Published: January 28, 2026 | Updated: January 28, 2026 | Tapbit Commodities & Macro Research
Silver has broken into uncharted territory, surging to a new all-time high of $117.69 per ounce in January 2026 — a staggering 277% gain year-over-year from early 2025 levels near $31.50 and a blistering 61% rally in just the past month. The explosive move reflects a classic convergence of safe-haven demand (geopolitical tensions, tariff threats), a sharply weaker U.S. dollar (DXY below 97), relentless retail and institutional buying through ETFs and futures, and sustained industrial consumption from solar, EVs, electronics and 5G infrastructure. Analysts now see silver catching up to gold’s bull run, with the gold/silver ratio compressing from 52+ to near 44, signaling silver’s relative strength. This article breaks down the key drivers behind the $117.69 record, technical levels, ETF & futures positioning, macro catalysts, forecasts for the rest of 2026, and how traders can position on Tapbit to capture continued momentum or hedge volatility.
Silver Price Surge – January 2026 Key Metrics
| Metric | Value | Change / Context |
|---|---|---|
| Spot Silver (XAG/USD) | $117.69 (all-time high) | Intraday peak Jan 27–28 |
| Current Settlement | $116.80–$117.20 | Consolidating after record |
| Year-over-Year Gain (YoY) | +277% | From ~$31.50 early 2025 |
| 1-Month Gain | +61% | Most explosive monthly move in years |
| Gold/Silver Ratio | ~44.2 | Compressed from 52+; silver outperforming |
| iShares Silver Trust (SLV) AUM | ~$18.8 billion | +28% YTD inflows |
| COMEX Silver Open Interest | ~195,000 contracts | +22% in 30 days; speculative buildup |
Why Silver Hit $117.69 – Core Drivers of the 277% Surge
The record high reflects a powerful multi-factor rally:
- Safe-Haven & Macro Hedge Demand Renewed geopolitical risks (US–Iran naval tensions, Venezuela instability, Greenland sovereignty dispute) and persistent inflation fears have driven flight-to-safety flows into precious metals. Silver benefits from both monetary and industrial demand tails.
- Sharp U.S. Dollar Weakness DXY fell below 97 in early 2026 — the lowest since late 2023 — on policy uncertainty under the Trump administration, Federal Reserve independence concerns, and expectations of a dovish pivot (markets pricing ~80 bps of cuts by year-end).
- Explosive Retail & ETF Buying Frenzy SLV inflows accelerated sharply in January; retail platforms (Robinhood, eToro) reported record silver volume. Social media (#SilverSqueeze) and Reddit communities fueled momentum buying.
- Industrial Demand Strength China — ~50% of global silver consumption — continues record solar panel installations (+38% YoY), EV battery demand, and 5G/electronics consumption, outpacing supply growth.
- Structural Supply Deficits The Silver Institute forecasts a **215 million ounce** deficit in 2026 — sixth consecutive year of shortfall. Mine production growth remains anemic (+1–2% YoY), recycling rates plateaued.
Technical Levels & Sentiment Indicators (XAG/USD)
Current ~$116.80–$117.20 (Jan 28)
- Immediate Support: $112–$114 (prior breakout level + 50-day EMA)
- Critical Support: $108–$110 (psychological + Fib 0.618 retracement)
- Next Resistance: $120–$122 (measured move target)
- Bull Target: $130–$150 (channel extension & analyst consensus)
- RSI (Daily): ~82 → overbought but strong momentum
- Volume: Record highs on up days → conviction behind the rally
Trading Strategies & Positioning on Tapbit
- Create your Tapbit account (0% maker fees)
- Deposit USDT or JPY via bank transfer / P2P
- Spot accumulation: DCA XAG/USDT on pullbacks to $112–$114 (strong support cluster)
- Leveraged momentum: Long XAG/USDT perpetuals on breakout above $120 (20–50x leverage, isolated margin)
- Portfolio hedge: Allocate 5–15% to physical/ETF silver exposure as macro uncertainty hedge
- Risk control: Max 1–2% account risk per trade; trail stops below recent swing lows
Conclusion & Near-Term Outlook
Silver’s historic breakout to $117.69 per ounce in January 2026 — up 277% year-over-year and 61% in the past month — reflects a powerful multi-factor rally: safe-haven demand, a sharply weaker dollar, relentless retail & ETF buying, and structural industrial supply deficits. The move has compressed the gold/silver ratio to ~44, signaling silver’s catch-up phase in the precious metals bull market. While short-term overbought conditions (RSI ~82) and potential profit-taking loom, the fundamental case remains extremely strong — especially if China stimulus accelerates, geopolitical risks expand, or Fed easing expectations strengthen.
Trade the silver breakout & precious metals momentum on Tapbit:
Disclaimer: Precious metals and cryptocurrency markets are highly volatile and subject to rapid changes in sentiment, macro conditions, and geopolitical events. Price forecasts are estimates and not guaranteed. This article is for informational purposes only and does not constitute investment advice. Always conduct your own research (DYOR) and never invest more than you can afford to lose completely.
