Silver’s rise has been powered by an extraordinary rally in prices. On global markets, spot silver on Comex surged past the $75 per ounce mark and went on to hit a fresh record high
Silver has staged a remarkable ascent in global asset rankings, overtaking technology heavyweights Apple Inc and Alphabet to become one of the world’s most valuable assets, and is now poised to challenge NVIDIA Corporation for the second spot after gold. The surge underscores a dramatic shift in investor sentiment as precious metals reclaim centre stage amid volatility in equity markets and changing global economic dynamics.
According to data from companiesmarketcap.com, silver’s market capitalisation has climbed to $4.220 trillion, pushing it ahead of Apple and Alphabet and placing it just 8.1 per cent behind NVIDIA, whose market value stands at $4.592 trillion. Gold remains firmly at the top of the global rankings, with a massive market capitalisation of $31.598 trillion as of December 26, highlighting its continued dominance as the ultimate store of value.
Silver’s rise has been powered by an extraordinary rally in prices. On global markets, spot silver on Comex surged past the $75 per ounce mark and went on to hit a fresh record high. This historic move reflects a potent mix of factors, including strong industrial demand, constrained supply, inflation hedging and growing investor interest in hard assets.
The rally has been equally striking in India. Silver futures on the Multi Commodity Exchange of India (MCX) touched an all-time high of Rs 2,33,115 per kilogram during intraday trade, underscoring the metal’s explosive momentum. Over the past year alone, silver prices on MCX have soared more than 153 per cent, rising from Rs 91,600 on December 26, 2024, to around Rs 2,31,879 on December 26, 2025. Few assets across global markets have delivered such outsized returns over a comparable period.
In contrast, NVIDIA’s stock—despite its strong performance in recent years driven by the artificial intelligence boom—was trading at $188.61 in the afternoon session, down 0.32 per cent over the previous 24 hours. While NVIDIA remains a market darling, silver’s rapid appreciation has narrowed the gap between the two, fuelling speculation that the white metal could soon overtake the chipmaker in global valuation rankings.
Market experts believe silver’s momentum may not be over yet. Surendra Mehta, national secretary of the India Bullion and Jewellers Association (IBJA), said that if current trends persist, silver is well-positioned to surpass NVIDIA and become the world’s second-most valuable asset after gold. He also pointed to unusual distortions in global silver pricing that suggest heightened demand and supply imbalances.
According to Mehta, the price gap between silver traded on Comex and the Shanghai exchange has widened to nearly $7—far above the normal differential of less than $1. Such a divergence, he noted, is rare and signals intense buying pressure in certain markets, along with logistical and supply-side constraints.
Silver’s appeal has been boosted by its dual role as both a precious and an industrial metal. Unlike gold, which is primarily a store of value, silver is a critical input in sectors such as solar energy, electric vehicles, electronics and advanced manufacturing. As the global push toward clean energy and electrification accelerates, structural demand for silver has strengthened, adding a powerful fundamental driver to the price rally.
Gold, too, has delivered robust returns, though it has lagged behind silver’s meteoric rise. Over the past year, gold prices climbed nearly 80 per cent, rising from Rs 77,460 to Rs 1,39,233 per 10 grams of 24-carat gold. While impressive, this performance pales in comparison to silver’s surge, highlighting a rare phase where the traditionally more volatile metal has outshone its safer counterpart.
As silver edges closer to overtaking NVIDIA, its rise reflects more than just a price rally—it signals a broader reassessment of value in global markets. In a world grappling with economic uncertainty, technological disruption and energy transition, investors appear increasingly willing to look beyond tech giants and rediscover the enduring power of tangible assets.
