Gold is not the first major bank to recently sound a bullish tone on steel stocks. Last month, UBS sound a bullish tone on Nucor (NYSE: NUE) and Steel Dynamics, raising its price target on the former to $52 from $50. At a weight of nearly 5.1%, Nucor is SLX’s seventh-largest holding.

Regardless of what bank is making a bullish call on steel stocks, the calls themselves could prove to be prescient. Steel stocks are deep cyclical, materials plays. Not only have materials stocks and ETFs been rallying recently, but history shows this is the ideal time of the year in which to own materials names. [Materials ETFs Really Are November Buys]

Market Vectors Steel ETF