John Feneck: Next Gold, Silver Price Targets, 11 Stocks I'm Bullish on Now
Summary
Market Outlook: John Feneck highlights significant revisions in US job growth data, influencing a bullish sentiment for gold and silver as investors seek safe havens.
Gold and Silver Insights: Feneck predicts substantial price targets for gold ($3,500 to $5,000) and silver ($50 to $70), driven by macroeconomic factors and Fed policy expectations.
Investment Strategy: Emphasizes core holdings in GDX and GDXJ, noting their potential for growth as the junior market is still in early stages of a rally.
Company Highlights: Discusses promising companies like Power Metallic, Discovery Silver, and Aftermath Silver, highlighting their growth potential and strategic developments.
Geopolitical Factors: Notes potential improvements in Mexican mining regulations under President Shinbound, which could benefit companies operating in the region.
Special Situations: Mentions Guardian Metal and Inflection Resources as intriguing opportunities due to strategic partnerships and funding from major investors.
Professional Guidance: Feneck stresses the importance of working with experienced professionals to navigate the complex mining investment landscape.
Upcoming Events: Announces upcoming conferences in Washington DC and Florida, encouraging investor participation and engagement in the resource sector.
Transcript
[Music] I'm Charlotte Mloud with investingnews.com and here today with me is John Fenick, portfolio manager and consultant at Fenic Consulting. Thank you so much for being here. Great to have you as always. Great to be here, Seer. Thank you. Really good to be catching up with you, especially because you are coming to us live right now from Beaver Creek. So, I thought that's a great place to kick it off and I know you're only a couple of days into this event, but can you give me a sense of the sentiment conversations that are happening right now? Sure. Yeah. So, as you know, I got into the conference business two years ago. Um, and I even though I'm in the business, I feel I'm I'm ranked second in the US uh next to Misha and Jessica. They do an amazing job here at Beaver Creek, Colorado. Um, it's my favorite conference. This is where I started my business six years ago. I literally was presenting in 2019 and I had three CEOs come up to me afterwards and say, you know, John, you have a lot of passion for the space. You you obviously know what you're doing as a portfolio manager. Would you ever consider being a consultant for our sector? And literally like a light bulb went off in my head and I like left my job the following Monday and started in consulting. So I had no clients, no idea about the landscape really of the consulting in this space. But it's so much fun to uh help, you know, clients um not only retail clients that are buying stocks, but also get to know the companies and see what their challenges are, you know, um because working through those challenges and now seeing some of those companies really thrive is is something that I get a lot of enjoyment out of. Um you know, one one comes to mind I'll just mention real quick is is Power Metallic. uh PNPNF in the states, PNPN in Canada. I had dinner with Terry Lynch last night, uh the CEO. Uh Terry and I met through Eric Sprout, I guess the fall of Yeah. Beaver Creek to Beaver Creeks ago, and we didn't start doing anything together about extinguishing his short sellers until probably two or three months later. But um I remember Terry distinctly telling me like at that time like man I I'm I'm putting in so much effort into my company and I'm I've put so much money personally into the company which is really what you want to look for as a shareholder is is people that are you know bootstrapping the company maybe two years ago but have now brought in like Rob Mcuan uh Robert Freedelland like you know mining hall of famers into the stock and they just raised $50 million um you know a number of months ago. So, uh, to see a company transform from 15 cents when we met to a dollar, literally a dollar on the nose as we record this, you know, a six bagger in two years, that's like exponential money and and life-changing money for some people. I think that really shows the value of attending events like this. So, excited to hear more about that as the event progresses. But, let's get into what's happening in the markets right now. I think it's a good time to get your overall take on the US economy right now. So much going on. and then we'll move over to gold and silver after we hear your thoughts on that. Yeah, sure. And apologies to the listeners. Usually don't record from the road, but uh I I like recording with Charlotte and Ayanna. And so um yeah, the macro piece for us, I just presented here yesterday at Bieber to a full room over 100 people. I was with Don Durant, my YouTube partner. Um, we record the Fenic Commodities report pretty much every week on YouTube um through Investor TV and um we did our live show like 50 minutes of just back and forth. Half of that was macro um and we were talking about August 1st as being really an important day for the US in that job growth has been talked up by Biden and into Trump, right, as being very very strong in the in the last, you know, year to two years. August 1st, you saw that that's not true. Uh maybe it was true, but it's definitely not true anymore because what happened August 1st was we missed on non-farm payrolls, but then we revised down the previous two months. And by revised down, you guys you guys can go back and look. It's it's 258,000 jobs off. This is not like a small revision. This is a major major revision. And I've talked to traders that day that said like people were just like clamoring to get gold and silver exposure and the exchanges were getting pretty short. Now I don't know if that's accurate. I only talked to two people about that. But you know what you're seeing since August 1st is a real move in gold and silver. I mean silver was well below 40 then if you remember and it cracked through 40 recently with authority and hasn't closed below 40 which is amazing to me uh ever since. But um very happy considering we have a lot of of silver on the books. Um so August 1st was the first piece. August 22nd was the second piece. Jackson Hole, Wyoming is where Jerome Powell speaks every year. It's a major major event. Um we always tell clients this could be good, this could be bad. You know, I mean when he speaks outside of his norm, you got to watch that because it's not always prepared comments, right? Like you know, he could mention something to someone. I've seen this happen with with uh Yellen back in uh 2016 and and the markets really react, but he actually acknowledged what I just said that the August 1 jobs report was pretty dim and the market picked up on this and so the broad market got a bid and GDX and GDXJ got a bid alongside of gold and silver again. So now we're seeing GDX literally at a, you know, 10 plus year high. um GDXJ doing very well. But if you look at a 20-year chart, GDXJ is trading around 84ish when we record this. The the the the chart longdated, I think it's like 170 or 179 was the high like back in the in the 20101 rally. So that's what's really exciting to me is that we got the question on stage yesterday, is this rally over? And we were like, no, like the the junior market is just like it's probably inning three of nine. like it's it's definitely, you know, more mature in terms of a rally than people think because if you look at the charts, the real low for us was