If you haven't checked the tickers lately, brace yourself. Honestly, the precious metals market has gone absolutely nuclear over the last few months. As of Saturday, January 17, 2026, the spot price of silver is hovering around $90.39 per ounce.
Wild, right?
Just a year ago, we were talking about silver as "the poor man’s gold," sitting quietly in the $20s and $30s. Now, it’s the star of the show. You’ve probably seen the headlines about gold hitting $4,600, but silver's percentage gains are actually leaving gold in the dust. We’re witnessing a structural shift that most of us haven't seen in our lifetimes.
What's the price of silver per ounce right now and why is it so high?
Basically, silver isn't just a shiny coin in a vault anymore. It’s a high-tech industrial necessity. The price you see today—that $90.39 mark—is being driven by a "perfect storm" of scarcity and desperate industrial need.
You see, silver is the most conductive metal on the planet. You can't build a high-efficiency solar panel or a modern electric vehicle (EV) without it. While investors used to buy silver because they were worried about inflation, the big tech companies are now buying it because they literally need it to keep their assembly lines moving.
The AI and Green Energy Hunger
Solar energy has been a massive driver. Global installations are climbing at their fastest pace ever. But here’s the kicker: the rise of Artificial Intelligence infrastructure. Data centers and the chips that power AI require massive amounts of silver for their electrical contacts.
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- Solar Demand: Now accounts for roughly 16% of global demand.
- EV Production: Electric cars use significantly more silver than internal combustion engines.
- AI Infrastructure: Emerging as the "X-factor" that analysts didn't fully price in two years ago.
The Supply Squeeze Nobody Talked About
Here is a weird fact: most silver isn't mined on its own.
About 70% of the world's silver is a byproduct of mining for copper, lead, and zinc. This means even if the price of silver triples (which it nearly has), miners can't just "turn on the faucet." They have to want more copper or zinc first.
Supply has been in a deficit for five years straight. We've been eating into global stockpiles, and London’s vaults are looking a lot thinner than they used to. Plus, geopolitical drama hasn't helped. With trade tensions and export restrictions—like China's recent moves to limit silver exports—the "physical" metal is becoming a lot harder to get your hands on than the "paper" silver traded on Wall Street.
Why the "Spot Price" Isn't What You'll Actually Pay
If you walk into a coin shop today, don't expect to pay $90.39. That’s the "spot" price, which is basically the wholesale rate for 1,000-ounce bars. For regular folks buying a 1 oz Silver Eagle or a Maple Leaf, you’re going to pay a "premium."
Right now, those premiums are stiff. A 2026 Silver Kangaroo might cost you closer to $98. Dealers are low on stock, and when demand spikes like this, they hike the markup. It’s kinda frustrating, but it’s the reality of a tight market.
Is This a Bubble or the New Normal?
I get asked this constantly. "Is it too late to buy?"
Look, any time an asset goes up 140% in a year, you have to be careful. Some analysts, like those at HSBC, are a bit more cautious, suggesting we might see a correction back toward the $60s or $70s if the economy cools off. They think the market is "stretched."
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On the flip side, you have the "silver bulls" at places like The Oregon Group. They’re looking at the supply-demand gap and wondering if silver could hit $150. They argue that as long as we are building solar panels and AI chips, the floor for silver has permanently moved higher.
The Gold-to-Silver Ratio
Historically, people look at the ratio between gold and silver prices to see which one is "cheaper."
- April 2025: The ratio was nearly 100:1 (Gold was 100x the price of silver).
- Today: It has compressed to about 57:1.
Silver is "catching up" to gold. When this ratio drops, it usually means silver is outperforming. Even at $90, some technical analysts argue that if gold stays above $4,500, silver still has plenty of room to run before it reaches its historical relationship with its yellow cousin.
What You Should Do Next
If you’re looking at your portfolio and wondering how to handle this volatility, here are some actionable steps based on current market conditions:
Don't FOMO into one-ounce coins. If you just want "exposure" to the price, look into Silver ETFs like the iShares Silver Trust (SLV). You avoid the $8-per-ounce dealer premiums and storage headaches. If you must have the physical metal, 10-ounce or 100-ounce bars usually have much lower markups than individual coins.
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Watch the $84.00 support level. Technical traders are calling $84 the "line in the sand." If silver stays above that, the trend is still your friend. If it dips below, we might see a fast slide back to $70 where the "real" buyers are waiting to jump back in.
Check your local coin shop's "Buy-Back" price. If you bought silver years ago at $20, you're sitting on a massive gain. Before you sell, call around. Some shops are so desperate for inventory they are paying over spot price to buy back recognizable coins.
Keep an eye on interest rates. Silver doesn't pay a dividend. When the Federal Reserve cuts rates, silver usually goes up because the "cost" of holding it goes down. If the Fed starts talking about hiking rates again to fight inflation, that could be the pin that pops this mini-bubble.
Ultimately, silver has transitioned from a boring metal in your grandma's cabinet to a critical national security asset. Whether it hits $150 or drops back to $60, the days of "cheap" silver appear to be firmly in the rearview mirror.