Silver Overtakes Nvidia as World's Second-Largest Asset by Mcap

• Silver has surpassed Nvidia to become the world's second-largest asset by market capitalization (mcap), valued at $4.7 trillion.
• Gold remains the top asset with a mcap of $31.5 trillion; Nvidia now stands at $4.6 trillion.
• Silver's year-to-date gains are a staggering 170%, more than double gold's 72% rise.
• The rally is driven by strong industrial demand (especially from solar PV, electronics), safe-haven buying, supply constraints, and ETF inflows.
• Structural deficits since 2021, China's export restrictions, and a "squeeze" in the futures market indicate a long-term bullish trend for silver.

Why It Matters: Silver's remarkable rally has propelled it past Nvidia to become the world's second-largest asset.