FOMO into a single position. The volatility is brutal right now. A 10% "correction" could happen in a single afternoon.
2. Watch the premiums. If the spot price is $90 but dealers want $115, you might be better off looking at a silver ETF like SLV or a physically backed trust like PSLV to avoid the retail markup.
3. Keep an eye on the 200-day moving average. Right now, we are trading way above it. Historically, silver likes to "revisit" its averages. A dip back toward the $75-$80 range would be a textbook entry point if you believe the $100 forecast.
4. Monitor the US Dollar Index (DXY). If the dollar finds a sudden second wind, silver will take a hit. They usually move in opposite directions.

Silver has officially shed its reputation as the "poor man's gold." In 2026, it’s a strategic high-tech commodity that just happens to double as a currency hedge. Whether it hits $100 by next month or takes a breather at $85, the structural deficit suggests the floor has moved up permanently. The days of $20 silver are likely gone for good.

To stay ahead, track the weekly closing prices above $88; holding that level is the key to seeing triple digits before the year is out. Keep your eye on the physical inventory levels in Shanghai, as that’s where the real price pressure is coming from right now.