Trade Ideas
Feneck identifies a "Triple Top" on the S&P 500 chart and explicitly states his firm is "short the Russell" and "short emerging markets." The 16-year rally is overextended. High valuations in Tech (SPY) combined with geopolitical risks and Trump's protectionist policies make international exposure (EEM) and high-beta small caps (IWM) vulnerable to a 20% drawdown. SHORT broad indices and emerging markets to hedge against the predicted correction. The "melt-up" continues driven by AI speculation or Fed liquidity; protectionist rhetoric softens.
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.
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.
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.
This The David Lin Report video, published February 13, 2026,
features John Feneck
discussing EEM, IWM, SPY, GDX, GDXJ, USAU, DNRSF, TIGCF, BKRRF, BCEKF, HLSCF, NXGCF, PGEZF, PNPNF, SDRC, GLD, SLV.
5 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
John Feneck
· Tickers:
EEM,
IWM,
SPY,
GDX,
GDXJ,
USAU,
DNRSF,
TIGCF,
BKRRF,
BCEKF,
HLSCF,
NXGCF,
PGEZF,
PNPNF,
SDRC,
GLD,
SLV
