The price of silver plummeted Friday, following President Donald Trump’s announcement that he will nominate economist Kevin Warsh to chair the Federal Reserve.

Silver just hit a new record high, but the spot price isn't what you'll pay for silver bars in the current market.

Silver prices are hitting new all-time highs, with the precious metal extending last year's landmark advance into 2026. U.S. spot silver gained 5.9% on Monday, pushing the price to $109.1. U.S. silver futures ,

Silver price hits $120 today, Jan. 29. Is a silver crash near? Silver hit a record $120.46 per ounce on January 29, 2026. This marks a 298% annual surge driven by a 30-million-ounce supply deficit. Relentless demand for AI and solar tech fuels the rise.

The swift reversal has shifted market attention toward vehicles tracking the metals directly, as well as companies exposed to their production. Spot gold and silver ETFs have moved decisively lower, while mining-focused funds are also posting substantial losses as trading begins.

On Friday, the COMEX gold price finished over 11% lower at $4,763.10/oz, while the COMEX silver rate ended over 31% southward at $78.832/oz

Silver prices are soaring — but industry demand could cap the rally

Geopolitical uncertainty and a continuation of last year's demand trends keep driving the price of silver to unprecedented heights so far in 2026. But how sustainable is the upward climb?

Gold was trading 2.1% higher at $5,511.79 an ounce, after touching a fresh all-time high of $5,591.61 earlier in the session.

As silver and gold prices set new records, scammers will seize the opportunity to make money by selling counterfeit coins or fake bullion to unsuspecting consumers. It often leaves local shops to deliver the bad news that a customer bought fake silver eagles or bars.