Gold and silver add $16 trillion to combined market cap in 2025 as silver price hits $85 in Shanghai

In 2025, gold and silver together increased their market capitalization by $16 trillion, with both metals far outperforming major equity benchmarks. Gold has risen about four times as much as the S&P 500, while silver has gained roughly eight times more and surged 175% for the year. Silver prices in Shanghai have climbed to $85 per ounce, outpacing US spot prices ahead of new Chinese export controls set for 2026. Over the same period, Bitcoin has dropped 6% after previously being up 40% earlier in the year.