 AI Is Booming. So Are the Metals Beneath It. AI is digital. But the buildout behind it is anything but. Data centers require copper-heavy wiring. Electrification requires nickel. Aerospace and defense rely on titanium. Infrastructure depends on vanadium and cobalt. 
The supply chain needs physical assets. As artificial intelligence scales, the physical layer beneath it has to scale too. And Washington knows it. Enter strategic metals with domestic sources. Critical minerals have moved to the top of the national agenda, with billions now directed toward strengthening domestic supply chains. And yet, few investors are talking about the physical side of the AI boom. Inside one small U.S. explorer sits all five of these strategic metals. Smart money is starting to look closer. Meet the Physical Backbone of AI > 
Exclusive News Gold and Silver Pulled Back—Here's Why the Bull Case Is IntactWritten by Chris Markoch. First Published: 2/22/2026. 
Key Points- Gold and silver prices have stabilized after a pullback, reinforcing the longer-term bullish supply-demand imbalance.
- Mining stocks are entering the next phase of the metals cycle, offering leveraged upside to rising commodity prices.
- Kinross Gold, Hecla Mining, and Pan American Silver combine strong earnings momentum with improving balance sheets and production growth.
- Special Report: Ticker Revealed: Pre-IPO Access to "Next Elon Musk" Company (From Banyan Hill Publishing)
What goes up must come down — that's the overly simplistic explanation for the pullback in precious metals prices in early February. Gold and silver had reached all-time highs as the spread between supply and demand widened. It's important to note what happened next: after a sharp retreat, prices stabilized. What comes next? Timing is difficult to predict, but the likely direction for both metals is higher. That means it's not too late to consider basic materials stocks, particularly the precious metals trade. This could be a profitable position for years to come. Gold and Silver Have Similar Yet Different Bull CasesThe common thread for gold and silver is strong demand and limited supply. Both are costly and difficult to extract, but each metal offers distinct reasons for investors to buy. For gold, a key point is that central banks continue to add to their reserves. That activity is bearish for the U.S. dollar, and because the dollar and gold typically move inversely, it boosts the bull case for gold. Lower interest rates would also weigh on the dollar and further support gold prices. Silver shares gold's supply-demand imbalance but also has important industrial uses, including in defense-related applications. The risk of a conflict in the Middle East — for example, a war with Iran — would likely increase demand for silver. Given its similar supply constraints, silver can plausibly reclaim and surpass recent highs. The Next Phase of the Trade Is HereIn 2025, investors showed strong demand for physical gold and silver, and toward year-end mining stocks began to participate in a catch-up trade. Where does the trade stand now? That depends on how far along investors think we are in the physical metals cycle. Some analysts still project very bullish long-term prices for gold (some estimates run as high as $10,000 by decade-end), and silver has comparable upside forecasts. If we are only in the early stages of a multi-quarter cycle, mining stocks may still have room to run. That would explain why capital is beginning to flow into the sector. Below are three miners that reported earnings the week of Feb. 16. Kinross Gold Offers Scale, Cash Flow and Balance Sheet StrengthKinross Gold Corp. (NYSE: KGC) is emerging as a relatively clean way to play the gold bull market, pairing rising production with a stronger balance sheet. In the company's Q4 2025 earnings report, Kinross reported roughly $2 billion of revenue and nearly tripled net earnings year-over-year, with adjusted EPS of about $0.67. Both results reflected higher realized gold prices and disciplined cost control. Full‑year production of just over 2 million gold-equivalent ounces met guidance, while free cash flow hit record levels, allowing Kinross to move into a net cash position and support capital returns. Management is guiding to a stable 2-million-ounce output through 2028, giving investors leveraged upside to higher gold prices with visible volume and cash flow. As of this writing, KGC shares are up 195% over the last 12 months and 18.8% year-to-date in 2026, supported by institutional buying. That has pushed the stock near its 52-week high and close to the consensus price target of $34.81. Several analysts raised their targets ahead of earnings, including the Canadian Imperial Bank of Commerce, which set a $54 target. Hecla Mining Provides High-Beta Exposure to Silver's UpsideHecla Mining (NYSE: HL) offers a high‑beta way to participate in both the silver and gold rallies. Its earnings report showed that operating leverage to higher metal prices is kicking in: for 2025, Hecla generated record revenue of about $1.4 billion and net income of $321 million, while adjusted EBITDA climbed to a record $670 million as silver prices and production increased. Although Hecla mines both metals, it's becoming more concentrated in silver. In the quarter, the company produced roughly 17 million ounces of silver, at the high end of guidance. Hecla also reduced total debt to about $276 million and raised its cash balance to $242 million, improving financial flexibility heading into a potential multi‑year silver upcycle. HL shares are up more than 323% in the last 12 months and trade above the consensus price target of $21.63. The stock is down about 14% over the last 30 days, which may reflect institutional repositioning after the prior rally. Pan American Silver Is Positioned for Production-Driven GrowthPan American Silver (NYSE: PAAS) is one of the world's largest primary silver producers. In the fourth quarter, the company posted record revenue of about $1.18 billion and record net earnings of $452 million, with adjusted EPS of $1.11, comfortably beating expectations. Quarterly attributable production reached 7.3 million ounces of silver and nearly 198,000 ounces of gold, helped by strong performance at the Juanicipio mine, which contributed about 2.5 million ounces of silver. With full‑year free cash flow above $1.1 billion and management guiding to double‑digit silver production growth in 2026, Pan American is well positioned to compound cash returns if silver continues to advance. PAAS shares are up 152% over the last 12 months and 56.9% over the last three months, reflecting the company's primary focus on silver. The stock is trading above its consensus price target of $56.60, and several analysts issued bullish targets ahead of the Feb. 18 earnings release.
We are not securities dealers or brokers, investment advisers or financial advisers, and you should not rely on the information herein as investment advice. Any investment should be made only after consulting a professional investment advisor and only after reviewing the financial statements and other pertinent corporate information. Further, readers are advised to read and carefully consider the Risk Factors identified and discussed in the profiled company's SEC and/or other government filings. Investing in securities, particularly microcap securities, is speculative and carries a high degree of risk. | 
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