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Additional 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, 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. Small Caps Are Moving First as Sectors Shift
Fierce Investor tracks the early tremors inside emerging sectors where momentum often starts. Get alerts built around real-time shifts—not hype cycles. Join Free — Start Tracking New Sector Moves That may sound bold, but the data—and the investor behavior behind it—paint a convincing picture. A Shift in Who's Buying Gold For years, central banks were the primary drivers of higher gold prices. Between 2022 and 2024, many global institutions shifted out of Treasury bonds and into gold. Retail investors, by contrast, 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 finally reversed—ETF shares are climbing again, a sign that individual investors are moving back into the market. And when retail investors finally catch on to a boom, history shows what often 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 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 do even better. Silver has long been 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 entering that stage now. If gold hits $8,000, silver could reach $200 an ounce—that's roughly 4x potential upside from 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 play a bull market—and these four names illustrate different approaches. They aren't household names (yet), but Brett Eversole believes they have substantial upside if gold and silver continue to rise. 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 a major beneficiary. 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 500%–600% in a couple of years," Brett says. "Coming out of the financial crisis, they were up a couple thousand percent." That kind of historical performance matters: First Majestic doesn't just move with silver—it can significantly outperform when the metal surges. 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 distinguishes Hecla is its low cost of production and the quality of its 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 as metals prices rise: with a lower base cost, Hecla captures more profit from each incremental increase without relying on operations in exotic jurisdictions. Equinox Gold: From Builder to Cash Generator Equinox Gold (NYSEAMERICAN: EQX) has moved past an extended growth phase and is shifting into profitability just as gold prices accelerate. Production is expected to climb from about 800,000 to 1.2 million ounces by 2027, while costs are projected to fall from roughly $1,900 to $1,500 per ounce—an operational pivot investors find attractive. "This company is going to turn into a cash-gushing machine," Brett says. With projected free cash flow jumping from around $80 million to $1 billion, Equinox is positioning itself to benefit from higher gold prices. Seabridge Gold: A High-Upside Bet on What's Still Underground Seabridge Gold (NYSE: SA) doesn't currently produce gold, but it holds 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. If a joint venture is announced while gold continues higher, 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 together: - 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 simultaneously, it often signals broad, sustained 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 those dips as buying opportunities rather than reasons to panic. The "mania phase"—when everyone's talking about gold, advertising floods 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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