Silver rises from $91 to $97 in 6 days, next stop is $100 or a pullback

2026-01-23 01:01:14

Spot silver hits a new all-time high, breaking through $97/oz, with an intraday increase of 0.87%. Behind this seemingly moderate daily gain is a fierce rebound—rising from $91.07 on January 22 to $97 today, silver has increased nearly $6 in just two days. This not only sets a new record but also reflects the market’s urgent demand for safe-haven assets and deep concerns over macro risks.

How Intense Is the Rebound

The recent price trajectory of silver warrants attention:

Date	Price	Event
January 20	$95.85	Reached a new all-time high
January 21	Fell below $94	Silver declined even as gold broke through $4800
January 22	$91.07	Intraday plunge of 2.15%
January 23	$97	Reached a new all-time high again

From $91 to $97, the increase exceeds 6.5%. What does this rapid rebound say about market sentiment? Going from a sharp decline to a sharp rise, silver demonstrates strong rebound capability amid extreme volatility.

Long-term Trend Has Been Established

Behind short-term fluctuations lies a deeper upward trend. According to the latest data, silver has risen 34.3% over the past month and approximately 202.2% over the past year. Maintaining an upward momentum for nine consecutive months, this is not just a rebound but an established upward cycle.

What Are the Driving Factors

Geopolitical Risks Escalate

The Trump administration’s tough stance on Greenland and threats to impose a 25% tariff on Europe have sparked concerns over escalating global trade frictions. Such tail risks directly boost demand for safe-haven assets. Gold, as the ultimate safe-haven tool, broke through $4800 first, followed closely by silver, a precious industrial metal serving as a safe-haven.

Liquidity Expectation Shift

Volatility in the Japanese government bond market has triggered global concerns over liquidity. The Fed’s rate cut expectations have strengthened (market probability of a rate cut in March has risen to 85%), and a loose liquidity environment has suppressed real interest rates, weakening the dollar’s appeal—an important support for precious metal prices.

Gold and Silver Move Together but with Different Logic

Interestingly, on January 21, when gold broke through $4800, silver instead fell below $94. This divergence reflects market preferences—gold is favored for its pure safe-haven attributes, while silver, as an industrial metal, was overlooked. However, in the short term, silver’s rebound speed has surpassed gold’s, indicating the market is re-evaluating silver’s value.

How Far Is $100

Only $3 away from $100, the increase is just 3.1%. Considering the rebound magnitude over the past two days, $100 no longer seems an unreachable target. But caution is needed: extreme volatility often comes with risks. The plunge on January 22 reminds us that precious metals markets are highly sensitive to macroeconomic changes.

Summary

The rapid rebound of silver from $91 to $97 reflects a market re-pricing of safe-haven assets. The long-term upward trend is already established (up 202% over the past year), while short-term fluctuations depend on the evolution of geopolitical risks and liquidity expectations. $100 is not a fantasy, but one should also beware of pullback risks. The key is to observe whether this rebound is sustainable—whether it reflects long-term pricing of geopolitical risks or is just an overreaction driven by short-term sentiment.

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