Silver Hits $120; $6.7T Market Cap—Weak Dollar, Industrial Demand Drive Historic Rally Now

On Jan. 29, 2026, silver reached a record high of $120 per ounce. Its market capitalization rose to about $6.7 trillion, per CompaniesMarketCap.

The rally accelerated late in 2025 amid economic uncertainty and geopolitical stress (Ed. note: data dated Jan. 29, 2026). A weaker dollar and rising industrial demand for solar panels, EVs, and electronics tightened available supply.

Gold also breached $5,500 earlier on Jan. 29, 2026. That surge may have contributed to silver’s move higher by boosting demand for precious metals.

Prices may continue to surge as investors park funds in safer assets during slow global growth. If growth resumes or trade tensions ease, silver could retreat as risk appetite returns.