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

Business-Focused Summary (Strategy, Operations, Markets — High Level)

1) 2026 Event Strategy (Investor Access “GTM”)

• Playbook: build conference channels in high-demand regions

  • John notes the US mining conference market is weak, so he created a South Florida + Washington DC events concept to improve investor attendance.
  • Partnership positioning: he co-builds events near the same time window as other major voices (e.g., Rick Rule) to concentrate audience demand.

• Execution details

  • Beaver Creek (first conference inspiration): met 30 CEOs in 3 days, used as a model for why conferences work.
  • South Florida event
    • Venue: Four Seasons
    • Rationale: brand-new hotel and oceanfront
    • Dates: May 20–22, 2026
  • Second event: Washington DC
    • Rationale: leverage 25-year relationships with financial advisers and professionals who won’t travel to Canada mining events.

• Proof point (case study-style)

  • A CEO reported stock outperformance after attending: raised at $0.15, later reaching ~$1.60.
  • John’s stated goal: an environment where investors and companies “thrive”, not a one-sided marketing event.

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2) Portfolio Management Approach (Risk Controls + Position Sizing)

• Largest holding & adjustment discipline

  • Silver is ~16%, described as the largest holding (John corrects the misconception that it’s ~60%).
  • He emphasizes not being forced into constant allocations (contrasting with some ETF/mutual-fund constraints like “invested 80% at all times”).
  • Cash as strategy: he mentions being heavy cash during volatility periods (e.g., 2022–2023 / COVID) and repositioning later.

• Framework: sell/trim signals using RSI

  • RSI > 80+: start thinking about selling.
  • Example: when a position reached RSI ~91, he sold (he references trimming after a rip; “Beric” is cited as an example).
  • Silver: he indicates he did not sell in the 30s/40s; once above $50, he views it as a “reasonable zone,” while still monitoring RSI.

• Operational thesis for the silver trade

  • He frames silver as:
    • a catch-up trade vs gold, and
    • part of gold:silver ratio compression (ratio down = silver catching up).
  • He argues gold is stable in a range, while silver breaks higher as shortages and demand narratives intensify.

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3) Silver Outlook + “Under-the-Hood” Company Selection

• Price targets/ranges mentioned

  • 2026 target range: $66–$70
  • Basis: inflation-adjusted framework from 2011–2012 rally levels.
  • He says price action is consistent with this setup.

• Market signals used (beyond price)

  • Exchange shortages
  • Increased buying by China/India
  • Supplier concentration: he claims only a handful of truly “real” pure silver producers exist
  • Due diligence requirement: if a stock is “silver,” investors must check what it is under the hood (including potential trading/behavior of mixed-exposure companies).

• Concrete company updates (examples)

  • Black Rock Silver (BKRRF / BKR)

    • Identified 108M ounces of silver equivalent in Nevada
    • Logic: US permitting tailwinds (Trump administration “fasttracking/permitting”)
    • Timeline: ~18 months to a potential construction decision
    • Valuation/price reference: ~$0.60–$0.61; potential retest ~high $0.60s
    • In-ground value logic: ~$1.70–$1.80/ounce dollar value vs $60+ silver price

  • Exelon Resources (EXNRF / EXN)

    • Acquired a silver project in Peru from Buenaventura (BVN)
    • Thesis: restart opportunities—juniors can restart projects at attractive prices when larger operators can’t prioritize
    • Timeline: early production as soon as next year; 43101 report expected imminently
    • Technical reference: trading ~$0.28; breakout area cited at $0.30–$0.31

  • Guanajuato Silver (GSVRF / GSVR)

    • Re-rating: stock moved after a financing/dilution-driven acquisition
    • Earlier financings now viewed as accretive to production profile rather than dilution-for-dilution’s sake
    • Timeline/technical: trading around $0.43, described as the “cusp of breakout”

  • Pure play warning

    • Pan American cited as a caution: about 20–25% silver exposure but functions more like a gold company, so silver performance expectations should be adjusted.

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4) Gold Outlook + “Equities Leverage” Allocation Logic

• Gold price path framework

  • Gold consolidating around $4,000–$4,300
  • Expecting a meaningful break above $4,400 (not necessarily immediately); view is that it happens in 2026
  • He claims many big-bank forecasts call for $4,400–$5,000/oz in 2026 (some even by mid-2026 / “June”).

• Portfolio construction

  • ~51% of his portfolio in gold stocks (equity leverage vs physical gold)
  • He uses GDX as an external indicator:
    • claims GDX broke through an all-time high meaningfully (interpreted as juniors catching up to majors)

• Operational/selection discipline

  • Instructs investors to:
    • call companies and ask for a plan in writing for the next 1.5–2 years (not just 3 months),
    • avoid “disorganized” juniors,
    • assess whether marketing strength matches the hot-market environment.

