The first quarter earnings season coincides with the start of a new year and new forecasts for which stocks and sectors are likely to perform well. Most growth-oriented investors will continue to be in technology stocks. However, many analysts believe metals and mining stocks will outperform. This trade is about more than gold and silver. Copper and uranium stocks are also expected to outperform.
Bank of America (NYSE: BAC) recently released its top commodity stock picks for 2026. The list includes three mining stocks, which makes sense. With gold, silver, and copper at record levels, the companies that mine these metals become significantly more profitable.
Agnico Eagle: Gold Exposure With Operational Leverage
The gold and silver trade will continue to be strong in 2026 for several reasons. First, it’s a hedge against the ongoing devaluation of the U.S. dollar. Supply and demand imbalances also support the bullish narrative. There’s growing industrial demand, and a limited supply that’s tough to extract.
Agnico Eagle Mines (NYSE: AEM) is a best-in-breed gold miner that delivered strong performance in 2025 due to a high spot price of gold and lower oil prices. That combination makes it more cost-effective for the company to increase its mining production to a record 870,000 ounces in its most recent quarter.
AEM stock is up more than 134% in the last 12 months and is brushing up near its consensus price target. However, that’s partly based on expectations of negative earnings growth in the next 12 months. That’s not supported by other sources, which suggest Agnico Eagle could grow earnings by over 22%.
Whenever investors are faced with such a wide range of options, a smart idea is to split the difference. In this case, that still suggests an upside bias for AEM stock.
Freeport-McMoRan: Copper’s Breakout and Long-Term Demand
For many investors, copper is the breakout trade they’ve been waiting on for two years. It’s been a long wait, but in the last month, copper has broken to an all-time high, and it looks like things are just getting started.
That makes Freeport-McMoRan Inc. (NYSE: FCX) a no-brainer choice for stocks you can go long with. FCX stock stumbled after a mining accident in Indonesia. But the company, and its stock, are regaining their footing.
Freeport-McMoRan stock is trading close to its 52-week high and above its consensus target, but still carries a consensus Buy rating due to projected earnings growth of 28% that may not be priced in.
Cameco: Uranium’s Role in the Global Nuclear Buildout
Copper may be the breakout metal in early 2026, but many experts believe that uranium will be the metal to watch in the second half of the year. Nuclear energy has moved from being an ancillary part of the energy story to the main character.
The narrative is about data centers in the United States. However, globally, nuclear power will be needed in order for many companies to meet net-zero requirements.
There are many ways to play this sector, but Cameco Corp. (NYSE: CCJ) is a pure play on uranium. It's the world’s largest publicly traded uranium company, and its business model focuses on long-term contracts with utilities. This gives Cameco and its investors a line of sight on revenue and earnings for years to come.
CCJ stock has soared over 120% in the last 12 months. It’s not expected to deliver another monster gain in 2026, but there’s still likely to be double-digit upside in 2026 and beyond.
Mining Stocks as an Equity-Based Way to Access Metals
Gold and silver were two of the best investments in 2025. However, for all the positive sentiment surrounding gold, silver, and other metals, there is a risk of being over-weighted in the category. That comes from data that supports the narrative of a healthy U.S. economy that will power corporate earnings. Strong corporate earnings create a virtuous cycle that will drive stocks higher.
Ultimately, gold and silver are a hedge against a slumping economy. That's a good reason to look at mining stocks. These stocks provide exposure to the underlying metals trade while staying in equities as the economy continues to run hot.