Epic Silver Rally! Market Cap Surpasses Apple, Becomes World's Third-Largest Asset
As silver prices continue to climb, the precious metal's market cap has now overtaken Apple, rising to the third-largest global asset behind only gold and Nvidia.
On Monday, silver experienced massive volatility in a classic "violent surge followed by sharp drop" rollercoaster: spot silver opened with a strong rally, up over 5% at one point and topping $83/oz; then plunged from the highs, briefly dipping below $75/oz with an intraday swing of $9; as of press time, spot silver is trading around $80/oz.
Analysts attribute Monday's pullback from highs partly to traders taking profits from the record rally driven by structural supply-demand imbalances.
Year-to-date, silver has delivered an epic surge, up nearly 180% so far. The rapid rise stems from multiple factors: supply shortages, U.S. designation as a critical mineral, strong industrial demand, geopolitical tensions boosting safe-haven buying, Fed rate cut expectations supporting precious metals, and thin liquidity amplifying volatility.
The silver market has entered "high-volatility mode" — supply shortages support prices on one hand, while speculative sentiment heightens risks on the other.
According to market cap data platform CompaniesMarketCap, silver currently stands at $4.485 trillion; gold leads at $31.719 trillion, with Nvidia second at $4.638 trillion. The top 10 list is as follows:
Notably, it has been only about 10 days since silver climbed to the fourth-largest asset globally — when it first surpassed the surging AI darling Google.
Market experts believe silver's global ranking could rise further. Industry sources say if the current momentum persists, silver could soon overtake Nvidia to become the world's second-largest asset.
Amid the silver price rollercoaster, analyst views have polarized. Bulls like renowned Wall Street economist Peter Schiff predict silver could break $100 next year. Bears warn precious metals are "on the edge of a cliff," with correction risks building.
UBS recently cautioned that short-term risks for precious metals trading have risen significantly — post-new highs, profit-taking by short-term investors increases, and thin year-end liquidity could exacerbate swings, making near-term moves harder to read.
Macroeconomics firm Capital Economics wrote in a report: “Precious metals prices have risen to levels difficult to justify with fundamentals.” They forecast silver retreating to around $42 by year-end next year.
Overall, 2025 has seen an extraordinary precious metals bull market, with silver's explosive performance highlighting supply constraints and dual industrial/safe-haven demand. While short-term volatility is elevated, structural drivers remain supportive — but overextension risks warrant caution for new positions.