Silver is doing something weird. Honestly, it's been doing something weird for months, but as of January 17, 2026, the market has officially entered what traders are calling "price discovery mode." If you haven't checked your ticker lately, take a breath.
The current value of silver per oz is hovering around $90.13.
That number is a bit of a moving target. Just two days ago, we saw it brush against an all-time high of $93.57 before some heavy profit-taking kicked in. It's volatile. It's messy. And it is absolutely obliterating the gains we saw in almost every other asset class last year. While the "gold bugs" are happy with their $4,600 per ounce, silver has quietly tripled in value over the last twelve months. You've basically got a metal that used to be the "poor man's gold" now acting like a high-growth tech stock.
Why the current value of silver per oz has gone parabolic
Most people think silver is just a safe-haven asset. They think it moves when people get scared of the dollar or when some geopolitical crisis kicks off in South America. That's only half the story. The real reason you're seeing $90 silver today is a "perfect storm" of industrial thirst and a physical supply chain that is, frankly, screaming for help.
The Solar Monster
Solar energy is no longer a niche green project. In 2025, solar manufacturers inhaled over 25% of the global silver supply. Each panel needs about 0.64 ounces of silver for its conductive paste. You can't just "swap it out" for copper without losing a massive amount of efficiency. With the EU aiming for 700 gigawatts of solar by 2030, the demand isn't just high—it's structural.
The AI and Data Center Boom
This is the part nobody talked about two years ago. AI requires massive computing power. Massive computing power requires massive data centers. And guess what lines the connectors and switches in those high-end servers? Silver. Its conductivity is unmatched.
The Mine Deficit
We are currently in our sixth consecutive year of a structural supply deficit. It's not like a faucet you can just turn on. About 75% of silver is a by-product of mining other stuff like copper, lead, and zinc. If you’re a copper miner and the price of silver goes up, you don't necessarily dig faster just for the silver. It’s a secondary concern. Peter Krauth, a well-known analyst at Silver Stock Investor, has been beating this drum for a while: the reaction time of miners to higher prices is painfully slow. It takes 10 to 15 years to bring a new mine online. We don't have 15 years.
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The Gold-to-Silver Ratio: Is it still "Cheap"?
For decades, the "smart money" used the gold-to-silver ratio to figure out when to buy. Historically, that ratio sat around 15:1. In the modern era, 50:1 or 80:1 was more common. In early 2024, it was over 100:1, which was basically the market shouting that silver was dirt cheap.
Today, that ratio has compressed to roughly 57:1.
- Silver at $90.13
- Gold at $4,596.34
Does that mean the opportunity is gone? Sorta, but not really. While the "easy money" from that 100:1 ratio is in the rearview mirror, many analysts believe that as long as the ratio stays above 50, silver still has room to catch up to gold’s historic dominance. If the ratio keeps dropping toward 40—a level we haven't seen in ages—we could see silver hitting triple digits even if gold stays flat.
What's actually happening on the ground?
If you try to buy a physical 1oz Silver Eagle today, you'll notice something annoying. The "spot price" might be $90, but you're probably going to pay $98 or $100 at a local coin shop. Premiums are high because the physical metal is genuinely hard to find.
London inventories are thin. China has been curbing exports to protect its own industrial needs. We’re seeing "backwardation" in some markets, which is just a fancy way of saying people want the metal right now so badly they’re willing to pay more for immediate delivery than for a contract three months from now.
Expert Insight: Vanda Research recently noted that this isn't a "meme stock" spike like we saw in 2021. This is "structural accumulation." People are reallocating their 401ks into silver as a core macro asset.
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The 2026 Forecast: Highs and Lows
Goldman Sachs is looking at a range of $85 to $100 for the rest of the year. They see silver as the primary beneficiary of the "green transition." On the flip side, Citigroup is a bit more cautious, suggesting an average between $60 and $72, though they admit a spike to $110 is possible if supply tightness worsens.
The Bear Case:
If the Federal Reserve decides to hike interest rates again (unlikely, but possible), or if we see a massive global manufacturing slowdown, the industrial demand could take a hit. If that happens, silver could easily retreat to the $60 range.
The Bull Case:
Geopolitics. The recent arrest of Nicolás Maduro in Venezuela and the ongoing tensions in the Middle East have investors spooked. When people are scared, they buy "hard money." Combine that with the fact that we're literally running out of silver in some of the world's biggest vaults, and the path of least resistance seems to be up.
Real-world impact: What you should do
Look, buying at all-time highs is always nerve-wracking. Nobody wants to be the person who bought the top. But silver is no longer just a shiny trinket for collectors; it’s a strategic industrial metal.
If you're looking at the current value of silver per oz and wondering if it's too late, you have to ask yourself one question: Do I think we'll be using more solar panels and more AI-driven electronics in three years, or less?
Actionable Steps for the Silver Market:
- Watch the $84.00 level. This was a major resistance point last year. If silver dips back to $84 and holds, it’s a strong signal that the new floor is established.
- Check premiums. If you're buying physical, don't just look at the spot price. Shop around. Sometimes junk silver (pre-1965 half-dollars and dimes) has lower premiums than minted coins.
- Monitor the Fed. If job growth stays weak—like the 50,000 jobs added last month—the Fed will likely keep cutting rates. Lower rates are like rocket fuel for silver because the metal doesn't pay interest; when "safe" bonds pay less, silver looks way better.
- Diversify your entry. Don't dump your life savings in on a Tuesday afternoon. Dollar-cost averaging is boring, but it's the only way to survive a market this volatile without losing your mind.
Silver has spent thirteen years stuck under a $50 ceiling. Now that it's smashed through, we are in uncharted territory. Whether it's a bubble or a long-overdue revaluation remains to be seen, but for now, the white metal is finally having its day in the sun.
As of today, $90 silver is the new reality. It’s no longer the "forgotten asset" in the shadow of gold—it’s the engine of the modern economy.
To keep track of your own holdings or plan your next move, monitor the New York spot price daily, as the 24-hour cycle often sees the most movement during the London-New York overlap between 8:00 AM and 11:00 AM EST. Focus on building a position during the "mid-week lulls" which often see minor price corrections before the weekend.