When a FTSE100 growth stocks are really taking off, they may behave like raging penny stocks. This was certainly the case for gold and silver miners Fresnillo (LSE: FRES).

Over the last year, the company’s shares have increased by as much as 427%, which would mean that an investment of £10,000 would turn into £52,700. It increased by 625% in two years.

Precious metals are having a moment. Gold jumped 65% last year to $4,310 an ounce, silver 40%. In January, both went crazy, and the price of gold rose to a recent record high of $5,608. Then on Friday (January 30), the price dropped by almost $1,000, a drop of nearly 20%. Naturally, Fresnillo also fell.

These stocks made investors wealthy

Gold is the world’s oldest secure haven, and investors are concerned about everything from U.S. relations with China, Iran, Russia and Venezuela to a weakening dollar and Donald Trump’s selection of Jerome Powell’s successor as U.S. Federal Reserve chairman in May.

Friday’s sell-off was triggered by news that Trump had acted relatively cautiously in nominating Kevin Warsh, coupled with a growing sense that gold had simply gone too far. Fresnillo shares are down 17.5% over the past week.

Fresnillo investors may now be wondering whether it’s time to put those profits into a bank account. Potential buyers will wonder if they were given the opportunity to purchase at a lower price.

It’s tempting. Following this keen sell-off, the metal is already showing signs of recovery. After dropping $4,373 on February 2, it rebounded to $4,934 on Tuesday morning.

There is still something to worry about. We can’t say how Kevin Warsh will behave as Fed chairman, fears of an AI bubble persist, geopolitics remains unsettled, and central banks continue to stockpile gold.

Surely it can’t beat the FTSE 100 again?

Fresnillo can hardly be called budget-friendly by conventional measures. The final price-to-earnings ratio is around 137. However, future numbers look more forgiving. Fresnillo is forecast to trade at a P/E of around 32 throughout 2025, dropping to 15 in 2026. So there are good reasons to be tempted.

Gold mining is not a pure game of bullion prices. There are additional risks involved in extracting metal from the ground safely, efficiently and consistently. On January 28, Fresnillo reported that gold and silver production fell 33.7% and 13.5%, respectively, in the year ended December 31. This was in line with the guidelines, but was a reminder of the operational risks.

Analyst reviews put the stock at a one-year price target of 3,722p, which would represent a slight decline of around 3% from today’s level. Expectations are stretched after last year’s extraordinary success.

Fresnillo stock could go anywhere in the tiny term. Investors should consider very carefully before buying today. However, I understand that people unfamiliar with gold may be tempted to take a stance. They could add tiny, regular amounts to the stock, taking advantage of any dips. Personally, I’ll accept that I missed my moment. Then look for this year’s massive growth opportunity, rather than chasing last year’s. I see a lot that could tempt me on the FTSE 100 and FTSE250 Today.