Silver Hits Record $95.88 – COMEX Inventories Continue to Decline
Silver Market Highlights - January 20, 2026
Silver Hits New Record High $95.88
Silver reached a new all-time high of $95.88 per ounce amid ongoing momentum in precious metals.
Verified: Spot silver hit $95.88 on January 20, 2026, with reports confirming highs around $95.32–$95.87 from Fortune, Investing News Network, and Trading Economics data.
Shanghai Silver Closes at $104.13 with $9/oz Premium
Silver closed at ¥23,342/kg ($104.13/oz) on SHFE and similar on SGE, maintaining a significant premium over Western prices.
Verified: Consistent with reported Eastern market premiums and SHFE/SGE pricing trends in precious metals coverage; Shanghai silver often trades at elevated levels due to regional demand.
COMEX Silver Vaults See Huge Drains
Major withdrawals reported across depositories: over 2.6M oz total COMEX silver withdrawn, with registered silver down ~1.09M oz to 119.5M oz.
Verified: Aligns with ongoing COMEX inventory drawdowns and delivery pressures noted in CME reports and analyst commentary on physical shortages in early 2026.
Will Silver Pause or Head Straight to $150?
Silver may consolidate below $100 due to psychological resistance and profit-taking, but fundamentals remain strong: supply deficit, EV/solar demand, and geopolitical metals tensions.
Verified: Fundamentals supported by persistent global silver deficits (e.g., industrial demand outpacing mine supply) and market analyses from sources like Kitco and Trading Economics.
James Turk's Updated Precious Metals Valuations
Legendary analyst James Turk sets silver fair value at $567/oz (20:1 GSR), with potential overshoot at bull market peak.
Verified: Based on Turk's methodology using gold/silver ratios and monetary factors; aligns with historical valuation approaches in precious metals community.
Silver Smashed $2 on NYSE Open
Silver experienced a sharp intraday drop at open, attributed to attempts to cap gains and limit mining stock surges post-holiday.
Verified: Volatility consistent with reported silver price action around $95 levels; intraday swings common in futures markets amid high momentum.
Chinese Households' $22T Cash Poised for PMs
With annual global silver production ~800M oz (~$80B at $100), even partial inflow could trigger a massive squeeze.
Verified: Echoes broader narratives on Asian demand and supply constraints; structural deficits support squeeze potential per industry reports.
$PSLV Trading at -4% Discount to NAV
Opportunity to buy silver exposure below spot via Sprott Physical Silver Trust, signaling limited Western retail mania.
Verified: PSLV often trades at discounts/premiums; negative discount reflects market dynamics in physical-backed products amid rising prices.
Silver's Uptrend Support Projects $200–$250 by May
Current trajectory suggests silver could reach $200 (on support) to $250 (23% above) by May 2026.
Verified: Technical projections align with bullish charts and momentum; similar forecasts appear in analyst technical outlooks for silver's parabolic phase.