Marina Lyubimova
⬤ Global market capitalizations show where the money actually resides. The S&P 500 reached USD 61.9 trillion on 31 October 2025; that is more than twice the USD 27.8 trillion size of the gold market. The gap is not minor - on a logarithmic scale the equity benchmark dwarfs gold.
⬤ Gold keeps its weight at ten times the size of silver, which totals USD 2.7 trillion. Bitcoin stands just under silver at USD 2.2 trillion. One notable shift - NVIDIA, valued at USD 4.9 trillion, no longer surpasses the combined worth of silver besides Bitcoin. Even the largest technology companies appear modest beside major commodity markets and they look minute next to the full value of the S&P 500.
⬤ Mining equities display a different scale. Gold miners add up to USD 907 billion, about 1.5 per cent of the S&P 500. The broader precious-metals plus minerals-mining segment equals USD 84 billion - silver miners amount to USD 49 billion. Although gold and silver command large valuations, the firms that extract them hold only slim portions of the market.
⬤ Those figures illustrate how capital pools in modern markets. Broad equity benchmarks rise above every other category - commodity markets and technology leaders occupy the middle rungs. Mining shares despite producing high value metals, stay comparatively small within global finance.
Marina Lyubimova
