2025 has already played out a spectacular show of asset performance, with a pattern more interesting than expected.

Let's start with the traditional stock market. The Nasdaq and the Shanghai Composite Index have both delivered similar results over the past year—each with an increase of about 20%. It seems steady, but the real dark horse is nowhere to be found here.

Precious metals are the absolute winners this year, and this is no exaggeration. Spot silver's performance has directly outpaced all stock market gains, with an astonishing annual increase of 160.2%, supported by a market capitalization of $4.5 trillion. You read that right, that’s the number. Spot gold is also not to be outdone, rising nearly 70% this year, maintaining its position as the world's top asset with a massive market cap of $31 trillion.

This comparison clearly illustrates the point: while traditional stock markets are climbing slowly, precious metals are redefining what growth really means through tangible action. Silver, with an 8-fold difference in gains, has completely overshadowed the stock market. Against the backdrop of macroeconomic fluctuations and rising risk aversion, this wave of performance by precious metals aligns with historical logic and reflects the market’s true expectations.