The U.S. dollar has slid to its weakest level in nearly four years, pressured by rising geopolitical tensions and tariff-driven market volatility. U.S. President Donald Trump’s trade rhetoric and tariff proposals are weighing on the dollar.

Over the past year, the greenback has fallen about 10%. The dollar’s decline picked up pace after Trump announced sweeping tariff plans, triggering a global market sell-off. Fresh uncertainty followed his recent threats to impose more tariffs on European allies and his remarks about taking control of Greenland.

But Trump has been quick to shrug off concerns about the dollar’s softness, framing it as a positive for U.S. competitiveness. He says, “The dollar’s doing great.” Markets, however, appear less relaxed.

As confidence in the dollar has weakened, demand for safe-haven assets has surged, with gold and silver being the biggest beneficiaries. One can capitalize on the precious metals rally by investing in stocks like AngloGold Ashanti (AU Quick QuoteAU - Free Report) , Fresnillo (FNLPF Quick QuoteFNLPF - Free Report) , Aris Mining (ARMN Quick QuoteARMN - Free Report) and Hecla Mining (HL Quick QuoteHL - Free Report) .

Gold and Silver Shine as Investors Seek Safety

Both metals have hit consecutive record highs this year as investors look for protection amid economic and geopolitical stress. Spot gold is up more than 27% so far this year and is nearing the $5,600 level. Silver has also rallied sharply, approaching a record high near $120.

The Federal Reserve has added another layer to the narrative. This week, the Fed held interest rates steady, marking the first pause since July after cutting rates three times last year. While policymakers chose to wait, they also acknowledged that inflation remains elevated.

The rally in precious metals now looks hard to stop. Typically, gold and the dollar move in opposite directions, and that pattern is playing out once again.

Beyond safe-haven demand, gold is being supported by strong central bank buying, while silver is benefiting from robust industrial demand.

While the sharp, almost parabolic rise suggests a short-term pullback is possible, the broader fundamentals remain supportive. In 2026, any dips in precious metals prices should be viewed as buying opportunities rather than a sign of a reversal.

4 Precious Metal Stocks to Own

AngloGold is a leading global gold producer with operations spanning Argentina, Australia, Brazil, the Democratic Republic of the Congo, Egypt, Ghana, Guinea and Tanzania. The company has been actively strengthening its asset base through a mix of acquisitions and operational focus. In October 2025, AngloGold acquired Augusta Gold Corp., expanding its footprint in Nevada’s Beatty District through the Reward and Bullfrog properties.

In November 2024, the company added scale and diversification with the acquisition of Egyptian gold producer Centamin, bringing in the large-scale, long-life, world-class Tier 1 Sukari mine. The Sukari mine has emerged as a key contributor, producing 135,000 ounces of gold in the third quarter of 2025. Alongside inorganic growth, AngloGold continues to optimize its portfolio, streamline operations and sharpen its focus on core mines such as Obuasi, Kibali, Geita and Cuiabá, supporting steady production and long-term value creation.

The Zacks Consensus Estimate for AngloGold’s 2026 sales and EPS estimates implies a year-over-year surge of 23% and 41%, respectively. The consensus mark for 2026 EPS has moved up by 8 cents in the past 30 days. The stock currently sports a Zacks Rank #1 (Strong Buy).

You can see the complete list of today’s Zacks #1 Rank stocks here.

Fresnillo is one of the leading silver producers in the world. It is also one of the major gold producers in Mexico. The company runs eight active mines across Mexico, including well-known sites like Fresnillo, Saucito, Juanicipio, Ciénega, Herradura, Soledad-Dipolos, Noche Buena, and San Julián Veins. On top of that, Fresnillo is developing four advanced exploration projects and has additional exploration rights in Mexico, Peru and Chile, giving it a strong pipeline for future growth.

The acquisition of Probe Gold early this month marks Fresnillo’s entry into Canada, adding 10 million ounces of gold resources and aligning with its strategy of acquiring early-stage precious metal projects to expand its portfolio. The company is actively working on improving its metallurgical processes and underground mining operations while evaluating existing brownfield projects to strengthen production efficiency and reduce costs over the 2026-2030 period. FNLPF’s high-quality assets, ample mineral resources, competitive margins and disciplined approach to development will continue to drive growth. 

The Zacks Consensus Estimate for Fresnillo’s 2026 sales and EPS estimates implies a year-over-year surge of 75% and 578%, respectively. The consensus mark for 2026 EPS has moved up by 35 cents in the past 30 days. The stock currently sports a Zacks Rank #1.

Aris Mining focuses on acquiring, developing, and operating gold properties in Guyana, Colombia and Canada. The company is strengthening its presence in Latin America through higher production, mine expansions and a robust project pipeline. The Segovia mine remains central to ARMN’s growth, with a second mill commissioned to expand processing capacity and boost ore throughput. Meanwhile, the Marmato operation supports the company’s long-term growth strategy.

Beyond existing assets, ARMN is building its development pipeline. The company holds a 51% stake in Colombia’s Soto Norte Project and continues advancing exploration. In Guyana, the fully owned Toroparu Project saw a preliminary economic assessment in October 2025, highlighting its potential as a long-life, low-cost mine with over 6.5 million ounces of gold resources, further underpinning ARMN’s future growth prospects.

The Zacks Consensus Estimate for Aris Mining’s 2026 EPS estimates implies a year-over-year surge of 91%. The consensus mark for 2026 EPS has moved up by 32 cents in the past 30 days. The stock currently sports a Zacks Rank #1.

Hecla Mining is the largest silver producer in the United States and Canada, with operating mines in Alaska, Idaho and Quebec, and a developing project in Yukon. The company also holds multiple exploration and pre-development projects in prime North American silver and gold districts.

The Keno Hill project is moving toward commercial production, supported by key infrastructure investments. Exploration progress is equally promising. The Polaris Project in Nevada has recently received approval for 2026 drilling, while the Midas Project is showing strong potential. Early drilling along the previously untested two-mile Pogo Trend at Midas has revealed high-grade gold, including visible gold on a new structure, highlighting the project’s low-capital growth opportunity in a well-established mining district. With strong production, cash flow, and disciplined investments in both operating and exploration assets, Hecla is well-positioned for sustainable growth.

The Zacks Consensus Estimate for Hecla Mining’s 2026 sales and EPS estimates implies a year-over-year surge of 14% and 38%, respectively. The consensus mark for 2026 EPS has moved up by 17 cents in the past 60 days. The stock currently carries a Zacks Rank #2 (Buy).