Silver finally hits $100 an ounce — and some experts say that’s just the beginning
Silver tops $100 an ounce for the first time in history Friday
Last Updated: Jan. 23, 2026 at 3:28 p.m. ET
First Published: Jan. 23, 2026 at 12:30 p.m. ET
Silver prices on Comex topped $100 an ounce on Jan. 23, for the first time ever. Photo: MarketWatch photo illustration/iStockphoto
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- Silver for March delivery reached a record intraday high of $101.86 an ounce on Comex, closing at $101.33, up 5,2%.
- The metal has gained nearly 44% this month, positioning it for its best monthly performance since December 1979.
- Supply tightness is identified as the primary driver of silver’s gains, with 2025 marking the fifth consecutive year of a global supply deficit.
Silver’s climb to the $100-an-ounce mark on Friday — a level it hit for the first time on record — was met with much fanfare by just about everyone who closely watches the market for the precious metal.
Silver has the characteristics of both a precious and an industrial metal and is in short supply. That’s why many investors believe in its potential for further price gains.
The market “could still be closer to the beginning of the silver move rather than the end,” said Stefan Gleason, president and chief executive officer at Money Metals Exchange, given the breakdown in the gold-to-silver ratio and breakout in mining stock indexes. The ratio represents the relative value of gold to silver.
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Read: Here’s everything investors need to know about the historic silver rally in 10 charts
“The silver market continues to show incredible momentum, with each pullback or pause being bought quickly,” Gleason told MarketWatch.
On Friday, silver for March delivery
traded as high as $101.86 an ounce on Comex, the highest intraday level on record. It settled at $101.33, up 5.2%. It has gained nearly 44% so far this month and is on track for its best month since December 1979, according to Dow Jones Market Data.
“Silver has been breaking milestone after milestone, with traders happy to buy every dip they could get their hands on,” said Fawad Razaqzada, market analyst for global macroeconomics at Forex.com.
The metal has been supported by many factors, including haven demand and interest-rate cuts, but the “main factor behind the eye-watering gains has been due to short-term tightness in supply,” Razaqzada said. And for that reason, “it is difficult to say how much further will silver rise and how long it will be able to sustain itself at current record levels. Supply remains the market’s biggest constraint.”
The Silver Institute has said that 2025 marked silver’s fifth consecutive year in a global supply deficit.
Silver has also gained attention as an alternative to its much more expensive sister metal, gold. The yellow metal’s February contract
settled at a record high Friday, up 1.2% at $4,979.70 an ounce, after touching a high of $4,989.90.
Read: Gold is approaching $5,000, and ‘unavoidable uncertainty’ means it could go higher
“With gold priced out of reach for many, silver has emerged as an accessible way to gain exposure to the precious-metals boom,” said Paul Williams, managing director of gold and silver supplier Solomon Global.
For silver, “$120 is a potential target in 2026, as the factors that have contributed to this rally are likely to continue,” Williams said. “Silver’s safe-haven appeal shows no sign of fading as geopolitical tensions continue.”
Still, Williams warned of high volatility, pointing to his Solomon Global colleague Nick Cawley’s expectation for daily price swings of 10% or more.
“The higher the price, the more volatile it is likely to become,” Williams said. “Profit-taking might also tarnish silver’s shine.”
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About the Author
Myra P. Saefong, assistant global markets editor, has covered the commodities sector for MarketWatch for 20 years. She has spent the bulk of her years at the company writing the daily Futures Movers and Metals Stocks columns and has been writing the weekly Commodities Corner column since 2005.
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