gold news

  I'm Charlotte Mloud with investingnews.com and here today with me is John Fenick, portfolio manager and consultant at Fenick Consulting. Thank you so much for being here. Great to have you in person. >> Thanks Charlotte. Nice to be here. >> Yes. So we we are here at PDAC in person. And we've made it to day two. And where I want to start today is with the gold price. So if we look back to our previous conversation, we were talking at that very exciting January time. And you told us $5,000 gold was

imminent, which it turned out to be. So let's start by getting your updated thoughts on the gold price. We're in again very interesting times right now for the market. >> For sure. So yeah, we we saw that 5,000 achieved after our interview in January. January 30th was sort of a smackdown on both gold and silver. Uh no coincidence with month end. Um if you notice on the February 27th month end close, the shorts couldn't do anything. So it's it's really positive price action for

both gold and silver in my view. But gold eclipsed at 55 to you know 5600. You know it's going to retest that level and break through that. Um especially now because of the unfortunate situation with the Iranian war. Um, and I am calling it a war because I mean they've gone after some really uh some targets that weren't on everyone's list, right? I mean, Dubai hotels, I mean, this is this is crazy. This could have been much much worse than it was over the weekend. And this this as as of this recording,

nothing has been resolved. So, um, if people don't own gold in their portfolio, they need to seriously think about why they don't. Maybe it's because they've made so much money in the S&P and the NASDAQ, you know, over the last 16-year plus run that they've become comfortable, but becoming comfortable in investing is dangerous. You know, if you look at a chart of Apple, look at a chart of Tesla, those ticker those tickers are AAPL or TSLA. Look at a one-year chart, just draw a 12-month

chart, you've made no money by buying and holding stocks that are household names, quote unquote, right? So I think it's going to be our time where gold equities start to become more household names over the next 1 to three years. >> Well, that's one of the I think main topics of conversation that I've been having here at this event is that rotation may be starting from people who have made a lot of money in the tech sector starting to come over here. Are you seeing that already or it's still

>> Absolutely. It's already happened if you look at it as closely as I do every day. I mean, I'm tied to a computer 14 hours a day. Look at GDX as a proxy, right? September of 2022 that ETF bottomed. It it this is not a rally that started last year. The rally in producing names started in 2022. So if you look at some of the components of those uh NEM, Numont, Agnico, AEM, just go down a list. You can actually just Google search GDX holdings and you'll see what I mean if you take 10 minutes and pull

these charts up. The easy money has been made in producing companies in my view. We're not like towards the end of the rally, but a lot of money has been made. What's going to happen now is that the developers and the explorers are going to start moving in a positive fashion, which hasn't really played out yet, which is amazing to me. So, there's still a lot of value in our sector. You just have to know where to look. You have to own some producers, but you have to also drop down in capitalization to

some of the smaller stuff, >> right? And of course, we'll get your updates there. Before we do, just briefly on silver, so we have a little bit of a picture on where you see the gold price going back up to that all-time high level and and through it. What about the silver price? >> Same thing. I mean, silver peaked at around 120, 121. Um, it crashed all the way down on January 30th and then didn't really do a great job of rebounding, but it did a good job of basing in February,

right? So, we call that consolidation. and silver consolidated its move from December January in February and now has based um it didn't get below it got to 63.99 for a nancond right like you know so it didn't crack through uh support um and that's what we point out to people is that 50 was the all-time high previously right um that didn't even come close to getting touched so now 50 in our view is the new floor like 50 to 54 Um, and we don't see those levels being touched unless there's a black

swan. Now, what happened over the weekend was unprecedented. So, you don't know what's going to happen in terms of price action as an investor. But my my suggestion is don't get off the horse, right? This sector is on fire. Um, this se this sector will continue to rally. So, yeah, our our target is, you know, as I think I mentioned before, we we were calling for $100 silver, then we said 133. So at 121 we were close. I think we get to 133. My partner Durrett's at 150 to 175. >> Okay, we'll keep an eye out for those.

