If you woke up and checked the silver charts today, January 12, 2026, you probably did a double-take. The price of a troy ounce of silver today is hovering around a staggering $84.50 to $86.00, depending on which exchange you're watching.
It's wild.
Just a couple of years ago, we were arguing about whether silver could ever break $30. Now, we’re watching it flirt with triple digits. The market isn't just "active"—it's basically on fire. Between the chaos at the Federal Reserve and a massive squeeze on physical supply, silver is no longer just gold's cheaper, more boring cousin. It’s the main event.
What is the price of a troy ounce of silver today?
As of this afternoon, spot silver hit an intraday peak of $85.73 per troy ounce.
That’s a move of over 7% in a single trading session. If you’re looking to buy physical metal—like a 1-ounce American Silver Eagle or a Buffalo round—expect to pay way more than that. Premiums at major dealers like JM Bullion and SD Bullion are pushed high because nobody wants to sell their physical stash right now. You’re likely looking at a total cost of $92 to $95 per ounce for physical delivery.
Honestly, the volatility is exhausting. But there’s a reason for it.
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The "Powell Probe" and the Fed Independence Crisis
The biggest catalyst for today's price surge is the news that federal prosecutors have opened a criminal investigation into Federal Reserve Chair Jerome Powell. This is unprecedented. The markets are terrified that the Fed's independence is being dismantled, especially with the ongoing political friction between the central bank and the White House.
When people lose faith in the dollar or the people managing it, they run to "hard money." Silver and gold are the ultimate beneficiaries here. Gold smashed through $4,600 today, but silver is actually outperforming it on a percentage basis.
Why is silver moving so much faster than gold?
Silver has always been a high-beta play. It moves like gold, but on caffeine.
One big reason for the massive jump in the price of a troy ounce of silver today is the Gold-to-Silver Ratio. Historically, this ratio has averaged around 50:1 or 60:1. Earlier today, it dropped toward 54:1. This tells us that silver is gaining value much faster than gold as investors realize how undervalued it was during the 2024-2025 run.
The industrial "X-Factor"
Unlike gold, which mostly sits in vaults, silver is actually used for stuff. A lot of stuff.
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- Solar Panels: The green energy transition is consuming over 200 million ounces a year.
- Electric Vehicles: Every new EV has about 1-2 ounces of silver in its electronics and battery systems.
- 5G Infrastructure: The conductivity of silver makes it irreplaceable in the global 5G rollout.
The Silver Institute reported that the market is in its fifth consecutive year of a structural deficit. We are literally using more silver than we are digging out of the ground. When you combine an industrial shortage with a "flight to safety" investment panic, you get the price action we're seeing today.
What most people get wrong about silver pricing
People often look at the "spot price" and think that's what silver costs. It's not.
The spot price is based on paper contracts (futures) on the COMEX. It’s a bet on where the price will be later. But the "physical" market—the actual metal you can hold in your hand—is becoming detached from the paper price.
In October 2025, we saw a mini "silver squeeze" in London where warehouse inventories drained to record lows. Today, that tightness is back. If you want to buy 500 ounces of silver today, you’ll find that many dealers have "out of stock" signs on their most popular bars.
Expert forecasts: Is $100 silver coming?
Not everyone is convinced this rally can last.
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Saif Mukadam from ICICI Direct recently pointed out that the risk-reward ratio at $85 is a bit "sketchy" for new buyers. He’s looking for a pullback to the $55-$64 range before he’d call it a safe entry. On the flip side, you have bulls like Keith Neumeyer of First Majestic and Robert Kiyosaki who have been screaming about $100 or even $200 silver for years.
UBS analysts recently upgraded their targets, suggesting that silver could hit triple digits before the end of the first quarter of 2026. They cite the Chinese export restrictions on silver as a "black swan" event that could dry up supply for Western tech manufacturers.
Practical steps for silver investors right now
If you’re looking at the price of a troy ounce of silver today and wondering if you missed the boat, here is the reality:
- Check the Premiums: Don't just look at the spot price. Calculate the "spread" between what you pay and what the dealer will pay you back. If the premium is over 15%, you might be overpaying in the heat of a "FOMO" moment.
- Watch the $88 Level: Technical analysts see $88 as a major Fibonacci extension. If silver breaks and holds above $88, there is virtually no "overhead resistance" left. It enters price discovery mode, which is fancy talk for "it could go anywhere."
- Monitor the Fed: The Powell investigation isn't going away tomorrow. If the Fed's credibility continues to tank, the dollar will weaken, and silver will likely keep its momentum.
- Consider Junk Silver: If 1-ounce coins are too expensive or carry too high a premium, look at "junk silver" (pre-1965 U.S. dimes and quarters). They are 90% silver and often have lower markups during price spikes.
The market is moving fast. Whether this is a temporary peak or the start of a run to $100, one thing is certain: the era of "cheap silver" is officially in the rearview mirror.
Actionable Insight: Track the silver-to-gold ratio daily. If it begins to widen again (above 70), silver may be cooling off. If it continues to shrink toward 40, silver's historic outperformance is just getting started. Check live spot prices across multiple platforms like Kitco and Bloomberg to ensure you aren't trading on delayed data.