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Has the time come for these 2 growth shares to explode?

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The share prices of Britain’s precious metals producers have leapt higher in recent weeks as fears of rising political strife on both sides of the Atlantic have gathered pace.

Russian gold and silver digger Polymetal International (LSE: POLY) saw its stock value ascend to six-month peaks above £10.40 late last week, investors piling-in with gusto on the back of spiralling metal values.

Bullion prices breached the $1,250 per ounce landmark late last week as the turbulence surrounding President Trump’s administration continued, this time as attempts to get a replacement for Obamacare through the House of Representatives spectacularly failed.

This put pressure on the US dollar and in turn lent the commodities complex further support. And safe-haven metals like gold and silver could gain further traction in my opinion should Trump struggle to get other legislation, like tax reforms, pushed through in the weeks and months ahead.

Meanwhile, the store-of-value metal investments are likely to gain further traction once the British government triggers Article 50 on Wednesday, firing the starting gun on EU withdrawal and possibly prompting years of massive political and economic uncertainty.

And Polymetal is steadily hiking production to reap the fruits of the current environment. The company dug 1.27m ounces of gold out of the ground in 2016, and plans to hike volumes to 1.4m ounces this year and to 1.55m ounces in 2018.

So it comes as little surprise that the City expects earnings to keep rising at Polymetal at a terrific rate. Indeed, growth of 23% is pencilled-in for 2017, and 11% for next year. These projections result in very-cheap P/E ratios of 11.6 times and 10.4 times respectively.

I reckon Polymetal could prove to be a splendid growth share in the years ahead and is a particularly attractive bet at current prices.

Bubbling over

I also reckon AG Barr (LSE: BAG) could see investors pile back in with gusto, possibly as soon as the firm’s next trading statement (full-year financials are scheduled for Tuesday, March 28).

Due to recent market difficulties at home, the number crunchers expect AG Barr’s recent record of decent earnings growth to grind to a halt with a 2% decline in the year to January 2017. But the beverages behemoth is anticipated to rebound with rises of 4% and 5% in fiscal 2018 and 2019 respectively.

Subsequent P/E ratios of 18.2 times and 17.5 times may be slightly toppy, but I believe the Irn Bru maker’s rising success across the globe merits these premium values.

AG Barr announced in February that “our second half trading performance strengthened,” helped by new product introductions like Rubicon Spring and IRN-BRU XTRA. The manufacturer now expects full-year like-for-like revenues to have risen 1.5% last year.

While trading conditions in the UK remain difficult, I am confident that the company’s drive to reduce the amount of sugar in its drinks in line with changing consumer habits should help to mitigate the worst of these troubles. And looking further down the line, I believe AG Barr’s improving momentum across The Americas should deliver excellent returns.

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