Gold & Silver Shine Again on Fresh Tariff Threats: 4 Stocks to Buy

Gold and silver delivered exceptional gains last year as investors rushed toward safe-haven assets amid growing economic and geopolitical uncertainty. That momentum carried into 2026, with spot gold briefly surging past $5,500 per ounce and silver crossing $120/ounce late last month. When rallies become that powerful, a cooling-off phase is almost inevitable — and that’s exactly what we saw. Prices paused, consolidated, and gave back some gains.

But fresh uncertainty over tariffs seems to have reignited demand and prices. After the Supreme Court pushed back against earlier tariff measures, U.S. President Donald Trump signaled plans to raise import duties further, proposing an increase in temporary tariffs from 10% to 15%. The back-and-forth around trade policy has rattled investors, pressured the U.S. dollar, and revived demand for defensive assets.

Per CNBC, spot gold prices climbed roughly 2% yesterday to more than $5,200 per ounce — its highest level in three weeks. Silver also advanced, gaining over 3% and moving back toward the high-$80 range.

Geopolitical tensions involving Iran have added to global risk concerns, increasing the appeal of safe-haven assets. Compounding this, recent U.S. inflation data came in hotter than expected. A softer dollar combined with persistent inflation worries typically creates a constructive backdrop for gold and silver.

Of course, volatility remains part of the story. If inflation cools and the dollar strengthens, prices could face temporary pressure. Yet the longer-term narrative remains compelling. Central banks continue accumulating gold, reinforcing structural demand and supporting prices over time. Silver shares many of gold’s monetary drivers but also benefits from its growing role in industrial and defense applications. Even after a dramatic rally, the broader bull narrative for both metals remains firmly intact.

You can capitalize on the strong demand for gold and silver by investing in stocks like Centerra Gold CGAU, First Majestic Silver AG, Buenaventura Mining BVN and New Gold NGD, all of which sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. 

Centerra Gold

It is a Canada-based gold and copper producer with a diversified operational base spanning North America and Türkiye. The company currently operates two producing mines — Mount Milligan in British Columbia and Öksüt in Türkiye — giving it both geographic and operational balance.

In 2025, Centerra’s gold production came in at 275,316 ounces, exceeding the midpoint of its guidance range. Mount Milligan contributed roughly 147,600 ounces, while Öksüt added about 127,700 ounces. The recently completed pre-feasibility study at Mount Milligan extends the mine life to 2045 under a disciplined $186 million growth plan. Around 20% of 2026 exploration spending is directed toward further drilling at this asset.

Beyond its current mines, the company has projects that provide clear room for future production growth. Goldfield in Nevada targets first production by the end of 2028, while the Kemess project outlines a 15-year mine life with average annual output of 171,000 ounces of gold and 61 million pounds of copper.

Financially, Centerra stands on firm ground. With nearly $929 million in liquidity, including $529 million in cash and zero debt, Centerra has a fully funded growth pipeline.

The Zacks Consensus Estimate for CGAU’s 2026 EPS has moved up 17 cents in the past 30 days to $1.62, implying 46% year-over-year growth.

First Majestic Silver

The company focuses primarily on silver and gold production across Mexico and the United States. It currently operates four producing mines in Mexico — Santa Elena, San Dimas, Los Gatos (70% owned through a joint venture) and La Encantada — along with development assets such as the Jerritt Canyon gold project in Nevada.

In 2025, First Majestic delivered a record 15.4 million ounces of silver — an 84% jump from 8.4 million ounces in 2024. That surge was largely driven by the acquisition of the Los Gatos Silver Mine, which meaningfully boosted output. At the same time, existing operations also stepped up, with production rising 19% at San Dimas and 18% at La Encantada.

In 2026, the company will invest $213–$236 million to expand Santa Elena (3,500 tpd), lift Los Gatos (4,000 tpd), advance Navidad and Santo Niño, and complete the La Encantada haulage fleet—supporting long-term growth. Additionally, it plans roughly 266,000 meters of exploration drilling — maintaining an aggressive resource expansion strategy.

Financially, First Majestic is in a strong position. Fourth-quarter cash flow surged 266% year over year to $250 million and cash balances were around $800 million. The dividend has also been increased, signaling management’s confidence in sustained cash generation.

The Zacks Consensus Estimate for AG’s 2026 and 2027 EPS has moved up 13 cents and 23 cents, respectively, in the past 30 days.

Buenaventura Mining

It is one of Peru’s leading precious metals companies, involved in the exploration, development, mining, and sale of gold, silver and other base metals. The company operates several key mines in Peru, including Orcopampa, Uchucchacua, Julcani, Tambomayo and La Zanja, all of which are 100% owned by BVN, giving it strong exposure to gold and silver production.

Additionally, Buenaventura holds more than 60% of El Brocal and 40% of Coimolache, expanding its precious metals footprint.  The company also holds more than 19% stake in Sociedad Minera Cerro Verde. This joint venture provides diversification and potential upside from the copper market.

In December 2025, San Gabriel produced its first doré bar during commissioning, marking the start of a key new gold operation. The mine is expected to help offset declining output from older assets. It is ramping up toward 2,000 tons per day in 2026, within a 3,000 tpd nameplate capacity, with production guidance of 70,000-80,000 ounces of gold this year.

Separately, in September 2025, Peru’s Ministry of Energy and Mines granted Coimolache a new permit allowing fresh ore placement on a new level of the Tantahuatay leach pad and adjacent areas. This approval clears the path for full-capacity operations at both the mine and the leach platform.

The Zacks Consensus Estimate for BVN’s 2026 EPS has moved up 49 cents in the past 30 days to $3.45, implying 60% year-over-year growth.

New Gold

It is a Canada-focused intermediate miner with two core producing assets— the New Afton copper-gold mine and the Rainy River gold mine.

In 2025, New Gold’s consolidated output totaled 353,772 ounces of gold and 50.1 million pounds of copper, landing within its guided ranges. Rainy River contributed the bulk of gold production at more than 290,000 ounces, while New Afton added roughly 63,500 ounces of gold along with the company’s full copper output.

New Gold produced more than $530 million in free cash flow in 2025, even after investing over $310 million in capital expenditures. A significant portion of that spending went toward ramping up the C-Zone at New Afton and advancing the underground Main project at Rainy River — both important growth drivers.

Development momentum remains encouraging. Construction of the C-Zone cave is on track for completion in early 2026, while Rainy River’s underground development rates improved sharply in the fourth quarter. With growth projects nearing key milestones and strong cash flow already in place, New Gold appears well-positioned to deliver another solid year ahead.

The Zacks Consensus Estimate for NGD’s 2026 EPS has moved up 29 cents in the past 30 days to $1.55, implying 135% year-over-year growth.

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This article originally published on Zacks Investment Research (zacks.com).

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