If you’d told a silver bug back in 2023 that we’d be looking at $90 silver in early 2026, they probably would have laughed you out of the coin shop. Yet, here we are. It’s Saturday, January 17, 2026, and the markets are still buzzing after a wild week that saw the "poor man’s gold" officially stop being poor.
Right now, what's the price of silver an ounce today? The spot price is hovering right around $90.26 per troy ounce.
It’s been a rollercoaster. Just yesterday, we saw a slight pullback of about 2% from the week's highs as traders basically decided to bank some of their insane profits. Honestly, it’s a bit of a breather. Silver has been on an absolute tear, rising over 25% just in the first two weeks of January. If you think that’s crazy, consider that it surged nearly 150% in 2025. We are living through what UBS is calling one of the most powerful silver rallies in modern history, comparable only to the legendary Hunt Brothers squeeze of the late '70s.
Breaking Down the Numbers: What’s Actually Happening?
When people ask about the price of silver per ounce, they usually just want the number on the screen. But the "screen price" and what you actually pay at a dealer are two different beasts.
Because demand for physical coins like American Silver Eagles or Canadian Maples is so high right now, premiums are through the roof. You're likely looking at $94 to $97 an ounce if you want to hold the physical metal in your hand.
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Why the sudden explosion?
It’s a perfect storm. We’ve got a massive supply deficit for the fifth year in a row. Basically, the world is using way more silver than mines can dig up. It’s not just jewelry anymore. Your phone, your electric car, and those solar panels on your neighbor's roof are all "eating" silver at an accelerating rate.
- Solar energy is a monster. Photovoltaic demand is basically a floor for the price now.
- The EV transition. Electric vehicles use significantly more silver than gas cars because of its superior conductivity.
- Industrial "Stickiness." Unlike investors who might sell when they get scared, industrial buyers need the metal to keep their factories running. This creates a structural demand that doesn't just go away.
The Gold-to-Silver Ratio: What Most People Get Wrong
For years, the gold-to-silver ratio was the "boring" stat that only nerds cared about. It used to sit around 80:1 or even 100:1, meaning it took 100 ounces of silver to buy one ounce of gold.
That ship has sailed.
Today, that ratio has compressed to about 51:1. This is a huge deal. It tells us that silver is finally outperforming gold in a major way. While gold is doing great—trading around $4,600 an ounce—silver is the one doing the heavy lifting in terms of percentage gains. Experts at GoldSilver are even pointing to a possible "triple-digit" silver price later this year. If the ratio keeps dropping toward its historical average of 40:1, we could see $100 silver faster than anyone expected.
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Is This a Bubble or a New Reality?
Look, I get the skepticism. When an asset goes up 150% in a year, people start looking for the exit. And yes, there are risks.
If the Federal Reserve decides to hike rates unexpectedly later this year, or if the global economy hits a massive recession that kills industrial demand, silver could easily pull back to the $70 range. 15 hours ago, analysts at HSBC were already cautioning that the metal might be "fundamentally overvalued" in the short term, suggesting a possible correction toward $68 by year-end.
But then you look at the supply side. Mexico, the world's largest producer, has seen regulatory changes that cut output. Russia is still largely sidelined by sanctions. We aren't seeing massive new mines opening up overnight. It takes a decade to bring a silver mine online. You can't just flip a switch and get more.
A Quick Reality Check on Pricing:
- Spot Price: ~$90.26
- Retail/Physical Price: ~$94.50 - $98.00
- 1 Kilo Bar: ~$2,900+
- The "Premium" Factor: Expect to pay 5-10% over spot for small quantities.
Actionable Steps for Today's Market
If you’re looking at what's the price of silver an ounce today and wondering if you should jump in or get out, here is the move.
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First, check the "Ask" price, not just the "Spot" price. Most websites show the mid-market price, but you’ll buy at the "Ask." If you already own silver, don't feel bad about skimming some profits. Taking 10-20% off the table after a 150% run is just smart math.
If you're buying, don't chase the daily green candles. Silver is notoriously volatile. It "gaps" up and down. Wait for a red day—like the one we’re seeing today—to cost-average into a position. Use a reputable dealer like JM Bullion or APMEX to track the live spread, as prices can fluctuate by the second during active trading hours. Keep an eye on the $88 support level; if it holds there, the path to $100 looks a lot clearer.
To get the most out of your silver research, you should compare the current spot price against the premiums at at least three different major online dealers to ensure you aren't overpaying for the "convenience" of immediate delivery.