If you woke up today and checked the ticker, you probably did a double-take. The rate of silver today, January 15, 2026, is hovering right around $90.47 per ounce. To put that in perspective, we’re looking at a metal that was trading under $30 just about a year ago. It’s wild. Honestly, the speed of this move has caught even the most seasoned "silver bugs" off guard.
Prices are jumping around like crazy. One minute you're seeing $89.32 on the bid, and the next, it’s pushing back toward the $92 level we saw earlier this week. In terms of smaller weights, you’re looking at roughly **$2.91 per gram**. If you’re holding a kilo bar, that hunk of metal is now worth nearly $2,910.
Why is this happening now? It’s not just one thing. It's a "perfect storm" of messiness—geopolitics, a stuttering dollar, and the fact that we simply aren't digging enough of this stuff out of the ground to keep up with solar panels and AI chips.
The $90 milestone: What the rate of silver today actually tells us
Reaching $90 isn't just a number on a screen. It’s a psychological break. For decades, silver lived in the shadow of gold, often referred to as the "poor man’s gold." Not anymore. While gold is sitting at staggering highs near $4,600, silver is the one actually doing the heavy lifting in terms of percentage gains.
Most people don't realize that about 75% of silver is actually a byproduct. It's found while miners are looking for lead, zinc, or copper. This means when the price of silver skyrockets, miners can’t just "turn on a tap" to get more. They have to mine more of the other stuff first. Because of this lag, the supply stays tight even as the rate of silver today makes it look like a gold mine (pun intended).
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The industrial squeeze is real
You've probably heard about the "everything rally." Everything from Bitcoin to stocks has been up, but silver has a secret weapon: industrial demand.
- Solar Power: Every solar panel needs silver paste. With the global push for renewables hitting fever pitch in 2026, the solar industry alone is gobbling up hundreds of millions of ounces.
- Electric Vehicles: An EV uses way more silver than your old gas-guzzler. We're talking 1–2 ounces per car.
- Defense: Missiles, satellites, and high-end electronics are silver-hungry.
Basically, we are using silver faster than we can find it. We’ve been in a structural deficit for five years straight. You can only drain the vaults for so long before the price has to explode to balance the books.
Why the experts are getting "uncomfortable"
Fawad Razaqzada, a well-known market analyst, recently mentioned that moves of this scale make the market feel "stretched." He’s not wrong. When an asset goes up 20% in the first two weeks of the year—which is exactly what silver just did—you have to look for a catch.
There’s a massive amount of "paper silver" out there. These are futures contracts where people bet on the price without ever wanting the actual metal. When the physical price starts running away, the people who "shorted" (bet against) silver get crushed. They have to buy back their positions, which just pushes the rate of silver today even higher. It’s a feedback loop that’s hard to stop.
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"We're early in what will likely be the biggest precious metals bull market in history," says Peter Schiff.
Whether you love him or hate him, his prediction about silver outperforming almost everything else in 2025 and 2026 has been eerily accurate.
The Gold-Silver Ratio is shrinking
Historically, the ratio between gold and silver prices has been around 60:1 or 80:1. Recently, that ratio crashed down to about 51:1. This suggests that silver is finally "catching up" to gold’s massive valuation. Some analysts, like those at Standard Chartered, think that if the ratio hits its 2011 lows, we could be looking at silver prices north of $150.
What most people get wrong about silver prices
A lot of folks think silver follows the dollar. Sorta. Usually, when the US Dollar Index (DXY) goes down, silver goes up. But lately, we've seen silver rise even when the dollar holds steady. This is because people are losing faith in "fiat" (paper) currency altogether. With the US fiscal deficit growing and questions about Federal Reserve independence making headlines, "hard assets" are the only place people feel safe.
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There’s also the "China factor." China has been restricting exports of silver to protect its own industrial needs. When the world’s biggest producer starts hording the goods, the global spot price reacts violently.
Is a correction coming?
Let's be real. Nothing goes up in a straight line forever. Banks like HSBC are actually forecasting that silver might settle back down to the $68 range later this year once the initial panic subsides.
If you're looking at the rate of silver today and thinking about buying, you have to be okay with volatility. Silver is famous for "face-ripping" rallies followed by "gut-wrenching" drops. It's not for the faint of heart.
Actionable steps for the current market
If you are navigating this silver surge, here is the reality of how to handle the $90+ environment:
- Check the "Premium": When you buy physical silver (coins or bars), you aren't paying the spot price. You're paying spot plus a premium. Right now, premiums are high because everyone is scrambling for physical metal. If the premium is more than 15-20%, you might be overpaying.
- Watch the $80 Support: If the price dips, $80 is the new "line in the sand." If it stays above that, the bull run is likely still on. If it breaks below, we might see a fast slide back to the $70s.
- Consider Mining Stocks: Companies like Pan American Silver or First Majestic can act as a "leveraged" play. When silver goes up 10%, these stocks often go up 20%. But they also crash twice as hard if things go south.
- Verify Your Source: With prices this high, fake silver bars are flooding the market. Only buy from reputable dealers like JM Bullion, APMEX, or Kitco. If the deal seems too good to be true, it’s a lead bar painted silver.
The bottom line is that the rate of silver today is a reflection of a world that’s worried about inflation and desperate for industrial materials. Whether we hit $100 by March or see a sharp pullback to $75, the days of "cheap" silver appear to be firmly in the rearview mirror. Stay diversified, keep an eye on the charts, and never bet money you can't afford to lose in this high-beta market.
Next Steps for Investors:
Monitor the $91.11 resistance level closely over the next 48 hours. A sustained break above this point confirms a move toward the $95-100 zone. Conversely, if you are looking to sell, ensure you are getting at least 95-98% of the spot price from your local coin shop, as high demand has increased buy-back rates across most of North America.