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Further Reading from MarketBeat Media 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. 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. A strange chasm is coming to Wall Street...
It's already creating millionaires and billionaires at the fastest pace in history. CNBC calls it "the largest wealth creation spree in history." Yet 1 in 3 Americans now fear their financial situation is deteriorating. There's only one way to survive, says the man who predicted 2008 and 2020, but sadly it's already too late for many. Everything you need to know is 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 driving force behind higher gold prices. Between 2022 and 2024, global institutions steadily sold Treasury bonds and increased their gold holdings. Retail investors, by contrast, 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 falling for years. That trend has finally 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 typically follows: - The trend accelerates
- Valuations rise quickly
- The boom can eventually become 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 in 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 always been the “wild card” of the metals world: more volatile and more speculative, but also capable of far larger percentage gains once momentum builds. Eversole believes we’re reaching that stage now. If gold hits $8,000, silver could reach $200 an ounce—about 4x 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—these four names illustrate different approaches. They aren’t household names (yet), but Brett Eversole thinks they have the most room to run as gold and silver 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 one of the biggest beneficiaries. The company is headquartered in Canada, but its mining operations are all in Mexico, and about 60% of its revenue comes from silver. This company isn’t new 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 kind of historical performance matters: First Majestic doesn’t just move with silver—it can soar when silver rallies. 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 where it operates and how low its costs are. “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 a powerful engine when metals prices rise. Hecla’s low base lets it capture more profit on every price increase without the geopolitical risks that come with exotic jurisdictions. Equinox Gold: From Builder to Cash Generator Equinox Gold (NYSEAMERICAN: EQX) is shifting out of asset-accumulation mode and into profitability. After years of investing in growth, the company is now focused on generating cash just as gold prices accelerate. Production is projected to increase from about 800,000 ounces 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, “This company is going to turn into a cash-gushing machine.” Projected free cash flow could jump from around $80 million to about $1 billion, transforming Equinox 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 could control 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 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 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 broader global strength—not just a temporary rush into a single 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. But Eversole views those dips as buying opportunities, not red flags. The “mania phase”—when everyone’s talking about gold, internet ads flood in, and retail piles in at the top—still hasn’t arrived. 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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