Gold’s total market cap has “officially hit a record $35 trillion and silver’s market cap has hit a record $6 trillion,” according to The Kobeissi Letter’s X post. That same post said “gold and silver are now worth 9 TIMES the market cap of Nvidia.”
Everyone talks about Nvidia as the face of this cycle. The numbers say the real gravity right now is in metals, not in one AI champion.
If you’re long AI and ignoring gold and silver, you’re betting against what the biggest pools of capital are actually doing.
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How we got to $35 trillion and $6 trillion
A lot of readers see those market‑cap numbers and wonder how we got there so fast. You can trace it back through the last year of Kobeissi X posts and related coverage.
Related: Robert Kiyosaki reveals why gold and silver beat your savings
Gold “became the first asset in history to hit $29 trillion in market cap,” after crossing above $4,300 an ounce and adding about $11 trillion in 2025 alone, said The Kobeissi Letter in October 2025. Later that day, gold “officially became the first asset in history to hit $30 trillion” in value, off a surge in futures above $4,500 an ounce, said The Kobeissi Letter in another post.
Silver “officially surpasses Nvidia, NVDA, as the 2nd most valuable asset in the world, now worth $4.65 trillion,” said The Kobeissi Letter in a December 2025 X post that tracked silver’s first break above the chipmaker. Silver had “risen more than 185 percent year‑to‑date, briefly trading above $84 an ounce and pushing its estimated market value to $4.65 trillion, overtaking Nvidia,” in a year it called silver’s strongest since 1979, Deriv wrote.
More Gold:
- Market uncertainty resets silver, gold bets
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- Every major analyst’s gold price forecast for 2026
By early 2026, gold reclaiming the top asset spot at roughly $31.1 trillion and silver battling Nvidia for second place was already the headline, said MEXC, which cited CompaniesMarketCap data and noted that silver had risen 176 percent in 2025 versus a 70 percent gain for gold.
The latest Kobeissi chart simply extends that move: more price gains on top of those numbers get you to roughly $35 trillion for gold and $6 trillion for silver. Once you see that arc, “9 times Nvidia” stops looking like a meme and starts looking like the end point of a multiyear repricing.
The dollar is dropping for a reason
The metals are ripping higher, but behind that move I see something simpler at work. The dollar is slipping because markets are quietly bracing for a weaker economy.
“The US Dollar now represents approximately 40% of global currency reserves, the lowest share in at least 20 years,” after losing about eighteen percentage points of reserve share over the last decade, as highlighted by The Kobeissi Letter. In that same breakdown, the account said “gold’s share of global reserves has risen by approximately 12 percentage points in that time to approximately 28%, its highest level since the early 1990s, now exceeding the combined reserves of the euro, yen and pound.”
The dollar’s reserve share has “fallen from around 58 percent to 40 percent in ten years” while gold’s share has climbed to “a three‑decade high near 28 percent,” evidence of “a slow but persistent diversification away from the dollar,” ABC Media Armenia reported, summarizing the same chart.
The dollar “made a soft start to 2026 after its sharpest annual drop in eight years,” with the U.S. Dollar Index falling more than 9 percent in 2025 as traders priced in rate cuts, fiscal concerns, and “rising odds of a cyclical downturn,” according to Global Banking & Finance.
The Kobeissi Letter added another layer when it wrote that “the odds of the Fed PAUSING rate cuts in January 2026” had jumped to 86 percent, per Polymarket, even as core inflation hit its lowest level since early 2021.
That’s a weird mix: inflation cooling, markets expecting easier policy, and then suddenly betting the Fed may stop cutting. When you put that next to a sliding dollar and soaring metals, it looks less like random noise and more like a market that thinks the Fed is cornered and the economy is vulnerable.
If you’re a saver, that matters. You don’t want all your “safety” attached to a currency the world’s biggest players are quietly hedging against.
Tech euphoria meets metals discipline
What I like about the nine‑times chart is that it shows both sides of this cycle in one square.
On one side you have Nvidia, which remains one of the most valuable companies on earth and the symbol of the AI build‑out. On the other side you have metals, which carry no earnings calls, no product cycles, and no AI hype, just a long track record of being where scared money goes when it stops trusting paper promises.
As of mid‑January, silver’s market cap stood at about 4.82 trillion dollars versus Nvidia’s 4.50 trillion dollars, while gold’s market cap was 32.04 trillion dollars, according to Moneycontrol. The same report said silver prices in India had nearly tripled in a year, calling the move “a historic breakout” driven by both monetary and industrial demand.
The metal “serves two main purposes in the market” as both a safe‑haven asset and a key industrial input for electronics, solar, AI hardware, and electric vehicles, with the Silver Institute reporting a fifth straight annual supply deficit around 200 million ounces, MEXC framed it bluntly.
“It now takes approximately 7 Nvidias to buy gold’s market cap,” and that ratio has been updated higher as the metals run accelerated, The Kobeissi Letter has been pointing out for months. Now we’re at nine Nvidias’ worth of metals, if you take gold and silver together.
The lesson I take from that isn’t that Nvidia is doomed. It’s that the AI trade lives inside a bigger macro trade where people are quietly paying real money to own things that don’t depend on any single earnings story. If your personal mix is almost all AI and almost no metals, you’re rowing against that current.
What this means for your allocation
Let me bring this down to a simple gut check.
You’ve now seen that:
- Gold is roughly $35 trillion in value and silver is around $6 trillion.
- The combined metals market is about nine times Nvidia’s size.
- The dollar’s reserve share has slid to about 40 percent while gold’s has climbed to about 28 percent.
If you line those numbers up against your own holdings and see:
- A big chunk of your equity exposure in Nvidia and its peers, via stock or tech‑heavy funds.
- Most of your “safe” bucket is in cash and dollar assets.
- Little or no exposure to the metals that are soaking up reserve flows.
Then you’re effectively saying, “I trust AI earnings and the dollar more than central banks do.”
I wouldn’t phrase it that way if it were my retirement. If this were my account, I’d look at a few practical steps:
- Trim single‑name tech risk so my fate isn’t tied too tightly to one sector or one stock, even if I still believe in AI.
- Add a defined slice of gold and, if I can handle the volatility, silver exposure through physically backed ETFs or a diversified real‑asset fund, understanding it as macro insurance, not a quick trade.
- Keep enough cash for emergencies, but avoid treating a dollar balance as “risk‑free” when reserve data and the dollar index say otherwise.
None of that requires me to call a top in Nvidia or an exact date for a recession. It just means I’m listening to what $35 trillion of gold, $6 trillion of silver, and a shrinking dollar share are already telling me.