September of 22. Like this isn't like, you know, 2025 news that GDX and J are breaking out. To us, that's where the low was made. Um, but it just shows you the upside potential in something like GDXJ. So, that is our second largest holding. Um, GDX, I think, is our fourth largest holding. So, you know, we use those as core holdings and we build around them. So, we have these these data points that you mentioned and we're building toward it feels like the Fed meeting which is coming up next week and there's there's so much focus on that especially as those other numbers are coming out right now at the moment. It looks like everybody's looking for a cut. Maybe the question is how big is it going to be? So, let's talk about what you see coming from the Fed next week and we can look at beyond that if you'd like to as well. Sure. Well, September 17th Fed meeting is going to be the biggest one of the year. Maybe the biggest one in a couple of years uh to me because what has happened was Fed the Fed was saying, you know, November of last year, so call it what is that 11 months ago, 10 months ago. Uh hey, we're going to do four cuts in 2025. Then after the December meeting, they're like just getting three cuts. And then in the first half of the year, it was two cuts and it became one cut. And the market to me has held up immensely well um given the fact that the cuts have diminished, right? We didn't see the the Fed really show their hand until August 22nd again when they were like, hm, you know, the jobs growth really isn't there. Inflation could go up a lot potentially based on the tariffs. We just don't know because those numbers aren't into the economy yet. Um and we'll get an idea of that tomorrow. That's an important one. CPI is coming September 11th. Um PPI today was a miss. Um so I don't I don't think it's going to be like a you know a showstopper number tomorrow. And therefore the Fed is probably kind of positioned already to what they're going to do. I don't know what they're going to do. This is one of those meetings where you could see them cut 50. You could see them cut 25. It's definitely going to be one of the two. Um, it's more important as to what Powell says during his speech because that's what people are going to be hanging on. The broad market here is very overextended. You know, as we record this, as of August 31st, the SPY, which is the big S&P ETF, has a 45.41% waiting in technology. I mean, that is the highest I've ever seen, including 99 into 2000. I think it was like 30 back then. I mean, it was well overweight then, but 45 plus is crazy. When you add up all the companies attending Beaver Creek, when you add up all the companies attending Denver Gold next week, when you add up all the other juniors no one's ever heard of before, they don't even equal 1% of the market, you know? I mean, that's that's the opportunity is that when we start seeing real fund flows from portfolio managers outside of mining, right, generalist investors as we call them, that's what we're positioning for. We think that the earning season we just saw which was led by pneumont you know they were the first to kick it off in July beating by 27 cents beating on revs. Agnico killed right after them. It just kept going like into August and people started to really pay attention you know um to our sector and the numbers that I just shared with you August 1st and 22nd didn't hurt. Right. that was on my list to ask you because we were talking about those upcoming gold producers results and what it could mean if we start to see interest from from outside the sector. So for you, you are starting to see that come in at this point. Yeah. So I'm here at Beaver Creek right now. I've met with I don't know eight hedge funds and private equity groups just that came up to me after my my my speech yesterday or I saw them at happy hour or something. There's a lot of generalist money here. I don't know what size these people are, but generally, you know, like a billion to five billion is sort of that range. You know, it doesn't take a lot to move a junior stock. Um, Charlotte, it it, you know, you put like 100 grand, 200 grand on the bid and it's going to move that stock because these stocks are illquid for the most part. Really good to get that on the ground perspective once again. And so if we look a little bit more closely at the gold price, so it is trading at all-time highs over the last couple of weeks or so at this point. And at least part of that, we know that gold has all these important underlying drivers, but at least part of that is because of these Fed expectations and the data that we're seeing coming out. So for you, when you're looking forward, I know you said you're telling people on stage this is not over yet, but what do you see coming for gold as we head into the rest of 2025? Yeah. So, as you know, we were, I think, $8 off our goal target last year. So, we we got some street credit for that into 2025. Our targets this year were uh 3,200, 3,500, and 3,800 on the high side. So, now two of our targets are in the rearview mirror, which is great. Um, I think more and more banks are coming around to this 3500 to 4,000 narrative. I'm hearing a lot of people here talk 5,000. Um, my partner Durant firmly believes 5,000 gold is imminent next year. Um, he thinks, you know, $50 silver is not the number people should be looking at either because that's not inflation adjusted. When we hit 50 silver last time, it was well over 10 years ago, right? So, he thinks that the real target for silver is more like 68 to 70. And you know, in that scenario, 5,000 gold and 70 silver, even the gold to silver ratio is still very, very stretched by historical norms. And that's why silver is our largest position. We haven't added to it um in probably like five or six months. Um we're just holding what we've accumulated, but as you know, we bought, you know, four times, five times last year. Yeah, I do remember you have a really strong focus on silver. And I think it would be interesting to talk a little bit more about what's going on with the silver price because I think in our previous conversation you'd mentioned, okay, once we get past that $40 level, which is kind of psychological for a lot of people, then we get into when it's go time for silver. So, is that still what you're seeing here? Yeah. So, I would argue that 30 was the major psychological number, right? Because that was resistance for 11 years. Silver failed at 30 at least six times. I I I I I don't know the exact number, but I remember it was painful to getting through 30 in recent years. This year, we broke 30 like butter. 35 was your next major technical big round number. We broke through 35 quite easily. 