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5) Gold Company Watchlist (Examples of Operational Catalysts)

• Mexico theme via permitting

  • Silver Tiger (SLVTF / ticker mentioned)
    • Permits achieved for open-pit permitting in Mexico; permitting is framed as “alive”
    • Timeline: ~16 months to production at reasonable cost
    • Geographic fit: near the Arizona border (not “deep” or difficult terrain)

• Australia & partner-funded drilling

  • Inflection Resources (AUF / AU)
    • Thesis: JB partner funding (partner described as Anglo, a top-10 name)
    • Market note: stock hasn’t moved much, but under-the-hood targets look interesting; Australia jurisdiction support

• Colombia + relationships as an “operational moat”

  • Aurelius/Daenerius? (DNRSF / DM) (name abbreviated in the source)
    • Already producing in Colombia, contrasted as historically hard
    • Chairman’s 20-year local relationships credited for faster permitting/building
    • Backup project in Spain entering production in May next year (~6 months)

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6) “Trigger” for the Next Gold Leg (Macro + Policy Narrative)

• Primary driver framework: Fed policy

  • John argues the Fed will be more accommodative than consensus.
  • He cites labor-market weakness (including deteriorating non-farm payroll revisions and monthly job losses).

• Catalyst narrative

  • Expects lower rates / easing to support gold and silver.
  • He also suggests leadership transition (Trump naming a successor) will likely produce lower-rate-friendly policy, indirectly supporting precious metals.
  • Discussion: less about QE vs QT because Powell’s role ends soon; the key is who controls policy next.

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7) Operational Risk in Equities: Concentration in AI/Tech

• Broader indices look strong, but “under the hood” gains are concentrated in tech/AI (e.g., Nvidia).
• Implication: monitor major resistance levels—if AI breaks, it can drag broader tech and risk appetite.

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8) “Special Situations” Picks (Execution, Capital Allocation, Insider Alignment)

• Ankor Resources (N KOF / AK)

  • Catalyst: divest a unit to raise $4.8M; company market cap ~$36M (capital injection is material)
  • Capital deployment: invest into oil production in Cambodia on a 30-year lease
  • Strategic angle: metals+energy optionality (gold/copper + oil)
  • Insider alignment: CEO/GEO/board own a large share—~40%+ of float

• Power Metallic (PNPNF)

  • Thesis: CEO/partners involved in exposing “naked short sellers/weird stuff”
  • Evidence cited:
    • Chart conditions and insider buying
    • CEO purchased 300,000 shares on Dec 10 (open market)
    • “Strong hands” claim: Terry + ~5 key investors hold ~15–20% of float
  • Technical framework:
    • RSI < 35
    • “Almost always a buy in a strong market” around RSI ~30

• Geopolitical optionality (high level)

  • Potential catalyst: Russia–Ukraine resolution affecting nickel/platinum/palladium supply chains and explorers exposed to those metals.

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Key Metrics & KPIs Explicitly Mentioned

• Portfolio allocation
  • Silver: ~16% (largest holding)
  • Gold stocks: ~51% of portfolio
• RSI-based risk control
  • Sell/trim trigger: RSI 80+
  • Example exit: RSI ~91
  • Power Metallic: “buy” near RSI ~30 (RSI < 35)
• Silver price / target framework
  • 2026 range: $66–$70
  • Technical notes: breakout around $50; earlier failure near ~$54
• Silver company fundamentals
  • Black Rock Silver: 108M oz silver equivalent, construction timeline ~18 months, stock ~$0.60–$0.61
• Gold company timelines
  • Silver Tiger: potential production in ~16 months
  • Daenerius: Spain production in May next year (~6 months)
• Financing/capital allocation
  • Ankor divestment proceeds: $4.8M
  • Ankor market cap: ~$36M
• Corporate ownership / alignment
  • Sonoro Gold: insiders/board/strong holders >60% of float
  • Ankor: insiders ~40%+ of float
  • Power Metallic: Terry + investors hold ~15–20% of float

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Actionable Recommendations (Stated/Endorsed)

• For investors
  • Use RSI to discipline entries/exits (sell discipline when RSI ≥ 80).
  • Don’t buy “silver” or “gold” tickers blindly—verify exposure under the hood.
  • Call management and demand a 1.5–2 year plan (preferably in writing).
  • Avoid disorganized issuers, especially when marketing execution appears weak.
• For mining companies (implied criteria)
  • Maintain strong marketing and clearly communicate a credible multi-year execution plan.
  • Align incentives to attract and retain “strong hands,” emphasized via insider ownership/roll-through capital.

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Presenters / Sources Mentioned

• Charlotte Mloud — InvestingNews.com (interviewer)
• John Feneck (John Fenick) — Portfolio Manager & Consultant, Fenic Consulting (main interviewee)
• Referenced collaborators/context:
  • Don Durand — YouTube partner mentioned
  • Rick Rule — referenced as an event collaborator/peer