Silver price hits $120 today, Jan. 29 — Is a silver crash near? Why some analysts warn of bubble-like dynamics

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. However, Bank of America warns of "bubble-like dynamics," calling the market "overheated" as prices stretch 30% above fundamental averages. With the gold-silver ratio at a 14-year low of 45:1, a sharp technical correction may be looming.