Rare Earths: Crowded Trade and Eastport

Stijn Schmitz welcomes back John Feneck to the show. John is CEO of the Feneck Consulting Group. In this in-depth discussion, Feneck shares insights into critical minerals, defense metals, and investment opportunities across various sectors.

John is particularly bullish on tungsten, highlighting that China currently produces about 81% of the world’s tungsten supply, creating significant potential for Western mining companies. Feneck specifically recommends two companies as promising tungsten-focused investments. He notes the critical mineral space is receiving substantial government attention, with the US dedicating $112 billion to support critical mineral development.

The geopolitical landscape, particularly tensions with China and ongoing conflicts, further underscore the importance of diversifying mineral supply chains.

In the silver market, Feneck maintains an optimistic outlook. He currently holds an 18% portfolio position in silver and suggests the metal has significant upside potential.

Regarding gold, Feneck believes there’s still substantial room for growth. Major banks like JP Morgan, Bank of America, and Goldman Sachs are maintaining forecasts between $5,500 and $6,000, indicating continued confidence in the sector.

The discussion also touches on broader market dynamics, including potential sector rotation away from technology and AI stocks. Feneck emphasizes the importance of understanding market volatility and being prepared for potential short-term pullbacks.

Timestamps:
00:00:00 – Introduction
00:01:00 – Defense Metals Outlook
00:03:05 – Tungsten Stock Picks
00:06:42 – Tungsten Supply Pricing
00:09:00 – Silver Defense Applications
00:10:30 – Portfolio Performance Highlights
00:12:55 – Silver Premium Dynamics
00:15:00 – Silver Miners Opportunities
00:19:06 – War Black Swan Impact
00:20:31 – Oil Energy Investments
00:22:10 – Oil Related Products
00:23:36 – Rare Earth Elements
00:25:23 – Gold Bull Market Views
00:29:03 – Miner Valuations
00:32:08 – Upcoming Conferences Details
00:34:00 – Concluding Thoughts

Guest Links:
X: https://x.com/feneckconsult
YouTube: https://youtube.com/feneckcommoditiesreport
LinkedIn: https://www.linkedin.com/company/feneckcommoditiesreport
E-Mail: mailto:john.feneck@yahoo.com
Website/Newsletter: https://www.feneckconsulting.com/
Conference: https://topshelf-partners.com

John Feneck’s upcoming conferences:
May 17 to 19, 2026 = Grand Hyatt, Washington, DC
May 20 to 22, 2026 = Four Seasons, Fort Lauderdale, FL

Both events are invitation only. If interested, please email John at john.feneck@yahoo.com no later than April 15. Go to “events” then “Washington DC or Florida”, then “companies” to see who has been invited on the event website: https://topshelf-partners.com/ . Investors can attend in person, or virtually.

Ticker’s Discussed:
Western Star Resources (WSRIF, WSR), Triumph Gold (TIGCF, TIG), Gold equity ETFs (GDX, GDXJ), Silver Equity ETFs (SLVP, SILJ), Silver47 Exploration (AAGAF, AGA), Guardian Metal Resources (GMTLF, GMET.L (US ticker will soon uplist to NYSE as “GMTL”)), Paramount Gold (PZG), Denarius Metals (DNRSF, DMET).

John Feneck is CEO of Feneck Consulting Group. He began his career in 1992 as an equity analyst for Merrill Lynch’s global allocation fund. From 1993 to 2019 he held senior executive roles at Merrill Lynch Funds (now BlackRock) and J.P. Morgan Chase Funds, where he ranked #1 in gross and net sales once at Merrill Lynch and three times at J.P. Morgan (among 40 peers).

Since 2017 he has contributed articles to Kitco—becoming a regular contributor in 2021—and has appeared as a featured guest. He’s delivered over 250 client seminars and webinars, spoken at 12 global commodities events, and in 2017 joined Sprott’s precious metals portfolio-management team. There he developed a proprietary methodology combining technical analysis with direct insights from company management, advocating a “go anywhere” strategy and a diversified portfolio of 25–50 resource stocks to navigate the sector’s volatility.

In September 2019 he founded Feneck Consulting Group, helping small- and mid-cap metals and mining companies raise brand awareness and advising high-net-worth advisors on market opportunities and risks. He holds Series 7, Series 63, CMFC and CIMA Level 1 certifications (though he is not a licensed advisor) and focuses on consulting. Based in Scottsdale, AZ, he’s a single dad to an 11-year-old daughter and spends weekends as a professional musician, athlete and traveler.