John Feneck: Why These Critical Metals Will Explode Higher, ‘Uncharted Territory’ For Gold

Stijn Schmitz welcomes back CEO of the Feneck Consulting Group, John Feneck to the show. The conversation begins with gold’s recent consolidation, noting it has turned negative year-to-date and is down around 5%. Feneck asserts the bull case remains intact, citing support at 3,900–4,000 and dismissing comparisons to the 2016 rate cycle because the Federal Reserve lacks room for aggressive hikes. He highlights Fed Chair Worsh’s hawkish rhetoric as a temporary headwind but points to improving inflation data and a divided policy landscape. The bond market saw a notable intervention by Scott Besson in August, which briefly buoyed sentiment before the Fed’s Jackson Hole messaging reversed gains.

Geopolitical tensions—wars in Ukraine and the Middle East, plus U.S. election uncertainty—create a favorable backdrop for gold, though markets have become somewhat desensitized. Shifting to mining equities, Feneck describes a hub-and-spoke portfolio strategy, using GDX and GDXJ as core holdings and adding select junior explorers and developers.

Timestamps:

00:00:00 – Introduction

00:00:55 – Gold Market Fundamentals

00:01:40 – Fed Policy and Gold

00:04:22 – Treasury and Bond Markets

00:05:42 – Geopolitical Tensions Impact

00:09:46 – Gold Mining Sector Overview

00:12:48 – Junior Mining Stock Picks

00:19:45 – Development Projects Acquisitions

00:22:02 – Gold Price Targets Analysis