If you’ve been watching the ticker today, you probably noticed the screen was bleeding green for precious metals. Honestly, the silver market is behaving like a tech stock on a caffeine high lately.
The closing price of silver today, January 15, 2026, settled at $91.876 per troy ounce on the Comex.
That is not a typo.
We are looking at a gain of 1.11% for the session, which marks the fifth consecutive day of gains. If you feel like the ground is shifting under the feet of the traditional financial world, you aren’t alone. This isn't just a "good day" at the office for bullion dealers; it's a historic breakout that has analysts at BMO and TD Securities scrambling to update their spreadsheets.
Breaking Down the Numbers
Today's move pushed silver to a fresh record high. Just to give you some perspective, the metal has surged nearly 23% in the last five trading sessions alone.
It’s wild.
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Basically, silver is up 31% since the calendar flipped to 2026 just two weeks ago. When you compare this to where we were a year ago—hovering around the $30 mark—the 191% climb feels almost predatory toward anyone holding a short position. In fact, TD Securities had to pull the plug on a silver short trade yesterday, eat a $606,000 loss, and just walk away because the momentum was too aggressive to fight.
Why Is This Happening Right Now?
You’ve got a "perfect storm" scenario. First, the industrial side is hungry. Silver is essentially the nervous system of the modern world. Between EV production, solar panels, and the massive data centers required for the 2026 AI boom, we are in the fifth straight year of a global silver supply deficit.
Mining can't keep up.
Most silver is a byproduct of mining copper or zinc. You can't just flip a switch and get more silver; you have to build an entire new copper mine, which takes a decade. Meanwhile, China has started tightening the screws on exports. On January 1st, Beijing restricted physical silver exports to the global market, which effectively choked the supply lines to London and Zurich.
Then there’s the Trump factor.
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The market was bracing for a massive tariff war on critical minerals, but today the administration held off, which actually let some of the "fear" steam out of the market. Even so, the closing price of silver today reflects a reality where supply is structurally broken while demand is accelerating.
The Investor Sentiment Shift
People are trading silver for gold at a rate we haven't seen in years. It’s a "catch-up" trade. For a long time, gold was the star of the show, but silver's dual role as a financial hedge and an industrial necessity makes it more attractive in a high-growth, high-inflation environment.
"The immediate heat may be off silver, but we can't expect the tightness to ease dramatically," says Rhona O’Connell, a veteran analyst at StoneX.
She’s right. Even if we see a "Technical Tuesday" correction next week, the floor for silver has likely moved permanently higher.
What Most People Get Wrong
There's a common myth that silver only moves when the dollar crashes. That's not really true anymore. Today, the U.S. Dollar Index actually rose 0.3%, yet silver still managed to close higher. The old correlations are breaking down. We are seeing an "everything rally" where tangible assets are being vacuumed up by institutional players who no longer trust paper contracts.
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If you’re looking at the charts, keep an eye on these levels:
- $93.90: This is the next major psychological barrier.
- $86.19: This is the immediate support level. If it drops below this, we might see a fast slide back to the $80 range.
- $100.00: The "triple-digit" target that once sounded like a conspiracy theory but now looks like a mathematical probability for later this year.
Actionable Insights for the Weekend
Don't chase the green candle. If you're looking to enter, wait for a pull-back to the 50-hour EMA, which is currently sitting around $90.06.
Check your physical holdings versus your "paper" silver (ETFs like SLV or PSLV). In a market this tight, the premium on physical coins and bars is likely to stay high. If you are holding physical, keep an eye on the gold-to-silver ratio; as silver outperforms, it might be a strategic time to rebalance some of those gains back into gold.
Monitor the news out of Mexico and Russia closely. These two regions account for a huge chunk of global production, and any further mining nationalization or sanctions will send that closing price of silver even higher by the time Monday's opening bell rings.