You've probably seen the claim floating around—Silver's market cap flipping Apple or Bitcoin. Here's why that narrative doesn't hold water.

Silver and Gold operate under completely different fundamentals. Once Gold is extracted and refined, it stays put. In vaults, jewelry collections, institutional reserves—basically all Gold ever mined remains in circulation indefinitely. It's a storage asset.

Silver? That's a different animal. Industry consumes it constantly. Electronics, solar panels, medical instruments, batteries—Silver gets embedded into products and lost to the supply chain. It doesn't sit idle like Gold.

This consumption dynamic makes direct market cap comparisons between Silver, Gold, and Bitcoin misleading. You're comparing a commodity with built-in depletion against assets that preserve their quantity. The math doesn't translate the way people think it does.