Gold and silver posted extraordinary gains last year as investors flocked to safe-haven assets as economic and geopolitical uncertainty grew. This momentum has continued into 2026, with spot gold briefly surging above $5,500 per ounce and silver topping $120 per ounce late last month. When a rally becomes so powerful, a cooling-off phase is almost inevitable – and that’s exactly what we’re seeing. Prices paused, consolidated and gave back some gains.
But new uncertainty over tariffs appears to have reignited demand and prices. After the Supreme Court struck down previous tariff measures, US President Donald Trump indicated plans to further increase import tariffs, proposing to increase temporary tariffs from 10% to 15%. The back-and-forth over trade policy has unnerved investors, weighing on the dollar and reviving demand for defensive assets.
According to CNBC, spot gold prices rose about 2% yesterday to over $5,200 an ounce, the highest level in three weeks. Silver also rose, rising more than 3% and heading back into the high $80 range.
Geopolitical tensions involving Iran have heightened global risk concerns and increased the appeal of safe-haven assets. To make matters worse, recent U.S. inflation data have exceeded expectations. A weaker U.S. dollar combined with ongoing inflation concerns typically creates a favorable backdrop for gold and silver.
Of course, volatility remains part of the story. If inflation cools and the dollar strengthens, prices could come under temporary pressure. Yet the long-term narrative remains compelling. Central banks continue to accumulate gold, strengthening structural demand and supporting prices over time. Silver shares many of the same monetary drivers as gold, but also benefits from its growing role in industrial and defense applications. Even after the sharp gains, the broader bull narrative for both metals remains intact.
You can take advantage of strong demand for gold and silver by investing in the following stocks: Sentra Gold CGAU, first majestic silver joint stock company, buenaventura mining corp. BVN and new gold NGD, all of which carry Zacks Rank #1 (Strong Buy). you can see The complete list of today’s Zacks #1 Rank stocks is here.
It is a Canada-based gold and copper producer with diversified operating bases spanning North America and Türkiye. The company currently operates two producing mines – Mount Milligan in British Columbia and Öksüt in Turkey – keeping it geographically and operationally balanced.
Centerra produced 275,316 ounces of gold in 2025, above the midpoint of its guidance range. Mount Milligan contributed approximately 147,600 ounces, while Öksüt added approximately 127,700 ounces. The recently completed Mount Milligan pre-feasibility study extends the mine life to 2045 under a rigorous $186 million growth plan. Approximately 20% of exploration spending in 2026 will be used to further drill the asset.
In addition to its existing mines, the company has a number of projects that provide clear scope for future production growth. Goldfield in Nevada is targeting first production by the end of 2028, while the Kemess project has a planned mine life of 15 years with average annual production of 171,000 ounces of gold and 61 million pounds of copper.
Financially, Centerra is on solid footing. With nearly $929 million in liquidity, including $529 million in cash and zero debt, Centerra has a well-funded pipeline for growth.
The Zacks Consensus Estimate for CGAU’s 2026 earnings per share has risen 17 cents over the past 30 days to $1.62, implying year-over-year growth of 46%.
The company focuses primarily on silver and gold production in Mexico and the United States. The company currently operates four producing mines in Mexico – Santa Elena, San Dimas, Los Gatos (70% owned through joint ventures) and La Encantada – as well as development assets such as the Gerrit Canyon gold project in Nevada.
In 2025, First Majestic delivered a record 15.4 million ounces of silver, an increase of 84% from 2024’s 8.4 million ounces. The surge was largely driven by the acquisition of the Los Gatos silver mine, which significantly increased production. At the same time, existing operations also strengthened, with output increasing by 19% in San Dimas and 18% in La Encantada.
The company will invest $213 to $236 million through 2026 to expand Santa Elena (3,500 tons per day), upgrade Los Gatos (4,000 tons per day), advance Navidad and Santo Niño, and complete the La Encantada carrier fleet to support long-term growth. In addition, the company plans to conduct approximately 266,000 meters of exploration drilling – maintaining an aggressive resource expansion strategy.
From a financial perspective, First Majestic is in a strong position. Cash flow surged 266% year-on-year to US$250 million in the fourth quarter, with a cash balance of approximately US$800 million. Dividends have also increased, indicating management’s confidence in continued cash generation.
Over the past 30 days, the Zacks Consensus Estimate for AG’s 2026 and 2027 earnings per share has moved up 13 cents and 23 cents, respectively.
It is one of Peru’s leading precious metals companies involved in the exploration, development, mining and sales of gold, silver and other base metals. The company operates several major mines in Peru, including Orcopampa, Uchucchacua, Julcani, Tambomayo and La Zanja, all of which are 100% owned by BVN, giving it a strong presence in gold and silver production.
In addition, Buenaventura holds more than 60% of El Brocal and 40% of Coimolache, expanding its precious metals footprint. The company also holds more than 19% of Sociedad Minera Cerro Verde. The joint venture provides diversification and potential upside in the copper market.
In December 2025, San Gabriel produced its first gold ingot during commissioning, marking the start of a major new gold business. The mine is expected to help offset declining production from the older assets. By 2026, production will increase to 2,000 tons per day, with nameplate capacity of 3,000 tons per day, and gold production guidance this year is 70,000-80,000 ounces.
Separately, in September 2025, the Peruvian Ministry of Energy and Mines issued a new license to Coimolache, allowing the placement of new ore at new heights at the Tantahuatay leach field and adjacent areas. The approval clears the way for the mine and leach platform to operate at full capacity.
The Zacks Consensus Estimate for BVN’s 2026 earnings per share has risen 49 cents over the past 30 days to $3.45, implying year-over-year growth of 60%.
It is a Canadian-focused intermediate miner with two core producing assets – the New Afton copper-gold mine and the Rainey River gold mine.
In 2025, New Gold’s consolidated gold production totaled 353,772 ounces and copper production was 50.1 million pounds, falling within guidance. Rainy River contributed the majority of gold production of more than 290,000 ounces, while New Afton added approximately 63,500 ounces of gold to the company’s entire copper production.
Even after investing more than $310 million in capital expenditures, New Gold generated more than $530 million in free cash flow in 2025. A significant portion of this spending is to expand New Afton’s C Zone and advance the Rainey River Underground Master Project – both significant growth drivers.
The development momentum remains encouraging. Construction of the Zone C cavern is expected to be completed in early 2026, with Rainy River’s underground development rate ramping up significantly in the fourth quarter. With growth projects approaching key milestones and strong cash flow already in place, New Gold appears poised to deliver another stellar year ahead.
The Zacks Consensus Estimate for NGD’s 2026 EPS has risen 29 cents over the past 30 days to $1.55, implying year-over-year growth of 135%.
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