Gold, Silver Outvalue Top Technology Firms

Yesterday, gold and silver rallied sharply in the precious metals market, reaching US$5,100/oz and US$112/oz, respectively. When comparing the market capitalization of these metals to some of the world’s largest companies, gold and silver now exceed the combined value of Nvidia, Alphabet, and Apple.

According to Market Cap data, gold’s market capitalization stands at US$35.4 trillion, while silver is valued at US$6.3 trillion. In comparison, leading tech firms are far lower: Nvidia at US$4.5 trillion, Alphabet (Google) at US$4 trillion, and Apple at US$3.7 trillion. The next largest market caps belong to Microsoft  with US$3.7 trillion and Amazon with US$2.55 trillion. The eighth-largest is Bitcoin, with a capitalization of approximately US$1.74 trillion, followed by TSMC at US$1.72 trillion and Meta Platforms at US$1.6 trillion.

Gold surpassed US$5,100/oz on Jan. 26, reaching historic highs as investors sought safe-haven assets amid escalating geopolitical tensions, particularly between the United States and Canada. Other precious metals mirrored this strength. Spot gold climbed about 2% to US$5,079.66/oz by 8:15 a.m. ET, briefly touching a peak of US$5,110.50. US February gold futures moved similarly, reaching US$5,078.50.

Silver advanced 6.8% to US$109.92, following its breakout past US$100 last week, supported by strong demand through ETFs. Platinum rose 2.8% to US$2,844.29, while palladium surged 4.5% to US$2,099.50, marking its highest level in over three years. Analysts note that while some industrial demand drivers, such as solar-related silver consumption, may moderate later, tight physical supply and sustained investor appetite are keeping prices elevated.

The recent surge in gold prices is primarily fueled by geopolitical uncertainty. Unlike equities, gold retains its value over time, making it an attractive instrument for portfolio diversification during periods of market stress. Diego Palencia, Vice President of Research and Strategy, Solidus Capital Investment Banking, explained that “geopolitical tensions involving Venezuela, Iran, Ukraine, and the Middle East have heightened volatility in traditional hedging instruments such as gold.”

A weakening US dollar has also reinforced the appeal of precious metals. Jhon Torres Jiménez, Analyst, NCM, observed that the dollar’s decline is linked to post-pandemic monetary expansion and ongoing fiscal deficits in developed economies, particularly the United States. This dynamic has strengthened gold’s role as a store of value against currency erosion and inflationary pressures.

Gold and silver provide additional advantages over equities. Juan Pablo Vieira, CEO, JP Tactical Trading, highlighted that these metals do not depend on corporate profits, growth, or innovation. Instead, they serve as a global financial collateral and systemic hedge, whereas stocks rely on future cash flows, which can fluctuate drastically with economic cycles.

Having surged nearly 64% in 2025 and already gaining 18% so far this year, gold continues to attract analyst attention. UBP forecasts that gold will maintain its strong performance throughout 2026, supported by ongoing central bank purchases and retail investment, with a projected year-end price of US$5,200/oz.