Metal are melting up at a breathtaking pace, but the miners haven't priced it in yet.
Gold just printed $5,075 and Silver is tearing the roof off at $112. We are in uncharted territory for the metals, but if you look at the equity side, the miners are still trading like gold is stuck back at $4,500.
Scotiabank is out with a new note highlighting exactly this disconnect. They peg gold equities trading at a roughly 17% discount to bullion. That gap is massive. With spot prices now running well ahead of even the most bullish street forecasts, the catch-up trade in miners is looking like the path of least resistance.
From Scotia:
There is still value in the equities. Gold equities are trading at a ~17% discount to bullion (weighted average is ~15%), with a FCF yield of ~6.0% on 2026 estimates or ~7.0% at spot price and ~7.8% on 2027 estimates or 9.4% at spot price. The equities are cheap versus bullion (bullion has moved up $500/oz or 11% since beginning of 2026 or 3 weeks), with the equities not tracking at the same pace as the gold price and therefore valuations have room to move upward.
To illustrate, Scotia raised its own silver price forecast for 2026 to $65/oz, which is nearly 40% below spot. They also have gold at $4600, which is $100 below where we're currently trading. Even with that, they see some compelling value in precious metals miners.
Here are seven names highlighted by Scotia and TD in notes released today:
1. Eldorado Gold (EGO)
If you want a re-rating story, Scotiabank says this is it. They’ve just upgraded EGO to Sector Outperform, citing the Skouries project coming online in Q1 2026.
Skouries moves EGO from development burn to positive Free Cash Flow.
Even before this $5k move, analysts saw the stock re-rating as execution risk fades.
2. Pan American Silver (PAAS)
With silver at $112, you want exposure that actually moves the needle. Scotiabank names PAAS a top pick for silver-gold exposure.
We are seeing a "stronger for longer" silver environment. While some analysts have a Hold rating here, the sheer leverage PAAS offers to triple-digit silver makes it hard to ignore if you believe this rally has legs.
Another name that TD likes is Coeur Mining (CDE), where they have a $31 price target.
3. Wheaton Precious Metals (WPM)
If you don’t want to worry about fuel costs or labor strikes eating into your $5,000 gold margins, you go with the streamers, which have a long history of delivering via a royalty payment model rather than execution risk
Scotiabank calls WPM the "best growth outlook" among the streamers. TD Cowen rates it a BUY, highlighting its robust portfolio.
4. Barrick Gold (B)
When the generalists finally rush into this sector, they buy the big names. Right now, Barrick is cheap.
TD Cowen data shows Barrick trading at just 0.98x P/NAV. Compare that to peers trading well over 1.0x-1.5x.
Scotiabank lists it as a Top Pick. If gold holds anywhere near $5k, that valuation gap has to close.
5. Kinross Gold (KGC)
If you care about Free Cash Flow (and you should), Kinross is printing it.
TD Cowen forecasts a solid 7.6% FCF yield for 2026.
Scotiabank also flags KGC as a top pick among senior producers. At these spot prices, their margins are expanding aggressively.
The metal prices are screaming, but the equities are whispering. Scotiabank notes that equity valuations have room to move upward as they haven't tracked the bullion rally pace. If silver stays over $100 and gold holds $5k, these 17% discounts to NAV aren't going to last long.
6. Centerra (CG)
- Centerra screens as deep value in the gold space: 0.52x P/NAV and ~4.5x EV/EBITDA for both 2026E and 2027E, while still showing ~8.1% / 9.9% FCF yields on Cowen’s $4,980 gold deck.
7. B2Gold (BTG)
- B2Gold is a leverage-to-gold value call: Cowen has it at 0.78x P/NAV, ~3.1x / 2.3x EV/EBITDA (2026E/2027E), and a striking ~9.0% / 29.9% FCF yield (2027) profile. If the operating plan holds, higher gold prices magnify already-strong cash generation, which can accelerate debt reduction and capital returns (and force the market to take the “cheap” multiple seriously).
