If you woke up today and checked your bullion app, you probably did a double-take. Honestly, the precious metals market right now is acting like a caffeinated toddler. After a wild Wednesday where gold and silver essentially decided to orbit the moon, Thursday, January 15, 2026, has brought everyone back to earth—sorta.
We are seeing some serious profit-taking. You can't blame people for cashing out when they're sitting on the kind of gains we’ve seen over the last twelve months.
What is the current spot price of gold and silver?
Right now, as of mid-day Thursday, spot gold is hovering around $4,608 per ounce. That’s a bit of a haircut from the record high of $4,650 we saw just yesterday. Meanwhile, silver is trading near $90.50 per ounce. If that sounds high, it’s because it is; remember, silver was languishing around $30 this time last year. It actually kissed $93.75 in the early morning hours before the "Trump Tariff" news sent it into a temporary tailspin.
Basically, the "safe haven" trade is getting tested by a weird mix of political updates and technical resistance. Here is the quick breakdown of where we stand:
- Gold (Spot): ~$4,608.00 (Down 0.46% today)
- Silver (Spot): ~$90.50 (Down roughly 2.4% after a morning plunge to $86)
- Platinum: ~$2,410.00 (Actually up slightly, defying the trend)
The "Trump Tariff" twist and the silver slide
You've probably heard the buzz about the critical minerals list. For months, the market was terrified that the Trump administration would slap heavy tariffs on silver and platinum group metals (PGMs) because of their industrial importance in everything from solar panels to EV batteries. That fear drove a massive stockpiling frenzy in the U.S. throughout late 2025.
Well, the news just broke: precious metals are officially dodging that bullet.
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The administration signaled that these "critical minerals" would skip the latest round of trade penalties. The result? A massive "sell the news" event. Silver, which had been propped up by people panic-buying to get ahead of potential tariffs, saw a 8% flash crash in Asian trading before buyers stepped back in at the $86 level. It’s a classic example of how political theater moves your portfolio faster than actual supply and demand ever could.
Why gold is still the "Big Brother" of this rally
Even with today's slight dip, gold is still the undisputed heavyweight.
We aren't just talking about a little inflation hedge anymore. J.P. Morgan’s Natasha Kaneva recently pointed out that the structural trend of central banks diversifying away from the dollar isn't anywhere near finished. In fact, many analysts are still eyeing $5,000 gold by the end of 2026.
Why? Because the macro environment is a mess.
Core inflation is still sticky, and there is that bizarre criminal investigation into Fed Chair Jerome Powell that has everyone questioning if the Fed is actually independent anymore. When people lose faith in the guys printing the money, they buy the stuff you can't print. It's as simple as that.
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Silver’s industrial squeeze
Silver is a different beast entirely. Unlike gold, which mostly sits in vaults looking pretty, silver gets used up.
We are looking at a massive structural deficit. Between the solar industry’s insatiable appetite and the fact that silver is now on the U.S. Geological Survey’s list of critical minerals, the physical supply is tight. Really tight.
BullionVault reported that U.S. silver stockpiles reached record highs last year, but that metal is mostly "locked up." The "free-floating" silver available for immediate delivery is becoming a rare find. That’s why you see these massive 52-week returns of nearly 200%. It’s not just a trend; it’s a physical shortage.
Is this a "buy the dip" moment?
Kinda depends on your stomach for risk.
If you look at the technicals, gold has strong support around the $4,580 mark. As long as it stays above that, the bullish trend is alive and well. For silver, the $87 level is the one to watch. If it breaks below that, we might see a deeper correction toward $83.
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But honestly, with the geopolitical landscape looking like a season of House of Cards—especially with the Iran tensions and the Venezuela situation—most experts think these pullbacks are just healthy breathing room for a market that went up too fast.
Actionable Insights for Today:
- Check the Gold-Silver Ratio: It’s at its lowest level since 2013. Silver is finally outperforming gold significantly. If you’re heavy on gold, it might be time to look at the "poor man's gold."
- Watch the $4,580 Support: If gold closes below this for two consecutive days, the "record run" might be entering a long consolidation phase.
- Physical vs. Paper: In a market this volatile, "paper" prices (futures) can decouple from what you actually pay at a coin shop. Expect high premiums on physical coins today as dealers scramble to adjust to the volatility.
- Diversify into PGMs: Platinum is actually showing more resilience today than gold or silver. It’s still historically "cheap" compared to the yellow metal.
Keep an eye on the dollar index (DXY). It ticked up to 99.38 today, which usually puts pressure on metals. If the dollar keeps climbing, the current spot price of gold and silver might have a few more rocky days ahead before finding a new floor.
For those looking to enter the market, watch for stabilization in the silver price near the $89–$90 range. A confirmed bounce there could signal the end of the post-tariff-news sell-off and the beginning of the next leg toward $100. Be sure to verify any physical purchase prices against the live spot feed, as local premiums are currently hovering between 5% and 12% depending on the mint.