Silver has officially ceased to be just "cheap gold." In January 2026, the metal made a historic breakthrough, surpassing the psychological barrier of $100 per ounce. However, the main sensation is not happening on the charts, but in real storage.$XAG
Over 10 years, silver has transformed from the "poor relative of gold" to one of the most profitable assets of the decade. If in 2016, an investment of $1000 would have brought you about 60 ounces of the metal, today those ounces are worth over $6000, demonstrating a sixfold increase.
Price dynamics (USD per troy ounce)#
2016 – 2019
Period of stagnation and consolidation. The price fluctuated between $14 – $20. After a slight spike due to Brexit in 2016, the metal traded in a low range for a long time due to low inflation and the absence of significant economic shocks.
2020
A year of extreme volatility. In March 2020, at the beginning of the pandemic, silver plummeted to a 10-year low — around $12. However, by August, the price soared to $29 as investors sought a 'safe haven' amid massive money printing by central banks.
2021 – 2023
Stability at higher levels. The price has remained in the corridor of $22 – $26. The market balanced between high industrial demand and rising interest rates from the US Federal Reserve, which typically pressure precious metal prices.
2024 – 2025
Breakthrough. Silver has finally crossed the psychological barrier of $30. By the end of 2025, the price reached an impressive $60 – $75 per ounce. This was driven by a chronic shortage of physical metal and a boom in the solar energy sector.
2026 (current state)
Rapid growth. As of January 2026, prices crossed the $100 per ounce mark. This is explained by 'physical shortages' on exchanges (COMEX, LBMA) and export restrictions from major players, particularly China.
Main influencing factors
✅"Green" energy. Silver is a key component of solar panels. As the world shifts to renewable sources, industrial demand has become a dominant factor.
✅Supply shortage. Silver production has barely increased over the past years, as most of the metal is produced as a by-product of copper and zinc. For five years in a row, the market has been in a state of structural deficit.
✅Inflation and dollar devaluation. The weakening of the dollar in 2025 pushed investors to buy solid assets.
✅Artificial intelligence and electronics. The development of AI infrastructure requires a huge number of chips and boards, where silver is irreplaceable due to its high electrical conductivity.
📊 Market gap, as Shanghai leads the way
Today we observe a unique situation — the price of silver varies by dozens of dollars across different continents.
📌 Shanghai Gold Exchange (SGE). The price soared to $134. This is an absolute record that reflects the real demand of Chinese tech giants.
📌Western markets (COMEX, LBMA). Trading in the range of $108 – $117. This creates an anomalous difference of 14–15%.
China has blocked silver exports, recognizing it as a strategic resource. Now Western exchanges cannot replenish stocks with Eastern metal, leading to a 'supply crisis' in London and New York.
🔥 Why is the price shooting 'to the moon'?
📌 Artificial intelligence and solar energy consume silver faster than it can be mined.
🔥Stocks on the London exchange have fallen to critical levels. Investors are massively withdrawing metal from warehouses, not trusting 'paper' contracts.
🔮 Forecast until the end of 2026
Analysts are split into two camps, but both acknowledge that a return to 'cheap' silver at $25 is not on the horizon.
Optimistic scenario
If COMEX fails to ensure supplies, prices in the West will catch up with Shanghai and may reach $150–$200 by summer.
Conservative scenario
After a stage of growth, a correction to the level of $80–$90 is possible, where the price will stabilize as the new 'norm'.
We are witnessing the largest market redistribution of precious metals in the last 50 years. Silver is becoming the 'new oil' of the digital age.