Ideas
Fed disappointment could trigger equity sell-off.
Feneck is bearish on the NASDAQ and S&P 500 because the Fed is unlikely to deliver the dovish rate cuts the market wants. A 25bp September cut is already priced, and if Powell only does 25bp or sounds less dovish, equities could sell off. Labor-market weakness, tariffs not yet reflected in CPI, a weakening US consumer, and a 15.5-year bull run leave the market vulnerable to a correction this fall.
Gold rises on broken economy, central banks.
Feneck's portfolio construction keeps about a quarter to a third in precious metals. He calls the core physical/ETF precious-metals position the hub that he adds to and will not sell, currently about 11% in physical gold and silver, with another roughly 22% in GDX, GDXJ, and silver ETFs. The rationale is that gold, silver, and miners are defensive but volatile, and small 1-1.5% advisor allocations to GLD/SLV do not protect a portfolio in a selloff.
Miners offer triple leverage to precious metals.
Feneck is very bullish on gold/silver miners. He points to strong earnings and free cash flow across the sector as gold held $3,100-3,300, conservative analyst estimates, and the fact that GDX broke out above its prior rally while GDXJ trades around 86-87 versus an all-time high near 179.10. Generalist portfolio managers remain underallocated because the S&P 500 is about 45% tech while miners are less than 1%, and miners can provide roughly three times the metal upside; if the S&P/NASDAQ sell off, that may also help the sector.
Russell 2000 fragile with many no-earnings stocks.
Feneck specifically warns on the Russell 2000 and IWM: the Russell has about 2,000 stocks and almost half have no earnings, yet IWM is widely held in model portfolios and retiree accounts. That makes it especially vulnerable to a serious sell-off.
Newmont margins surge after AISC improvement.
Newmont (NEM) led a series of strong miner earnings and beat by 27 cents. Feneck notes its all-in sustaining costs were above Agnico and Barrick in Q1 when the stock traded around $35-37, but it has since announced AISC just under $1,600 while gold is around $3,600, producing huge margins. The market is starting to recognize this improvement.
Silvercorp is core holding since 2016.
Silvercorp (SVM) is a core holding for Feneck. He has held it since 2016 and has not sold, and it has gone from about $1 to $5.13; it sits in the core hub part of his portfolio.
NexGold nears production with permits, shorts gone.
NexGold (NXGCF in the U.S., NEXG in Canada) is a developer moving closer to production. Feneck says it identified and extinguished short sellers, received good permitting news on one of two projects, and the stock moved from 51 cents to 90 cents in a month. As it approaches production, investors should get more interested, and he believes the team is deep enough to build the mine.
Denarius producing with Spain project, seasoned team.
Denarius Metals (DNRSF in the U.S., DME in Canada) recently went into production and has a second project in Spain. Feneck likes the good jurisdictions and the experienced team: the chairman and CFO have worked together in one of those jurisdictions for 20 years. The stock trades around 37 cents US, and he sees torque from production and project development.
First Tellurium offers cheap tech exposure.
First Tellurium (FSTTF/FTEL) is a mining company that diversified into PyroDelta, a tech play with drone/military applications and potential to replace alternators in cars. Feneck notes the stock is about six cents and heavily beaten down; it has mines in the U.S. and Canada focused on tellurium, a critical mineral about 65% produced in China, gold, and copper. Management owns about 12% and the share structure is tight, offering cheap exposure to real tech because tech valuations are expensive.
Tungsten critical mineral has strong momentum.
Feneck says he has been getting invested in tungsten, which has been a huge home run for his portfolio this year. The thesis is tied to tungsten as a critical mineral and the growing government support for critical-mineral supply chains, including potential Department of War funding.
American Tungsten benefits from defense funding.
Feneck has been getting invested in tungsten and says American Tungsten still has upside. The company has a new CEO this year, raised money at good valuations, and is pursuing Department of Defense/Department of War funding next year. He expects non-dilutive government money to be a recurring theme for critical-mineral companies.
This The David Lin Report video, published September 17, 2025,
features John Feneck
discussing QQQ, SPY, GLD, SILVER, GDX, GDXJ, IWM, NEM, SVM, NXGCF, NEXG, DNRSF, FSTTF, FTEL, TUNGSTEN, TUNGF, TUNG.
11 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
John Feneck
· Tickers:
QQQ,
SPY,
GLD,
SILVER,
GDX,
GDXJ,
IWM,
NEM,
SVM,
NXGCF,
NEXG,
DNRSF,
FSTTF,
FTEL,
TUNGSTEN,
TUNGF,
TUNG
