John Feneck: Why It Is Time To Go “Risk On” Gold & Silver Miners and Critical Minerals

Dec 19, 2025

John Feneck, CEO of Feneck Consulting Group and a seasoned analyst, discusses the impressive rise in gold and silver prices, driven by weak labor data and potential Fed policy shifts. He notes a 300% increase in inquiries about precious metals equities from financial advisors. Feneck highlights the small size of the sector, promising opportunities in mining and critical minerals like tungsten, emphasizing the need for quality management and strategic locations in investments. His flexible approach includes a significant allocation to silver and a focus on junior mining companies.

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INSIGHT

Labor Data Sparked Precious Metals Rally

Weak U.S. labor data helped trigger the 2024 precious metals rally and investor rotation into gold and silver.
Financial advisors are now reaching out and buyer interest in equities is surging, supporting further upside.

INSIGHT

Silver's Breakout Changes Technical Landscape

Silver's breakout above resistance means the next move is uncertain because prices are at unprecedented levels.
Technicals show dips are being bought, mirroring gold's multi-month strength.

ADVICE

Own GDX For Conservative Exposure

Conservative investors should own GDX for broad, large-cap gold exposure and stability.
Use SIL and SILJ for silver large-cap and junior exposure but expect lag vs. metal moves.

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Stijn Schmitz welcomes back John Feneck to the show. John is CEO Feneck Consulting Group. They discuss the current state of precious metals markets, focusing on the remarkable performance of gold and silver in 2023. Gold has risen over 68% year-to-date, while silver has surged 125%, creating significant excitement in the sector. Feneck attributes the rally to weakening US labor market data and potential shifts in Federal Reserve policy. He notes growing interest from financial advisors and investors in precious metals equities, with his own business seeing a 300% increase in inbound inquiries since September 2022.

Despite the impressive gains, the precious metals sector remains incredibly small, representing less than 1% of the overall market. The discussion highlights promising investment opportunities in mining and critical mineral sectors. He also emphasizes the importance of quality management, long-term industry experience, and strategic project locations when evaluating potential investments.

Beyond traditional gold and silver, Feneck is bullish on critical minerals like tungsten, citing companies such as Guardian Metals as potential future performers. His investment approach prioritizes flexibility, with current positions including a 16-17% allocation to silver and strategic investments in junior mining and exploration companies.

Feneck’s investment philosophy centers on thorough research, attending conferences, maintaining consistent communication with company leadership, and employing a disciplined approach to buying and selling based on technical indicators like RSI and fundamental company developments.

Timestamps:
00:00:00 – Introduction
00:01:06 – 2024 Precious Metals Rally
00:02:16 – Economic Data Driving Surge
00:03:14 – Sector Rotation to Gold
00:04:45 – Investor Interest in Equities
00:06:34 – Silver Price Breakout Analysis
00:08:55 – Mining ETFs and Value
00:10:51 – Developer Mining Opportunities
00:15:12 – Acquisition Target Discussions
00:18:32 – Portfolio Allocation Strategies
00:21:33 – Critical Minerals Investments
00:25:27 – Royalty Model and Quality
00:29:29 – Conferences and Profit Taking
00:34:36 – Concluding Thoughts

Guest Links:
X: https://x.com/feneckconsult
YouTube: https://youtube.com/feneckcommoditiesreport
LinkedIn: https://www.linkedin.com/company/feneckcommoditiesreport
E-Mail: mailto:john.feneck@yahoo.com
Website/Newsletter: https://www.feneckconsulting.com/
Conference: https://topshelf-partners.com

John’s upcoming conferences: May 17-19, 2026 at Grand Hyatt, Washington, DC and May 20-22, 2026 at Four Seasons, Fort Lauderdale, FL on the oceanfront

Details to come: https://topshelf-partners.com/

Tickers discussed in this episode: Guardian Metal GMTLF, NexGold NXGCF, Norsemont Mining NRRSF, Silver47 Exploration AAGAF, US Gold USAU, ETFs: GDX, GDXJ, SIL, SILJ

John Feneck is CEO of Feneck Consulting Group. He began his career in 1992 as an equity analyst for Merrill Lynch’s global allocation fund. From 1993 to 2019 he held senior executive roles at Merrill Lynch Funds (now BlackRock) and J.P. Morgan Chase Funds, where he ranked #1 in gross and net sales once at Merrill Lynch and three times at J.P. Morgan (among 40 peers).
Since 2017 he has contributed articles to Kitco—becoming a regular contributor in 2021—and has appeared as a featured guest. He’s delivered over 250 client seminars and webinars, spoken at 12 global commodities events, and in 2017 joined Sprott’s precious metals portfolio-management team. There he developed a proprietary methodology combining technical analysis with direct insights from company management, advocating a “go anywhere” strategy and a diversified portfolio of 25–50 resource stocks to navigate the sector’s volatility.

In September 2019 he founded Feneck Consulting Group, helping small- and mid-cap metals and mining companies raise brand awareness and advising high-net-worth advisors on market opportunities and risks. He holds Series 7, Series 63, CMFC and CIMA Level 1 certifications (though he is not a licensed advisor) and focuses on consulting. Based in Scottsdale, AZ, he’s a single dad to an 11-year-old daughter and spends weekends as a professional musician, athlete and traveler.