John Feneck: Gold, Silver, Stocks — 7 Weeks of Pain, What Comes Next?

Finance-focused summary (gold, silver, stocks; macro + micro themes)

Conference/portfolio context (setup)

• Fenic Consulting hosts mining conferences designed to avoid “booths” and short, 10-minute company pitches. Instead, they use on-floor interviews to reach more investors than a small room.
• Upcoming events mentioned:
  • May 17–19 in Washington, DC
  • May 20–22 at Four Seasons, Fort Lauderdale
• US conferences likely only these two in May for the rest of the year (with Q4 mentioned as a stretch).

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Gold: “7 weeks of pain” tied to war + leverage unwinding

John Feneck frames the gold selloff since March 3 (a Tuesday) as driven by margin calls / forced position unwinds, not a fundamental break in gold’s longer-term thesis.

Timeline / catalyst narrative

• Since March 2 (interview high) → 7 weeks of pain
• Some leveling off after Trump’s two-week ceasefire announcement (night of a Tuesday)
• Ongoing uncertainty due to setbacks and prolonged war news
• He hopes for resolution in April–June

Explicit numbers / levels

• Gold briefly dipped into the 4100s in March
• Current trading level around 4,700
• Resistance/trouble around 4,800
• 5,000 described as a key psychological “big round number”
• Expectation: prior gold all-time high range of 54 to 5,500 could be retested within 12 months
  • Implied move: roughly ~800 points

Recommendation / stance

• Advises investors to “hang in there,” but fact check their theses by reviewing holdings and whether anything materially changed since March 3.
• Caution: some precious-metals juniors have fallen ~50% in seven weeks, which is “serious money” for retail investors.

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Fed / macro: no major April fireworks, but consumer confidence is alarming

• Discussion includes an upcoming Fed meeting next week, plus the possibility of a last meeting under Jerome Powell.
• Mentions Kevin Warsh confirmation hearing.
• John expects:
  • No real fireworks in April (Powell framed as pragmatic)
  • Sector adjustment risk if Warsh changes tone initially

Macro contradiction highlighted

• Markets look strong (e.g., NASDAQ and S&P 500 making fresh highs)
• Yet consumer confidence is at an all-time low
• He argues markets are dominated by big money and a momentum/momo camp (cites “momo growth” framework, e.g., Nvidia and Tesla indirectly)

Risk outlook

• Predicts a “20% loss” risk in retirement accounts like a 401(k) over 12–18 months when “the music stops.”

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Silver and miners: picks + operating-cost/inflation view

ETFs (sector exposure)

• Gold mining ETFs: GDX, GDXJ
• Silver mining ETFs: SIL, SILJ

Specific silver/precious metals equities (recommended/spotlighted)

1. SilverC0

   • US ticker: SIF; Canada ticker: SI
   • CEO: Mark Iranto
   • Notes executive hires (from Mags, Wheaton WPM, Silverest / acquired by CORE) and expansion into Mexico, including two major silver production hubs

2. Black Rock Silver

   • US ticker: BKRF; Canada ticker: BRC
   • Came out with a PEA around March 31 using conservative gold/silver price assumptions, limiting immediate upside reaction
   • Positives:
     • Private land in Nevada → potential permitting speed
     • Potential fast-track beneficiary under Trump policy
   • Timeline: construction decision next year (not a 5-year wait)
   • Size datapoint: earlier report referenced ~89 million ounces silver; he claims silver is now over 120 million ounces “silver equivalent.”

3. Metallic Minerals

   • US ticker: MMGF; Canada ticker: MMG
   • Approx. ~17 million ounces of silver, plus royalties and a copper play
   • Trading/price action:
     • Around $0.195 (19.5 cents USD)
     • Around $0.35 on March 2 (down 40%+ “on no bad news”)
   • He ties weakness to market microstructure/float (“thin” float) and highlights support/relationship with Pinewood (referred to as “Pneumont” in subtitles; implies major gold company support)

Inflation / cost pressure (how it’s affecting miners)

• Less concerned for small exploration/developers.
• Producers face higher costs—specifically diesel and “energy-related stuff,” rising “exponentially” since March 2.
• Offsetting factor:
  • Higher silver prices from prior quarter reporting
  • When companies report in May, silver hovering around ~70 to 85 (called “insane” versus assumed all-in costs)
• Assumed production cost context: extraction around ~$20–22 per ounce.

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Energy “special situations”: oil exposure + helium + defensive metals framing

Oil ETFs / taxes

• Mentions USO as an oil ETF tracker (referenced via chart since March 2).
• Tax caution: does not recommend K-1-producing products; suggests using ETF.com to find suitable structures (no K-1).

