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For Your Education and Enjoyment 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 around, yet most investors are still ignoring it. Gold has climbed from about $1,800 an ounce to nearly $3,000. 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. Often, investors will overlook stocks just because they're cheap.
It's a common thought that a cheap price tag means that something must be wrong with the company.
But this couldn't be further from the case in many instances. Get your FREE look at these THREE companies right 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 higher. Between 2022 and 2024, global institutions steadily sold Treasury bonds and bought gold instead. Retail investors, however, were largely absent. 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 declining for years. That trend has reversed—ETF shares are climbing again, a sign individual investors are moving back into the market. When retail investors finally catch on to a boom, history shows what often follows: - The trend accelerates
- Valuations rise quickly
- The boom eventually becomes 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, 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 long been the "wild card" of the metals world: more volatile and more speculative, but 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. All of which 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 play a bull market—and these four names illustrate different approaches. They aren't household names (yet), but Brett Eversole believes they have significant upside as gold and silver continue 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 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 matters: 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 really sets Hecla apart is its low cost structure and stable operations. "They've got strong assets in good places and they're a low-cost producer," Brett notes. Their cost to produce an ounce of silver is around $13—roughly half the industry average. That cost advantage becomes powerful when metals prices rise. Hecla's low base lets it capture more profit on every price increase—without heavy exposure to exotic jurisdictions or unproven projects. Equinox Gold: From Builder to Cash Generator Equinox Gold (NYSEAMERICAN: EQX) has moved out of asset-accumulation mode. After years of investing in growth, it's shifting toward profitability just as gold prices are accelerating. Production is forecast 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. It's the kind of operational pivot investors look for. Brett says Equinox is on track to become "a cash-gushing machine." With projected free cash flow rising from around $80 million to approximately $1 billion, Equinox is transforming into a miner built for this 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. Seabridge's structure makes it highly leveraged to the price of gold. As prices rise, the economic value of its reserves climbs dramatically. If a joint venture is struck while gold continues to climb, Seabridge could reprice quickly—and sharply. 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 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 usually signals broader market 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, however, views such dips as buying opportunities rather than red flags. 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. That's why there may still be time to position for what comes next.
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