Silver overtook Microsoft today to become the world’s fifth-largest asset by market capitalization, reaching $3.59 trillion after breaking above $63 for the first time ever.

The metal has gained over 150% since early 2024, when it traded near $25, fueled by investor demand for inflation hedges and industrial alternatives to gold and digital assets. This marks silver’s first return to record territory since 2011, when it peaked at $50 before retracing to $15 in the years that followed.

Silver now sits ahead of Microsoft and Amazon, which currently hold market caps of $3.6 trillion and $2.5 trillion respectively. It is closing in on Alphabet’s $3.8 trillion valuation.

The latest rally follows the US Federal Reserve’s 25bps rate cut, which, while widely expected, triggered aggressive bullish positioning across metals markets.