40 uh didn't take much time either. And and really when you get through 43, 42, 43, there's really not much left. And I I have to double check where we're recording this, but it's probably around 40 and a half, 41 over. Um, I mean, once we get through that 42 43 range on a couple of closes, 50 is in sight. And, um, you know, we've been saying 50 by December 31st all year. So, it it's hard to believe. Um, seeing some of this stuff come true. You know, you you you plan for these things, but to see them actually transpire is really satisfying because I love seeing investors make money in our sector. Um, and I think, you know, they can do that only by buying the metals, but buying, you know, gold and silver stocks as well. And I think that's a a perfect transition into talking about the companies that you're watching right now. Maybe we start with silver and then we can move over to gold and and see what you are seeing in terms of catalysts there at the moment. Start with silver. Okay. Um, first I'm just going to touch base on um, Mexico because um, I've mentioned that on your show ever since President Shinbound came in office October 1st of last year and and now, you know, I just met with some pretty heavy duty Mexican executives yesterday. Um, and they're getting the sense that Shinbound may be getting more open-minded about permitting. Um, which is obviously needed for some of these juniors, especially like someone like Agniko. It's not a big deal, right? It's not going to move the stock that much because they're a large cap. Uh that's AEM. But for a Discovery Silver, that's DSVSF. Um Sonora Gold, SM OFF, Gold Group, I just met with uh yesterday. GG AF. Um you know, uh we own another one, Quest Corp, uh QQ, CMF. So, our biggest three positions right now in that region are all in the same state of Mexico, if you will, which is the Sonora state. Sonora State is the closest to the Arizona border. Um, I'm very familiar with that part of the uh the Mexican terrain because it's very um open like there's not a lot of there's just it's just desert, right? So, like you're not going to bother anyone by building a mine generally speaking in the middle of nowhere. And I like that because you don't you don't have to deal on the permitting side for like years dealing with, you know, um wildlife and and and environmental issues, etc. Um so yeah, the the the three I'll just highlight real quick there. Sonorro Gold is SM OFF and SGO um in Canada. I just talked to those guys I guess like three weeks ago. I interviewed them and and they were saying they're headed to Mexico in September and trying to push this over the finish line. I I think it's going to take a few months, you know, to see companies get their permits, but when you're this close, right, like a Senoro could produce within 12 to 13 months after a construction decision. So, let's say they get the permit today, it's probably 18 months to production, right? Like conservatively, it could be quicker. Um, and that's like something Don and I talked about in our presentation yesterday is developers that are really close to production. That's really exciting because you get rerated when you start getting your permits and moving forward, right? Um, another one is Quest Corpor QCMF, uh, in the States, QQQ in Canada. Um, I just had dinner with them two nights ago. um they are drilling while union right now in Sonora State and you know their press releases have said we're going to do like four to six holes but in a hot market you know what the market doesn't realize sometimes is that um companies are conservative when they're small right Charlotte they only have so much cash they're not going to go out there and do a 20hole program and then you know lever up and and and raise 10 million bucks like that's not going to necessarily happen but they could take a four-hole program to 10 um and if they are hitting on their first few holes. That's getting advice investors more excited. And I think that's where Quest Corp could be headed is is that they have, you know, already put out one hole. Um I think they're going to put out the rest here by the by November. Um and um in a hot gold and silver market in a hot part of Mexico. Um with Riverside as a partner who's been doing this 20 years, I think that's a pretty exciting opportunity. Um the other one that I just met with as I mentioned is Gold Group and that's uh GG AF GGA in Canada. Um these guys I I I mean I can't say for for sure they're like a top 20 name for the year in terms of performance, but they're up hundreds of percent already this year and I don't think it's over. At 80 80 cents US, this thing probably could go to a dollar US um at some point in the next three months. I mean, it's it's got serious momentum. Eric Sprat, I just learned yesterday, came in for 14%. He never had a position before that. So, you're starting to see big names come into a stock like that. And that's really when you start getting excited is that, you know, the share structure is getting taken up by people that aren't going to sell even at 80 cents, right? Like they see the long-term opportunity. Um, so that's Mexico. Let's move on to silver like you asked. Um, in silver, um, it's kind of a mix for me of developers and producers. Um, the developer side is Aftermath Silver. I mentioned that every other time we talk because, you know, we we've we've made people a lot of money in that stock on your show. Um, we we've mentioned it multiple times below 25 cents US at least four times. Um, and now it's trading at 57 1.5 US, but it hit 65 plus US not long ago, like a couple weeks ago. So, I think you're going to retest that year-to- date high, which would imply a nice little move here. Um, but more importantly, you know, they have 140 million ounces of silver in the ground and they have 99.9% maganese and they have copper, right? So, like they have a couple of ways to win and you know, Eric Sprout owns 24% of that one. Um, Eric generally doesn't own more than 19.9 in a stock. So, when I asked Michael Williams, the founder of Aftermath, you know, is that unusual for Eric, he said, you know, I I don't think Eric owns more than 20% and it's it's less than 10 stocks. So, um, that should give investors an idea of what Eric thinks of Aftermath. And then lastly, um, in the silver space, I'd say SilverX is something that's catching my eye because it's breaking out on on really good volume here. Um, that's AGXPF and AGX in Canada. Um, I spoke to Jose briefly like a week ago. um their their numbers that they just posted, you know, kind of like when I looked at some of the comments out there online, it it wasn't like a blockbuster quarter, but what people don't understand, I think, is that the ASIC, the all in sustaining cost, let's say it's between 25 and 28, right? Like it's not the lowest cost producer by far, but when you're at $40 silver, it's a big difference than $30 silver. I mean, every dollar that silver goes up, uh, something like silver X just gets huge leverage because these guys are a small high-cost producer, right? Um, but there's a lot of ounce, there's a lot of growth potential at that in in Peru for them. And I think the the market's missing that as well. So, people look at the chart and say, man, that move was was pretty pretty extreme here. But you need to look at longer term charts like look at a five or 10 year chart and you'll see this this is not like the stock is uh making all-time highs. You're still you know seeing some value in a stock like that. Okay, great updates there. So we've got Mexico, we've got silver. Any I know you talked a little bit about gold companies as well. So I'll ask if there's anything else you'd add on the gold side or also we usually talk about those interesting special situations companies. So any any further updates on the company side you would share on those angles? Yeah, sure. Um, on the gold side, I don't remember if it was on your show, but I definitely mentioned Mandalay a few times. Um, and that has become Alcan Resources now, which is ALKF in the States. Um, the stock is still very cheap. Um, they just went through a merger, you know, and um, Alcane was a Aussie company and Manderlay was a company with, you know, two producing minds, right? Um what Mandalay brings to the table is a tremendous balance sheet. Um they had over a 100 million US cash when the merger happened and zero debt. So I don't think