If you’re checking the price of silver per oz today, you probably noticed the screen is flashing a lot of red. It’s Sunday, January 18, 2026, and after a wild ride that saw silver flirt with the triple digits earlier this week, we’re seeing a bit of a reality check.
Right now, the live spot price of silver is sitting around $90.86 per ounce.
It’s down about $2.31 over the last 24 hours. That’s a 2.4% drop. If you’re a stacker, you’re likely breathing a sigh of relief because things were getting a little too "moon-ish" for comfort. If you bought at the peak of $95 on Wednesday, well, you’re probably staring at your portfolio with a bit of a grimace.
But honestly? Context is everything. A year ago, we were looking at silver in the high $20s. Today, we’re arguing about whether $90 is "cheap." The world has definitely changed.
What is the price of silver per oz today and why is it so volatile?
Silver is the classic "Jekyll and Hyde" of the metal world. It’s half precious metal, half industrial workhorse. Because of that, it reacts to everything from Federal Reserve whispers to how many solar panels China decided to manufacture this morning.
Right now, the market is digesting some big news from the White House. Earlier this week, the Trump administration announced that, following a Section 232 review, they won’t be slapping new tariffs on critical metals for the time being. This cooled off the "panic buying" that had been driving prices toward $100. People were stockpiling silver like it was 1980 all over again, and that pressure just let off a little steam.
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The Real Numbers Right Now
Depending on where you look, the "ask" price is hovering between $90.46 and $91.09.
- Per Gram: $2.92
- Per Kilo: $2,921.22
- 1-Year Change: Up roughly 196%
Yeah, you read that right. Silver has nearly tripled in value in 12 months. That kind of growth isn't "normal" for a boring metal, but 2026 is proving to be anything but normal.
The "Solar Squeeze" and Industrial Panic
Most people think of silver as coins in a safe. In reality, your phone, your Tesla, and the solar panels on your neighbor's roof are the real price drivers.
Silver is the most conductive element on Earth. You can’t replace it with copper in high-end electronics without losing massive efficiency. In 2025, we saw a structural deficit—meaning we used more silver than we pulled out of the ground—for the fifth year in a row.
Maneesh Sharma from Anand Rathi recently pointed out that the industrial demand for green tech is essentially "price-insensitive." If you’re building a $2 billion solar farm, you aren't going to stop construction because silver went from $80 to $90. You just pay it. That creates a massive floor for the price that didn't exist ten years ago.
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Why It’s Different This Time
The "Hunt Brothers" era in 1980 was a cornered market—a fluke.
This move is different.
It's a supply-side crunch.
Most silver is a byproduct of mining copper and zinc. You can't just "turn on" a new silver mine because the price went up; you have to wait for a copper mine to expand. That lag time is why Peter Schiff and other analysts are still calling for $100+ silver by the end of the year, even with today’s pullback.
Misconceptions About Spot Price vs. Physical Price
One thing that really trips up new investors is the "premium." If the price of silver per oz today is $90.86, you are not going to walk into a coin shop and buy a Silver Eagle for $91.
Premiums are still high.
For a 1 oz American Silver Eagle, you’re likely looking at an "ask" price closer to $97 or $98.
For a 100 oz bar, you might get closer to spot, maybe $93 an ounce.
Silver is heavy. It's expensive to ship. It’s expensive to insure. Dealers have to make a margin, and when volatility is this high, they widen their spreads to protect themselves. If you’re selling back to a dealer today, expect to get closer to $88 or $89.
The Fed and the "Higher for Longer" Ghost
We also have to talk about interest rates. The Federal Reserve hasn't been as aggressive with cuts as people hoped. Higher interest rates usually hurt silver because silver doesn't pay a dividend. If you can get 5% in a "risk-free" bond, why hold a heavy metal that just sits there?
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But that logic is starting to fail.
Inflation is stickier than a cheap rug.
Even with rates where they are, people are losing faith in the dollar's purchasing power. That’s why gold is sitting above $4,600 and silver is following suit. We’re in a "regime shift" where the old rules about interest rates and precious metals are being rewritten in real-time.
Actionable Steps for Today's Market
If you’re looking at the $90 price point and wondering what to do, don't just FOMO in because of a YouTube video.
- Check the Gold/Silver Ratio: Historically, this ratio sits around 60:1. When it’s high, silver is "cheap" compared to gold. Even at $90, silver is technically outperforming gold's percentage gains this month, but the ratio is still hovering around 50:1. Some analysts think it could head to 30:1 if the industrial squeeze continues.
- Dollar Cost Average (DCA): Don't buy your whole position on a Sunday afternoon. If you have $5,000 to spend, maybe spend $1,000 today. If it drops to $85 next week, buy another $1,000. If it shoots to $100, at least you have some skin in the game.
- Mind the Spread: If you're just looking for price exposure, look at silver ETFs like SLV or PSLV. If you want the metal in your hand for "end of the world" scenarios, accept that you're going to pay a 10% premium.
- Watch the $84 Level: Technical analysts like Fawad Razaqzada are pointing at $84 as the "line in the sand." If we stay above $84, the bull market is very much alive. If we break below that, we might see a fast trip back to $70.
The price of silver is no longer just a hobby for people with basement safes. It’s become a core indicator of the global energy transition and the health of the US dollar. Whether you're a buyer or a seller, $90 silver is a milestone we won't forget anytime soon.
Next Step: To get the most accurate local pricing, call three different local coin shops and ask for their "sell price" on a generic 10 oz silver bar. This will give you the "real" price of silver in your area, which often tells a different story than the digital spot price on your screen.