I noticed an interesting trend — the market capitalization of gold has jumped by 6 trillion since the beginning of the year. That's more than Nvidia's entire market valuation, which was estimated at around 4.6 trillion in January. Wild figures, honestly.

Right now, the spot price of gold is holding at $5,514 per ounce. This isn’t just because of that—central bank purchases are coming in waves, and people are rushing into safe-haven assets in large numbers. A classic flight from risk amid uncertainty.

So what’s behind it? First, ЦБ demand exceeds 800 tons—that’s a serious amount. Second, retail investors are actively buying gold ETFs, which points to growing interest from everyday people in precious metals. And of course, geopolitical tensions plus trade wars—everything is fueling demand for gold as insurance.

Interestingly, gold’s market capitalization is growing almost independently of what’s happening with crypto. Биткойн is trading around 70.79K right now, but if you look at the correlation, since mid-2025 BTC and gold have been going in different directions. They used to be more synchronized, but now gold is clearly living its own life.

In general, the growth in gold’s market capitalization reflects that investors are looking for stability. A classic scenario for periods of uncertainty.