John Feneck: Silver's "Rabid" Price Action, Next Target to Watch

Key Concepts

• Silver (Ag): Reaching $100/ounce, driven by geopolitical factors and industrial demand. Significant gains observed in silver stocks.
• Gold (Au): Approaching $5,000/ounce, fueled by geopolitical instability and expectations of potential Fed rate cuts.
• Portfolio Management/Trimming: Strategic selling of positions to capitalize on gains and manage risk, utilizing indicators like RSI.
• Junior Mining Stocks: Companies with exploration projects, offering high-risk, high-reward potential.
• Critical Minerals: Antimony, tungsten, and other strategically important elements, gaining attention due to geopolitical concerns.
• Platinum Group Metals (PGMs): Platinum and palladium, experiencing a resurgence in price due to supply constraints and industrial demand.
• Beaver Creek Conference: Exclusive, invitation-only mining investment conferences facilitating one-on-one meetings between CEOs and investors.
• 43-101 Reports/PEA/PFS: Technical reports detailing mineral resource estimates and economic viability of mining projects.
• RSI (Relative Strength Index): A momentum indicator used to identify overbought or oversold conditions in a stock.

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Metals Market Update & Investment Strategies (January 2026)

This discussion with John Fenick, Portfolio Manager at Fenic Consulting, provides a detailed overview of the current state of the metals market, focusing on silver, gold, and emerging opportunities in critical minerals and PGMs. The conversation highlights specific investment strategies and company analysis, offering actionable insights for investors.

Silver’s Surge to $100 and Portfolio Adjustments

Silver recently surpassed $100 per ounce, a milestone John Fenick anticipated. As of December 31st, silver constituted 17.8% of Fenic Consulting’s holdings, making it their largest position. While bullish, Fenick initiated a partial sell-off (“trimming”) at the $100 level, employing a disciplined approach based on technical indicators like RSI, support, and resistance. He anticipates a near-term peak of $106-$107, with a Q2 target of $130-$133. The current silver market is characterized by a “rabid trade,” with every dip being aggressively bought, a phenomenon Fenick describes as “mindbogglingly good” based on his 26 years of observation. Geopolitical factors, particularly developments in China, are contributing to the bullish sentiment.

Silver Stock Outperformance & Specific Company Analysis

While silver prices have soared, the outperformance of silver stocks lagged initially, but has recently improved. Fenick highlighted several companies demonstrating significant gains:

• Buenaventura Silver (GSVRF/GSVR): Increased from $0.25 to $0.73-$0.74, benefiting from silver price appreciation and a strategic acquisition of Bolanitos from Endeavor.
• Highlander Silver (HLSCF/TIG): Acquiring Bear Creek Mining (BCEKF) and its Karani project, a significant silver deposit. Highlander’s tight share structure (60% held by management, institutions, and the Lundine family) is viewed positively.
• America’s Gold and Silver (USAS): Experienced a substantial increase from $1 to $9 in nine months, representing a 900% gain.
• Silver ETFs: Recommended SILJ (mid-cap) and SIL/SLVP (large-cap) for broad silver exposure.

Fenick emphasized the importance of re-evaluating silver stock holdings if investors aren’t seeing corresponding gains, suggesting that underperformance may indicate a need to adjust portfolio allocations.

Gold’s Ascent and Geopolitical Drivers

Gold is also reaching record levels, approaching $5,000/ounce. Bank targets have been revised upwards, with Goldman Sachs at $5,400, JP Morgan at $6,000, and Bank of America over $5,500. The primary driver is the escalating geopolitical landscape, citing examples like Venezuela, Colombia, Iran, and ongoing US involvement in global affairs. Fenick believes this instability represents a “new norm” driving demand for safe-haven assets like gold. He anticipates that Jerome Powell will be replaced by a more dovish Fed Chair under a potential Trump administration, further supporting gold prices.

Gold Stock Opportunities & Exploration Plays

Fenick discussed several gold stock opportunities:

• Van Eck Gold Miners ETF (GDX) & Junior Gold Miners ETF (GDXJ): GDX was up 155% and GDXJ up over 170% in the past year. He noted that GDXJ has not yet reached its all-time high, suggesting further upside.
• QuestCore Mining (QQQF/QQQ): Trading at a low valuation, with promising drill results from its Sonora, Mexico project. The recent positive press release and the opening of open-pit permitting in the region are positive catalysts.
• Triumph Gold (TIGCF/TIG): Acquired a silver project in Utah, adding to its existing gold, tungsten, and antimony assets in Yukon. A recent financing provides capital for exploration.

Special Situations: Critical Minerals & PGMs

Fenick identified two underappreciated areas: critical minerals (antimony, tungsten) and Platinum Group Metals (PGMs).

Critical Minerals:

• IML Resources (IMRF/IMR): Acquiring an antimony project in Europe, benefiting from increased focus on critical mineral supply chains.
• Alcan (ALKF/ALK): The largest North American antimony producer, with a strong balance sheet and potential for growth.

Platinum Group Metals (PGMs):

• Platinx/PTX Metals (PNXF/PTX): Benefiting from rising platinum and palladium prices, with exploration projects in Canada.
• Stillwater Critical (PG EZF/PGE): Located in Montana, with significant platinum and palladium resources and a recent financing to support exploration.

Investment Philosophy & Risk Management

Fenick emphasized the importance of working with a professional portfolio manager, highlighting the complexities of the mining sector and the need for thorough due diligence. He underscored Fenic Consulting’s focus on risk management and value investing, aiming for consistent long-term returns rather than chasing short-term gains. He noted that their 10-year track record demonstrates their ability to deliver strong performance while maintaining a lower risk profile.

This summary provides a detailed and specific account of the YouTube video transcript, preserving the original language and technical precision. It includes key concepts, actionable insights, and specific company examples, offering a comprehensive overview of the current metals market and potential investment opportunities.