- The risk is that the low multiple is signaling execution/asset-quality skepticism—so the thesis hinges on delivery and clean quarters
Here is the full list of equities that Scotia covers in the gold space:
| Ticker | Price | Rating | 1-Yr. Target | 1-Yr. Return |
| ABRA-T* | C$13.43 | SO | C$13.50 | 0.5% |
| AEM-N | US$213.69 | SO | US$276.00 | 29.9% |
| AG-N | US$24.22 | SP | US$23.00 | -4.8% |
| AGI-N | US$42.18 | SO | US$55.00 | 30.6% |
| ANTO-L | GBP 35.17 | SU | GBP 33.00 | -5.3% |
| AU-N | US$103.05 | SO | US$131.00 | 30.0% |
| AYA-T | C$25.40 | SO | C$29.00 | 14.2% |
| B-N | US$49.24 | SO | US$63.00 | 29.3% |
| BTO-T | C$7.18 | SP | C$10.00 | 40.6% |
| BVN-N | US$36.51 | SP | US$42.00 | 15.8% |
| CGAU-N | US$18.10 | SO | US$19.00 | 6.1% |
| CNL-T* | C$22.09 | SO | C$28.00 | 26.8% |
| DPM-T | C$49.88 | SO | C$55.00 | 10.7% |
| EDV-T | C$80.41 | SO | C$90.00 | 13.3% |
| EGO-N* | US$45.17 | SO | US$59.00 | 31.3% |
| EQX-T | C$22.02 | SO | C$26.00 | 18.1% |
| FNV-N | US$258.32 | SP | US$283.00 | 10.1% |
| FRES-LN | GBP 40.84 | SU | GBP 30.00 | -25.3% |
| FSM-N | US$11.40 | SO | US$14.00 | 22.8% |
| GAU-T* | C$4.23 | SP | C$4.75 | 12.3% |
| GFI-N | US$52.21 | SP | US$61.00 | 19.1% |
| GROY-A | US$4.93 | SO | US$6.00 | 21.7% |
| HL-N | US$31.29 | SP | US$25.00 | -20.1% |
| HMMC-V | C$5.62 | SO | C$8.00 | 42.4% |
| HOC-L | GBP 6.77 | SO | GBP 9.00 | 34.2% |
| IAG-N | US$20.04 | SP | US$23.00 | 14.8% |
| KGC-N | US$36.64 | SO | US$45.00 | 23.2% |
| KNT-T | C$27.44 | SO | C$32.00 | 16.6% |
| LUG-T | C$119.17 | SP | C$90.00 | -21.4% |
| MAU-T | C$12.35 | SO | C$15.00 | 21.5% |
| MNO-T | C$1.54 | SO | C$3.00 | 94.8% |
| MTA-A | US$8.30 | SP | US$9.00 | 8.4% |
| NEM-N | US$121.69 | SO | US$152.00 | 25.7% |
| NGD-A | US$12.62 | SO | US$12.75 | 1.0% |
| OGC-T | C$50.23 | SO | C$65.00 | 29.7% |
| OLA-T | C$24.02 | SO | C$26.50 | 10.6% |
| OR-N | US$45.21 | SP | US$51.00 | 13.3% |
| PAAS-Q | US$61.72 | SO | US$64.00 | 4.9% |
| PEOLES-MX | MXN 1,071 | SP | MXN 1,000 | -3.3% |
| RGLD-Q | US$287.83 | SP | US$335.00 | 17.0% |
| RUP-T | C$7.46 | SO | C$12.00 | 60.9% |
| SGD-T | C$19.57 | SO | C$25.00 | 27.7% |
| SKE-T* | C$43.11 | SO | C$44.00 | 2.1% |
| SSRM-T | C$35.82 | SO | C$45.00 | 25.6% |
| TAU-V | C$2.95 | SO | C$5.50 | 86.4% |
| TFPM-N | US$38.87 | SP | US$43.00 | 11.2% |
| TXG-T | C$79.13 | SO | C$95.00 | 20.2% |
| WPM-N | US$143.70 | SO | US$175.00 | 22.2% |
