Silver Breaks $72 Mark as Market Cap Race Intensifies in 2025

The precious metal has emerged as one of 2025’s most explosive performers, with prices climbing above $72 per ounce and delivering gains exceeding 135% year-to-date. This dramatic upswing has propelled silver’s market cap into rare air—hovering near the $4 trillion threshold and now competing with tech giant Google’s market valuation in terms of pure asset value.

What’s Driving the Silver Surge

The rally finds its roots in a convergence of macroeconomic and geopolitical pressures. Central bank policy shifts have redirected investor flows into hard assets, while escalating international tensions have intensified safe-haven demand. Beyond these macro factors, industrial applications are experiencing unprecedented growth. Solar panel manufacturing, advanced electronics, and the EV supply chain all depend heavily on silver as a critical input material.

The Silver Institute projects a meaningful global supply deficit for 2025—approximately 180 million ounces—marking a persistent shortage that shows no signs of easing. On COMEX and other major trading venues, physical inventory tightness is becoming increasingly pronounced, limiting supply availability for new buyers seeking exposure.

A Parallel with Crypto Markets

Interestingly, market observers have drawn striking comparisons between silver’s current trajectory and the dynamics driving cryptocurrency adoption. Both asset classes share common threads: scarcity narratives, perceived protection against currency debasement, and a wave of retail and institutional investors seeking alternatives to traditional financial infrastructure. The behavioral patterns mirror crypto’s earlier rallies, with momentum feeding on itself through media attention and fear-of-missing-out dynamics.

As silver continues its unprecedented climb, the question remains whether this momentum will sustain or if traditional resistance levels will reassert themselves. What’s clear is that the precious metal’s market cap significance has reached dimensions previously unthinkable in commodity markets.