John Feneck

Feneck's portfolio was 51% gold equities as of Dec 31. He notes that while Tech is 38% of the S&P, mining is 1%. As the "growth to value" rotation accelerates, capital will flow from overcrowded Tech into under-owned Miners. Major banks (UBS, JPM) are raising gold price targets significantly ($5,000-$6,000), which acts as a multiplier for mining company earnings. LONG the mining sector ETFs for broad exposure to this rotation. Gold spot prices crash below $3,500; deflationary bust crushes all equities including miners.

Central banks are buying gold at record rates and repatriating it. Feneck notes a potential physical silver shortage this year. Global uncertainty is at record highs (higher than 2008 or 9/11). This "fear trade" combined with central bank accumulation creates a floor for precious metals prices, while industrial demand squeezes physical silver inventory. LONG physical metal ETFs (or physical bullion) as a foundational portfolio hedge. A sudden geopolitical peace accord or strong US Dollar rally.

Central banks are buying gold at record rates and repatriating it. Feneck notes a potential physical silver shortage this year. Global uncertainty is at record highs (higher than 2008 or 9/11). This "fear trade" combined with central bank accumulation creates a floor for precious metals prices, while industrial demand squeezes physical silver inventory. LONG physical metal ETFs (or physical bullion) as a foundational portfolio hedge. A sudden geopolitical peace accord or strong US Dollar rally.

Copper is an industrial catch-up trade benefiting from strong economic momentum and AI-related demand, and its spot price above $6/lb is very attractive. However, it will suffer if the AI trade or broader equity market sinks.

First Delirium (FSTTF) is a unique play on AI infrastructure and defense: it focuses on tallarium and its subsidiary Pyro Delta has a thermoelectric cooling device for AI data centers and drones. Management owns 15% and aligns with shareholders. There are few pure-play thorium/tellurium names.

Tungsten is a critical defense metal with 86% of production in unfriendly nations (China, Russia, North Korea). The US needs to source domestically, and tungsten prices have tripled. Guardian Metal Resources (GMTL) is a leading domestic tungsten developer with government funding, a billionaire investor, and an upcoming PFS. It is a direct play on the tungsten theme.

Western Star Resources (WSR) is a junior tungsten company with the highest-grade tungsten project he has seen (over 3% historic grade vs. ~0.3% for peers). The stock has a tight float, recently suffered from short selling, but technicals and project quality suggest it could revisit $0.55–$0.65.

Feneck lists specific junior miners he holds. He highlights Denarius (DNRSF) for near-term production, Triumph (TIGCF) for gold/tungsten, Blackrock (BKRRF) for silver development, and the Bear Creek (BCEKF)/Highlander (HLSCF) merger. These stocks have been "trashed" despite strong fundamentals. The disconnect between spot metal prices and equity valuations allows investors to buy assets (ounces in the ground) for pennies on the dollar before they enter production or get acquired. LONG a basket of high-conviction junior miners. Dilution risk if companies raise capital poorly; operational failure; jurisdiction risk (though most selected are in safe jurisdictions).

Feneck lists specific junior miners he holds. He highlights Denarius (DNRSF) for near-term production, Triumph (TIGCF) for gold/tungsten, Blackrock (BKRRF) for silver development, and the Bear Creek (BCEKF)/Highlander (HLSCF) merger. These stocks have been "trashed" despite strong fundamentals. The disconnect between spot metal prices and equity valuations allows investors to buy assets (ounces in the ground) for pennies on the dollar before they enter production or get acquired. LONG a basket of high-conviction junior miners. Dilution risk if companies raise capital poorly; operational failure; jurisdiction risk (though most selected are in safe jurisdictions).

Feneck lists specific junior miners he holds. He highlights Denarius (DNRSF) for near-term production, Triumph (TIGCF) for gold/tungsten, Blackrock (BKRRF) for silver development, and the Bear Creek (BCEKF)/Highlander (HLSCF) merger. These stocks have been "trashed" despite strong fundamentals. The disconnect between spot metal prices and equity valuations allows investors to buy assets (ounces in the ground) for pennies on the dollar before they enter production or get acquired. LONG a basket of high-conviction junior miners. Dilution risk if companies raise capital poorly; operational failure; jurisdiction risk (though most selected are in safe jurisdictions).

Feneck lists specific junior miners he holds. He highlights Denarius (DNRSF) for near-term production, Triumph (TIGCF) for gold/tungsten, Blackrock (BKRRF) for silver development, and the Bear Creek (BCEKF)/Highlander (HLSCF) merger. These stocks have been "trashed" despite strong fundamentals. The disconnect between spot metal prices and equity valuations allows investors to buy assets (ounces in the ground) for pennies on the dollar before they enter production or get acquired. LONG a basket of high-conviction junior miners. Dilution risk if companies raise capital poorly; operational failure; jurisdiction risk (though most selected are in safe jurisdictions).

Feneck lists specific junior miners he holds. He highlights Denarius (DNRSF) for near-term production, Triumph (TIGCF) for gold/tungsten, Blackrock (BKRRF) for silver development, and the Bear Creek (BCEKF)/Highlander (HLSCF) merger. These stocks have been "trashed" despite strong fundamentals. The disconnect between spot metal prices and equity valuations allows investors to buy assets (ounces in the ground) for pennies on the dollar before they enter production or get acquired. LONG a basket of high-conviction junior miners. Dilution risk if companies raise capital poorly; operational failure; jurisdiction risk (though most selected are in safe jurisdictions).

The US government (via Project Vault and EXIM Bank) is injecting billions into critical minerals to compete with China. Feneck names Stillwater Critical Minerals (PGEZF), Power Nickel (PNPNF), and Sidney Resources (SDRC). China controls 91% of Tungsten and dominant shares of other defense-critical metals. US industrial policy is now explicitly funding domestic projects. These small-cap companies hold the strategic assets (Platinum, Copper, Cobalt) required for this sovereign shift. LONG critical mineral juniors to front-run government stimulus and supply chain onshoring. Government funding delays; commodity price volatility; exploration failure.

The US government (via Project Vault and EXIM Bank) is injecting billions into critical minerals to compete with China. Feneck names Stillwater Critical Minerals (PGEZF), Power Nickel (PNPNF), and Sidney Resources (SDRC). China controls 91% of Tungsten and dominant shares of other defense-critical metals. US industrial policy is now explicitly funding domestic projects. These small-cap companies hold the strategic assets (Platinum, Copper, Cobalt) required for this sovereign shift. LONG critical mineral juniors to front-run government stimulus and supply chain onshoring. Government funding delays; commodity price volatility; exploration failure.

The US government (via Project Vault and EXIM Bank) is injecting billions into critical minerals to compete with China. Feneck names Stillwater Critical Minerals (PGEZF), Power Nickel (PNPNF), and Sidney Resources (SDRC). China controls 91% of Tungsten and dominant shares of other defense-critical metals. US industrial policy is now explicitly funding domestic projects. These small-cap companies hold the strategic assets (Platinum, Copper, Cobalt) required for this sovereign shift. LONG critical mineral juniors to front-run government stimulus and supply chain onshoring. Government funding delays; commodity price volatility; exploration failure.