Silver surpasses $90 per ounce for the first time amid investor flight to safe havens

Thursday 15 January 2026 - 07:50

By: Dakir Madiha

Silver surpasses $90 per ounce for the first time amid investor flight to safe havens

Silver has shattered records by climbing above $90 per ounce for the first time ever, while gold edged close to its all-time high as investors rushed into precious metals. This surge reflects mounting concerns over threats to the Federal Reserve's independence and escalating geopolitical tensions.

The white metal jumped as much as 5.8 percent to a peak of $92.23 per ounce before settling at $90.87, marking the strongest start to a year on record. Gold advanced to $4,641.29 per ounce, extending gains of about 8 percent since the beginning of 2026.

The rally accelerated after central bankers worldwide issued a rare joint statement on Tuesday defending Federal Reserve Chair Jerome Powell. Powell revealed over the weekend that the Justice Department had threatened him with criminal indictment related to a $2.5 billion renovation of the central bank's headquarters. He described the probe as a pretext to undermine the Fed's autonomy amid ongoing White House pressure for more aggressive interest rate cuts.

"This is about whether the Fed can continue setting interest rates based on data and economic realities, or whether monetary policy will be swayed by political pressures or intimidation," Powell said in a video statement posted on the Fed's social media accounts.

European Central Bank President Christine Lagarde, Bank of England Governor Andrew Bailey, and leaders from nine other central banks expressed full solidarity with the Federal Reserve system and its chair, Jerome H. Powell.

Physical market strains have intensified alongside the price boom. The U.S. Mint halted sales of all silver numismatic products on Wednesday, citing an inability to price the metal amid surging conditions. Dealers reported stock rationing, with the gap between paper prices and physical availability widening.

"All roads lead to gold and silver," said Alex Ebkarian, operations director at Allegiance Gold, describing the market as entering a structural bull phase.

Citigroup raised its three-month forecasts to $5,000 for gold and $100 for silver, pointing to heightened geopolitical risks, persistent physical shortages, and renewed uncertainty around the Fed.

Geopolitical flashpoints have further fueled demand for havens, including the U.S. capture of Venezuelan President Nicolás Maduro earlier this month and growing speculation over potential American military action in Iran following deadly anti-government protests. Renewed threats from President Donald Trump regarding Greenland added to the unease.

In a related development, Trump backed away on Wednesday from new tariffs on critical minerals under a Section 232 review, favoring negotiated deals with foreign countries instead. This eased fears of import duties on silver.

UBS Group strategist Joni Teves cautioned that some consolidation would be healthy for precious metals after the rapid run-up. Still, analysts broadly expect the uptrend to persist, with silver having tripled over the past year and gold posting about 65 percent gains in 2025.