Silver Surges Past Nvidia in Global Asset Rankings, Second Only to Gold

Silver has reached a market capitalization of $4.79 trillion, allowing the precious metal to surpass one of the world's largest technology companies, Nvidia, in total valuation.

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Silver bars and coins

These estimates are based on data from Companiesmarketcap, a platform that compares the capitalization of public companies, precious metals, cryptocurrencies, and exchange-traded funds using a unified calculation methodology.

As a result, silver now ranks second among all global assets by market capitalization, trailing only gold and outperforming several major technology corporations.

Gold Remains the Undisputed Leader

Gold continues to dominate the rankings, with its market capitalization estimated at $32.103 trillion, reinforcing its long-standing role as the primary defensive asset in the global financial system.

Following silver, Nvidia holds third place with a capitalization of $4.499 trillion. It is followed by Alphabet, the parent company of Google, valued at $3.973 trillion, and Apple at $3.832 trillion.

The fact that silver has moved ahead of the largest representatives of the high-tech sector highlights the scale of the shifts currently taking place across commodity and investment markets.

How Silver's Market Capitalization Is Calculated

The valuation of silver is derived by multiplying its current market price by the estimated total amount of silver mined throughout human history. According to analysts, this volume stands at approximately 1,751,000 metric tons, though the figure remains approximate.

Companiesmarketcap notes that a significant portion of silver has been irreversibly lost or destroyed through industrial use, particularly in electronics, chemical production, medical applications, and solar panel manufacturing.

Unlike gold, which is largely preserved in the form of bars, coins, and jewelry, silver is frequently consumed without the possibility of recovery. This makes the effective supply on the market far more limited than raw production figures suggest.

Industrial Demand and Investment Interest Drive Growth

The rise in silver's capitalization reflects not only price dynamics but also a broader change in investor perception. In recent years, silver has increasingly been viewed not merely as gold's "younger sibling,” but as a strategic resource combining investment and industrial functions.

Rising demand from the renewable energy sector, particularly due to the expansion of solar panel manufacturing, along with growing use in microelectronics and the automotive industry, is creating a structural supply deficit.

Against this backdrop, investment demand amplifies upward price pressure, forming a dual growth driver for the metal.

Geopolitics and Monetary Policy Add Momentum

Additional support comes from heightened geopolitical uncertainty and expectations of monetary policy easing across several major economies.

In such conditions, investors increasingly seek diversification through tangible assets, reducing reliance on equity markets and the technology sector, where valuations remain sensitive to interest rate changes and corporate earnings expectations.

Silver is widely perceived as relatively undervalued compared to gold, further stimulating capital inflows.

Price Dynamics Confirm the Trend

Market pricing reinforces this momentum. As of January 12 at 5:33 p. m. Moscow time, March silver futures reached $84.81 per troy ounce, marking an exceptional rise by historical standards.

For comparison, February gold futures were trading at $4,608.2 per troy ounce. While gold's absolute price remains significantly higher, silver's relative performance points to accelerating investor interest and a possible continued reallocation of capital.

A Sign of a Broader Financial Transformation

In a wider context, silver's ascent to second place by capitalization may be viewed as a symptom of a transforming global financial system, where physical resources are once again competi