Silver price hits record $121.64 in 2026 surge

Silver (XAGUSD) surged to an all-time high of $121.64 on Jan. 29, 2026, driven by booming industrial demand from photovoltaics, electric vehicles, 5G and AI data centers and a persistent supply deficit. After trading near $26/oz in 2024 and closing 2025 at $72, silver’s 2025 jump (+42%) and large draws from above-ground stocks have tightened liquidity, raising analyst 2026 targets from major banks to $81–$135. Physical storage costs and logistics remain a barrier for bullion investors, while tokenization (growing market >$7.3bn) is emerging as an on-chain alternative to ease custody and trading. Market structure changes imply higher volatility and potentially sharper price swings as supply-demand imbalances persist.