Gold currently accounts for a market capitalisation of $12.34 trillion, riding higher by six times, the valuation of the world’s ten largest banks, according to data published on 14th February by Finbold.
The value of the commodity continues to surge to unprecedented heights despite facing economic headwinds while retaining its status as the ultimate store of wealth. The growth has resulted in gold controlling a significant market cap compared to selected banking entities.
The combined market cap of the world’s largest ten banks is $2.03 trillion
Indeed, the American banking giant JPMorgan Chase is the most valued bank with a market cap of $418.34 billion, followed by Bank of America at $285.08 billion, while Industrial and Commercial Bank of China is third with a market cap of $216.61 billion. Wells Fargo occupies the fourth spot at $184.52 billion, while Morgan Stanley is fifth with a valuation of $166.54 billion.
Other notable banks include China Construction Bank ($162.11 billion), Charles Schwab ($150.12 billion), HSBC ( $150.09 billion), Agricultural Bank of China ($149.58 billion), and Royal Bank Of Canada ($144.01 billion).
The latest research by Finbold highlighted the significance of gold’s market cap compared to leading global banks. According to the research report:
“Gold’s significant market capitalisation complements the asset’s historical status as a safe haven for investors seeking to protect their wealth against economic and political uncertainties’, noted Finbold.
“Notably, the reputation has been put to the test over the past year as the global economy continues to face uncertainty arising from inflation, interest rate hikes, and the lingering threat of recession”, a Finbold analyst concluded.
Looking ahead, gold is expected to sustain its significant market cap as banking stocks continue to face volatility from the declining economic conditions.
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