Silver now third most valuable asset: White metal touches $4.04 trn surpassing Apple’s $4.02 trn
With a market capitalisation of about $4.04 trillion, silver has overtaken Apple Inc., whose valuation stood at roughly $4.02 trillion as of Tuesday’s Wall Street close. This places silver as the world’s third-most valuable asset, behind only gold and Nvidia.
- Dec 24, 2025,
- Updated Dec 24, 2025 9:29 AM IST
Silver prices are extending their historic rally and decisively outperforming gold in 2025, underscoring the metal’s growing appeal as both a financial and industrial asset. Silver futures were trading near $70.29 per ounce on December 23, up 2.52% on the day and more than 140% year to date. Prices touched an intraday high of $70.80, highlighting the strength and persistence of the current momentum.
The sharp surge has propelled silver to an extraordinary milestone. With a market capitalisation of about $4.04 trillion, silver has overtaken Apple Inc., whose valuation stood at roughly $4.02 trillion as of Tuesday’s Wall Street close. This places silver as the world’s third-most valuable asset, behind only gold and Nvidia, marking a rare moment when a commodity has eclipsed one of the world’s most valuable technology giants.
Market participants attribute much of the rally to expectations around US monetary policy. Traders are increasingly pricing in further easing by the US Federal Reserve in 2026, even though the Fed’s dot plot currently signals room for only one rate cut. Optimism has persisted despite a strong US GDP print for the third quarter, which pointed to an economy still on solid footing. Adding to these hopes is the belief that the next Fed chair could adopt a more dovish stance than current chair Jerome Powell, potentially aligning more closely with US President Donald Trump’s preference for lower interest rates.
Silver’s fundamentals
Beyond macro drivers, silver’s fundamentals have played a critical role in sustaining prices at elevated levels. The metal is an essential component of global supply chains, with widespread use in electronics, solar panels, electric vehicles and coatings for medical equipment. After a sharp short squeeze in October, prices resumed their upward trajectory, supported by strong industrial demand and robust inflows into exchange-traded funds (ETFs).
Volatility has also picked up sharply. The three-month implied volatility of the iShares Silver Trust, the world’s largest silver ETF, has climbed to its highest level since early 2021. At the same time, one indicator of bullish sentiment has softened, with the ratio of three-month call to put volatility falling to its lowest level since mid-October, suggesting a more cautious tone among some traders.
Has Silver reached its peak?
Technical indicators point to signs of overheating. Silver’s Relative Strength Index (RSI) is hovering around 80, placing it firmly in overbought territory. An RSI reading above 70 typically signals that an asset may be due for consolidation or a pullback. Adding to supply-side concerns, silver inventories held in warehouses linked to the Shanghai Futures Exchange fell last month to their lowest level since 2015.
Despite these signals, investor appetite remains strong. Ahmad Assiri, strategist at Pepperstone Group, said rising prices have not deterred buyers. “Instead of sellers stepping in aggressively, both gold and silver continue to attract buying into strength,” he said. According to Assiri, levels around $4,500 for gold and $70 for silver are increasingly being treated not as hard ceilings, but as reference points within ongoing bullish trends, leaving both metals well supported into year-end and the holiday period.
Silver prices are extending their historic rally and decisively outperforming gold in 2025, underscoring the metal’s growing appeal as both a financial and industrial asset. Silver futures were trading near $70.29 per ounce on December 23, up 2.52% on the day and more than 140% year to date. Prices touched an intraday high of $70.80, highlighting the strength and persistence of the current momentum.
The sharp surge has propelled silver to an extraordinary milestone. With a market capitalisation of about $4.04 trillion, silver has overtaken Apple Inc., whose valuation stood at roughly $4.02 trillion as of Tuesday’s Wall Street close. This places silver as the world’s third-most valuable asset, behind only gold and Nvidia, marking a rare moment when a commodity has eclipsed one of the world’s most valuable technology giants.
Market participants attribute much of the rally to expectations around US monetary policy. Traders are increasingly pricing in further easing by the US Federal Reserve in 2026, even though the Fed’s dot plot currently signals room for only one rate cut. Optimism has persisted despite a strong US GDP print for the third quarter, which pointed to an economy still on solid footing. Adding to these hopes is the belief that the next Fed chair could adopt a more dovish stance than current chair Jerome Powell, potentially aligning more closely with US President Donald Trump’s preference for lower interest rates.
Silver’s fundamentals
Beyond macro drivers, silver’s fundamentals have played a critical role in sustaining prices at elevated levels. The metal is an essential component of global supply chains, with widespread use in electronics, solar panels, electric vehicles and coatings for medical equipment. After a sharp short squeeze in October, prices resumed their upward trajectory, supported by strong industrial demand and robust inflows into exchange-traded funds (ETFs).
Volatility has also picked up sharply. The three-month implied volatility of the iShares Silver Trust, the world’s largest silver ETF, has climbed to its highest level since early 2021. At the same time, one indicator of bullish sentiment has softened, with the ratio of three-month call to put volatility falling to its lowest level since mid-October, suggesting a more cautious tone among some traders.
Has Silver reached its peak?
Technical indicators point to signs of overheating. Silver’s Relative Strength Index (RSI) is hovering around 80, placing it firmly in overbought territory. An RSI reading above 70 typically signals that an asset may be due for consolidation or a pullback. Adding to supply-side concerns, silver inventories held in warehouses linked to the Shanghai Futures Exchange fell last month to their lowest level since 2015.
Despite these signals, investor appetite remains strong. Ahmad Assiri, strategist at Pepperstone Group, said rising prices have not deterred buyers. “Instead of sellers stepping in aggressively, both gold and silver continue to attract buying into strength,” he said. According to Assiri, levels around $4,500 for gold and $70 for silver are increasingly being treated not as hard ceilings, but as reference points within ongoing bullish trends, leaving both metals well supported into year-end and the holiday period.