Silver is doing that thing again. You know, the thing where it sits quietly for years, making everyone bored, and then suddenly decides to move like a caffeinated lightning bolt. If you’ve looked at the charts this morning, you probably saw the numbers jumping. As of Thursday, January 15, 2026, the spot price for 1 ounce of silver today is hovering right around $89.95.
It’s been a wild morning. We actually saw an all-time intraday high of $93.54 earlier today before some traders decided to take their chips off the table, causing a slight pullback. Still, when you consider that silver was trading near $30 just twelve months ago, "volatile" feels like an understatement. We are living through a massive revaluation of what this grey metal is actually worth.
What is Driving the Price Right Now?
It isn't just one thing. Markets are messy. Right now, it’s a perfect storm of industrial panic and "safe haven" buying.
The biggest shock to the system came from China. On January 1, 2026, Beijing implemented some of the strictest silver export curbs we’ve ever seen. They’ve essentially labeled silver a "strategic resource." When the world’s largest producer starts hoarding its own supply, the rest of the market tends to freak out.
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Then you’ve got the industrial side. Every single electric vehicle (EV) rolling off an assembly line contains roughly 1 to 2 ounces of silver. With global EV production hitting massive new targets this year, the demand isn't just theoretical anymore—it's a physical shortage. Solar panels are eating up another huge chunk. We are basically using silver faster than we can dig it out of the ground.
How Much is 1 Ounce of Silver Today and Why Does the "Spot" Price Matter?
When people ask about the price, they usually mean the spot price. This is the benchmark price for one troy ounce of .999 fine silver for immediate delivery.
But here’s the kicker: you can’t actually buy a physical silver coin for $89.95 right now.
Physical premiums are through the roof. If you walk into a local coin shop or check an online dealer like APMEX or JM Bullion, you’re likely going to pay a "premium over spot." For a standard 1 oz Silver American Eagle, you might be looking at $98 to $105. The gap between the "paper" price on the COMEX and the "metal-in-hand" price hasn't been this wide in a long time.
The Gold-to-Silver Ratio is Shrinking
Historically, the relationship between gold and silver tells us a lot. For years, the ratio sat around 80:1 (meaning it took 80 ounces of silver to buy one ounce of gold). Today, with gold trading near $4,600, that ratio has collapsed to about 51:1.
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Silver is effectively "catching up" to gold. Many analysts, including those at Citigroup, are starting to whisper about the ratio hitting 40:1 or even lower by the end of the year. If that happens, silver is heading toward triple digits.
Can Silver Actually Hit $100?
Honestly, it’s looking more like a "when" than an "if" at this point.
We are less than $11 away from that psychological $100 mark. In the world of silver, an 11% move can happen in a single afternoon if the right headline hits. Barchart recently noted that the momentum behind this rally is unlike anything seen since the late 1970s.
However, don't expect a straight line up. Silver is famous for its "face-ripping" corrections. We saw it this morning—a 3.5% drop in a matter of hours. The market is "stretched," according to analysts at FOREX.com. If you're buying today, you have to be okay with the fact that it might drop to $80 tomorrow before it tries to climb back to $100 next month.
Key Factors to Watch This Week
- The Federal Reserve: Everyone is waiting to see if they’ll stick to the projected rate cuts. Lower rates usually mean a weaker dollar, and a weaker dollar is fuel for silver.
- The "Short Squeeze": There are still a lot of big institutional players betting against silver. If the price stays above $90, those players might be forced to buy back their positions to cover their losses, which could trigger a massive "liquidity vacuum" move upward.
- Physical Availability: Keep an eye on the "Out of Stock" labels on retail websites. If the physical supply dries up, the spot price becomes almost irrelevant as the real-world price takes over.
Actionable Steps for Silver Buyers
If you're looking at how much is 1 ounce of silver today and trying to decide whether to jump in or wait, keep these practical points in mind:
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- Check the "Ask" Price, Not Just Spot: Always look at what dealers are actually charging for delivery. The "spot" price is for 5,000-ounce contracts, not single coins.
- Dollar-Cost Average: Given the extreme volatility, putting all your money in at $90 is risky. Many seasoned stackers buy a little bit every month to smooth out the price swings.
- Watch the $85 Support Level: If silver falls through $85, it could trigger more selling down to $75. But as long as it stays above $88, the path to $100 remains wide open.
- Diversify the Format: Junk silver (pre-1965 dimes and quarters) sometimes carries lower premiums than brand-new minted coins during price spikes. It's worth comparing the price per ounce across different products.
The market is moving fast. Whether you're a long-term "stacker" or just curious about the headlines, the current price action suggests that the days of "cheap" silver are likely behind us for the foreseeable future. Keep a close eye on the $93 resistance level; breaking back above that could be the signal that the run to $100 has officially begun.