Silver hits record high above $71 as market cap approaches $4 trillion

Key Takeaways

• Silver is up 138% in 2025, surpassing gold and becoming the fourth largest asset by market cap.
• Precious metals are benefiting from a weaker dollar, rate cut expectations, and rising demand for risk hedges.

Silver rose above the $71 mark on Tuesday midday, setting a new all-time high as it extends a powerful rally that has made it one of 2025’s top-performing assets. The metal is now up roughly 138% year-to-date, outperforming gold’s 70% gain and matching the returns of platinum.

With a market capitalization approaching $4 trillion, silver has become the fourth-largest asset globally, according to CompaniesMarketCap data. Its valuation now sits just $30 billion below Apple, while Nvidia remains the second largest asset at roughly $4.5 trillion.

The surge in precious metals comes as investors increasingly turn to them as a hedge against rising risks in equities and digital assets. Gold climbed to a record high above $4,500 on Monday.

Analysts point to expectations of looser US monetary policy, a weaker dollar, and ongoing geopolitical tensions as key drivers of the move. Bullion prices have set multiple records this year, supported by US rate cuts and declining real yields. Goldman Sachs has forecast gold reaching $4,900 by December 2026.

The US dollar is down nearly 10% in 2025, on track for its worst annual performance in eight years. Investors widely expect further weakness into 2026 as global growth improves and the Federal Reserve continues easing policy.