New York, Jan 21, 2026, 13:49 (EST) — Regular session
Spot silver fell 1.4% to $93.25 an ounce by 1:44 p.m. ET Wednesday, pulling back after a sharp rally.
That pause is key as silver’s rally nears $100—a milestone known for triggering swift momentum trades and sharp sell-offs when momentum fades. Citi Research weighed in earlier this week, maintaining a tactical bullish stance on precious metals and setting a $100 silver target within three months. They cited ongoing geopolitical tensions, which they expect to remain high for the foreseeable future.
Price moves got caught up in wider risk sentiment. On Tuesday, the dollar index slipped while long-term U.S. Treasury yields climbed, reacting to tariff threats tied to Greenland. That combo unsettled stocks and sent funds flowing into safe havens.
Gold, the louder sibling to silver in this rally, grabbed most of the spotlight. On Wednesday, it surged past $4,800 an ounce for the first time. Platinum also soared to a record high, while silver pulled back slightly after hitting a fresh peak the day before. “There’s a bit of fear of missing out … it’s a perfect storm for higher gold and higher silver prices,” said Bob Haberkorn, senior market strategist at RJO Futures. Reuters
Currency markets remained active. The dollar crept higher from three-week lows once President Donald Trump dismissed the idea of using force in Greenland, pushing instead for swift talks. Adam Button, chief currency analyst at investingLive, commented that the saga is “clearly not at the end.” Reuters
Investors are watching Washington closely. The U.S. Supreme Court recently heard arguments over Trump’s attempt to remove Federal Reserve Governor Lisa Cook, a case that puts the Fed’s independence on trial. Cook framed the dispute as a choice between setting interest rates based on “evidence and independent judgment” or bowing to political pressure. Reuters
Volatility has surged alongside those headlines. The Cboe Volatility Index climbed to an eight-week peak on Tuesday amid rising cross-asset swings. Alex Morris, CEO and CIO of F/m Investments, noted that the usual reaction to geopolitical tension is to “take equity risk off table, buy gold, buy cash.” Reuters
Physical markets have been sending mixed signals. In India, premiums—the extra cost above official domestic prices—spiked sharply. Silver premiums hit $8 an ounce as traders braced for potential import restrictions ahead of the Feb. 1 budget, while the rupee dropped to a record low. “People are speculating that the government may raise import duties on gold and silver to curb imports in the budget,” said Chanda Venkatesh, managing director at bullion merchant CapsGold. Reuters
The iShares Silver Trust ETF slipped roughly 1.3% during the session, with U.S.-listed miners showing mixed results. First Majestic Silver gained around 1%, while Pan American Silver fell close to 1.5%.
But the recent dip shows the path isn’t linear. “Silver’s surge to triple digits seems well within reach … yet it won’t be a one-way street,” said ANZ commodity strategist Soni Kumari, cautioning that with momentum comes the risk of pullbacks and increased volatility. MINING.COM
The Federal Reserve’s policy meeting on Jan. 27-28 is the next major event on traders’ radar, as they look for signs of any change in the rate outlook amid rising political tensions affecting markets.
