Gold (XAU), a susceptible retailer of price 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 metal’s designate per ounce has surged 66% to a file excessive of approximately $4,380, with costs rising 13% in October by myself, in step with TradingView info.
This rally has pushed gold’s market capitalization to about $30.42 trillion, in step with an estimated above-ground world supply of 216,265 metric tonnes, as reported by the World Gold Council.
Nvidia (NVDA), arguably doubtlessly the most consequential firm globally due to its foundational role in powering the AI revolution, holds a much away 2d station with a market capitalization of $4.42 trillion. It is followed by Microsoft (MSFT), Apple (AAPL), Alphabet (Google), silver, Amazon (AMZN).
Meanwhile, bitcoin BTC$108,218.84, conception to be digital gold, ranked eighth with a market cap of $2.17 trillion.
Non-Productive Gold Warns of Financial Strain
Gold’s top rate to tech giants doesn’t necessarily replicate a ideally suited outlook for the world economy because it’s miles a non-productive asset.
No longer like stocks, bonds, or precise property, gold does no longer generate dividends, hobby, or hire, nor does it make a contribution straight away to financial activity. Its designate is straight away tied to its allure as a susceptible true haven and retailer of price asset as against underlying money stride or productive output.
So, the truth that it trades at a well-known top rate to doubtlessly the most treasured tech corporations is most likely a telltale signal of business malaise. It implies that investors are looking out for refuge in perceived true havens amid broader financial uncertainty.
Ken Griffin, CEO of Castle, no longer too prolonged ago expressed foremost grief over the pattern of investors viewing gold as a safer asset than the U.S. buck, calling the yellow metal’s file rally as cautionary signal about the U.S. economy’s steadiness.
Based on prognosis, the rally has been catalyzed by fiscal imprudence in the U.S. and at some stage in the developed world, sticky inflation, geopolitical tensions and expectations for the Fed rate cuts. The consensus is for the uptrend to continue.
Functions that declare gold as a non-productive retailer of price additionally note to bitcoin. However, whereas gold’s designate has rallied sharply this yr, surging over 60%, bitcoin has won a extra modest 16% in 2025. Industry observers are optimistic that as soon as the gold rally finally cools, investment funds could well perchance perchance rotate into the pretty more inexpensive digital retailer of price.
