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Further Reading from MarketBeat.com The Metals Market Is Heating Up—4 Stocks Poised to ShineWritten 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 out there, yet most investors are still ignoring it. Gold has climbed from roughly $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. Trump's Next Export Ban Could Reshape the Global Economy
It's not semiconductors, AI chips or quantum computers. But none of those technologies can exist without it. On January 19th, 2026, Trump is expected to ban exports of something every tech company desperately needs—forcing them all to relocate to U.S. soil. See what he's about to ban here… 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 were the primary buyers pushing gold prices higher. Between 2022 and 2024, many global institutions were selling Treasuries and allocating into gold. Retail investors, however, largely stayed on the sidelines. 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 declining for years. That trend has now reversed—ETF shares are climbing again, a sign that individual investors are returning to the market. And when retail investors finally catch on to a boom, history shows what typically follows: - The trend accelerates
- Valuations rise quickly
- The boom can eventually turn 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 about a decade, with prices rising roughly 600% before peaking. The current cycle began around 2018, which means 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 long been the "wild card" of the metals complex: more volatile and more speculative, but capable of far larger percentage gains once momentum builds. Eversole believes we're approaching that stage now. If gold reaches $8,000, silver could potentially hit $200 an ounce—about 4x upside from current levels. That outlook makes the right mining stocks particularly compelling today. 4 Mining Stocks That Could Lead the Metals Boom There's more than one way to play a bull market—and these four names illustrate different paths to leverage a metals rally. They aren't household names (yet), but Brett Eversole believes they have significant upside if gold and silver keep climbing. First Majestic Silver: A Pure Play on Silver's Breakout If silver takes off in the later stages of this bull cycle, First Majestic Silver (NYSE: AG) could be a major beneficiary. Headquartered in Canada, the company's operations are all in Mexico, and roughly 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 track silver—it can dramatically outperform when momentum builds. 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 profile 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 an ounce. That's about half what the industry average is." That cost advantage lets Hecla capture more profit on every metals price increase without the risk that comes from exotic jurisdictions or unproven operations. Equinox Gold: From Builder to Cash Generator Equinox Gold (NYSEAMERICAN: EQX) has shifted from asset accumulation to profitability. After years of investment, the company is now focused on generating cash as gold prices rise. Production is projected to grow from about 800,000 to 1.2 million ounces by 2027, while costs are expected to fall from $1,900 to $1,500 per ounce. That operational pivot is exactly what investors look for in a rising market. "This company is going to turn into a cash-gushing machine," Brett says. With projected free cash flow jumping from roughly $80 million to $1 billion, Equinox is positioning itself as a miner built for this cycle. 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 increases substantially. If a joint venture is announced while gold continues climbing, Seabridge could reprice quickly—and significantly. Why the Rally Still Has Room to Run This isn't just a short-lived pop. Eversole argues we're still early in a global upswing that's lifting multiple 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 regions rally together, it typically signals broad 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. Eversole views such dips as buying opportunities rather than reasons for alarm. The "mania phase"—when everyone's talking about gold, ads flood the internet, and retail pours 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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