JOHN FENECK | Precious metals are not in a bear market, risks are now very low. It's time to buy!

Description: Gold and silver miners are trading at deeply depressed levels with the lowest sentiment in years… but mining expert John Feneck says this is exactly when disciplined investors should be buying.In this powerful full-length interview on Metals and Miners with host Gary Bohm, John Feneck, founder of Feneck Consulting, delivers a clear, data-backed message: We are not in a bear market. We are in a major correction inside a bull market framework. John breaks down dramatically improved miner fundamentals (10x free cash flow for major gold producers vs. 2020), the coming shift from growth to value, cracks appearing in big tech, a potential September–November sector rotation into miners, gold supply stagnation, high-grading risks, and high-conviction opportunities in silver, tungsten, and copper. Sound Bites: • “This is the time you buy equities. We are not in a bear market, we are in a major correction within a bull market framework.” • “The free cash flow of the larger cap gold miners… they’re ten times as good as they were in COVID in 2020.” • “Be a sniper. Use a rifle approach to investing. You don’t buy the broad market.” • “Technology is starting to show cracks for the first time… look at that MicroStrategy chart — would you buy that chart as an investor?” • “Gold and silver will act as the safe haven trade… and we’re gonna see this sector just rock because of the earnings we just saw.” • “When you have less supply of anything, it means higher prices generally speaking.” • “Sentiment has been absolutely crushed… the space is really all but abandoned. It’s essentially hated. Doesn’t that make this the perfect entry point right now?” • “You have to go buy stuff. You don’t make money if you don’t take risk… the key is fixing your mistakes. We buy five to ten times on the way up.” • “Tungsten is still completely a mystery… it’s like a conspiracy theory metal. 86% of the world’s tungsten is produced in three countries that are just hand over fist holding it.”Key Takeaways from the Interview • Gold miners have generated massive free cash flow improvements while equities have corrected sharply; creating a valuation disconnect. • A potential tech-led market correction could trigger sector rotation into miners as a safe-haven play. • Gold mine supply remains essentially flat despite much higher prices and strong central bank demand; structurally bullish. • Extremely low sentiment and sector abandonment often mark excellent contrarian entry points. • Selective “sniper” investing in developers, explorers, and critical minerals (especially tungsten) offers asymmetric upside. • Primary silver producers can offer higher leverage than byproduct producers in a rising silver price environment. • Copper remains supported by AI and broader demand, but selectivity is key. Interview Timestamps: 00:00 – Intro 00:59 – Core Message: Time to Buy Equities in This Major Correction 02:29 – Fed Policy, Rate Expectations & Watching Key Data 04:37 – Real Rates Outlook & Gold/Silver Setup 06:17 – Iran Conflict, Oil, and Shifting Gold Correlations 07:58 – CPI Impact & Short-Term Macro Backdrop 09:04 – Cracks in Tech & Sector Rotation Thesis 13:36 – Base Case: Potential Broad Market Weakness Then Rotation into Miners (Sept–Nov Window) 16:10 – Risks from Passive Investing & Herd Mentality 18:27 – Gold Supply Stagnation, Reserves & Central Bank Buying 20:38 – Fast-Tracking Mines, Paramount Gold Example & M&A Activity 23:34 – High Grading, Future AISC Increases & Producer Reality 29:08 – Crushed Sentiment = Opportunity? Gold as a True Asset Class 32:57 – Intrinsic Value Gaps in Mining Equities 34:07 – Silver: Primary vs. Byproduct Producers & Leverage 37:46 – Mexico Silver Mining Improvements 39:30 – Tungsten: Supply Squeeze & Top Equity Picks 43:44 – Copper Outlook, AI Demand & Specific Names 46:47 – Risks if AI Trade Weakens 47:58 – Final Takeaway Connect With John Feneck: Website: https://www.feneckconsulting.com (check the Performance tab for 10-year track record) Upcoming Conference: https://www.topshelf-partners.com September 18–20 near Phoenix Airport. One-on-One meetings with ~50 companies (details on website) X: https://www.x.com/@FeneckConsult Miners Mentioned: Denarius Metals (DNRSF, DMET), Paramount Gold (PZG), Western Star Resources (WSRIF, WSR), First Majestic (AG), Silverco Mining (SICOF, SICO), Sonoro Gold (SMOFF, SGO), Guardian Metal (GMTLF on OTC, GMTL on NYSE), Spartan Metals (SPRMF, W), Eastport Critical Metals (EVIIF, EVI), PTX Metals (PANXF, PTX) Connect With Metals and Miners: Substack: https://www.MetalsandMiners.substack.com Website: https://www.MetalsandMiners.com X: https://www.x.com/@GaryBohm5 Leave a Comment: John believes the only way to make money in the markets is to take risk. He also believes the metals are not in a bear market, but had a cyclical decline inside a bear market, making now the time to buy. Do you agree? Leave a comment below! © Metals and Miners