the market really figured that out yet. They also haven't figured out for sure that they're the largest uh North American antimony producer. So, you know, I spent a lot of my time in Critical Minerals and that got me really interested last year and I met with uh the then CEO Frasier um in March. Um and I was like, man, this thing seems seems like a slam dunk. They just keep, you know, generating free cash flow and they they are committed to no debt. And so, we started a position then. We'll we'll probably add to it, you know, here. I'm actually meeting with them in a few hours uh with the new CEO. So, I'm excited about that. Um, what else on the gold side for guys uh and listeners here? Let's see. Um, yeah, so I'm meeting with 1911 gold, which is AUMBF, um, and AUMB in the in the Canadian region. Um, Sean, you know, you look at that chart. I mean, it just took a little bit of extra waiting time for that stock to to ignite. Um, we didn't talk about it on stage yesterday, but I am meeting with 1911 later today as well. So, um, you know, I I think they are probably less than two years away from production. So, you know, very exciting there. You got Mandalay producing, you've got 1911 very close to production. We already mentioned things like Senoral close to production. um one that you know isn't really I guess close um to production at all um but is getting funded by a major uh is inflection resources which is AUF in the states and AU in Canada. Um what's interesting to me, Charlotte, is that uh when you look at their news, you know, their their news has been decent, um Anglo as their their big partner, uh greenlighted, I think, three of their properties um a couple months ago. And in talking with the company, they were going to be pretty pleased with one or two of those um being greenlighted. So, the stock has actually gone down since then pretty dramatically. Um, so it's trading at 15 cents US literally. I just bought some more in full disclosure today. Um, but it's it's like in a hot gold market at some point this will figure itself out. Um, it hit 28 to 30 cents US twice last year if you look at the chart. So, you know, that's 100% almost from here. Um, I just don't understand and I I don't see really the only thing I could see there is that they might need to raise a little cash. But again, when you're getting funded by a major, that takes a lot of your your drilling costs completely out of the way. Um, so that's it for gold. On the special situations front, you know, I've given you guys Guardian Metal before, which is um GMTF in uh the States, and they don't have a Canadian ticker. It's a London ticker, actually. Uh it's GM.L in London. I got interested in that story in in the end of uh 2023 and it's been a home run for us. It has now grown to our biggest equity position. Um and I I I don't see a reason to sell it. Um basically they got a $6.2 million DoD check um from the US since we last recorded and they also concurrently announced a $21 million financing as a little junior um tungsten play in Nevada. that like really opened up some people's eyes. The stock exploded on huge volume coming out of that news. But then just a couple of weeks ago, they went out there and said, "Oh, by the way, that that billionaire we brought into our financing, that's Stan Ducken Miller." Um Stan Ducken Miller is like a legend in gold. And I believe, I'm not 100% on this, he owns about 15% of the company now. So again, when you're a billionaire, you don't need to sell this stuff. And that just locks up some more of the share structure. So, I think uh they're doing a really good job of advancing things there and tungsten is near an all-time high. Um, lastly, um, there's another Londonbased company that I've been buying just a couple weeks now because I I don't know much about Helium and and in and that market, but I've I've forced myself to learn because they're in Montana near a couple of my other um stocks and um they're going into production in a month and so like uh great timing, you know, because the US market, everything US is so hot right now uh with Trump's, you executive order starting in March. Um but these guys um have brought in some serious shareholders as well. When they did their last financing, it went in one day. So um that one's flying under the radar. It's HH exf. Um and it will start to do some more marketing I think once they begin production which again should be October. Okay. Always really good to have those updates. And I should have said this earlier, but we will have all the tickers and company names in the video description in case people want to find them. I know we always have questions asking. So, they will all be there. And I think I will let you go back out onto the show floor at Beaver Creek unless you had any final thoughts you want to leave investors with right now. Well, the only thought I would leave I've said many times before and I'll say it again um because it it keeps ringing true. You have to make a decision to work with professionals and those people can help guide you through this market. It is getting to be a different type of market, Charlotte, than when you and I met, you know, I guess four years ago. Um 2021, 2022, 2023. Tough tough years for mining investors, right? This wasn't like a real walk in the park. Last year was an improving situation. This year is like off the charts good. next year is going to be off the charts good. You want to get positioned now with someone like myself who understands this market, who has, you know, I don't know, gosh, I'm getting old, like over 30 years of experience. I hate to say that out loud. Uh my daughter's going to make fun of me, but um you know, it's it's basically like uh you know, it's a tough sector to really understand. Don and I were saying this on stage yesterday. I mean, Don has written a book on gold and silver stocks. It's probably the most notable book out there. And he started it 21 years ago, and his comment to investors on stage yesterday was, "Hey, you know, I I got my you know what kicked." Um, uh, when I started my first couple of years, I didn't know what I was doing. And that's Dondet saying that, who's just got ranked the number one equity analyst at seekingalfalpha.com literally for uh, year to date through August 31st of this year. So, I mean, you know, Don's come a long way, right? But Don wasn't that way when he started in his first couple of years. So, if you're listening to this and you are interested in like gold and silver's ascent, but you don't know how to play the equities, you need to work with people like us. I mean, this is it's really not a lot of money. We don't like tie people down, Charlotte, as you know, with 12 month like minimums in terms of our services. They can join for three or four months, see if they like it, and move on to someone else. I mean, we don't have all the answers, right? But, um, I will say this, I just announced my two uh, US conferences um, and, um, tremendous response this week. I I did it strategically over the weekend, pre Beaver Creek Endeavor. We already are 60% full at the company level in Florida. Um, we're about 25 to 30% full in Washington DC, but we're starting those May 17th through the 19th of next year will be Washington DC. And then May 20th through the 22nd, we're back for our third year at the Four Seasons Fort Lauderdale, Florida. So, we've got a lot of investor interest as well, which is great to see. Um, we encourage people to contact us if you're, you know, close to those markets. And if you're an accredited investor and you're buying stocks actively, we may be able to wave the fee for you to come in. Okay. Well, so much to look forward to and a lot going on right now. So, I'll let you go, but thank you so much for taking the time to come on and talk about what's going on in gold and silver and the resource sector as a whole. Thanks for having me, Charlotte. Of course. And once again, I'm Charlotte Mloud with investingnews.com and this is John Fenick with Fenic Consulting. Thank you for watching. If you like this video, make sure you hit the like button and subscribe to our channel. We'd also love to hear your thoughts, so leave us a comment below. [Music]
