Silver price hits all time high of $94.73 an ounce

Silver prices hit a record $94.73/oz on January 19. Silver analyst Philip Newman tells pv magazine the metal could soon surpass $100/oz, increasing pressure on PV module manufacturers to reduce silver usage.

Silver prices continue to climb, reaching a record high of $94.73 per ounce (oz) yesterday.

For comparison, the average price of silver in 2024 was $28.27 per ounce.

“I think we could soon surpass the $100 threshold,” Philip Newman, managing director of UK-based market research firm Metals Focus, told pv magazine. “When prices are this close, it seems quite likely.”

Geopolitical factors, including rising tensions between Europe and the United States, are major drivers of the sharp upward trend, according to Newman.

“There is a lot of positive sentiment toward gold and silver,” he said. “Uncertainty is increasing due to Trump’s proposed tariffs and potential European retaliation, as well as developments in South America. In addition, indictments involving Federal Reserve Chair Jerome Powell and the ongoing move toward de-dollarization are also supporting precious metals.”

According to Newman, silver prices are unlikely to retreat toward levels seen during the 2022–2025 period, when the average price of the metal ranged between $21.70/oz and $28.50/oz. “We may eventually see prices fall once the current liquidity squeeze eases and uncertainty and investment demand begin to weaken,” he said. “However, this will take time. It will not happen overnight, and I do not expect it in 2026. When prices do come down, they are likely to settle at a significantly higher level than in previous cycles.”