So Bank of America just released their hot takes on mining stocks for 2026, and honestly? They’re not messing around. While everyone’s been obsessing over AI stocks (looking at you, NVIDIA), the metals market has been quietly having its own little party.
Here’s the deal: precious and industrial metals have been on an absolute tear lately. Gold, silver, copper – they’re all up big time. And BofA thinks this party is just getting started, thanks to some pretty solid tailwinds like geopolitical chaos (because when isn’t there geopolitical chaos?), a weakening dollar, and Trump’s whole “let’s mine everything domestically” vibe.
The Three Picks That Actually Make Sense
1. Agnico Eagle Mines (AEM) – The Gold Standard
This Canadian gold miner is up 130% over the past year, which is… wow. BofA loves them because they actually deliver on their promises (revolutionary concept, I know). They’ve got a solid pipeline of projects and there’s a decent chance they’ll find even more shiny stuff in the ground. In a world where everything feels uncertain, gold is still the ultimate “oh crap” investment.
2. Cameco Corporation (CCJ) – The Uranium Play
Up 123% in a year, Cameco is BofA’s top uranium pick. Now, before you start having Chernobyl flashbacks, hear me out. Nuclear energy is having a moment – it’s clean, it’s reliable, and AI data centers need massive amounts of power. Cameco basically owns a big chunk of the uranium supply chain, and BofA thinks uranium prices are about to rocket in the second half of 2026. Plus, the stock is still reasonably priced, which is rare these days.
3. Freeport-McMoRan (FCX) – The Copper King
This one’s the “modest” winner at only 50% gains, but don’t let that fool you. Copper is about to become the new oil, thanks to AI infrastructure, electric vehicles, and basically everything that needs wiring (which is everything). Freeport is one of the biggest copper producers, and BofA sees the current price as a steal. Bonus: they also mine gold, so you’re getting two metals for the price of one stock.
Why This Actually Matters
Look, mining stocks aren’t exactly sexy. They don’t have the same buzz as tech stocks or the meme potential of GameStop. But here’s the thing – the world runs on metals. Your iPhone, your Tesla, those massive data centers powering ChatGPT – they all need copper, gold, and other metals.
BofA’s analyst Lawson Winder makes a solid point: geopolitical tensions aren’t going anywhere, and that means more tariffs, more supply chain disruptions, and more reasons for countries to secure their own metal supplies. It’s not the most exciting investment thesis, but it’s probably one of the most logical.
The bottom line? While everyone else is chasing the next big AI play, maybe it’s worth looking at the companies digging the actual materials that make all this tech possible. Just saying.