John Feneck: Next Gold, Silver Price Targets, 11 Stocks I'm Bullish on Now
Summary
Transcript
[Music] I'm Charlotte Mloud with investingnews.com and here today with me is John Fenick, portfolio manager and consultant at Fenic Consulting. Thank you so much for being here. Great to have you as always. Great to be here, Seer. Thank you. Really good to be catching up with you, especially because you are coming to us live right now from Beaver Creek. So, I thought that's a great place to kick it off and I know you're only a couple of days into this event, but can you give me a sense of the sentiment conversations that are happening right now? Sure. Yeah. So, as you know, I got into the conference business two years ago. Um, and I even though I'm in the business, I feel I'm I'm ranked second in the US uh next to Misha and Jessica. They do an amazing job here at Beaver Creek, Colorado. Um, it's my favorite conference. This is where I started my business six years ago. I literally was presenting in 2019 and I had three CEOs come up to me afterwards and say, you know, John, you have a lot of passion for the space. You you obviously know what you're doing as a portfolio manager. Would you ever consider being a consultant for our sector? And literally like a light bulb went off in my head and I like left my job the following Monday and started in consulting. So I had no clients, no idea about the landscape really of the consulting in this space. But it's so much fun to uh help, you know, clients um not only retail clients that are buying stocks, but also get to know the companies and see what their challenges are, you know, um because working through those challenges and now seeing some of those companies really thrive is is something that I get a lot of enjoyment out of. Um you know, one one comes to mind I'll just mention real quick is is Power Metallic. uh PNPNF in the states, PNPN in Canada. I had dinner with Terry Lynch last night, uh the CEO. Uh Terry and I met through Eric Sprout, I guess the fall of Yeah. Beaver Creek to Beaver Creeks ago, and we didn't start doing anything together about extinguishing his short sellers until probably two or three months later. But um I remember Terry distinctly telling me like at that time like man I I'm I'm putting in so much effort into my company and I'm I've put so much money personally into the company which is really what you want to look for as a shareholder is is people that are you know bootstrapping the company maybe two years ago but have now brought in like Rob Mcuan uh Robert Freedelland like you know mining hall of famers into the stock and they just raised $50 million um you know a number of months ago. So, uh, to see a company transform from 15 cents when we met to a dollar, literally a dollar on the nose as we record this, you know, a six bagger in two years, that's like exponential money and and life-changing money for some people. I think that really shows the value of attending events like this. So, excited to hear more about that as the event progresses. But, let's get into what's happening in the markets right now. I think it's a good time to get your overall take on the US economy right now. So much going on. and then we'll move over to gold and silver after we hear your thoughts on that. Yeah, sure. And apologies to the listeners. Usually don't record from the road, but uh I I like recording with Charlotte and Ayanna. And so um yeah, the macro piece for us, I just presented here yesterday at Bieber to a full room over 100 people. I was with Don Durant, my YouTube partner. Um, we record the Fenic Commodities report pretty much every week on YouTube um through Investor TV and um we did our live show like 50 minutes of just back and forth. Half of that was macro um and we were talking about August 1st as being really an important day for the US in that job growth has been talked up by Biden and into Trump, right, as being very very strong in the in the last, you know, year to two years. August 1st, you saw that that's not true. Uh maybe it was true, but it's definitely not true anymore because what happened August 1st was we missed on non-farm payrolls, but then we revised down the previous two months. And by revised down, you guys you guys can go back and look. It's it's 258,000 jobs off. This is not like a small revision. This is a major major revision. And I've talked to traders that day that said like people were just like clamoring to get gold and silver exposure and the exchanges were getting pretty short. Now I don't know if that's accurate. I only talked to two people about that. But you know what you're seeing since August 1st is a real move in gold and silver. I mean silver was well below 40 then if you remember and it cracked through 40 recently with authority and hasn't closed below 40 which is amazing to me uh ever since. But um very happy considering we have a lot of of silver on the books. Um so August 1st was the first piece. August 22nd was the second piece. Jackson Hole, Wyoming is where Jerome Powell speaks every year. It's a major major event. Um we always tell clients this could be good, this could be bad. You know, I mean when he speaks outside of his norm, you got to watch that because it's not always prepared comments, right? Like you know, he could mention something to someone. I've seen this happen with with uh Yellen back in uh 2016 and and the markets really react, but he actually acknowledged what I just said that the August 1 jobs report was pretty dim and the market picked up on this and so the broad market got a bid and GDX and GDXJ got a bid alongside of gold and silver again. So now we're seeing GDX literally at a, you know, 10 plus year high. um GDXJ doing very well. But if you look at a 20-year chart, GDXJ is trading around 84ish when we record this. The the the the chart longdated, I think it's like 170 or 179 was the high like back in the in the 20101 rally. So that's what's really exciting to me is that we got the question on stage yesterday, is this rally over? And we were like, no, like the the junior market is just like it's probably inning three of nine. like it's it's definitely, you know, more mature in terms of a rally than people think because if you look at the charts, the real low for us was September of 22. Like this isn't like, you know, 2025 news that GDX and J are breaking out. To us, that's where the low was made. Um, but it just shows you the upside potential in something like GDXJ. So, that is our second largest holding. Um, GDX, I think, is our fourth largest holding. So, you know, we use those as core holdings and we build around them. So, we have these these data points that you mentioned and we're building toward it feels like the Fed meeting which is coming up next week and there's there's so much focus on that especially as those other numbers are coming out right now at the moment. It looks like everybody's looking