If you’d told someone two years ago that we'd be staring down a triple-digit silver price, they would’ve laughed you out of the room. Well, nobody is laughing now. Silver is moving like a tech stock on a caffeine bender, and if you're checking your phone to see what is the price of an ounce of silver today, you’re likely seeing numbers that feel a bit surreal.
As of right now—Friday, January 16, 2026—the spot price of silver is hovering around $89.57 per ounce.
It’s been a wild morning. We actually saw it cross the $91.60 mark earlier in the session before some profit-taking kicked in. Honestly, the volatility is off the charts. We’re seeing 3% to 5% swings in a single afternoon, which is enough to give any retail investor a heart attack. But even with today's slight retreat from the daily high, the big picture is staggering: silver is already up about 28% since the calendar flipped to 2026 just two weeks ago.
The $90 tug-of-war
We are currently stuck in a massive psychological battle at the $90 level. For the last 48 hours, the market has been bouncing off this ceiling like a rubber ball.
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Traders at the COMEX are scrambling. You’ve got the industrial buyers—the guys who actually need the physical metal for solar panels and EV batteries—trying to lock in prices before they go higher. On the other side, you have the "paper" traders who are desperately trying to defend short positions. It’s messy. It’s loud. And it’s making the "spot price" feel more like a suggestion than a rule.
If you go to a local coin shop or a big online bullion dealer right now, don't expect to pay $89. The "spread" or premium over spot is hefty. For a standard 1-ounce American Silver Eagle, you’re looking at a total cost closer to **$98 or $100**. Physical metal is becoming increasingly hard to find, and when you do find it, you pay for the privilege.
Why the "silver squeeze" is actually happening this time
We’ve heard about silver shortages for years, but 2026 feels different. It’s not just a Reddit meme anymore; it’s a structural disaster for supply.
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Basically, the world is in its fifth consecutive year of a silver supply deficit. We aren't digging enough out of the ground to keep up with how much we’re using. Most silver is a byproduct of mining other stuff like copper or zinc. So, even though the price of silver is skyrocketing, miners can't just flip a switch and produce more. They’re stuck with whatever the copper mines give them.
The AI and Green Energy Factor
AI data centers are the new "secret" demand driver. Everyone talks about solar panels—which consume about 25% of global silver supply—but these new AI-driven data centers need massive amounts of silver for high-efficiency electrical contacts. They need components that won't melt under the extreme power loads required to run LLMs.
Then you have the geopolitical mess. The U.S. government recently added silver to its official "critical minerals" list. That’s a huge deal. It’s basically Uncle Sam admitting that silver is a national security issue. Between the ongoing tariff wars with China and the tightening of mining regulations in Mexico (which is the world's top producer), the "cheap silver" era is officially dead.
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Breaking down the 2026 price surge
Let's look at how we got here so fast. In 2025, silver was the "fast horse," gaining over 140%. It started that year at $30 and ended near $76. Entering January 2026, the momentum just didn't stop.
- Federal Reserve Policy: The Fed is in a weird spot. They’ve been cutting rates to keep the economy from stalling, but inflation is still "sticky." When rates go down, silver usually goes up because it doesn't pay interest—making it more attractive than a boring savings account.
- The Gold-Silver Ratio: Historically, this ratio was around 60:1. During the 2020 crash, it blew out to over 100:1. Today, with gold sitting at a staggering $4,600, silver is catching up fast. The ratio is tightening, but many analysts, including Alan Hibbard from GoldSilver, think silver is still the "undervalued" sibling.
- ETF Inflows: We’re seeing a massive return of institutional money. After two years of selling, the big ETFs are buying again. This creates a feedback loop: higher prices attract more investors, which drives prices even higher.
What should you actually do?
Kinda feels like FOMO (fear of missing out) is the dominant emotion in the market right now. If you're looking to buy, you have to be smart about it.
First, ignore the "paper" price if you want physical metal. Check the premiums. If a dealer is asking for a $15 premium on a generic bar, keep looking. Second, expect the pullbacks. A 10% drop in silver is a normal Tuesday in this market. Don't panic-sell when the price dips to $82; that’s just the market breathing.
Honestly, the "smart money" is watching the $100 mark. If we break and hold above $95, $100 becomes an inevitability. But remember, silver is a volatile beast. It can make you rich and break your heart in the same week.
Actionable Next Steps:
- Check live spreads: Compare the current spot price of $89.57 against the "Ask" price at three different major dealers (like JM Bullion, APMEX, or SD Bullion) to see who has the lowest premium.
- Evaluate your "paper" vs "physical" mix: If you want liquidity, look into silver ETFs like SLV or PSLV. If you want a hedge against a total system collapse, stick to physical sovereign coins like Maples or Britannias.
- Set price alerts: Use a finance app to ping you if silver drops below $85. In a bull market, those "dips" are usually the only entry points you'll get before the next leg up.