Honestly, if you looked at your portfolio this morning and saw a bit of red, you aren't alone. After a week that felt like a rocket ship ride, the price of silver and gold per ounce today decided to take a breather. It's Friday, January 16, 2026, and the "moon mission" for precious metals has hit a bit of turbulence.
Gold is sitting around $4,604 per ounce.
Silver? It's hovering near $91.07 per ounce.
Both are down slightly from the absolute insanity we saw on Wednesday when gold hit a record $4,650 and silver briefly kissed $93.57. It was wild. But today, the market is basically catching its breath. Investors are booking profits. The US dollar decided to flex its muscles after some surprisingly strong jobs data, and that usually makes gold and silver feel a little heavy.
What is actually happening with the price of silver and gold per ounce today?
Markets don't go up in a straight line. Never have, never will. What we're seeing right now is a classic "buy the rumor, sell the news" vibe combined with some heavy-duty profit taking.
If you bought silver at $28 last year, seeing it hit $90 is a massive win. You'd probably sell some too, right? That’s exactly what the big institutional desks are doing today.
The Gold Reality
Gold dropped about 0.4% this morning. It sounds small, but when you're talking about $4,600 an ounce, that's a decent chunk of change. The big driver? The US dollar index hit a multi-week high. Since gold is priced in dollars, a stronger greenback makes the yellow metal more expensive for people holding euros or yen.
The Silver Story
Silver is being way more dramatic. Typical silver. It dropped nearly 2% today after that record-breaking rally earlier in the week. But get this: even with today's dip, silver is still up over 13% for the week. That is a staggering move for a five-day period.
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Rahul Kalantri, a VP over at Mehta Equities, noted that the stronger-than-expected US weekly jobless claims really put a damper on the "rate cut" party. Basically, if the economy is too healthy, the Fed might not cut rates as fast as people hoped. And since gold and silver don't pay interest, they tend to struggle when interest rates stay high.
Why $5,000 Gold isn't a crazy idea anymore
A year ago, if I told you gold would be over $4,600, you’d have laughed. Now, experts like Ned Naylor-Leyland are out here on CNBC saying $5,000 is "absolutely" on the table for 2026.
It’s not just about inflation anymore. It’s about trust.
There is a lot of weirdness surrounding the Federal Reserve right now. Between the criminal investigation into Chair Jerome Powell and the constant back-and-forth with the White House, people are worried about the Fed's independence. When people lose faith in the central bank, they buy gold. Simple as that.
Then you've got the geopolitical stuff.
- Tensions in Iran are keeping everyone on edge.
- Resource nationalism in China is making it harder to get physical metal.
- Central banks—especially in India and China—are buying gold like it’s going out of style.
It's a "perfect storm" scenario. Even if the price of silver and gold per ounce today is down a few bucks, the underlying floor feels incredibly solid.
Silver is the real wild card
Silver is a different beast entirely. It’s half money, half industrial essential. You can't build a solar panel, an EV battery, or an AI data center without it.
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China has started restricting silver exports. That is a massive deal. We are looking at a physical deficit for the fifth year in a row. Basically, we are using more silver than we are digging out of the ground.
Most silver is a byproduct of mining things like copper or lead. You can’t just "turn on" more silver production because the price went up. You have to build an entire copper mine first. That takes years.
Because of this supply squeeze, the gold-to-silver ratio has collapsed. It used to be 100:1. Now it’s closer to 50:1. Silver is finally catching up, and it’s doing it with a vengeance.
Is this a "buy the dip" moment?
If you're looking for actionable moves, most analysts are saying the same thing: don't chase the green candles.
When prices are at all-time highs, the risk of a "flash crash" or a sharp 10% correction is always there. Jateen Trivedi from LKP Securities suggests waiting for corrective dips. For gold, the $4,400 to $4,450 range seems to be where the "big money" is waiting to jump back in. For silver, keep an eye on the $85 mark.
It’s easy to get FOMO. But honestly, the market usually gives you a second chance to get in if you're patient.
Key levels to watch:
- Gold Support: $4,415 - $4,465
- Gold Resistance: $4,650 (the recent high)
- Silver Support: $78 - $82
- Silver Resistance: $93.50
What you should do next
If you already own bullion, today is probably just a day to ignore the charts and go for a walk. The long-term trend is still pointing up. If you're looking to buy, maybe don't go "all in" at $4,600.
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Start by checking the premiums at your local coin shop or online dealers like JM Bullion or APMEX. Premiums on silver have been creeping up because the physical metal is getting harder to find. Sometimes the "spot price" you see on Google isn't what you'll actually pay for a physical silver eagle or a gold bar.
Keep an eye on the US inflation data coming out later this month. If inflation stays sticky, the price of silver and gold per ounce today might look like a bargain by December.
Watch the dollar. Watch the Fed. And for heaven's sake, don't panic-sell just because the market had one red Friday.
Check your local coin shop's "buy-back" prices to see how much liquidity is actually in your local market before making a large move.
Compare the spread between spot price and physical price to ensure you aren't overpaying for "collector" coins when you just want the raw metal value.
Monitor the Gold-to-Silver ratio; if it dips below 45:1, gold might actually start looking like the better value play for a short-term rotation.