for a cut. Maybe the question is how big is it going to be? So, let's talk about what you see coming from the Fed next week and we can look at beyond that if you'd like to as well. Sure. Well, September 17th Fed meeting is going to be the biggest one of the year. Maybe the biggest one in a couple of years uh to me because what has happened was Fed the Fed was saying, you know, November of last year, so call it what is that 11 months ago, 10 months ago. Uh hey, we're going to do four cuts in 2025. Then after the December meeting, they're like just getting three cuts. And then in the first half of the year, it was two cuts and it became one cut. And the market to me has held up immensely well um given the fact that the cuts have diminished, right? We didn't see the the Fed really show their hand until August 22nd again when they were like, hm, you know, the jobs growth really isn't there. Inflation could go up a lot potentially based on the tariffs. We just don't know because those numbers aren't into the economy yet. Um and we'll get an idea of that tomorrow. That's an important one. CPI is coming September 11th. Um PPI today was a miss. Um so I don't I don't think it's going to be like a you know a showstopper number tomorrow. And therefore the Fed is probably kind of positioned already to what they're going to do. I don't know what they're going to do. This is one of those meetings where you could see them cut 50. You could see them cut 25. It's definitely going to be one of the two. Um, it's more important as to what Powell says during his speech because that's what people are going to be hanging on. The broad market here is very overextended. You know, as we record this, as of August 31st, the SPY, which is the big S&P ETF, has a 45.41% waiting in technology. I mean, that is the highest I've ever seen, including 99 into 2000. I think it was like 30 back then. I mean, it was well overweight then, but 45 plus is crazy. When you add up all the companies attending Beaver Creek, when you add up all the companies attending Denver Gold next week, when you add up all the other juniors no one's ever heard of before, they don't even equal 1% of the market, you know? I mean, that's that's the opportunity is that when we start seeing real fund flows from portfolio managers outside of mining, right, generalist investors as we call them, that's what we're positioning for. We think that the earning season we just saw which was led by pneumont you know they were the first to kick it off in July beating by 27 cents beating on revs. Agnico killed right after them. It just kept going like into August and people started to really pay attention you know um to our sector and the numbers that I just shared with you August 1st and 22nd didn't hurt. Right. that was on my list to ask you because we were talking about those upcoming gold producers results and what it could mean if we start to see interest from from outside the sector. So for you, you are starting to see that come in at this point. Yeah. So I'm here at Beaver Creek right now. I've met with I don't know eight hedge funds and private equity groups just that came up to me after my my my speech yesterday or I saw them at happy hour or something. There's a lot of generalist money here. I don't know what size these people are, but generally, you know, like a billion to five billion is sort of that range. You know, it doesn't take a lot to move a junior stock. Um, Charlotte, it it, you know, you put like 100 grand, 200 grand on the bid and it's going to move that stock because these stocks are illquid for the most part. Really good to get that on the ground perspective once again. And so if we look a little bit more closely at the gold price, so it is trading at all-time highs over the last couple of weeks or so at this point. And at least part of that, we know that gold has all these important underlying drivers, but at least part of that is because of these Fed expectations and the data that we're seeing coming out. So for you, when you're looking forward, I know you said you're telling people on stage this is not over yet, but what do you see coming for gold as we head into the rest of 2025? Yeah. So, as you know, we were, I think, $8 off our goal target last year. So, we we got some street credit for that into 2025. Our targets this year were uh 3,200, 3,500, and 3,800 on the high side. So, now two of our targets are in the rearview mirror, which is great. Um, I think more and more banks are coming around to this 3500 to 4,000 narrative. I'm hearing a lot of people here talk 5,000. Um, my partner Durant firmly believes 5,000 gold is imminent next year. Um, he thinks, you know, $50 silver is not the number people should be looking at either because that's not inflation adjusted. When we hit 50 silver last time, it was well over 10 years ago, right? So, he thinks that the real target for silver is more like 68 to 70. And you know, in that scenario, 5,000 gold and 70 silver, even the gold to silver ratio is still very, very stretched by historical norms. And that's why silver is our largest position. We haven't added to it um in probably like five or six months. Um we're just holding what we've accumulated, but as you know, we bought, you know, four times, five times last year. Yeah, I do remember you have a really strong focus on silver. And I think it would be interesting to talk a little bit more about what's going on with the silver price because I think in our previous conversation you'd mentioned, okay, once we get past that $40 level, which is kind of psychological for a lot of people, then we get into when it's go time for silver. So, is that still what you're seeing here? Yeah. So, I would argue that 30 was the major psychological number, right? Because that was resistance for 11 years. Silver failed at 30 at least six times. I I I I I don't know the exact number, but I remember it was painful to getting through 30 in recent years. This year, we broke 30 like butter. 35 was your next major technical big round number. We broke through 35 quite easily. 40 uh didn't take much time either. And and really when you get through 43, 42, 43, there's really not much left. And I I have to double check where we're recording this, but it's probably around 40 and a half, 41 over. Um, I mean, once we get through that 42 43 range on a couple of closes, 50 is in sight. And, um, you know, we've been saying 50 by December 31st all year. So, it it's hard to believe. Um, seeing some of this stuff come true. You know, you you you plan for these things, but to see them actually transpire is really satisfying because I love seeing investors make money in our sector. Um, and I think, you know, they can do that only by buying the metals, but buying, you know, gold and silver stocks as well. And I think that's a a perfect transition into talking about the companies that you're watching right now. Maybe we start with silver and then we can move over to gold and and see what you are seeing in terms of catalysts there at the moment. Start with silver. Okay. Um, first I'm just going to touch base on um, Mexico because um, I've mentioned that on your show ever since President Shinbound came in office October 1st of last year and and now, you know, I just met with some pretty heavy duty Mexican executives yesterday. Um, and they're getting the sense that Shinbound may be getting more open-minded about permitting. Um, which is obviously needed for some of these juniors, especially like someone like Agniko. It's not a big deal, right? It's not going to move