Gold, Silver, and Copper Are Surging—Here Are 3 Smart Ways to Play It

Key Points

• The prices of precious metals like gold, silver, and copper have skyrocketed this year, prompting investors to either rush toward related assets or to worry about the implications for the broader market and economy.
• Those looking to gain indirect exposure to these rallies might select firms like Freeport-McMoRan, Wheaton Precious Metals, and Franco-Nevada.
• Freeport is one of the largest copper producers globally, while Wheaton and Franco-Nevada provide capital to mining firms focused on silver and gold.

Despite an end-of-year fall after derivatives exchange company CME Group Inc. NASDAQ: CME increased its precious metals contract margin requirements, metals including gold, silver, and copper have been on an incredibly run in recent months. The pace of the rally may provoke concern among investors worried that rising metals prices signal trouble for equities or the economy more broadly. However, at the same time, tremendous gains in these safe haven assets means big boosts for investors exposed to them—and to the share price of many companies involved in their production.

If choosing between an investment related to gold, silver, or copper is too difficult as multiple metals race to the stratosphere, consider the options below. Each is a strong play that leans toward one or the other of these fast-rising precious metals.

Freeport-McMoRan's Potential in the Wake of a Mine Disaster

Freeport-McMoRan Inc. NYSE: FCX ranks among the top copper producers globally, though it also provides more modest exposure to gold and other metals. Despite the price of copper surging by about 41% in 2025, FCX shares lagged slightly behind with an increase of about 36% in the same period.

A mining disaster in Indonesia sent Freeport's shares tumbling in September, but the company has more than made up for that dip in the last several weeks based on its sharp ascent.

Investors may rightly hold off on FCX given the company's failure to detect conditions that led to the deaths of multiple workers in the Grasberg mine this fall. Outside of this concern, however, Freeport demonstrated its operational resilience even as production fell in the third quarter, following the incident.

Management reiterated a healthy financial outlook in the latest earnings report and pointed to the firm's extensive efforts to improve mitigation and monitoring. The company will also undergo a phased reopening of multiple mining operations after the disaster, with production expected to significantly ramp up starting in 2027.

This ambitious growth plan appeals to analysts—about 88% of ratings for FCX shares are a Buy—and may attract investors with a long-term bullish view on copper prices.

Wheaton's Indirect Approach, Strong Margins Could Boost Shares Along With Silver

About 39% of record third-quarter revenue for Wheaton Precious Metals Corp. NYSE: WPM came from silver, and the company also provides exposure to gold, palladium, and cobalt. However, Wheaton is unlike other miners because it doesn't operate its own mines. Rather, it provides funding for other miners in trade for a percentage of the metals produced.

Wheaton's lack of direct exposure to any specific metal means that it can be insulated to some extent in the event of a crash in prices. It's also highly diversified in terms of its geography and operations, with partnerships involving dozens of mining firms around the world.

It also sports some of the best margins in the industry as a result of its hands-off approach. Additionally, as a Canadian firm, Wheaton could stand to benefit from a scenario in 2026 in which the USD strengthens relative to the CAD.

Eleven out of 13 analysts support WPM shares with a Buy (or equivalent) rating, and the stock is expected to grow by some 12% despite already doubling in price in 2025, a result in part of its heavy involvement in silver mining.

Franco-Nevada's Impressive Financials and Acquisitions Set It Up for 2026 Success

Franco-Nevada Corp. NYSE: FNV adopts an approach similar to Wheaton's, acquiring royalty and streaming agreements with other miners in exchange for upfront financing. This firm's focus is gold, but it also has contracts involving silver and other metals.

With gold prices up nearly two-thirds in 2025, Franco-Nevada's expansion into six new gold acquisitions in the latest quarter gives it a crucial advantage heading into the new year. The company's financial performance is already strong, having achieved a 77% year-over-year revenue improvement in the third quarter and 81% growth in adjusted EBITDA during the same period. What's more, its financial position remains enviable.

Franco-Nevada ended the quarter with no debt and about $1.8 billion in available capital, ensuring it should have plenty of breathing room to continue to adjust its exposure based on opportunities and metals pricing into 2026 and beyond. A majority of analysts rating FNV shares call them a Buy, and Wall Street expects the stock to rise by another 12%, on top of its 72% growth year-to-date.