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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 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. The same seven red flags that preceded the 1929 crash, '70s stagflation, and the 2008 meltdown are all flashing together right now — long before the headlines catch up. Our free Bellwether Signal Report breaks down each warning in plain language and explains why more Americans are shifting from vulnerable paper assets into hard assets like gold and silver IRAs. If you want to stay ahead of the next major market turn, now is the time to act. Claim your free Bellwether Signal Report before the next leg down 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 force behind higher gold prices. Between 2022 and 2024, many global institutions sold Treasuries and bought gold instead. Retail investors, by contrast, largely stayed on the sidelines. That is beginning 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 now reversed. ETF shares are climbing again—a sign that individual investors are re-entering the market. When retail investors finally catch on to a boom, history shows what typically happens next: - The trend accelerates
- Valuations rise quickly
- The boom eventually turns 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, meaning 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 reaching that stage now. If gold hits $8,000, silver could reach $200 an ounce—roughly four times its current level. That makes select mining stocks particularly compelling right now. 4 Mining Stocks That Could Lead the Metals Boom There’s more than one way to participate in a metals bull market. These four names aren’t household brands (yet), but Brett Eversole believes they have significant upside as gold and silver continue to climb. First Majestic Silver: A Pure Play on Silver’s Breakout If silver stages a late-cycle rally, First Majestic Silver (NYSE: AG) could be a major beneficiary. Headquartered in Canada, all of its mining operations are in Mexico, and roughly 60% of its revenue is derived from silver. This is not 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 suggests First Majestic can outperform silver when momentum builds. 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 cost structure and quality assets. “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—about half the industry average. That cost advantage becomes a powerful engine when metals prices rise: Hecla can capture more profit on each incremental price increase without relying on exotic jurisdictions or unproven operations. Equinox Gold: From Builder to Cash Generator Equinox Gold (NYSEAMERICAN: EQX) is shifting from growth by acquisition to profitability. After years of investing in expansion, the company is now focused on generating cash as gold prices accelerate. Production is projected to increase from about 800,000 to 1.2 million ounces by 2027, while costs are expected to decline from roughly $1,900 to $1,500 per ounce. That operational pivot is what investors look for in a rising market. Brett characterizes Equinox as poised to become a “cash-gushing machine,” with projected free cash flow rising from around $80 million to about $1 billion. Seabridge Gold: A High-Upside Bet on What’s Still Underground Seabridge Gold (NYSE: SA) is not yet a producer, but it controls what may 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. The company needs 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 value is highly leveraged to the price of gold: as prices rise, the economic value of its reserves increases dramatically. If a joint-venture deal is announced while the rally continues, the stock could reprice quickly. 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 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 regions rally together, it typically signals broad-based strength rather than a narrow, short-lived rush into a single asset class. The Risk—and the Opportunity Metals can be volatile. Gold has moved sharply in recent months, and a pullback would not be surprising. Eversole, however, views dips as buying opportunities rather than reasons to exit. The “mania phase”—when everyone is talking about gold, ads flood the internet and retail flows in at the top—has not yet arrived. We’re not there yet. That suggests there may still be time to position for what comes next, while keeping in mind the risks inherent in a speculative sector.
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