Silver Rises Roughly 60% This Month, Outpacing Gold

On Jan. 28, 2026, the price of silver continued a rapid climb, extending its gain to roughly 60 percent this month and drawing attention from investors and companies that use the metal in manufacturing. Silver has been on a breakneck rally for much of the past year, more than doubling in price in 2025 before accelerating in the first weeks of 2026.

Prices crossed $100 an ounce for the first time last week and have set fresh records in recent sessions. Gold has also risen, nearly doubling over the past year and trading above $5,000 an ounce in recent sessions. Some momentum is attributed to investors seeking safe places amid trade tensions, geopolitical conflicts, and worries about inflation and rising debt; gold is normally a go-to haven, but silver’s outsized gains have drawn extra attention.

Citi analysts wrote that “Silver is behaving like ‘gold squared’ or ‘gold on steroids’,” and they raised a silver-price forecast to $150 an ounce in the next three months. Silver’s market is smaller than gold’s and includes a broader variety of players, which can make it prone to bigger swings.

The metal also has wide industrial uses — in solar panels, data centers, electric vehicles, electronics and defense equipment — so price volatility can reverberate through the economy. China, a major supplier of refined silver, began enforcing new export restrictions this year, which some analysts said could be intended to shield its domestic economy; Elon Musk wrote on X that “This is not good.

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