New York, Jan 21, 2026, 06:27 EST — Premarket
- Spot silver climbed roughly 0.5% to about $95 an ounce in early trading, close to Tuesday’s record high
- Safe-haven demand remains strong amid the U.S.-Europe Greenland dispute, which continues to shake risk appetite
- Traders are focused on Trump’s comments in Davos and the upcoming Fed meeting next week
Spot silver ticked up 0.5% to $95.04 an ounce in early Wednesday trading, staying just under Tuesday’s record high of $95.87. “Sustained uncertainty and the debasement trade are bidding up all precious metals including silver,” said Jamie Dutta, a market analyst at Nemo.money. 1
The silver price jump is significant beyond bullion itself. The ongoing Greenland standoff is seen as a live tail risk, driving investors into havens following Tuesday’s broad selloff. 2
A weaker U.S. dollar is providing some support, while expectations for rate cuts continue to weigh on real yields—an important factor for interest-free metals. “Gold has surged deeper into uncharted territory as investors hedge against rising political risk,” said Fawad Razaqzada, market analyst at City Index and FOREX.com, in a note on Tuesday. 3
Silver’s surge has been swift, even for bullion. On Monday, it reached a new high of $94.61 before easing slightly to about $94.41. Citi Research maintained a “tactically bullish” stance, setting a $100 target for silver within three months. 4
The rally extended to listed products as iShares Silver Trust (SLV), the largest U.S.-listed silver ETF, climbed 5.39% Tuesday, closing at $85.39. Trading volume topped 100 million shares, per Investing.com data. 5
Some miners are already embracing the stronger prices. Pan American Silver reported Tuesday that its 2025 attributable silver production exceeded the high end of its guidance. It projects 2026 output between 25.0 million and 27.0 million ounces. The company also announced audited results will be released after market close on Feb. 18. 6
Safe-haven headlines have driven most of the action this week, but silver isn’t just a straightforward fear play. Its hefty industrial demand gives it another angle, with investors often treating it as a higher-beta alternative to gold when the dollar weakens.
That said, a steep drop could hit if geopolitical tensions ease or the dollar strengthens. “Though some analysts flag a correction risk after the swift price surge, the rally should hold given ongoing uncertainty,” Business Insider quoted David Morrison of TradeNation. 7
Traders are focusing on Washington and Davos before turning their attention to the Federal Reserve. The next key date on the calendar is the Fed’s policy meeting scheduled for Jan. 27–28. 8
