January 20, 2026 | Silver Just Blew Through $100

It’s amazing how fast the human mind acclimates to “new normals”.

Silver is an obvious case in point. A year ago, $40/oz seemed like a good intermediate-term target. Now, if the price drops below $90, it will be a “crash.”

So let’s take a beat and acknowledge the fact that silver — if you actually want to buy some — has blown through $100 an ounce.

Sure, the paper market spot price remains in the $90s…

…but on physical markets like the Shanghai Metals Exchange, the price is about $103, with the premium over paper widening steadily.

Meanwhile, metals dealers like APMEX are solidly above $100:

Keep That Sense of Wonder

So instead of just re-anchoring at $100, let’s — at least for a while — keep a sense of perspective and enjoy the amazing thing that just happened: Some years ago, we looked at the world, came to a set of conclusions, and acted on the resulting thesis by loading up on an obscure, widely dismissed metal. And it worked. We bucked the consensus and are now reaping some serious rewards.

Nicely done, stackers! Here’s hoping the next stage of the thesis plays out as spectacularly as the first.

John Rubino January 20th, 2026

Posted In: John Rubino Substack

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