If you haven’t checked a ticker lately, you might want to sit down. Silver isn't just "doing well" right now—it's basically on a rampage. As of mid-January 2026, the spot price for a single ounce of silver is hovering around $91.10.
Just think about that for a second.
A year ago, we were looking at prices in the $30 range. Now? People are unironically talking about $100 silver. It's wild. But before you go raiding your grandmother’s silverware drawer, you’ve got to understand that the "spot price" you see on Google isn't actually what you’ll pay at a coin shop.
How much is silver by the ounce right now?
Honestly, the price changes so fast it’s hard to keep up. On January 15, 2026, we saw a bit of a dip—silver fell to roughly $89.29 after hitting a massive peak of $93.00 earlier in the week. This is silver being silver. It’s volatile, it’s moody, and it moves way faster than gold.
When people ask how much is silver by the ounce, they are usually looking for the "spot price." This is the benchmark for raw, unfabricated silver traded on global exchanges like the COMEX. But if you walk into a dealer today, you’re looking at a different number.
You’ve got to factor in the "premium."
Dealers have bills to pay. Mints have to actually strike the coins. Because demand is so high right now, premiums are sticking around 15% to 25% for popular items like American Silver Eagles. So, while the "price" might be $91, you’re likely dropping over $110 to get a physical coin in your hand.
The $100 question: Why is this happening?
This isn't just a random spike. It’s a "perfect storm" situation.
✨ Don't miss: Vermont Income Tax Calculator: Why Your Refund Might Actually Surprise You
First off, the industrial side of things is a beast. Silver is the most conductive metal on the planet. You can't build a high-efficiency solar panel or a modern electric vehicle (EV) without it. In 2025, solar demand alone broke every record on the books. Analysts at organizations like The Oregon Group are pointing out that we’ve been in a massive supply deficit for years. We are simply using more silver than we are digging out of the ground.
Then you have the "fear factor."
With the Federal Reserve cutting rates late last year and geopolitical tensions feeling like a permanent fixture of the news cycle, people are running to "hard assets." Silver is often called the "poor man's gold," but lately, it’s been outperforming gold by a mile. In 2025, silver jumped over 140%. Gold? It "only" did 65%.
👉 See also: The Arsenal of Democracy Book: Why AJ Baime’s Story of Detroit Still Hits Hard
Breaking down the real costs
Let's get practical. If you’re buying today, the price depends heavily on what you are buying.
- Silver Bars (10 oz or 100 oz): These usually have the lowest markup. You’re getting the most metal for your buck. Expect to pay maybe $3 to $5 over spot per ounce.
- Government Coins: Stuff like the Canadian Maple Leaf or the American Eagle. These are beautiful, but they are expensive. The premiums here are brutal because everyone wants them.
- Junk Silver: This is just old U.S. dimes and quarters from before 1965. It's 90% silver. Usually, this is the cheapest way to get into the game, but even "junk" is getting pricey as supply dries up.
Is silver still "cheap" at $90?
It sounds crazy to call $90 silver "cheap" when it was $20 a few years ago. But many experts, like Philippe Gijsels from BNP Paribas, have suggested that we are in one of the largest bull markets in history.
Some analysts are even eyeing $150 per ounce if the industrial shortage doesn't clear up.
The big risk? High prices eventually lead to "demand destruction." If silver gets too expensive, tech companies will try to find a way to use copper or aluminum instead. It’s not easy—silver is way better at conducting electricity—but at a certain point, the math has to work for the manufacturers.
What to do if you’re looking to buy
If you’re trying to figure out if now is the time to jump in, don’t just FOMO (Fear Of Missing Out) into it. Silver is famous for "heart-attack" volatility. It can drop 10% in a afternoon just because a hedge fund decided to take profits.
Watch the Gold-to-Silver Ratio. Historically, this ratio (how many ounces of silver it takes to buy one ounce of gold) averages around 50:1 or 60:1. During the 2025 run, it was way higher, meaning silver was "undervalued" compared to gold. Even at $90, the ratio is tightening, but it hasn't reached the extreme levels of past peaks yet.
Next Steps for You:
- Check the Live Spot Price: Don't trust a price from three hours ago. Use a real-time tracker like APMEX or JM Bullion.
- Compare Premiums: Call three different local coin shops. Ask them, "What is your out-the-door price for a 1-ounce round?"
- Start Small: If you're nervous about the $90 price tag, look into "fractional" silver or just buy one ounce a month to "dollar-cost average" your way in.
- Secure Storage: If you buy physical, don't just leave it on the kitchen counter. Get a decent safe or look into a secure vaulting service.
The market is moving fast, and while nobody has a crystal ball, the fundamentals of supply and demand suggest that the days of $20 silver are firmly in the rearview mirror. Keep an eye on those industrial demand reports—that's where the real story is.