the stock that much because they're a large cap. Uh that's AEM. But for a Discovery Silver, that's DSVSF. Um Sonora Gold, SM OFF, Gold Group, I just met with uh yesterday. GG AF. Um you know, uh we own another one, Quest Corp, uh QQ, CMF. So, our biggest three positions right now in that region are all in the same state of Mexico, if you will, which is the Sonora state. Sonora State is the closest to the Arizona border. Um, I'm very familiar with that part of the uh the Mexican terrain because it's very um open like there's not a lot of there's just it's just desert, right? So, like you're not going to bother anyone by building a mine generally speaking in the middle of nowhere. And I like that because you don't you don't have to deal on the permitting side for like years dealing with, you know, um wildlife and and and environmental issues, etc. Um so yeah, the the the three I'll just highlight real quick there. Sonorro Gold is SM OFF and SGO um in Canada. I just talked to those guys I guess like three weeks ago. I interviewed them and and they were saying they're headed to Mexico in September and trying to push this over the finish line. I I think it's going to take a few months, you know, to see companies get their permits, but when you're this close, right, like a Senoro could produce within 12 to 13 months after a construction decision. So, let's say they get the permit today, it's probably 18 months to production, right? Like conservatively, it could be quicker. Um, and that's like something Don and I talked about in our presentation yesterday is developers that are really close to production. That's really exciting because you get rerated when you start getting your permits and moving forward, right? Um, another one is Quest Corpor QCMF, uh, in the States, QQQ in Canada. Um, I just had dinner with them two nights ago. um they are drilling while union right now in Sonora State and you know their press releases have said we're going to do like four to six holes but in a hot market you know what the market doesn't realize sometimes is that um companies are conservative when they're small right Charlotte they only have so much cash they're not going to go out there and do a 20hole program and then you know lever up and and and raise 10 million bucks like that's not going to necessarily happen but they could take a four-hole program to 10 um and if they are hitting on their first few holes. That's getting advice investors more excited. And I think that's where Quest Corp could be headed is is that they have, you know, already put out one hole. Um I think they're going to put out the rest here by the by November. Um and um in a hot gold and silver market in a hot part of Mexico. Um with Riverside as a partner who's been doing this 20 years, I think that's a pretty exciting opportunity. Um the other one that I just met with as I mentioned is Gold Group and that's uh GG AF GGA in Canada. Um these guys I I I mean I can't say for for sure they're like a top 20 name for the year in terms of performance, but they're up hundreds of percent already this year and I don't think it's over. At 80 80 cents US, this thing probably could go to a dollar US um at some point in the next three months. I mean, it's it's got serious momentum. Eric Sprat, I just learned yesterday, came in for 14%. He never had a position before that. So, you're starting to see big names come into a stock like that. And that's really when you start getting excited is that, you know, the share structure is getting taken up by people that aren't going to sell even at 80 cents, right? Like they see the long-term opportunity. Um, so that's Mexico. Let's move on to silver like you asked. Um, in silver, um, it's kind of a mix for me of developers and producers. Um, the developer side is Aftermath Silver. I mentioned that every other time we talk because, you know, we we've we've made people a lot of money in that stock on your show. Um, we we've mentioned it multiple times below 25 cents US at least four times. Um, and now it's trading at 57 1.5 US, but it hit 65 plus US not long ago, like a couple weeks ago. So, I think you're going to retest that year-to- date high, which would imply a nice little move here. Um, but more importantly, you know, they have 140 million ounces of silver in the ground and they have 99.9% maganese and they have copper, right? So, like they have a couple of ways to win and you know, Eric Sprout owns 24% of that one. Um, Eric generally doesn't own more than 19.9 in a stock. So, when I asked Michael Williams, the founder of Aftermath, you know, is that unusual for Eric, he said, you know, I I don't think Eric owns more than 20% and it's it's less than 10 stocks. So, um, that should give investors an idea of what Eric thinks of Aftermath. And then lastly, um, in the silver space, I'd say SilverX is something that's catching my eye because it's breaking out on on really good volume here. Um, that's AGXPF and AGX in Canada. Um, I spoke to Jose briefly like a week ago. um their their numbers that they just posted, you know, kind of like when I looked at some of the comments out there online, it it wasn't like a blockbuster quarter, but what people don't understand, I think, is that the ASIC, the all in sustaining cost, let's say it's between 25 and 28, right? Like it's not the lowest cost producer by far, but when you're at $40 silver, it's a big difference than $30 silver. I mean, every dollar that silver goes up, uh, something like silver X just gets huge leverage because these guys are a small high-cost producer, right? Um, but there's a lot of ounce, there's a lot of growth potential at that in in Peru for them. And I think the the market's missing that as well. So, people look at the chart and say, man, that move was was pretty pretty extreme here. But you need to look at longer term charts like look at a five or 10 year chart and you'll see this this is not like the stock is uh making all-time highs. You're still you know seeing some value in a stock like that. Okay, great updates there. So we've got Mexico, we've got silver. Any I know you talked a little bit about gold companies as well. So I'll ask if there's anything else you'd add on the gold side or also we usually talk about those interesting special situations companies. So any any further updates on the company side you would share on those angles? Yeah, sure. Um, on the gold side, I don't remember if it was on your show, but I definitely mentioned Mandalay a few times. Um, and that has become Alcan Resources now, which is ALKF in the States. Um, the stock is still very cheap. Um, they just went through a merger, you know, and um, Alcane was a Aussie company and Manderlay was a company with, you know, two producing minds, right? Um what Mandalay brings to the table is a tremendous balance sheet. Um they had over a 100 million US cash when the merger happened and zero debt. So I don't think the market really figured that out yet. They also haven't figured out for sure that they're the largest uh North American antimony producer. So, you know, I spent a lot of my time in Critical Minerals and that got me really interested last year and I met with uh the then CEO Frasier um in March. Um and I was like, man, this thing seems seems like a slam dunk. They just keep, you know, generating free cash flow and they they are committed to no debt. And so, we started a position then. We'll we'll probably add to it, you know, here. I'm actually meeting with them in a few hours uh with the new CEO. So, I'm excited about that. Um, what else on