If you woke up today and checked the charts, you probably did a double-take. The price of oz of silver today is hovering around a staggering $89.31. That is not a typo. We are watching a vertical climb that has left even the most seasoned floor traders in Chicago and London looking for their oxygen masks.
Silver is moving. Fast.
It’s up over 4% just since the morning coffee run. While gold is busy grabbing the mainstream headlines by crossing $4,600, silver is quietly—or maybe not so quietly anymore—outperforming almost every other major asset on the planet. Honestly, if you told someone two years ago that silver would nearly triple in value in about thirteen months, they would’ve called you a lunatic or a "silver bug" lost in a daydream. Yet, here we are.
What is driving the price of oz of silver today?
It isn't just one thing. It's a "perfect storm" that actually earned the name. We've got a massive structural deficit where we simply aren't digging enough of the stuff out of the ground to keep up with how much we're using. Most people don't realize that silver isn't just for coins or Grandma's spoons. It is the literal nervous system of the modern world.
Think about it. Every solar panel, every electric vehicle (EV), and every high-end AI server needs silver because nothing else conducts electricity quite as well. In early 2026, China effectively slammed the door on silver exports, labeling it a "strategic metal." When the world’s biggest supplier decides to keep its toys to itself, the price doesn't just go up; it teleports.
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The $100 psychological wall
We are staring down the barrel of triple digits. Analysts from firms like Citigroup and JPMorgan, who were calling for $35 silver just a year ago, are now scrambling to update their spreadsheets. They’re talking about $100 as a "realistic" near-term target.
Some, like Robert Kiyosaki, are even shouting about $200. Is that hype? Maybe. But when you look at the price of oz of silver today compared to the $28 levels of early 2025, the momentum is undeniably terrifying for anyone sitting on a short position.
Why the "poor man's gold" is winning
Silver is often called gold's crazy little brother. It stays quiet for years, then moves with twice the velocity when it finally breaks. The gold-to-silver ratio—a metric investors use to see which metal is "cheaper"—has been collapsing. It used to take 80 or 90 ounces of silver to buy one ounce of gold. Now, that ratio is diving toward 50:1.
People are realized that silver is actually rarer in some ways because we consume it. You don't "consume" gold; you lock it in a vault. Silver gets buried in a solar farm or tossed in a landfill inside an old smartphone. We are literally running out of the easy-to-get physical metal above ground.
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The "Kill Switch" and market volatility
Last week, the CME Group (the folks who run the big exchanges) hiked margin requirements by nearly 50%. In plain English: they made it a lot more expensive to bet on silver. Usually, this is a "kill switch" meant to cool down a hot market. It’s supposed to scare away the speculators.
It didn't work.
The price dipped for a heartbeat and then roared right back. This tells us that this isn't just a bunch of "Wall Street Bets" traders playing around. This is institutional. This is sovereign. Central banks and massive industrial players are panic-buying because they need the physical metal, not just a piece of paper that says they own it.
Practical reality for buyers
If you're looking to buy physical silver right now, the price of oz of silver today is only half the story. The "spot price" you see on your screen at $89 is for 5,000-ounce industrial bars. If you want a 1-ounce American Silver Eagle, you’re probably going to pay a "premium" of $10 or $15 on top of that.
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Dealers are running low. Shipping times are slipping. It’s becoming a "get what you can" type of market.
Actionable insights for the current market
Don't chase the daily green candles if you can't stomach a 10% drop tomorrow. Silver is famous for "face-ripper" corrections that shake out weak hands. If you are looking to enter or manage a position, consider these moves:
- Watch the $85 support level: If the price dips, buyers have been stepping in hard at $85. If that holds, the path to $100 is wide open.
- Check the premiums: Before buying physical, compare the "spread" between different dealers. Don't overpay for "collectible" labels when you just want the metal content.
- Monitor the Fed: Any hint of interest rate hikes could temporarily strengthen the dollar and give silver a "haircut."
- Audit your storage: If you're holding significant physical wealth at $90/oz, make sure your insurance or home security has been updated to reflect the new value.
The era of cheap silver is over. Whether we hit $100 by Friday or next month, the fundamental shift from a "precious metal" to a "critical industrial resource" is complete.