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Gold and silver have surged to dominate global asset rankings in 2025, with gold holding a market capitalization above $31 trillion and silver posting gains exceeding 130% to approach $4 trillion in total value.
The precious metals rally has left Bitcoin and broader cryptocurrency markets in the dust, with digital assets underperforming most major asset classes as investors flee to traditional safe havens amid rate cut expectations, geopolitical tensions, and a weakening dollar.
Gold’s appeal as a defensive asset has been reinforced by central bank buying and broad risk aversion. Throughout 2025, prices climbed sharply, reflecting expectations of lower interest rates and persistent global volatility.
Analysts from major financial institutions have projected further upside for gold into 2026, with some estimates suggesting the metal could approach or exceed $5,000 per ounce later this year.
Silver’s rally has been even more dramatic. Data shows silver’s price up by more than 130% year-to-date, with its total market capitalisation approaching $4 trillion, placing it among the world’s most valuable assets.
Industrial demand from sectors such as renewable energy, electronics, and solar technology has complemented traditional safe-haven buying, tightening supply and amplifying price gains.
“Silver’s unique dual role as both a store of value and an industrial commodity underpins its remarkable performance,” — Surendra Mehta, National Secretary, India Bullion and Jewellers Association speaks on the metal’s ascent.
Market watchers note that this surge has seen silver surpass or challenge major technology firms like Apple and Nvidia in total market value at points in late 2025. While gold still leads by a wide margin, silver’s rapid ascent reflects shifting investor priorities amid broader financial market stress.
In contrast to precious metals, major cryptocurrencies, including Bitcoin and Ethereum, underperformed most traditional assets over the same period. Industry price data indicate that Bitcoin’s annual return for 2025 was negative or marginally positive, placing it well behind gold and silver and even behind major equity indices.
Crypto market observers point to a combination of factors for this relative underperformance: tightening regulatory environments in key markets, reduced speculative capital inflows, and a broader risk-off sentiment that steered capital away from digital assets toward established hedges.
Some analysts argue that bitcoin’s role as “digital gold” has not yet materialised in the current macro regime, despite its narrative appeal within the crypto community.
“Monetary policy decisions in 2026 will be one of the key catalysts for the crypto space,” — Owen Lau, Managing Director, Clear Street, on how macro conditions could influence digital asset performance.
This dynamic presents both challenges and strategic considerations. While long-term proponents maintain that digital assets possess structural growth potential, the current backdrop says a lot about the resilience and investor appeal of traditional hard assets in times of macroeconomic stress.
The rising dominance of gold and silver in global asset valuations carries practical implications for diversified investment strategies.
For those with substantial crypto exposure, the metals’ performance may prompt reevaluation of hedge positions, risk allocation, and timing of re-entry into digital assets.
Institutional flows are already shifting; data from the exchange-traded fund (ETF) space shows robust inflows into precious metal and commodity funds, while similar products tied to crypto assets have seen slower growth or capital outflows in recent months.
This divergence highlights a broader appetite for assets with established track records in preserving capital during turbulent periods.