And I'm I'm feeling much more accepting of these higher price levels for both gold and silver. Now, let's let's get updates now on the gold and silver companies that you're looking at. And we are we're here at PDAC. There's many of them probably down on the show floor. >> Yep. Sure. So, um, we talked about Alcaine Resources last time when you and I got together. That's done extremely well. Uh, that's ALKF in the States, ALK in Canada. Um, the reason I was a

shareholder of Alcan is two reasons really. One, I was a Mandandalay shareholder. So, when Mandalay and Alcane came together last year, I became an Alcane shareholder through meeting Nick at Beaver Creek, a conference just like this, right? Um, great conference in the US in Colorado. And Nick really impressed me. He's like, "We've got three producing mines in Australia and Sweden. Uh we have a pristine balance sheet. Uh zero debt and a ton of cash." That's what you want to

look for as you're building portfolios. You know, you need stable stocks like this to own and then build risk around stability. Um that's what we call a hub and spoke structure in the portfolio management business and that's something that we've employed since day one. So we really like Alcane. um when you look at um dropping down in capitalization to another producer that's much smaller. I just got back from a trip I was telling you off camera uh to Colombia. So I was in my first underground mine. Quite an

experience uh in the sense that I just I have a lot more respect for what goes on daytoday in an underground mine. It is tough work. I mean and I visited Daenerius Metals. So that's uh DNRSF in the states and DME in Canada. Um Saraphino Akono the the chairman's been mining now for 40 years. Um he started many many years ago. He um was responsible for putting Siggoia into production at Aerys which is now producing a ton of of gold. Um what's interesting is that his one of his operators is still working at Seiggoia

um managing 1,800 to 2,000 people and he has you know Julio as part of his team at Daenerius a 70 cent stock. So here's a guy with 40 years experience an operator with many many years of experience in the field and they're just growing this thing. Like the the resource is unbelievably big. like they have a lot of little mines throughout the region. So, we didn't just stay in the underground mine which was called Indepensia. We we also went to other parts of Columbia all within I'd say

like a 30-minut drive and most of it is paved roads. So, the infrastructure is there. I met the mayor. The guy is very supportive of mining. Like the the region is very supportive to begin with with kind of an oppressive leader. So in May they're going to have elections and that leaders out for sure. So I think that Colombia as a country is moving more to the right which is going to be supportive of mining. >> Interesting. And it speaks to the value of site visits. You're not even the

first person I've heard today talking about how going down into an underground mine changed kind of their perspective and all the work that goes into it. So really interesting. >> All right. So we we usually spend a lot of time on gold and silver but we said today we would look more closely at the specialist situations in particular tungsten which is pretty relevant right now due to the war defense angle. So >> we can talk about the companies in the sector but maybe tell me a little bit

about the tungsten space itself because I think people wouldn't be so familiar with it and I know the price is is going up. >> Yeah. Yeah. So I'm as as always in our interviews I don't script anything. I don't have any notes in front of me, so I'm going to go do the best I can off off off the top of my head. But the last mine in US production was 2015. That's 11 years ago. There has been no tungsten produced by US companies since then. However, we're investing in a lot of the

ones I'll mention in a minute that are based in Nevada, Idaho, etc. because they are the next wave. They're the next generation. And if you're in a wartime situation, as we may be entering, tungsten is used in armor, it's used in tanks, it's used in missiles, it's used in in in serious, you know, type like like like piercing, you know, bullets. Like there's no replacement for it, right? Um that's what's interesting to me because it's 84% produced in China.

