Silver climbed to a record high above $90 per ounce in early January 2026, driven by strong demand from central banks, Chinese consumers, and investors seeking safe-haven assets amid global economic uncertainty. The rally marks a significant milestone in the precious metals market, with silver outperforming gold in momentum and price gains.
- Silver surpassed $90 per ounce on January 13, 2026, hitting a record high.
- Year-to-date gain for silver: 28%, outpacing gold’s 17% rise.
- Central banks added over 1,200 metric tons of silver to reserves in the past year.
- Chinese silver bullion sales grew 41% YoY in Q4 2025.
- iShares Silver Trust (SLV) assets exceeded $18 billion in January 2026.
- Pan American Silver Corp. (PAAS) shares rose 34% in January 2026.
Silver reached an all-time high above $90 per ounce on January 13, 2026, according to spot market data, marking the first time the metal has breached this psychological threshold. The surge follows a 28% year-to-date increase in silver prices, significantly outpacing gold's 17% rise during the same period. This rally reflects intensified demand across multiple sectors, including industrial applications and investment portfolios. The price momentum was fueled by sustained buying from central banks, particularly in emerging markets, which have been diversifying reserves away from the U.S. dollar. In the past 12 months, central banks collectively accumulated over 1,200 metric tons of silver, according to industry tracking. Simultaneously, Chinese consumers continued robust purchases, with domestic silver bullion sales rising by 41% year-on-year in Q4 2025. Investors also contributed to the rally, shifting funds into precious metals ahead of anticipated monetary policy shifts and geopolitical tensions. Silver’s volatility premium increased as options markets priced in a 22% probability of a 10% price move within the next 30 days. The metal’s industrial demand, especially in solar panel manufacturing and electric vehicle components, further supported the uptrend, with global silver use in renewables rising by 15% in 2025. The rally has broad implications for global markets. Mining stocks tied to silver, such as Pan American Silver Corp. (PAAS), saw their shares rise 34% in January alone. Meanwhile, ETFs tracking silver, including the iShares Silver Trust (SLV), reported record inflows, with net assets surpassing $18 billion by January 12, 2026.