Mining Shares Climb in 2026 as Investors Chase Safe Havens

Mining stocks rose sharply in early 2026 as gold, silver, and copper prices hit records. The NYSE Arca Gold Miners Index gained 12% since the start of the year, outpacing gains in the metals themselves. The move reflects a broader shift as geopolitical tensions and demand for safe-haven assets drive investor flows according to Bloomberg.

Gold has been a key beneficiary. The NYSE Arca Gold Miners Index rose 12% through January 14, while spot gold prices climbed 6.9%. Analysts said the gap highlights how gold miners are outperforming as bullion prices rise. This dynamic has driven strong returns in the previous year, with major gold miners far outpacing the rise in gold prices.

Copper and silver also showed strength. Copper prices broke $13,000 per tonne, lifted by U.S. stockpiling and supply disruptions in Chile. Silver's volatility magnified gains alongside gold as investors rotated into commodities according to Bloomberg.

Why the Move Happened

The rise in mining stocks is linked to rising demand for safe-haven assets amid global uncertainty. Geopolitical tensions involving the U.S., Iran, and Venezuela have led investors to seek commodities that hold value. Veritas Investment Research analyst Martin Pradier said gold remains a key reserve currency amid rising uncertainty.

Rising bullion prices have also led to larger gains for mining companies. Their costs tend to lag behind metal price increases, leading to outsized returns. This dynamic was seen in 2025, when shares of Newmont Corp. and Agnico Eagle Mines Ltd. more than doubled while spot gold rose 65%.

Copper's surge is linked to U.S. trade policy and supply disruptions. The U.S. imposed 50% tariffs on semi-finished copper products, and traders are stockpiling in anticipation of possible additional duties. Chilean supply issues, including the Mantoverde mine strike, have also tightened availability.

How Markets Responded

Investors are rotating into mining equities despite record highs in gold and copper. Some are cautious, but the continued rise in stock prices suggests demand remains strong. Pradier said investors' buying behavior indicates confidence in the market.

Copper prices have surged by more than 52% since early 2025, reaching $13,000 per tonne. The move is driven by a combination of physical, financial, and policy factors. U.S. inventory stockpiling is a major driver as traders anticipate potential tariffs.

Gold mining companies such as Newmont and Agnico Eagle are expected to see significant earnings growth in 2026. Analysts expect adjusted diluted earnings per share at both companies to climb more than 85% year over year. This has reinforced investor interest in miners.

Silver and copper miners have also seen gains. Silver's higher volatility has amplified returns, while copper prices have been supported by supply constraints and U.S. stockpiling. This has led to a broader rally across the mining sector.

What Analysts Are Watching

Analysts are keeping a close eye on the sustainability of the rally. Some question whether gold and copper prices can keep rising after hitting record levels. However, the continued strength in mining shares suggests demand is still robust according to Bloomberg.

Gold prices could reach $5,000 an ounce in the first half of 2026, according to HSBC. However, the bank lowered its average 2026 forecast due to concerns that rising prices could trigger a correction. It said a correction could be deeper if geopolitical risks subside or if the U.S. Federal Reserve stops cutting interest rates.

Bloomberg Intelligence analyst Grant Sporre also sees gold reaching $5,000 an ounce by year-end 2026. However, he noted that a Fed pause, resilient equities, and a firm dollar could limit upside in the first half of 2026.

Copper prices remain at a significant premium to marginal production costs. Bernstein analyst Bob Brackett said copper is trading about 121% above marginal cost. Historically, buying copper at such premiums has led to negative long-term returns, though short-term gains are possible.

Investors are also looking at how miners manage their profits. Companies with strong earnings growth and execution capabilities are likely to see continued support from the market. The focus is shifting from price participation to asset quality and execution certainty.