Important points
- Silver rose 138% in 2025, surpassing gold to become the fourth-largest asset by market capitalization.
- Precious metals are benefiting from a weaker dollar, expectations for interest rate cuts and increased demand for risk hedging.
Silver surpassed the $71 mark midday on Tuesday, hitting a new all-time high as it continues its strong rally that has made it one of the best-performing assets of 2025. The metal is currently up around 138% year-to-date, outpacing gold’s 70% rise and matching platinum’s returns.
With a market capitalization approaching $4 trillion, silver is the fourth largest asset in the world, according to data from CompaniesMarketCap. Its valuation is now just $30 billion below Apple, while Nvidia remains the second-largest asset with about $4.5 trillion.
The rally in precious metals comes as investors increasingly look to them as a hedge against rising risks in stocks and digital assets. Gold prices rose to an all-time high of over $4,500 on Monday.
Analysts cited expectations for U.S. monetary easing, a weaker dollar and continued geopolitical tensions as key factors behind the move. Buoyed by lower US interest rates and lower real yields, bullion prices have set multiple records this year. Goldman Sachs expects gold to reach $4,900 by December 2026.
The dollar is expected to fall by nearly 10% in 2025, its worst annual performance in eight years. Investors widely expect the economy to weaken further into 2026 as global economic growth improves and the Federal Reserve continues to ease policy.
