Honestly, if you looked at the silver charts this morning, you probably saw a sea of red and wondered if the "silver squeeze" era just evaporated. It’s been a wild ride. After a week where silver felt like it was strapped to a SpaceX rocket, the metal is finally catching its breath.
What is silver trading for today and why is it dropping?
As of Friday, January 16, 2026, spot silver is trading around $90.77 per ounce.
That’s a drop of roughly 1.7% from yesterday. In India, the Multi Commodity Exchange (MCX) saw a much sharper sting, with silver futures for March delivery tumbling over ₹4,000 to land near ₹2,87,550 per kg.
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It’s a classic "sell the news" event.
For weeks, the market was terrified that new US import tariffs on critical minerals would choke off supply. Traders went into a frenzy, front-running those tariffs and pushing silver to record highs near $93 earlier this week. But then, the White House signaled a pivot toward "negotiated supply agreements" instead of flat-out taxes.
The panic subsided. The "tariff premium" got sucked right out of the price.
The numbers you need to know
If you’re tracking the screens right now, here is the quick breakdown of where we are:
- Spot Silver: ~$90.77/oz (Down from a weekly high of $93.56).
- India MCX (March): ~₹2,87,550/kg.
- Gold-to-Silver Ratio: Hovering near 51:1 (Gold is at $4,612, which is also feeling some pressure).
- 52-Week Range: A massive swing from $30.27 to $93.56.
Silver is basically the erratic younger sibling of gold. It moves faster, hits harder, and breaks hearts more often.
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Why the $100 silver dream isn't dead yet
Even with today's pullback, the big-picture people are still screaming about $100. And honestly, they have some decent points. We aren't just talking about jewelry and coins anymore; we are talking about a massive structural deficit.
We are currently in the fifth straight year of a global silver shortage.
Industrial demand is relentless. Between EV batteries, solar panels, and the massive cooling and conductive needs of AI data centers, the world is eating silver faster than miners can pull it out of the ground. Mines in Mexico and Russia are facing serious regulatory and sanction-related headwinds, which means new supply isn't exactly around the corner.
The Fed factor
There is also a tug-of-war happening with the US Federal Reserve.
While the US dollar is showing some teeth today—which usually makes silver more expensive for people using other currencies—the long-term bet is still on rate cuts. When interest rates eventually fall, the "opportunity cost" of holding a metal that doesn't pay a dividend goes down. That’s when the big institutional money usually flows back into silver ETFs like the iShares Silver Trust (SLV).
How people are actually trading this right now
If you’re new to this, "trading silver" isn't just about buying a bag of coins and hiding them under your mattress (though plenty of people still do that). Most of the action today is happening in the paper markets.
1. Futures and Options
This is where the big boys play. You’re basically betting on what silver will be worth in March or May. It’s high leverage, which means you can make a fortune or lose your shirt in ten minutes. The current volume on COMEX is huge, showing that people are actively fighting over these levels.
2. Silver ETFs
Think of things like SLV or the Sprott Physical Silver Trust (PSLV). It’s basically like buying a stock that tracks the price of silver. You don't have to worry about a vault or a heavy box in your closet.
3. The "Physical" Stacker
There is a massive community of people who only trust what they can touch. Premiums on physical coins are still pretty high compared to the spot price you see on the news. If "what silver is trading for today" says $90, don't be surprised if your local coin shop asks for $98 or $100 for a one-ounce American Eagle.
The "Bullish" vs "Bearish" reality check
It's easy to get caught up in the hype, but you've gotta look at both sides.
The bulls think $100 is inevitable because the LBMA vaults are down 50% from their 2021 peaks. They see silver as the ultimate "undervalued" play compared to gold. They're looking at the charts and seeing a massive "cup and handle" formation that suggests a breakout is only just beginning.
On the other hand, the bears are pointing at the US dollar. If the dollar stays strong and the US economy remains "too hot," the Fed might keep rates higher for longer. That would be a wet blanket for silver. Also, if China’s industrial growth slows down, that's a huge chunk of solar demand that just disappears.
What you should do next
If you're looking at the price today and feeling the itch to jump in, don't just FOMO at the current price. Silver is famous for "flushing out" the latecomers.
- Watch the $88 level: This was a previous resistance point. If silver falls back to $88 and holds, it might be a solid entry for a "buy the dip" play.
- Check the Gold-to-Silver Ratio: Historically, silver is "cheap" when the ratio is high. At 51:1, it’s actually much more expensive relative to gold than it was a year ago (when it was 80:1).
- Diversify your entry: Instead of dumping everything in at $90.77, most experts suggest dollar-cost averaging. Buy a little now, and buy a little more if it drops to $85.
The market is volatile. It's supposed to be. If you can't stomach a 5% drop in a single afternoon, silver trading might not be the game for you. But for those who see the "green energy" transition as a one-way street, today's dip looks more like a discount than a disaster.
Start by tracking the DXY (US Dollar Index) alongside silver prices this afternoon. If the dollar starts to weaken as the London market closes, we might see silver reclaim some of those morning losses before the weekend. Keep an eye on the $91.50 resistance—if we break above that before the closing bell, the $100 talk will be back in full force by Monday.