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Friday's Bonus Story 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 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. See Early-Stage Activity Before It Reaches Mainstream Screens
We highlight micro-cap and small-cap companies gaining early traction based on research, visibility shifts, and market interest. Get the Free Guide — Join Now 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 drivers of higher gold prices. Between 2022 and 2024, global institutions steadily sold U.S. Treasuries and bought gold instead. Retail investors, by contrast, largely stayed on the sidelines. That dynamic is starting to change. 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, and 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 tends to follow: - 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, so we're still only a few years into a similar long-term trend. If history repeats, gold could roughly double from here—and silver may outperform. Silver has long been the "wild card" of the metals complex: more volatile and more speculative, but also capable of far larger percentage gains once momentum builds. Eversole believes we're approaching that stage now. If gold reaches $8,000, silver could hit $200 an ounce—roughly four times current levels. That potential makes select mining stocks particularly compelling at the moment. 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 substantial 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 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 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 history suggests First Majestic doesn't just track silver—it can significantly outperform it in strong cycles. 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. More important is its cost structure and asset quality. "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 roughly half the industry average." That cost advantage becomes powerful as metals prices rise: a low base allows Hecla to capture more profit on each incremental price increase without taking on exotic jurisdiction risk. Equinox Gold: From Builder to Cash Generator Equinox Gold (NYSEAMERICAN: EQX) is shifting from asset accumulation to profitability. After years of investing in growth, the company is moving into a phase of stronger free cash flow just as gold prices accelerate. Production is projected to rise from about 800,000 to 1.2 million ounces by 2027, while costs are expected to fall from roughly $1,900 to $1,500 per ounce. That operational pivot is exactly what many investors seek in a rising-price environment. Brett says the company could become a "cash-gushing machine," with projected free cash flow rising from about $80 million to roughly $1 billion as these improvements play out. Seabridge Gold: A High-Upside Bet on What's Still Underground Seabridge Gold (NYSE: SA) doesn't currently produce gold, but it holds what could be 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 Seabridge 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 dramatically. A joint venture announced while gold is climbing could reprice Seabridge 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 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 several sectors and regions rally together, it typically signals broad-based strength—not a narrow, temporary flow 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. Eversole views such dips as buying opportunities rather than reasons to exit. The full "mania phase"—when everyone starts talking about gold, ads flood the internet and retail crowds into the top—hasn't arrived yet. We're not there yet, which means there may still be time to position for what comes next.
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