Silver reached a new historical high of about $120, showing exceptional short-term performance versus equities.

Short-term performance and comparisons

Over a period of 29 days, silver delivered a return four times greater than the S&P 500's total return for the entire 2025 year.

Gold's market capitalization expanded by approximately $2.2 trillion in a single day and is now estimated at around $35 trillion.

For context, the market capitalization of bitcoin is about $1.8 trillion, illustrating the relative scale of these asset classes.

Scale of nominal price moves

A conditional rise of gold from $5400 to $5500 should not be viewed simply as a $100 increase, but as a shift that represents trillions of dollars of liquidity.

Small nominal changes in price on large-capitalization assets can therefore imply substantial reallocations of capital across markets and participants.

Implications for market observers

Observers note that comparisons of market capitalization provide a clearer picture of scale than spot price movements alone and help assess systemic impact.

Market participants and analysts often use such comparisons to gauge relative liquidity and potential transmission channels between asset classes.