John Feneck: Massive Upside in Tungsten, 'Buckle Up' For Silver & $6000 Gold

Why It Matters

Geopolitical tensions and China‑centric supply chains are tightening critical‑metal markets, making early exposure to domestic tungsten and silver miners a potentially high‑return, low‑dilution strategy for investors.

Summary

John Feneck, CEO of FC Consulting, returned to Palisades Gold Radio to reiterate his bullish stance on defense metals, especially tungsten, antimony, and rare earths. He argues that China’s 81% control of tungsten production makes the market highly opaque and vulnerable to geopolitical shocks, positioning Western‑star Resources (WSR) and Triumph Gold (TIG) as prime targets for investors seeking exposure to a constrained supply chain.

Feneck highlighted a dramatic three‑month price surge in tungsten, from $920 to $2,975 per metric ton, attributing much of the rally to the ongoing Middle‑East conflict. He warned that short‑term pullbacks present optimal entry points, noting that U.S. policy could soon accelerate permitting and funding for domestic critical‑mineral projects, potentially injecting $10‑$20 million into junior miners and limiting shareholder dilution.

The interview also covered silver’s role as a defense metal, with Feneck disclosing an 18% portfolio allocation that helped generate 153% retail returns. He cited volatile price swings, a persistent premium in Shanghai, and speculative short‑selling by major banks as factors that keep the market risky yet rewarding for concentrated bets. His broader market view links a potential break in Nvidia’s support to broader sector rotation away from high‑growth tech toward tangible assets.

Overall, Feneck’s thesis hinges on geopolitical risk, supply‑side scarcity, and imminent U.S. funding, suggesting that investors who can tolerate volatility may capture outsized upside in tungsten, silver, and related defense metals.

Original Description

Recorded on: March 30, 2026

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

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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 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:[e-mail]

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 [e-mail] 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). Angkor Resources (ANKOF, ANK) Helix Exploration (HHEXF, HEX) Eastport Critical Minerals EVIIF / EVI.

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.

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