the gold side for guys uh and listeners here? Let's see. Um, yeah, so I'm meeting with 1911 gold, which is AUMBF, um, and AUMB in the in the Canadian region. Um, Sean, you know, you look at that chart. I mean, it just took a little bit of extra waiting time for that stock to to ignite. Um, we didn't talk about it on stage yesterday, but I am meeting with 1911 later today as well. So, um, you know, I I think they are probably less than two years away from production. So, you know, very exciting there. You got Mandalay producing, you've got 1911 very close to production. We already mentioned things like Senoral close to production. um one that you know isn't really I guess close um to production at all um but is getting funded by a major uh is inflection resources which is AUF in the states and AU in Canada. Um what's interesting to me, Charlotte, is that uh when you look at their news, you know, their their news has been decent, um Anglo as their their big partner, uh greenlighted, I think, three of their properties um a couple months ago. And in talking with the company, they were going to be pretty pleased with one or two of those um being greenlighted. So, the stock has actually gone down since then pretty dramatically. Um, so it's trading at 15 cents US literally. I just bought some more in full disclosure today. Um, but it's it's like in a hot gold market at some point this will figure itself out. Um, it hit 28 to 30 cents US twice last year if you look at the chart. So, you know, that's 100% almost from here. Um, I just don't understand and I I don't see really the only thing I could see there is that they might need to raise a little cash. But again, when you're getting funded by a major, that takes a lot of your your drilling costs completely out of the way. Um, so that's it for gold. On the special situations front, you know, I've given you guys Guardian Metal before, which is um GMTF in uh the States, and they don't have a Canadian ticker. It's a London ticker, actually. Uh it's GM.L in London. I got interested in that story in in the end of uh 2023 and it's been a home run for us. It has now grown to our biggest equity position. Um and I I I don't see a reason to sell it. Um basically they got a $6.2 million DoD check um from the US since we last recorded and they also concurrently announced a $21 million financing as a little junior um tungsten play in Nevada. that like really opened up some people's eyes. The stock exploded on huge volume coming out of that news. But then just a couple of weeks ago, they went out there and said, "Oh, by the way, that that billionaire we brought into our financing, that's Stan Ducken Miller." Um Stan Ducken Miller is like a legend in gold. And I believe, I'm not 100% on this, he owns about 15% of the company now. So again, when you're a billionaire, you don't need to sell this stuff. And that just locks up some more of the share structure. So, I think uh they're doing a really good job of advancing things there and tungsten is near an all-time high. Um, lastly, um, there's another Londonbased company that I've been buying just a couple weeks now because I I don't know much about Helium and and in and that market, but I've I've forced myself to learn because they're in Montana near a couple of my other um stocks and um they're going into production in a month and so like uh great timing, you know, because the US market, everything US is so hot right now uh with Trump's, you executive order starting in March. Um but these guys um have brought in some serious shareholders as well. When they did their last financing, it went in one day. So um that one's flying under the radar. It's HH exf. Um and it will start to do some more marketing I think once they begin production which again should be October. Okay. Always really good to have those updates. And I should have said this earlier, but we will have all the tickers and company names in the video description in case people want to find them. I know we always have questions asking. So, they will all be there. And I think I will let you go back out onto the show floor at Beaver Creek unless you had any final thoughts you want to leave investors with right now. Well, the only thought I would leave I've said many times before and I'll say it again um because it it keeps ringing true. You have to make a decision to work with professionals and those people can help guide you through this market. It is getting to be a different type of market, Charlotte, than when you and I met, you know, I guess four years ago. Um 2021, 2022, 2023. Tough tough years for mining investors, right? This wasn't like a real walk in the park. Last year was an improving situation. This year is like off the charts good. next year is going to be off the charts good. You want to get positioned now with someone like myself who understands this market, who has, you know, I don't know, gosh, I'm getting old, like over 30 years of experience. I hate to say that out loud. Uh my daughter's going to make fun of me, but um you know, it's it's basically like uh you know, it's a tough sector to really understand. Don and I were saying this on stage yesterday. I mean, Don has written a book on gold and silver stocks. It's probably the most notable book out there. And he started it 21 years ago, and his comment to investors on stage yesterday was, "Hey, you know, I I got my you know what kicked." Um, uh, when I started my first couple of years, I didn't know what I was doing. And that's Dondet saying that, who's just got ranked the number one equity analyst at seekingalfalpha.com literally for uh, year to date through August 31st of this year. So, I mean, you know, Don's come a long way, right? But Don wasn't that way when he started in his first couple of years. So, if you're listening to this and you are interested in like gold and silver's ascent, but you don't know how to play the equities, you need to work with people like us. I mean, this is it's really not a lot of money. We don't like tie people down, Charlotte, as you know, with 12 month like minimums in terms of our services. They can join for three or four months, see if they like it, and move on to someone else. I mean, we don't have all the answers, right? But, um, I will say this, I just announced my two uh, US conferences um, and, um, tremendous response this week. I I did it strategically over the weekend, pre Beaver Creek Endeavor. We already are 60% full at the company level in Florida. Um, we're about 25 to 30% full in Washington DC, but we're starting those May 17th through the 19th of next year will be Washington DC. And then May 20th through the 22nd, we're back for our third year at the Four Seasons Fort Lauderdale, Florida. So, we've got a lot of investor interest as well, which is great to see. Um, we encourage people to contact us if you're, you know, close to those markets. And if you're an accredited investor and you're buying stocks actively, we may be able to wave the fee for you to come in. Okay. Well, so much to look forward to and a lot going on right now. So, I'll let you go, but thank you so much for taking the time to come on and talk about what's going on in gold and silver and the resource sector as a whole. Thanks for having me, Charlotte. Of course. And once again, I'm Charlotte Mloud with investingnews.com and this is John Fenick with Fenic Consulting. Thank you for watching. If you like this video, make sure you hit the like button and subscribe to our channel. We'd also love to hear your thoughts, so leave us a comment below. [Music]