The Metals Market Is Heating Up-4 Stocks Poised to Shine

It’s one of the fastest-growing markets out there, yet most investors are still ignoring it.

Gold has climbed from about $1,800 an ounce to nearly $3,000, and according to Stansberry Research’s Brett Eversole, that’s just the beginning. He believes this bull market could ultimately send gold to $8,000–$10,000 per ounce before it’s all over.

That might sound bold, but the data—and the investor behavior behind it—tell a convincing story.

A Shift in Who’s Buying Gold

For years, central banks have been the driving force behind higher gold prices. Between 2022 and 2024, global institutions were steadily selling Treasury bonds and buying gold instead. But retail investors? They were nowhere to be found.

Now, that’s starting to change.

Eversole points to a key indicator: shares outstanding in gold ETFs like SPDR Gold Shares (NYSEARCA: GLD), which had been falling for years. That trend has finally reversed. ETF shares are climbing again—a sign that individual investors are moving back into the market.

And when retail investors finally catch on to a boom, history shows what happens next:

• The trend accelerates
• Valuations rise fast
• The boom eventually turns into a bubble

But, as Eversole puts it, “Between now and then, there’s a lot of money to be made.”

Why Gold (and Silver) Still Have Room to Run

Markets move in cycles. The last major gold boom began in 2001 and lasted a decade, with prices rising roughly 600% before peaking. The current cycle began in 2018, meaning we’re only about seven years into a similar long-term trend.

If history repeats, gold could roughly double from here—and silver may do even better.

Silver has always been the “wild card” of the metals world: more volatile, more speculative, but also capable of far greater percentage gains once momentum builds. Eversole believes we’re reaching that stage now.

If gold hits $8,000, silver could reach $200 an ounce. That’s roughly 4x potential upside from current levels.

And that makes the right mining stocks particularly compelling right now.

4 Mining Stocks That Could Lead the Metals Boom

There’s more than one way to invest in a bull market—and these four names are proof of that. They aren’t household names (yet), but Brett Eversole believes they’re the ones with the most room to run as gold and silver keep moving higher.

First Majestic Silver: A Pure Play on Silver’s Breakout

If silver takes off in the late stage of this bull cycle, First Majestic Silver (NYSE: AG) could be one of the biggest beneficiaries. The company is headquartered in Canada, but all its mining operations are in Mexico—and about 60% of its revenue comes from silver.

This is not a newcomer to metals rallies. “During the early 2000s, they were up five or six hundred percent in a couple of years,” Brett says. “Coming out of the financial crisis, they were up a couple of thousand percent.”

That kind of historical performance matters. It tells us First Majestic doesn't just rise with silver—it can soar.

Hecla Mining: A Low-Cost Producer with Big Leverage

Hecla Mining (NYSE: HL) gives investors exposure to both gold and silver, with production split roughly 50/50. But what really sets Hecla apart is where it operates—and how much it costs them to do so.

“They’ve got strong assets in good places and they’re a low-cost producer,” Brett notes. “Their cost to pull an ounce of silver out of the ground is around $13 an ounce. That’s about half what the industry average is.”

That cost advantage becomes a powerful engine when metals prices move higher. Hecla’s low base allows it to capture more profit on every price increase—without the risk of exotic jurisdictions or unproven operations.

Equinox Gold: From Builder to Cash Generator

Equinox Gold (NYSEAMERICAN: EQX) is no longer in asset-accumulation mode. After years of investing in growth, it’s now shifting into profitability—right as gold prices are accelerating.

Production is projected to increase from 800,000 to 1.2 million ounces by 2027, while costs are expected to fall from $1,900 to $1,500 per ounce. It’s the kind of operational pivot investors look for.

“This company is going to turn into this just like cash gushing machine,” Brett says. With projected free cash flow jumping from around $80 million to $1 billion, Equinox is transforming into a miner built for the moment.

Seabridge Gold: A High-Upside Bet on What’s Still Underground

Seabridge Gold (NYSE: SA) doesn’t currently produce gold—but it could hold one of the most valuable undeveloped gold and copper assets in the world. The company’s flagship KSM project in British Columbia is estimated to contain $25–$30 billion worth of metals.

What it needs now is a partner. “I think that when that joint venture deal is announced… this is a massive upside catalyst for the stock,” Brett says.

Because of its structure, Seabridge is highly leveraged to the price of gold. As prices rise, the economic value of its reserves climbs dramatically. If a joint venture is announced while gold continues climbing, Seabridge could reprice fast—and hard.

Why the Rally Still Has Room to Run

This isn’t just a short-term surge. Eversole argues we’re still early in a global boom that’s lifting nearly every asset class:

• Stock markets around the world are at or near all-time highs
• Mid-cap and small-cap equities are breaking out
• Gold and silver are surging alongside them

When multiple sectors and geographies rally together, it usually signals real global strength—not just a temporary rush into one asset class.

The Risk—and the Opportunity

Yes, metals can be volatile. Gold has moved sharply in recent months, and a pullback wouldn’t be surprising. But Eversole sees that kind of dip as a buying opportunity, not a red flag.

The “mania phase”—when everyone’s talking about gold, when ads flood the internet, when retail piles in at the top—still hasn’t arrived.

We’re not there yet. And that’s exactly why there may still be time to position for what comes next.

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