Energy stocks mentioned (and rationale)

1. Anchor Resources (NK; “ANK” appears as a subtitle typo)

   • ~25% of float owned by CEO and lead geologist
   • Insiders/board ownership totals ~45%+ of float
   • Claims a 30-year lease in Cambodia enables faster cash flow without extended permitting
   • Timeline: drilling expected to start Q4
   • Current price referenced: ~19 cents, previously ~7–8 cents, ran to ~30 cents, now down

2. Helix Exploration (US ticker appears messy; Canada ticker referenced as HHE)

   • Helium described as tight; few ETF options
   • Helium prices risen “exponentially” since March 2
   • Expects a “really good year”
   • Current price reference: ~53 cents USD

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Gold special situation

• Dainerius Metals
  • US ticker: DNRF; Canada ticker: DMET
  • Catalyst: due diligence trip to Spain next month
  • Revenue:
    • $1.7M last year
    • $3.5M in the first quarter
  • Notes Colombia project (where he visited) and Spain as a “growth engine” into production this year
  • Timing expectation for Spain JV/news: May or June

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Defensive metals / “special situations”: tungsten focus (sharp price run)

Macro price numbers (tungsten)

• Tungsten surge:
  • From $920 average spot (“gen one” earlier in the year)
  • To $3,040 (described as “insane,” up several hundred % in ~3 months)
• Supply constraint narrative:
  • 90% controlled by Russia and China
  • Export restrictions referenced (Japan cut off in January)

Tungsten stocks mentioned (catalysts + structure)

1. Guardian Metal

   • Tickers: GMTLF (OTC) / GM.L (London), with uplift to GMTL in the US
   • Catalyst: PFS expected in June (late Q2; cited range like June 15–June 30)
   • Trading level mentioned: about $0.365/share
   • Major shareholder: Stan Ducken Miller owns ~15%

2. Spartan Metals

   • Tickers: SPRMF (US) / W (Canada)
   • Financing caused a typical junior selloff after strong March news and a tungsten project acquisition; he says it has recovered
   • Financing interpreted as often temporary dilution/liquidity needs; suggests buying after selloffs

3. Western Star Resources

   • Tickers: WSR (US) / WSR (Canada)
   • Financing size: ~$3 million
   • Price action:
     • ~46 cents before financing
     • Fell to ~37 cents
     • Now ~40 cents
   • Expects return toward ~46 “within the next few weeks” after financing closes
   • Project rationale:
     • Doubled the size of main Nevada project
     • Has a Canada gold project
     • Grade: >3% tungsten vs average junior around ~0.3% (framed as ~10x the average)

4. Sydney Resources (SDRC) (Idaho)

   • Discovery/press release shift: increased focus on tungsten alongside prior silver and rare earths interest
   • Price action: down to ~19 cents, now ~26–27, hit ~30 cents on “good volume” in the week referenced

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Methodology / framework used (explicit steps & decision logic)

• Gold framework (interpretation of the decline):

  • Attribute the selloff timing (around March 3) to margin-call unwinds using chart-based event timing
  • Use stated levels for technical context: 4100s, 4700, 4800, 5000
  • Tie upside to macro geopolitical resolution, with hopes for April–June, to justify rebound potential

• Investor due diligence / risk process:

  • “Fact check yourself”: confirm each holding’s thesis vs how it has changed since March 3
  • Match risk tolerance to realized drawdowns (some down ~50% in seven weeks)

• Equities selection / risk management (juniors):

  • Prefer situations where the market reaction seems mispriced relative to fundamentals (“wrong place, wrong time”)
  • Use catalysts: PEA timing, construction decisions, due diligence trips, PFS deadlines, and financing overhang
  • For financings: treat post-news drops as potentially temporary liquidity needs; consider phased/additive buys at depressed prices (value-investing style)

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Disclosures / cautions

• Guidance is repeatedly framed as not fluff, emphasizing homework and professional support during volatility.
• No explicit “not financial advice” line is present in the subtitles provided, but general caution is emphasized (fact checking, risk tolerance, and K-1 tax avoidance).
• His contact info is implied to be provided, suggesting consultative services.

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Tickers / instruments / assets mentioned

Commodities

• Gold, Silver, Tungsten, Helium, Diesel (cost input), Oil (via ETF)

Oil ETF

• USO

Gold mining ETFs

• GDX, GDXJ

Silver mining ETFs

• SIL, SILJ

US / Canada equities (as spelled in subtitles)

• SilverC0: SIF (US), SI (Canada)
• Black Rock Silver: BKRF (US), BRC (Canada)
• Metallic Minerals: MMGF (US), MMG (Canada)
• Anchor Resources: NK / ANK (subtitle appears typographically inconsistent)
• Helix Exploration: US ticker shown as HHexf; Canada ticker referenced as HHE (subtitle appears inexact)
• Dainerius Metals: DNRF (US), DMET (Canada)
• Guardian Metal: GMTLF (OTC), GM.L (London), uplift to GMTL (US)
• Spartan Metals: SPRMF (US), W (Canada)
• Western Star Resources: WSR (US and Canada)
• Sydney Resources: SDRC

Company symbols referenced indirectly

• Nvidia, Tesla (used as “momo growth” examples; no tickers provided)

Market indices referenced

• NASDAQ, S&P 500

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Key presenters / sources

• Charlotte Mloud — investingnews.com (host/interviewer)
• John Feneck — portfolio manager and consultant, Fenic Consulting