If you woke up today and checked the ticker, you probably saw something that made you do a double-take. The price of 1 ounce of silver today is hovering around $91.63. Just pause for a second. Think about where we were a year ago, when silver was struggling to find its footing at $30.
Silver is moving fast. Really fast. It’s like watching a quiet neighbor suddenly start winning Formula 1 races.
Earlier this morning, on January 15, 2026, we actually saw the spot price drop slightly from yesterday’s high of $93.54. It’s down about 3.4% or so in the last 24 hours, but honestly, that’s just how silver breathes. It’s a "buy the dip" kind of day for many, while others are biting their nails wondering if the $100 dream is still alive.
The chaos behind the price of 1 ounce of silver today
So, why is this happening? Why is the price of 1 ounce of silver today behaving like a tech stock instead of a boring old metal? Basically, it’s a perfect storm. You’ve got a massive structural deficit—the fifth year in a row where we aren't digging up enough silver to meet what the world wants to buy.
Then there's the industrial side.
Silver isn't just for coins or grandma’s spoons. It is the literal nervous system of the green energy revolution. Every solar panel, every electric vehicle (EV), and every 5G tower needs it. In fact, modern EVs use significantly more silver than older gas-guzzlers.
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Global trade tensions haven't helped supply either. China recently put the brakes on some silver exports, which is sort of like pulling a rug out from under a market that was already standing on one leg. When supply is tight and the US Supreme Court is delaying decisions on tariffs—like we saw yesterday with the ruling on President Trump’s trade policies—the market goes into a frenzy.
Spot price vs. physical price
You should know that the number you see on the screen isn't always what you pay at the local coin shop. That $91.63 is the "paper price." If you want to hold a physical 1-ounce American Silver Eagle in your hand, you're looking at a premium.
Dealer markups are steep right now. You might pay $5 or $10 over spot. That means your "real world" price is closer to $100 already.
- Spot Price: The current market rate for raw metal ($91.63).
- Premium: The extra fee for manufacturing and dealer profit.
- Total Out-of-Pocket: What you actually spend at the counter.
Is $100 an ounce a pipe dream?
Philippe Gijsels over at BNP Paribas has been saying for a while that silver could double. He’s not the only one. With the Federal Reserve signaling more rate cuts throughout 2026, the US dollar is looking a bit shaky. When the dollar gets weak, silver usually finds its wings.
Some analysts, like those at The Oregon Group, are even throwing around numbers like $150. That feels aggressive, sure. But look at the math: silver is up nearly 200% compared to this time last year. At this rate, $100 isn't just possible; it’s practically knocking on the door.
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But be careful. Silver is the "Devil's Metal" for a reason. It can drop 10% in a Tuesday afternoon just because a hedge fund decided to liquidate a position. If you’re looking for a smooth ride, you’re in the wrong asset class.
What's driving the volatility right now?
Volatility is basically silver's middle name. Today’s dip to $91.63 is a great example of "positioning." Traders who bought in at $70 are taking their profits and running.
Geopolitics are the big wildcard. The ongoing "tariff war" between the US, China, and even India has made industrial users nervous. They are stockpiling. When big manufacturers like Tesla or Samsung start hoarding silver for their components, it creates a "squeeze" that pushes the price of 1 ounce of silver today higher for the rest of us.
Key levels to watch
If the price falls further, experts like those at HSBC are looking at the $84.00 mark as a "line in the sand." If it holds there, the uptrend is still healthy. If it breaks below $73.85, things might get ugly for a while. On the flip side, there is no historical resistance above $95. We are in "price discovery" mode. We are literally making up the map as we go.
How to handle the current market
If you’re thinking about jumping in, don't throw your entire savings account at it today. That's a rookie move.
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Most seasoned pros recommend "dollar-cost averaging." You buy a little bit every month, regardless of whether the price is up or down. That way, you don't get crushed if you buy the peak right before a 10% correction.
Check the Gold/Silver ratio too. Historically, it’s been around 15:1 or 50:1. Today, it’s sitting near 51. This suggests silver is finally starting to catch up to gold’s massive rally.
Actionable steps for silver buyers
- Check live charts hourly. In a market this fast, the morning price and evening price can be worlds apart.
- Verify dealer inventory. Many online retailers are showing "out of stock" for popular coins, which is a sign of extreme physical demand.
- Compare premiums. Don't just buy from the first site you see; some dealers are charging way more than others because they know people are panicking to buy.
- Watch the Fed. Any hint that interest rates will stay high for longer will act like a wet blanket on silver prices.
- Keep it in perspective. Silver is a small-cap market compared to gold. It doesn't take much money to move the needle, which is why the swings are so violent.
The price of 1 ounce of silver today tells a story of a world that is losing trust in paper currency and gaining interest in things you can actually drop on your toe. Whether it hits $100 next week or next year, the trend is clearly leaning toward the "white metal" finally getting its day in the sun.
Stay liquid, watch the $95 resistance level closely, and make sure you aren't paying more than a 15% premium on physical bullion.
To stay ahead of the curve, you should set up price alerts at the $88 and $95 levels to catch the next major move before it happens. Monitoring the daily volume on the COMEX will also give you a heads-up if a major sell-off or "short squeeze" is about to trigger.