John Feneck: Gold, Silver and More — 9 Stocks I'm Bullish on for 2026

Key Concepts

Silver Price Surge: Rapid increase in silver prices, exceeding initial price targets.
Gold-to-Silver Ratio: A metric used to assess the relative value of gold and silver; declining ratio signals potential silver outperformance.
Conference Opportunities: Importance of industry conferences for investor-company interaction and deal-making.
US Mining Jurisdiction: Increasing attractiveness of the US, particularly Nevada, for mining investment due to permitting improvements.
RSI (Relative Strength Index): A technical indicator used to identify overbought or oversold conditions in a stock.
Permitting & Geopolitical Factors: The impact of permitting processes and geopolitical events (e.g., Russia-Ukraine war) on commodity prices and mining investments.
Pure-Play Silver Companies: Difficulty in finding companies solely focused on silver production.
Quantitative Tightening/Easing: Federal Reserve monetary policy and its potential impact on gold prices.
Naked Short Selling: Illegal practice of selling shares that have not been borrowed, potentially manipulating stock prices.

Mining Conference Events (2026)

John Fenick is organizing two mining conferences in 2026. The first will be in Washington D.C., targeting financial advisors and professionals who typically don’t attend conferences in Canada (like PDAC or V-Rick). He believes the location and accessibility will attract a different investor base, particularly those newly interested in precious metals equities. The second conference will be held at the Four Seasons in Florida from May 20th-22nd. Fenick emphasizes the value of these events for fostering connections between investors and companies, citing a recent example of a company securing significant investment following his Florida conference – raising from $0.15 to $1.60 per share. He stresses the need for a tactical approach to mining investments, as it’s not a “throw darts” sector.

Silver Market Analysis

Silver has experienced a significant price increase, surpassing initial projections of $66-$70 for 2026. Fenick’s portfolio currently holds 16% in silver (up from 12% in November), despite the temptation to sell due to rising prices. The $50/oz level proved to be a key breakout point, with silver now trading significantly higher. This price movement is driven by increased demand from India and China, coupled with emerging supply shortages at exchanges. Fenick notes that many companies marketed as “silver” producers are actually primarily gold companies, requiring investors to conduct thorough due diligence. The declining gold-to-silver ratio suggests further potential for silver outperformance.

Silver Company Spotlights

Black Rockck Silver (BKRRF/BKR.V): A pure-play silver development company with 108 million ounces of silver equivalent in Nevada. Positioned to benefit from streamlined permitting under the Trump administration. Currently trading around $0.60-$0.61.
Exelon Resources (EXNRF/EXN.V): Recently acquired a silver project in Peru from Buenaventura (BVN), offering significant upside potential. The project is a restart, not a new development, reducing risk. Trading around $0.28.
Guanowato Silver (GSVRF/GSVR.V): Benefited from the acquisition of Bolanitos from Endeavor (EXK), despite previous dilution. Trading around $0.43 and approaching a potential breakout.

Gold Market Outlook

Gold has been consolidating in the $4,000-$4,300 range, with a key resistance level at $4,400. While a breakout is expected, the timing is less critical. Major banks are projecting gold prices of $400-$500/oz by the end of 2025. Fenick’s portfolio holds 51% in gold stocks, leveraging potential gains through equities (like those in the GDX ETF). He emphasizes the importance of identifying undervalued companies with strong fundamentals.

Gold Company Spotlights

Sonoro Gold (SM OFF/SGO.V): Bootstrapped company with a 30-year lease in Cambodia, offering potential for significant production with limited competition. Trading around $0.15.
Inflection Resources (AUF/AU.V): Exploring for gold and copper in Australia, backed by Anglo American funding. Trading around $0.20.
Daenerius Resources (DNRSF/DM.V): Already producing gold in Colombia with a backup project in Spain going into production in May 2025. Strong insider ownership and support from billionaire investors. Trading around $0.44.

Technical Analysis & Market Sentiment

Fenick utilizes the Relative Strength Index (RSI) as a key indicator for identifying potential selling points. An RSI above 80 suggests an overbought condition. He notes that the recent strength in the stock market is largely driven by technology and AI stocks, particularly Nvidia (NVDA), creating a potential vulnerability.

Special Situations & Geopolitical Influences

Fenick highlights two special situation stocks:

Ankor Resources (ANKOF/AK.V): Oil and gas play with gold and copper exploration, benefiting from a $4.8 million divestment and focus on Cambodian oil production.
Power Metallic (PNPNF/PNM.V): Facing challenges due to the Russia-Ukraine conflict impacting platinum group metals (PGM) prices, but supported by strong insider ownership and investment from billionaires.

He believes the resolution of the Russia-Ukraine war could significantly benefit PGM-focused companies like Power Metallic and Stillwater Mining (PGF), as Russia is a major supplier of these metals.

Federal Reserve & Macroeconomic Outlook

Fenick believes the Federal Reserve’s monetary policy is crucial and anticipates a more accommodative stance in 2024, driven by weakening economic data (particularly non-farm payrolls). He also expects a shift in Fed leadership under a potential Trump administration, favoring lower interest rates.

Final Thoughts & Key Takeaway

Fenick emphasizes the importance of thorough due diligence, understanding market dynamics, and identifying undervalued companies with strong fundamentals. He highlights the potential for significant gains in the precious metals sector, particularly in silver, but stresses the need for a tactical and informed investment approach. He also points to the potential for a shift in market leadership as the economic landscape evolves. The overall message is one of cautious optimism, with a focus on identifying opportunities in a volatile but potentially rewarding market.