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The Metals Market Is Heating Up—4 Stocks Poised to Shine
Written by Bridget Bennett. Published 11/6/2025.
Key Points
- Gold has risen from $1,800 to nearly $3,000—and according to Brett Eversole, it could go much higher.
- Retail investors are just starting to re-enter the gold market, signaling a new, accelerating phase.
- Four metal stocks offer potential upside for investors looking beyond bullion: AG, HL, EQX, and SA.
It's one of the fastest-growing markets, yet many 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 over.
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That might sound bold, but the data—and the investor behavior behind it—paint a convincing picture.
A Shift in Who's Buying Gold
For years, central banks were the driving force behind higher gold prices. Between 2022 and 2024, global institutions shifted away from Treasury bonds and increased their gold holdings. Retail investors, meanwhile, largely stayed on the sidelines.
Now that's changing.
Eversole points to a key indicator: shares outstanding in gold ETFs such as SPDR Gold Shares (NYSEARCA: GLD), which had been falling for years. That trend has reversed—ETF shares are climbing again, a sign that individual investors are moving back into the market.
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 around 2018, so 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—roughly 4x potential upside from current levels.
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 illustrate different approaches. They aren't household names (yet), but Brett Eversole believes they have the most upside as gold and silver continue to climb.
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 a major beneficiary. Headquartered in Canada, its mining operations are all in Mexico—and about 60% of its revenue comes from silver.
This isn't 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 historical performance suggests First Majestic doesn't just rise with silver—it can soar.
Hecla Mining: A Low-Cost Producer with Big Leverage
Hecla Mining (NYSE: HL) offers exposure to both gold and silver, with production split roughly 50/50. What sets Hecla apart is its low cost structure and solid asset base.
"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 per ounce. That's about half the industry average."
That cost advantage becomes a powerful engine when metals prices rise. 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 moving out of asset-accumulation mode and into profitability. After years of investing in growth, it's now positioned to generate substantial cash as gold prices accelerate.
Production is projected to rise 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 a 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 may hold one of the most valuable undeveloped gold and copper assets in the world. Its 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 quickly and substantially.
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 many asset classes:
- 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 broad global strength—not just a temporary rush into one asset class.
The Risk—and the Opportunity
Metals can be volatile. Gold has moved sharply in recent months, and a pullback wouldn't be surprising. But Eversole views dips as buying opportunities, not a reason to panic.
The "mania phase"—when everyone's talking about gold, ads flood the internet, and retail piles in at the top—hasn't arrived yet.
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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