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Market ‘Smackdown’ Ahead: Investor Reveals Your Ultimate Defense | John Feneck

Watch on YouTube ↗  |  June 23, 2026 at 18:38  |  42:01  |  The David Lin Report
Speakers
John Feneck — Founder, Feneck Consulting

Summary

John Feneck argues that the gold and silver selloff is a war-driven overreaction and the bull market remains intact, supported by central bank buying and major bank price targets. He warns of a broad equity market 'smackdown' within nine months and advises avoiding energy stocks and real estate. He highlights copper as a catch-up trade, and recommends specific tungsten mining stocks (Guardian Metal, Western Star) as well as AI periphery plays (First Delirium, Jericho Energy), while suggesting accumulation of silver on a pullback to the high $40s/low $50s.

  • Gold and silver selloff was war-induced and overdone; bull market continues with bank targets of $5,400–$6,000 gold.
  • Broad US equity market (S&P 500, Nasdaq) faces a smackdown within nine months; avoid passive indexing.
  • Copper is a near-term catch-up trade but will suffer if AI/equity momentum fades.
  • Energy stocks (XLE) are unattractive despite higher oil prices; avoid chasing oil.
  • US real estate is a 'stupid trade' given teetering conditions and potential Fed rate hikes.
  • Tungsten is critical for defense; Guardian Metal (GMTL) and Western Star (WSR) are key junior mining plays.
  • First Delirium (FSTTF) provides AI data center cooling and defense exposure; Jericho Energy (JROF) pivots into AI infrastructure.
  • Silver buying opportunity expected in the high $40s/low $50s area.
Ideas
John Feneck Founder, Feneck Consulting 3:58
Gold and silver bull intact.
The selloff in gold and silver is a war-driven overreaction, not the end of the bull market. Paradigm has changed: central banks and billionaires are buying aggressively, and major banks forecast gold at $5,400–$6,000 by year-end. This correction is unhealthy but not comparable to 2011–2012.
SILVER HIGH
John Feneck Founder, Feneck Consulting 14:03
Copper is a catch-up play.
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.
COPPER MED
John Feneck Founder, Feneck Consulting 17:06
Broad market smackdown coming soon.
The broad US equity market (S&P 500, Nasdaq) is overdue for a painful smackdown within the next nine months. The 'set it and forget it' crowd has been right since 2009 but will eventually be wrong. Elevated valuations, narrow leadership, and potential Fed hikes or geopolitical shocks are catalysts for a significant decline.
SPY QQQ MED
John Feneck Founder, Feneck Consulting 17:42
Avoid energy stocks.
Chasing energy stocks is a mistake. Oil prices may have risen, but energy equities (XLE) haven't participated significantly. There is downside risk in oil if the war is resolved, making energy an unattractive allocation.
XLE MED
John Feneck Founder, Feneck Consulting 18:24
Avoid US real estate.
US real estate is a 'stupid trade' because it is teetering in many regions and will be hurt if the Fed raises interest rates. Higher rates will harm the already fragile real estate market.
UST MED
John Feneck Founder, Feneck Consulting 32:12
Expect tungsten supply squeeze.
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.
GMTL MED
John Feneck Founder, Feneck Consulting 32:17
High-grade tungsten junior.
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.
WSR MED
John Feneck Founder, Feneck Consulting 39:08
AI cooling and defense unique stock.
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.
FSTTF MED
John Feneck Founder, Feneck Consulting 40:40
Data center infrastructure pivot.
Jericho Energy (JROF) is an oil-and-gas firm pivoting into hydrogen and now AI data centers/infrastructure through a joint venture with Comtock. The JV injected $10 million and the stock surged, signaling strong upside ahead.
JROF MED
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This The David Lin Report video, published June 23, 2026, features John Feneck discussing SILVER, COPPER, SPY, QQQ, XLE, UST, GMTL, WSR, FSTTF, JROF. 9 trade ideas extracted by AI with direction and confidence scoring.

Speakers: John Feneck  · Tickers: SILVER, COPPER, SPY, QQQ, XLE, UST, GMTL, WSR, FSTTF, JROF