It comes as little surprise that precious metal producers like Centamin (LSE: CEY) have seen their share prices surrender vast chunks in recent weeks, the result of collapsing gold and silver values.

Centamin’s share price has shed 21% of its value since hitting record peaks of 180p per share in mid-August. Some retracement can be expected following the gold digger’s stunning ascent — Centamin still remains more than 140% up from levels seen at the start of the year

But the mining giant’s recent reversal coincides with investors increasingly ploughing their cash into the FTSE 100 and away from the ‘safe-haven commodities’ suite, a factor that has driven gold values sharply lower again.

Indeed, the yellow metal was last at $1,250 per ounce, a significant discount from above $1,300 at the beginning of October and some way off this summer’s peaks of $1,370. This was the most expensive level since early 2014.

However, I believe there’s enough mud in the macroeconomic waters to prompt a fresh surge into the precious metals complex, and provide Centamin’s share price with fresh fuel.

Indeed, gold exchange-traded fund (ETF) holdings rose to 2,335.6 tonnes in September, according to World Gold Council data, up another 38.1 tonnes from August. And gold demand is likely to keep bubbling as Brexit bothers continue and wider concerns over slowing global trade persist.

Recent share price weakness leaves Centamin dealing on a forward P/E rating of 8.7 times, some way below the London blue-chip average of 15 times. I reckon this gives plenty of room for a significant share price upgrade should — as I expect — global economic indicators continue to toil.

Cut-price colossus

Budget retailer B&M European Retail (LSE: BME) is another FTSE 250 (INDEXFTSE: MCX) stock caught in a severe sell-off in recent weeks. The Liverpool company has seen its share value collapse 18% since the eve of Britain’s European referendum.

Of course the painful EU withdrawal process could play havoc with much of the high street as shoppers tighten their pursestrings. But I believe this could play into the hands of ‘discounters’ like B&M as their cut-price goods come increasingly into fashion.

The spat between Unilever and Tesco last week due to sterling pressures could present similar troubles for B&M’s margins. But the business has proved effective at tackling these issues in prior years. And, as Credit Suisse notes, many of B&M’s single-price rivals like Poundland will have to undergo massive transformation to switch to a multi-price model.

Meanwhile, B&M’s new store rollouts are proving extremely successful, and further progress here should light a fire under the bottom line — the retailer plans to unveil 50 new stores in the UK in the year to March 2017, and another 19 in Germany.

Recent share price weakness leaves B&M delaing on a forward P/E multiple of 16.7 times. I believe this is very reasonable value given the company’s compelling  growth case.

Be brave and keep buying

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Royston Wild has no position in any shares mentioned. The Motley Fool UK owns shares of and has recommended Unilever. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.