If you’ve checked the charts this morning, you probably saw a sea of red. Honestly, it’s about time. After a blistering start to 2026 that saw the "devil’s metal" smash through every historical ceiling, the market is finally taking a breather.
What is the price of silver now? As of Sunday, January 18, 2026, the live spot price of silver is hovering around $90.88 per ounce.
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That’s a slight retreat—down about 2% from the frantic highs we saw just 48 hours ago—but let’s put that in perspective. At the start of 2025, silver was struggling to maintain a footing in the high $20s. Now, we’re casually discussing whether $90 is "cheap." It’s a total mental shift for anyone who has followed precious metals for more than a week.
The Chaos Behind the $90 Handle
We aren't just looking at a normal price fluctuation. We are living through a fundamental realignment of what silver actually is. For decades, it was gold’s volatile little cousin. Today? It’s a strategic industrial asset that the world is suddenly terrified of running out of.
The jump to $93 earlier this week wasn't just some Reddit-fueled "squeeze." It was driven by a brutal cocktail of geopolitical messiness and actual, physical shortages. When the Chinese Ministry of Commerce announced those new "strategic export license" requirements for refined silver, the market basically had a heart attack. China refines a massive chunk of the world’s supply. If they decide to keep it for their own solar and AI chips, the rest of the world has a problem.
Why the Price Dropped Today
If silver is so scarce, why did it fall $1.93 this morning?
- Profit Taking: Traders who bought in at $75 are sitting on massive gains. They’re hitting the "sell" button to lock in some cash for the weekend.
- The Tariff Delay: The Trump administration just signaled a delay in some critical mineral tariffs. That took a bit of the immediate "panic-buying" pressure off the domestic U.S. market.
- Margin Hikes: The CME Group (the folks who run the big futures exchanges) raised the cost to trade silver. It’s like the house raising the minimum bet at a blackjack table to keep things from getting too crazy.
Industrial Hunger vs. Paper Trading
There is a weird disconnect happening right now. On one hand, you have the "paper" price—the one you see on CNBC or your banking app. On the other, you have the physical reality. In places like Shanghai and Hanoi, people are paying premiums that make the $90 spot price look like a clearance sale.
Take a look at the sectors literally eating the world's silver supply:
- The AI Infrastructure Boom: We talk about Nvidia chips all the time, but we don't talk about the silver in the high-speed switches and cooling systems inside the 4,600+ data centers worldwide.
- Solar Power: This isn't just a "green" trend anymore. It's about energy independence. Solar manufacturers are now securing private, long-term supply contracts, bypassing the public exchanges entirely.
- Electric Vehicles: Every EV rolling off a lot in 2026 uses about 1 to 2 ounces of silver. With 15 million units expected this year, you do the math.
Is $100 Per Ounce Actually Possible?
Analysts are split, and frankly, some are being much bolder than others. Fawad Razaqzada at FOREX.com has been warning that the market is "stretched" and that we could see a pullback to $80 or even $73 if sentiment turns. He's not wrong—silver is famous for breaking hearts.
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But then you have guys like Ned Naylor-Leyland at Jupiter Asset Management who think $100 isn't just possible, it's "definitely" happening this year.
Why? Because if you don't have silver, you can't build the future. You can't just substitute it with copper or aluminum in high-end electronics without losing a massive amount of efficiency. The "everything rally" of early 2026 has pushed investors to treat silver as a core asset, not just a speculative gamble.
The Gold-to-Silver Ratio
Historically, this ratio sat around 15:1 for centuries. In the modern era, it’s been closer to 80:1. Right now, with gold sitting near $4,600 and silver at $90, the ratio has compressed to roughly 50:1. If it keeps narrowing—meaning silver continues to outperform gold—that $100 target starts to look very conservative.
What You Should Watch This Week
If you're trying to figure out your next move, don't just stare at the spot price ticker. It’s too noisy. Instead, keep an eye on these three specific triggers:
- The $89.90 Support Level: This was the low after the recent peak. If we stay above it, the bulls are still in charge. If we break below it, expect a "flash sale" down to $84.
- Fed Independence Headlines: Any news suggesting the Federal Reserve is losing its ability to fight inflation usually sends silver higher.
- Inventory Levels at the LBMA: If the vaults in London continue to drain, the "paper" price won't matter anymore. The physical shortage will dictate the terms.
Actionable Insights for Silver Holders
If you already own silver, today's 2% dip isn't a reason to panic. It’s a standard volatility check in a parabolic market. However, if you're looking to buy, chasing the price at $93 was probably a mistake. This consolidation near $90 is a much more "honest" price discovery phase.
Next Steps:
Check the "Ask" price at major bullion dealers rather than just the spot price. In a market this tight, the gap between the spot price and what you actually pay for a physical 1oz American Silver Eagle can be $10 or more. If that premium starts shrinking while the spot price stays flat, it might mean the "panic" is subsiding. If the premium stays high even as spot drops, it’s a sign that the physical shortage is very real.
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Monitor the $84.00 level. That was last year's high, and in technical terms, "old resistance becomes new support." If silver drops that far, it'll be the ultimate test of this bull market's strength.