Gold (Xau), a traditional store of value but also an “unproductive” asset, has advanced to a market capitalization of more than $ 30 trillion in 2025, dwarfing digital gold, bitcoin, and tech giants listed in the US.
The price of the yellow metal per ounce climbed 66% to a record high of around $4,380, with prices rising 13% in October alone, according to TradingView data.
This rally pushed the gold market capitalization to about $ 30.42 trillionbased on the above estimated global supply of 216,265 metric tons, as reported by the World Gold Council.
NVIDIA (NVDA), perhaps the most consequential company in the world because of its fundamental role in powering the AI revolution, holds a distant second place with a market capitalization of $4.42 trillion. It is followed by Microsoft (MSFT), Apple (AAPL), Alphabet (Google), Silver, Amazon (AMZN).
Meanwhile, Bitcoin considered digital gold, ranked eighth with a market cap of $2.17 trillion.
Unproductive gold warns of economic strain
Gold’s premium among tech giants does not necessarily reflect a positive outlook for the global economy because it is an unproductive asset.
Unlike stocks, bonds, or real estate, gold does not generate dividends, interest, or rent, nor does it directly contribute to economic activity. Its price is directly tied to its appeal as a traditional safe haven and store of asset value versus underlying cash flow or productive output.
So, the fact that it’s trading at a significant premium to the most valuable tech companies is likely a sign of economic malaise. This suggests that investors are seeking refuge in perceived safe havens amid broader economic uncertainty.
Ken Griffin, CEO of Citadel, recently revealed The significant concern is the trend of investors who view gold as a safer asset than the US dollar, calling the yellow metal’s record rally a cautionary signal about the stability of the US economy.
According to the analysis, the rally was catalyzed by the fiscal finances in the US and throughout the advanced world, sticky inflation, geopolitical tensions and expectations for Fed rate cuts. The consensus is for the uptrend to continue.
The features that describe gold as an unproductive store of value also apply to Bitcoin. However, while the price of gold has rallied strongly this year, falling more than 60%, Bitcoin has gained a more modest 16% in 2025. Industry observers are optimistic that when the gold rally eventually cools, investment funds can be turned to the relatively cheaper digital store of value.
