If you woke up today and checked the ticker, you probably did a double-take. The price of silver today per ounce is hovering around $87.33, and honestly, the market feels a bit like a pressure cooker ready to blow. We aren't just talking about a little "market fluctuation" anymore. This is a full-blown breakout that has caught a lot of people off guard, especially those who thought silver would just play second fiddle to gold forever.
Silver is up nearly 3% just since yesterday. That doesn't sound like a lot until you realize it was sitting at $30 not that long ago. We've seen a 190% jump over the last year. It’s wild.
What’s actually driving the price of silver today per ounce?
You've got a weird mix of things happening at once. It’s not just one factor. First, the geopolitical stuff is getting heavy. Between the protests in Iran and the talk of a 25% tariff on anyone trading with them, people are spooked. When people get spooked, they buy "hard" assets. Silver is the classic "poor man's gold," but at $87, it’s starting to look pretty rich.
Then there is the Federal Reserve drama. This morning, news broke about a DOJ inquiry involving Fed Chair Jerome Powell. It’s messy. Basically, investors are worried about the Fed’s independence, and whenever there’s a hint that the dollar might get shaky, precious metals go for a run.
🔗 Read more: Is Today a Holiday for the Stock Market? What You Need to Know Before the Opening Bell
The solar and EV crunch is real
Forget the jewelry for a second. The real story is industrial. Silver is basically the "new oil" for the green energy transition. You can't make a high-efficiency solar panel without silver paste. You can't run an electric vehicle's complex electrical systems without it.
- Solar Demand: Consumption hit record highs in 2024 and 2025.
- EV Loading: A single battery-electric vehicle uses up to 50 grams of silver. That is roughly 70% more than your old gas-guzzler.
- AI Infrastructure: Data centers are expanding at a terrifying rate, and all that hardware needs silver’s conductivity.
We are currently in the fifth straight year of a structural supply deficit. The world is literally using more silver than it’s digging out of the ground.
The China factor you aren't hearing about
Most people aren't looking at the export data, but they should be. As of January 1, 2026, China slapped some pretty strict export curbs on silver. They’ve essentially labeled it a "strategic metal." This has caused a massive bottleneck in London vaults. Goldman Sachs is actually warning that inventories are so thin in London that even a small surge in demand could trigger a "squeeze" that sends prices vertical.
💡 You might also like: Olin Corporation Stock Price: What Most People Get Wrong
It’s an asymmetrical risk. If demand stays steady, prices creep up. If a big hedge fund decides to go long, there might not be enough physical metal to go around.
Is $100 silver actually possible this year?
Some analysts, like Philippe Gijsels at BNP Paribas, are calling for $100 or even $125 by the end of 2026. That sounds like moon-talk, but look at the math. If we’re already at $87 in mid-January, a move to $100 is only another 15% away.
But let’s be real. Silver is famous for being "the devil’s metal" because of the volatility. It can go up $5 in a day and lose $8 the next. HSBC is actually a bit of a party pooper here, forecasting that the average price might settle back down toward $68 once the current hype cools off. They think it's fundamentally overvalued right now.
📖 Related: Funny Team Work Images: Why Your Office Slack Channel Is Obsessed With Them
How to play this move without getting burned
If you're looking at the price of silver today per ounce and thinking about jumping in, you have to decide if you're a "stacker" or a "trader."
- Physical Metal: Buying coins or bars. You’ll pay a premium over the spot price—sometimes $5 to $10 extra per ounce—but you have the metal in your hand.
- ETFs: Funds like SLV or PSLV. They track the price without you needing a safe in your basement. Just be aware that paper silver isn't the same as physical silver if a real systemic crisis hits.
- Mining Stocks: Companies like Hecla or First Majestic. These are high-beta plays. When silver moves 2%, these stocks can move 10%. They also have the risk of mine collapses or labor strikes.
Actionable insights for your portfolio
Don't chase the green candle. If you see silver up 5% in a single afternoon, that is usually the worst time to buy. Wait for a "Technical Tuesday" pullback.
Watch the $80 level closely. That was the old resistance, and it should now act as support. If silver drops below $80 and stays there, the "moon" thesis is probably dead for a few months. On the upside, keep an eye on **$90**. If it breaks $90 with high volume, $100 becomes a psychological magnet that the market will almost certainly try to hit.
Check your local coin shop premiums. If they are charging 30% over spot, they’re telling you the physical market is tighter than the "paper" price suggests. That’s usually a bullish signal for the long term, even if it feels expensive today. Diversify your entry points—buy a little now, a little next month, and keep your average cost reasonable.