Gold and silver surged to fresh record highs on Monday, cementing their dominance not just in price performance — but in sheer market size.
With gold rallying to $5,100 an ounce and silver spiking to $110, the combined market value of the two precious metals has now topped $41 trillion, according to data from CompaniesMarketCap.com.
That figure makes gold and silver together nearly twice the combined market capitalization of the Magnificent 7 mega-cap technology stocks.
Precious Metals Now Tower Over Big Tech
Gold alone now carries a market value of approximately $35 trillion. Silver accounts for another $6.1 trillion, placing the precious metals complex firmly at the top of the global asset rankings.
That puts the gold-and-silver complex at nearly double the size of the most dominant group of technology companies in U.S. equity market history.
Global Asset Rankings (By Market Capitalization)
Gold: ~$35.0 trillion
Silver: ~$6.1 trillion
NVIDIA Corp. : ~$4.53 trillion
Alphabet Inc.: ~$4.04 trillion
Apple Inc.: ~$3.78 trillion
Microsoft Corp.: ~$3.51 trillion
Amazon Inc.: ~$2.56 trillion
Meta Platforms Inc.: ~$1.70 trillion
Tesla, Inc.: ~$1.45 trillion
Dollar Selloff Is Amplifying The Precious Metals Rally
Gold is up 80% over the past 12 months. Silver has surged 260%. Both metals are on track for their strongest rolling one-year gains since 1980.
Unlike prior precious-metals rallies driven by crisis hedging alone, the current surge is unfolding alongside persistent central-bank buying, rising geopolitical risk, and growing skepticism over long-term fiscal sustainability in major economies.
Yet, despite gold and silver have already sharply surged over the past year, a further weakening on the dollar is adding fuel to fire.
On Monday, the U.S. dollar sold off sharply against the Japanese yen amid speculation of official intervention to support Japan's currency.
Macro strategist Otavio "Tavi" Costa, CEO at Azuria Capital, highlighted that the Dollar Index has broken below a major long-term support level for the first time in roughly 15 years.
"If the dollar finishes the month below this level, it could mark the beginning of a multi-year downtrend," Costa said in a post on X, warning that global markets remain underpositioned for sustained dollar weakness.
A falling dollar typically boosts dollar-denominated assets such as gold and silver, while also reinforcing broader "debasement trade" dynamics tied to inflation hedging, reserve diversification and declining confidence in fiat currencies.
“The world is not positioned for this in my view,” he added.
With just 4 trading days left in the month:
The dollar index has broken below a major support level for the first time in 15 years.
The world is not positioned for this in my view.
The debasement trade is now well understood, but the next phase is a broad weakening of the US… pic.twitter.com/hRvz34de7p
Join thousands of traders who make more informed decisions with our premium features.
Real-time quotes, advanced visualizations, backtesting, and much more.
