If you just looked at a chart for the first time in a while, you probably did a double-take. Honestly, most people do. As of mid-January 2026, the price of silver is hovering around $90 per troy ounce.
That is not a typo.
For years, silver was the "boring" sibling of gold, stuck in the $20s or $30s. But lately, things have gone absolutely wild. Just yesterday, it hit a record intraday high of $93.54 before cooling off a bit. If you’re holding a silver coin in your hand right now, that little piece of metal is worth more than it has been in human history.
But why the sudden jump? And more importantly, what even is a "troy ounce" anyway? Most people assume it's the same as the ounce you use to weigh deli meat. It’s not.
How much is one troy ounce of silver worth today?
Right now, the "spot price"—which is the base market price for raw silver—is sitting at approximately $90.13.
You’ve got to keep in mind that this number changes every few seconds. If the stock market in New York is having a bad day, or if there’s a new report about solar panel manufacturing in China, that $90 figure might jump to $92 or slide to $88 by the time you finish your coffee.
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Spot Price vs. Physical Price
Here is the thing: you can't actually walk into a shop and buy silver for $90.13.
When you buy a physical 1 oz Silver Eagle or a Buffalo round, you pay a "premium." This covers the cost of minting, shipping, and the dealer's profit. Currently, physical silver is selling for closer to $95 to $98 per ounce. It’s annoying, I know. But in a market this tight, dealers can charge a bit extra because everyone is scrambling to get their hands on the physical stuff.
The "Troy" Confusion
We need to talk about the weight. A standard "avoirdupois" ounce—the kind used for sugar or mail—is 28.35 grams.
A troy ounce is heavier. It is exactly 31.1 grams.
If you try to weigh your silver on a kitchen scale, you’re going to get a confusing reading. You’ll think you have more than an ounce because the scale is set to standard ounces. In the world of precious metals, we only care about those extra 2.75 grams. It doesn't sound like much, but at $90 an ounce, that difference is worth about $8.
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Why is silver so expensive in 2026?
A lot of folks are calling this a "structural re-rating." Basically, the world realized it needs way more silver than it can actually dig out of the ground.
In 2025, silver prices surged by about 147%. We are seeing a massive "silver squeeze" because of three main reasons:
- AI and Data Centers: Everyone talks about AI software, but the hardware requires massive amounts of silver for high-efficiency electrical contacts.
- Solar Panels: We are building solar farms faster than ever. Silver is a primary ingredient in the paste used for solar cells.
- The Supply Deficit: For the fifth year in a row, the world has used more silver than mines have produced.
Mining experts like Alan Hibbard have been pointing out that Mexico—the world's biggest silver producer—has seen production drops due to new regulations. When supply goes down and demand from tech companies goes up, the price does exactly what you’d expect. It rockets.
The Gold-to-Silver Ratio is Shrinking
Usually, gold is the leader. But lately, silver has been outperforming it.
Historically, the ratio of gold to silver was often around 15:1 or 16:1. For the last few decades, it was closer to 80:1. As of January 2026, that ratio has compressed to about 57:1.
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This means silver is "catching up" to gold. Some analysts at Saxo Bank and Forbes are even whispering about triple-digit silver—the $100 mark. We aren't there yet, but $90 felt impossible two years ago, and yet, here we are.
What should you do with this information?
If you’re looking to buy, don't just FOMO in at the all-time high.
Markets that move this fast usually have "pullbacks." We saw silver drop 4% just this morning. It’s volatile. It's kinda like a roller coaster that only goes up, but with some terrifying drops along the way.
If you are selling, check multiple dealers. Don't take the first offer from a local pawn shop. They might offer you "spot" ($90), but with the current demand, some places are paying "spot plus $1" or more for highly recognizable coins.
Quick Tips for 2026 Buyers:
- Check the Purity: Most investment silver is .999 fine. If it's sterling silver (.925), it's worth less because it’s an alloy.
- Watch the "Ask" Price: That is what the dealer is selling for. The "Bid" is what they’ll pay you. The gap between them is the "spread."
- Storage Matters: At nearly $100 an ounce, a small box of silver is suddenly worth thousands. Make sure it's insured or in a very good safe.
The reality is that silver isn't just a "precious metal" for jewelry anymore. It’s an industrial necessity. Whether the price hits $100 or drops back to $70, the days of $20 silver feel like a distant memory.
To keep track of your own holdings, verify the exact weight of your pieces using a scale that measures in troy ounces or grams. If you're looking to sell, call at least three local coin shops to compare their "buy-back" rates, as premiums are currently varying wildly between regions. For those looking to start a position, consider "dollar-cost averaging" by buying small amounts monthly to smooth out the intense daily volatility we're seeing this month.