China is obviously close to Iran more than they are close to the US, right? So like they've stopped exporting it to to friendly countries that they have like Japan. Like there's no there's no tungsten being sent anywhere. China has literally done a grab. And and then when you look at who else produces, it's Russia. It's like a list of people that or countries that you wouldn't suspect would be like, "Yes, here you go to United States. Here's some tungsten for you." Like so you could see a you could

see a and this is a real like 1% chance as we sit here right now. But um you could see President Trump say look we're going to fasttrack all this stuff right like I mean why not? I mean I just met with one here Spartan Metals um SPRMF in the states and W in Canada and these guys are seven years from production as we record this. If you get fasttracked, you're three and a half years possibly away from production. It's it's a gamecher. This is a 40 cent US stock. Like there's so much upside in some of

these names because they're in the right part of the world. Um and they're doing the work. Um so Spartan Metals is one that we just started to put a position on. Um our two biggest holdings we've mentioned on your show a couple of times. So that is Guardian Metal. That's a GMTLF in the States. uh gme.l in London and um stock's been on fire. I mean, it just hit $4 on Friday, trading around 383 as we record this. It's our biggest equity holding in full disclosure. I've known Oliver for a

couple of years now. He's a really sharp young CEO and he is in Nevada, right? Uh like Spartan, the other one was American Tungsten and that's Tunf in the States and TUNG in Canada. They're in Idaho. So, um, you know, they're raising a lot of money. They've got a really nice cash position. They've put out some really good news here in the last couple months, and I think both Guardian and American Tungsten are going to uplift. Uplifting means that you move from the OTC in the US to the NYC or NASDAQ,

right? That brings in a lot of liquidity into a sector that, as you just stated, is is kind of not well known, right? So brokers, high netw worth people want liquidity, right? That's that's one of their biggest things is I talk to people every week and you get more liquidity being on better exchanges. So those are three names. Um also I just met with Western Star Resources last night. That's WSR and I believe in the states it's WSR if um these guys are in Nevada as well. um just again trading at like a

ridiculously low valuation, very very tight share structure. So they're they're basically at one and a half million shares in the public float. So um I I think there's a lot of things that people are just missing here, you know? I mean, we've been talking about this for over two years. >> Well, yeah, now now it's really developing. So hopefully people were in it before. Now, and just a quick followup on the fasttracking because we know that projects can be fasttracked.

People might not know exactly what that means. So, that could cut the time to production in half in some cases. >> Yeah. Um, so here's an example for you. Uh, Paramount Gold, PZG, >> Rachel Goldman, great CEO. Um, she really struggled in Oregon with the process. Not struggle because of the deposit. It's the permitting process that wears these CEOs down, right? takes a long time, years. When she got fasttracked in April of 2025, she just announced life-changing news for that company January 29th because she got

fasttracked. It took 9 months to get what she needed in terms of federal permitting, right? That really sped up the project. But what did it do for the share price? It went from about 60 US to $2.60 US. I mean, this is the stock's reacting to that news. That's why I think these tungsten companies are next in terms of getting non-dilutive action from the US government. >> Well, yeah, and it does feel like we're one one tweet away from something possibly happening. All right. Well, we

our time is short unfortunately here. No problem. Do you have any any final thoughts to share with the audience any things that you're watching before I let you go? >> Well, uh I'll just mention two things quickly. You've been kind enough to put stuff in the show notes about our US conferences. Those are coming up May 17 through 19 in DC, May 20 through 22 in Florida. There'll be information in the show notes. Again, this is uh everyone's last chance. We're we're getting

inundated with requests because of what's happening with Iran. So, if if people want to qualify to attend, now's the time to ask me. My email will be in the show notes as well. And then lastly, my partner Don Durret and I just decided today to do a webinar for clients. We're always trying to give back to clients, do things that are nominally priced. So, for $199, we're doing a two-hour webinar talking about specifically gold and silver stocks uh to educate people on our process, right? How do we screen for

some of the names we talked about today. >> Perfect. Well, we will have all of your links in the video description as usual and the company tickers because people always want to know those. Thank you so much for coming on to talk. This was great to have you in person. >> Thanks a lot, Charlotte. >> Of course. And once again, I'm Charlotte Mloud with investing.com and this is John Fenick.