#Silver Price News Today 23-1-2026 - Elliott Wave and technical analysis of Silver, focusing on market structure, key support and resistance zones. Video by MCO Global Equities & Commodities.
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Silver prices reached a historic milestone on January 23, 2026, officially breaking the $100 per ounce barrier for the first time. Spot silver surged as much as 4.2% to hit a record high of $100.29 earlier today before stabilizing near $99.15–$99.73 by mid-morning. This move caps a massive 40% gain in January alone, driven by a combination of global supply deficits, a weakening U.S. dollar, and escalating geopolitical tensions.
Key Market Drivers
--Geopolitical Safe-Haven Demand: Renewed tensions between the U.S. and European allies, combined with ongoing conflicts in Ukraine and South America, have intensified the rush into precious metals.
--Physical Supply Squeeze: Global markets are facing their largest supply deficit in over two decades. Structural mine production constraints and a 60-70% reduction in refined exports from China (due to new strategic metal classifications) have drained inventories in London and New York.
--Strategic Industrial Use: Beyond solar and EV demand, silver is increasingly being used as a critical component in control rods for the global nuclear power revival, further tightening the market.
--Central Bank Accumulation: Emerging-market central banks, including those of Russia, India, and Saudi Arabia, have reportedly begun adding silver to their strategic reserves as a hedge against the U.S. dollar.
