If you haven’t checked the ticker lately, you're in for a shock. Honestly, the silver market has gone absolutely wild over the last few months. If you’re asking how much does 1 ounce of silver cost, the answer depends entirely on whether you’re looking at a digital screen or trying to actually hold a physical coin in your hand.
As of Sunday, January 18, 2026, the spot price of silver is hovering around $90.88 per ounce.
But wait. That’s just the paper price. If you walk into a coin shop or browse an online dealer like APMEX or JM Bullion, you aren’t paying $90. You’re likely looking at **$98 to $105 for a single ounce** once you factor in the premiums. It’s a massive jump from where we were just a year ago when silver was struggling to stay above $30.
Why is silver so expensive today?
Basically, we are living through a "perfect storm." For five years straight, the world has used more silver than it has mined. This isn't just some wall street theory; it’s a structural deficit.
The solar industry is eating silver for breakfast. Every solar panel requires a fine silver paste for its conductive cells. Combine that with the massive growth in Electric Vehicles (EVs) and the new US "Critical Minerals" designation, and you've got a recipe for a supply squeeze.
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The gap between spot and physical
You’ve probably heard the term "spot price." It’s the benchmark price for raw, unfabricated silver. But you can't go to a mine and buy a single ounce at spot.
Retail investors pay a premium. This covers the cost of minting, shipping, insurance, and the dealer’s profit. Right now, premiums are unusually high because everyone is rushing to buy at the same time. It’s "FOMO" (Fear Of Missing Out) in its purest form.
- Silver Rounds: Usually the cheapest way to buy, often $3–$5 over spot.
- Government Coins: Like the American Silver Eagle. These carry huge premiums, sometimes $10+ over spot because people trust the government's stamp.
- 10 oz Bars: Usually a better deal per ounce than the 1-ounce versions.
What experts are saying about the $100 mark
Many analysts, including Bob Haberkorn at RJO Futures, have pointed out that this rally feels different than the 1980 spike. Back then, the Hunt Brothers tried to corner the market. It was a gamble. Today, it's driven by central banks, sovereign wealth funds, and massive industrial demand.
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Some banks have updated their 2026 forecasts to suggest silver could consolidate in the $70 to $88 range, while others think $140 is possible by the end of the decade. Of course, silver is notorious for being "the devil’s metal" because of its volatility. It can drop 10% in a single afternoon just as easily as it can climb.
Real-world costs: A breakdown
If you’re ready to buy, don’t just look at the $90.88 spot price. Here is what your bank account will actually see when you hit the checkout button for a single ounce:
The Math of a 1 Ounce Purchase:
- Spot Price: $90.88
- Dealer Premium: ~$8.50 (for a standard coin)
- Shipping/Insurance: ~$5.00 (unless you buy in bulk)
- Estimated Total: $104.38
It’s expensive. No doubt about it. But when you compare it to gold—which is currently trading near $4,600 per ounce—silver still feels "affordable" to the average person. That’s why retail demand is so high. It’s the "poor man’s gold," although at $90 an ounce, that nickname is starting to feel a bit outdated.
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Should you buy silver right now?
Geopolitical tension is a huge driver. When things get messy in the news, people buy hard assets. We've seen a massive "debasement trade" lately—people are losing faith in the long-term value of the dollar because of high government debt, so they’re swapping paper for metal.
However, keep in mind that silver is a "thin" market. It doesn't take much money to move the price significantly. This means when the big players sell, the price can crater fast. If you're buying today, you're buying at historic highs.
Actionable Next Steps
- Compare Dealers: Don't just buy the first thing you see. Check at least three major dealers (like SD Bullion or Money Metals Exchange) to compare the "all-in" price including shipping.
- Check Local Shops: Sometimes a local "LCS" (Local Coin Shop) has better deals on generic bars because they don't have to ship them to you.
- Watch the Ratio: Keep an eye on the Gold-to-Silver ratio. Historically, when the ratio is high, silver is undervalued. Right now, it's tightening, which suggests silver is finally catching up to gold’s performance.
- Audit Your Storage: If you’re buying physical, figure out where it’s going. A safe at home is great, but make sure it’s bolted down.
Silver isn't just a shiny hobby anymore; it’s a major industrial and financial asset that is currently in short supply. Whether $90 is the peak or just a pit stop on the way to $150 remains to be seen, but the days of $20 silver are definitely in the rearview mirror.