Honestly, if you haven't looked at a metal chart in the last forty-eight hours, you’re in for a shock. Silver is acting like a tech stock on energy drinks. People keep asking what is the price of silver as of today, and the answer is moving so fast it’s hard to pin down.
As of Saturday night, January 17, 2026, the spot price of silver is sitting right around $90.04 per ounce.
It’s down a bit. About 2.4% since yesterday, actually. But don't let that daily red candle fool you. Just a few days ago, we saw silver scream past $93, hitting levels that basically nobody—not even the most hardcore "silver bugs"—predicted eighteen months ago. We’re living through a massive structural shift in how the world values this metal. It’s no longer just "poor man’s gold."
The Reality of $90 Silver
The market is technically closed for the weekend, but the "paper" price we’re seeing at $90.04 tells only half the story. If you walk into a local coin shop or try to buy a Physical Silver Eagle online today, you aren't paying $90. You’re likely looking at **$96.35 or higher** once you factor in the premiums.
Why the massive gap? Basically, there isn't enough physical stuff to go around.
The London and Shanghai vaults are being drained. We’ve had five straight years where the world used more silver than it pulled out of the ground. When you have a deficit like that—around 230 million ounces recently—the price eventually has to break. And boy, has it broken.
Breaking Down the Costs
If you're looking at different weights, here is how the math shakes out at today's $90.04 spot:
- Per Gram: $2.89
- Per Kilo: Roughly $2,895
- The Gold/Silver Ratio: It’s hovering around 51:1.
That ratio is a big deal. For decades, it sat near 80:1. The fact that it’s narrowing means silver is significantly outperforming gold right now. Gold is trading at a staggering $4,596 an ounce, but silver is the one grabbing the headlines because its percentage gains are just wilder.
What Is the Price of Silver As Of Today Really Reflecting?
You've probably heard the rumors about why this is happening. It’s a perfect storm of industrial desperation and geopolitical jitters.
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First off, the "Green Revolution" isn't a slogan anymore; it's a massive consumer of metal. Solar panels use a ton of silver. Electric vehicle batteries and 5G infrastructure need it too. Because silver is the best conductor of electricity on the planet, you can't just "substitute" it with something cheaper without losing efficiency.
Then you have the Trump administration's trade policies. There was a lot of talk this week about potential import tariffs. While some analysts, like Ewa Manthey over at ING, think silver might avoid the brunt of those taxes, the mere threat has sent big industrial players into a buying frenzy. They're stockpiling. They’re terrified of being caught without supply if the borders tighten.
The "Strategic" Shift
The U.S. government recently added silver to its list of critical minerals. That’s huge. It changes the metal from a "commodity" to a "national security asset."
When a government says, "We need this for our missiles and our power grid," the price floor tends to move up permanently. We aren't in the $20 range anymore. Those days are gone. Even HSBC, which tends to be more conservative, is adjusting their 2026 average forecasts toward the $68–$70 range, though the current market is clearly laughing at those "low" numbers.
Why the $100 Mark Is the Only Thing People Talk About
Every trader I know is staring at the $100 level. It’s psychological. It’s a round number. And honestly, it’s closer than you think.
To hit $100 from today's price, we only need about an 11% move. In the world of silver, which can swing 4% in a single afternoon, that’s a stone’s throw away. James Steel from HSBC noted recently that the market is in "backwardation." That’s a fancy finance term that basically means people are so desperate for silver now that they are willing to pay more for immediate delivery than for delivery months down the line.
That usually happens right before a massive price spike.
Is This a Bubble or a New Baseline?
It’s the million-dollar question. Or the ninety-dollar question, I guess.
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Some people, like Alan Hibbard, think $90 is just the beginning. They see technical patterns pointing toward $200 or more if the short-selling squeeze in the paper markets fully uncurls. Others are more cautious. They see the 196% gain over the last year and think a "mean reversion" is coming—a fancy way of saying a big crash.
But here’s the thing: you can't "print" silver.
The Fed can pivot, interest rates can drop (which usually helps silver since it doesn't pay a dividend), and the dollar can fluctuate. But the physical amount of silver in the world is finite. Most silver is mined as a byproduct of lead or zinc. You can't just "turn on" more silver production just because the price is high. It takes years to build a mine.
What You Should Actually Do Now
If you're looking at the price today and wondering if you missed the boat, you have to look at your timeline.
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If you're a day trader, the volatility is terrifying. You could lose 5% of your position before you finish your coffee. But if you're looking at this as a long-term hedge against a messy global economy, the "price" today matters less than the "value" of holding a physical asset.
- Check the premiums: Don't just look at the spot price. See what your local dealer is actually charging. If the premium is over 15%, you might be overpaying.
- Watch the $88 level: This has become a new "support" line. If silver stays above $88 through next week, the run to $100 is likely on.
- Industrial vs. Monetary: Keep an eye on solar demand. If the solar industry slows down due to high silver costs, the price might take a breather.
Silver is finally having its moment. It’s messy, it’s loud, and it’s incredibly expensive compared to what we’re used to. But in a world where everything feels digital and inflated, $90 for a heavy, shiny ounce of real metal starts to feel almost... reasonable.
To stay ahead of the next move, keep a close watch on the daily closing prices in the Shanghai market, as that is where the physical demand is currently leading the Western paper markets by the nose. Monitor the U.S. Dollar Index (DXY) as well; any significant dip there usually acts as rocket fuel for the silver spot price. If you are holding physical bullion, now is the time to verify your storage security and keep an eye on sell-back spreads at major retailers.