Gold (XAU), a conventional retailer of worth but additionally a “non-productive” asset, has surged to a market capitalization exceeding $30 trillion in 2025, dwarfing digital gold, bitcoin, and U.S.-listed tech giants alike.
The yellow steel’s worth per ounce has surged 66% to a file excessive of roughly $4,380, with costs rising 13% in October alone, in accordance with TradingView information.
This rally has pushed gold’s market capitalization to about $30.42 trillion, primarily based on an estimated above-ground world provide of 216,265 metric tonnes, as reported by the World Gold Council.
Nvidia (NVDA), arguably probably the most consequential firm globally resulting from its foundational position in powering the AI revolution, holds a distant second place with a market capitalization of $4.42 trillion. It’s adopted by Microsoft (MSFT), Apple (AAPL), Alphabet (Google), silver, Amazon (AMZN).
In the meantime, bitcoin , thought of digital gold, ranked eighth with a market cap of $2.17 trillion.
Non-Productive Gold Warns of Financial Pressure
Gold’s premium to tech giants would not essentially mirror a constructive outlook for the worldwide financial system as a result of it’s a non-productive asset.
Not like shares, bonds, or actual property, gold doesn’t generate dividends, curiosity, or hire, nor does it contribute on to financial exercise. Its worth is straight tied to its enchantment as a conventional protected haven and retailer of worth asset versus underlying money circulate or productive output.
So, the truth that it trades at a big premium to probably the most helpful tech firms is probably going a telltale signal of financial malaise. It signifies that traders are looking for refuge in perceived protected havens amid broader financial uncertainty.
Ken Griffin, CEO of Citadel, not too long ago expressed important concern over the pattern of traders viewing gold as a safer asset than the U.S. greenback, calling the yellow steel’s file rally as cautionary sign concerning the U.S. financial system’s stability.
In response to evaluation, the rally has been catalyzed by fiscal imprudence within the U.S. and throughout the superior world, sticky inflation, geopolitical tensions and expectations for the Fed charge cuts. The consensus is for the uptrend to proceed.
Options that describe gold as a non-productive retailer of worth additionally apply to bitcoin. Nonetheless, whereas gold’s worth has rallied sharply this 12 months, surging over 60%, bitcoin has gained a extra modest 16% in 2025. Trade observers are optimistic that when the gold rally ultimately cools, funding funds might rotate into the comparatively cheaper digital retailer of worth.
