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Sunday's Featured News 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 right now, yet most investors are still overlooking 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. That may sound bold, but the data—and the investor behavior behind it—make a convincing case. A Shift in Who's Buying Gold For years, central banks were the primary force driving gold prices higher. Between 2022 and 2024, global institutions steadily sold Treasury bonds and moved 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 such as SPDR Gold Shares (NYSEARCA: GLD) had been falling for years. That trend has now reversed. ETF shares are rising again—a sign that individual investors are returning to the market. When retail investors join a boom, history shows what usually 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, 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 outperform. Silver is often the "wild card" of the metals complex: more volatile and more speculative, but capable of much larger percentage gains once momentum builds. Eversole believes we're reaching that stage now. If gold reaches $8,000, silver could hit $200 an ounce—roughly 4x potential upside from current levels. That makes the right mining stocks particularly attractive today. 4 Mining Stocks That Could Lead the Metals Boom There's more than one way to play a metals bull market. These four names aren't household names (yet), but Brett Eversole believes they have significant upside if gold and silver continue their run. 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. Headquartered in Canada, its operations are in Mexico, and about 60% of its revenue comes from silver. First Majestic has performed very well during past 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 track record suggests First Majestic can do more than track silver—it can multiply gains when silver rallies sharply. 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 production cost and solid assets. "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 becomes powerful when metals prices rise: lower costs mean a larger share of price increases flow to the bottom line, without the geopolitical risk of exotic jurisdictions. 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 moving into a phase of higher production and improving margins—timed 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 $1,900 to $1,500 per ounce. That operational pivot is exactly what investors look for. "This company is going to turn into a cash-gushing machine," Brett says. With projected free cash flow rising from roughly $80 million to $1 billion, Equinox is positioning itself as a major cash generator. Seabridge Gold: A High-Upside Bet on What's Still Underground Seabridge Gold (NYSE: SA) doesn't currently produce gold, but it controls one of the largest 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. Why the Rally Still Has Room to Run This looks less like a short-term spike and more like the early-to-middle stages of 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 equities
When multiple sectors and regions rally together, it usually signals broader economic strength—not just a temporary flight into one asset class. The Risk—and the Opportunity Metals can be volatile. Gold has swung sharply in recent months, and a pullback wouldn't be surprising. Eversole, however, views dips as buying opportunities rather than red flags. The "mania phase"—when everyone's talking about gold, ads flood the internet, and retail investors pile in at the top—hasn't arrived yet. We're not there yet. That's precisely why there may still be time to position for what comes next.
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