New York, Jan 23, 2026, 17:16 EST — After-hours
U.S. silver futures broke into triple digits Friday, with the March contract hitting a high of $101.86 an ounce before closing at $101.33, marking a 5.2% gain for the day. 1
The $100 mark is straightforward, which is exactly the point. Silver’s surge is pushing a metals rally into a wider play — drawing in more participants, ramping up leverage, and giving stock-market money fresh avenues to chase gains.
Gold has been pulling the complex upward, with silver following along—but it’s no longer the cheap option. Peter Grant at Zaner Metals pointed to “geopolitical tensions” and a “generally weak dollar” as key drivers. Nikos Tzabouras from Tradu described silver’s outlook as “a far more compelling fundamental narrative than gold.” 2
Equity investors saw the iShares Silver Trust ETF (SLV) jump 6.63%, closing at $92.91—marking one of its most significant daily gains in years. 3
Physical tightness remains a key factor, particularly in London. Traders note strong demand for coins and small bars, along with buying via physically backed ETFs, fueling the rally.
The rally is showing signs of strain after its rapid pace. StoneX analyst Rhona O’Connell called it a “self-propelled frenzy,” warning silver was sending “amber wealth warnings.” BNP Paribas strategist David Wilson said “profit taking” might hit “sooner rather than later.” Spot silver last climbed 5.1% to around $101 an ounce, though Bank of America’s Michael Widmer sees a “fundamentally justified” price closer to $60. COMEX inventories have dropped sharply to 418 million ounces from a peak of 532 million in early October, heightening market jitters. 4
The gold-silver ratio — how many ounces of silver it takes to buy one ounce of gold — has tightened noticeably as silver surged ahead. Traders keep a close eye on this ratio since it often signals when a metal’s move might be overextended.
Tariffs continue to fuel inflation pressures behind the scenes. “Increased costs, widely blamed on tariffs,” remain a major factor pushing up prices for goods and services, according to S&P Global’s Chris Williamson. The Federal Reserve is widely expected to hold interest rates steady next week, waiting for more definitive signs on inflation and employment. 5
Inflation figures remain in focus. The Commerce Department’s personal consumption expenditures (PCE) price index, which the Fed favors, was last published on Jan. 22. The next update is set for Feb. 20. 6
The next major event is the Fed’s policy meeting and press conference on Jan. 27-28. Traders will watch closely for any change in the rate outlook, as a stronger dollar or a hawkish surprise could easily pressure silver from here. 7
Silver faces a straightforward challenge: stay above $100 heading into next week, and avoid another rush on physical supply. If headlines calm down or inventory strain loosens, the surge that drove prices higher could reverse just as fast.
