Silver market capitalization surpasses Google to rank as the fourth largest asset globally, with industrial demand as the core driving force

Silver reaches a historic milestone. On December 17, 2025, the silver price broke through $66 per ounce, with an intraday high of $66.52, and the global market capitalization rose to approximately $3.7 trillion, officially surpassing Google’s parent company Alphabet to become the fourth largest asset worldwide. Just prior to that, on December 11, silver had just overtaken Microsoft, crossing over tech giants in just a few days, highlighting a significant shift in its position within global asset allocation.

Since the beginning of this year, silver prices have increased by approximately 127%, not only demonstrating its inflation hedge properties but also reflecting a structural surge in modern industrial demand for silver. On a macro level, the divergence of US employment and inflation data, along with market expectations that the Federal Reserve will keep interest rates unchanged, have driven capital flows into precious metals and other alternative assets; at the fundamental level, industrial demand has become the core driver of silver’s rise.

Data shows that in 2024, global industrial silver consumption reached 680.5 million ounces, an 11% year-over-year increase, and is expected to surpass 700 million ounces for the first time in 2025. Solar photovoltaic has become one of the largest sources of growth, accounting for 29% of industrial demand. Meanwhile, electric vehicles consume significantly more silver than traditional fuel vehicles, with silver’s irreplaceable role in battery management systems, power electronics, and charging infrastructure continuously expanding demand. The expansion of data centers and artificial intelligence infrastructure has also further boosted silver use in semiconductors and high-performance connectivity components.

On the supply side, pressure persists. The silver market has experienced a supply deficit for the fifth consecutive year, with demand in 2025 estimated at about 1.2 billion ounces, while mine production is only around 844 million ounces. Declining reserves, lower ore grades, and mine closures have long constrained supply growth, with the gap only able to be filled by above-ground inventories, structurally supporting high prices.

Meanwhile, the tokenization of silver as a Real-World Asset (RWA) on blockchain is emerging, enabling investors to participate in silver allocation via on-chain methods, enhancing liquidity and accessibility.

Overall, silver combines the dual roles of a precious metal for risk hedging and a key industrial resource. Under the waves of energy transition, electric vehicles, and digital infrastructure, its global asset status is being revalued.