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Additional Reading from MarketBeat 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. 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 main force behind higher gold prices. Between 2022 and 2024, global institutions steadily sold Treasuries and moved into gold. Retail investors, however, were largely absent. 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. When retail investors finally catch on to a boom, history shows what 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 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 offer even greater upside. Silver has long been the market's wild card: 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 reaches $8,000, silver could hit $200 an ounce—about four times current levels. That makes select mining stocks particularly compelling today. 4 Mining Stocks That Could Lead the Metals Boom There's more than one way to invest in a metals bull market—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 to climb. First Majestic Silver: A Pure Play on Silver's Breakout If silver takes off in the later stage of this bull cycle, First Majestic Silver (NYSE: AG) could be a major beneficiary. Headquartered in Canada, the company mines in Mexico and gets roughly 60% of its revenue from silver. It's not new 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 history suggests First Majestic can do more than track silver's rise—it can soar with it. Hecla Mining: A Low-Cost Producer with Big Leverage Hecla Mining (NYSE: HL) provides exposure to both gold and silver, with production split roughly 50/50. What sets Hecla apart is its operating footprint and low cost structure. "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—about half the industry average." That cost advantage magnifies profit as metals prices rise, letting Hecla capture more upside without the risks of exotic jurisdictions or unproven projects. Equinox Gold: From Builder to Cash Generator Equinox Gold (NYSEAMERICAN: EQX) has shifted from asset accumulation to profitability. After years of investing in growth, the company is pivoting to cash generation just as gold prices accelerate. 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—a meaningful operational improvement. "This company is going to become a cash-gushing machine," Brett says. With projected free cash flow rising from around $80 million to $1 billion, Equinox is positioning itself as a major producer for the next leg up in gold. 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 when that joint-venture deal is announced, this will be a massive upside catalyst for the stock," Brett says. Seabridge's structure gives it high leverage to the gold price: as metal prices rise, the economic value of its reserves increases dramatically. Announce a joint venture while gold is climbing, and 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 geographies rally together, it more often signals broad-based strength—not just a temporary rush into one asset class. The Risk—and the Opportunity 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, ads flood the internet and retail investors pile 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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