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SILVER Stocks Set to Go Berserk - 'These Companies Are Printing Cash': John Feneck

Commodity Culture Aug 26, 2026

Summary

Silver producers with AISC around $30 are minting cash at $70 silver, says Feneck — he sees $100/oz by next year.

Treasury buybacks announced August 19 plus weak US jobs data triggered a sharp precious-metals rally through August.

Feneck highlights Pan American Silver, Excellon Resources, Denarius Metals, Goldgroup, iMetal, Spartan Metals, and ANKOR Resources as top names.

He expects a 15–20% S&P correction by Q1 2027 and recommends keeping 8–10% cash on hand for drawdowns.

Investors should remember mining stocks typically fall with the broader market, even when individual company fundamentals are strong.

Key points on Agnico Eagle Mines

  • Cited alongside Newmont as 'crushing it on earnings' — the speaker's example of a real gold company with meaningful upside from current levels.

Key points on Newmont

  • Cited alongside Agnico Eagle as 'crushing it on earnings' — used by the speaker as a comparable real-money gold story if broad-market malaise pulls investors into miners.

Key points on Pan American Silver

  • Speaker calls PAAS 'the large cap silver play' and told followers after earnings to add at $46.50, predicting $42.50-$43.00 would hold as the low.
  • Trading around $53.00 as of the August 2026 recording; speaker expects it to test the all-time high within a few months.
  • Speaker frames the silver sector's 'bad earnings' as relative — at $70 silver with ~$30 AISC, the majors are 'printing cash,' and pullbacks are buying opportunities.

Key points on Aris Mining Corp

  • Named as a major holder of the Denarius Metals share issuance used to retire company debt in July; speaker argues this 'strong hands' absorption is part of why the price recovered.

Key points on Denarius Metals

  • Speaker calls DNRSF one of the most mispriced gold stocks in the development/exploration category; the late-July share issuance to eliminate debt (which pushed the stock to $0.295) was about 50% absorbed by holders like chairman Serafino Iacono and Aris Mining who are not selling.
  • Trading at $0.455 entering the interview versus a year-end target of $0.60; speaker sees ~$0.29-$0.30 as downside support.
  • Producing in Colombia and expected to begin production in Spain by Q1 2027; revenue plan rises from under $2M last year to about $20M this year, with 2027 framed as the breakout year.
  • Characterized as a growth stock at a value price; Don Durrett has it among his top 25 gold picks.

Key points on Goldgroup Mining Inc

  • GORO is the merged entity of Gold Group (GGAZF) and Gold Resource, consummated in July; speaker describes it as 'a really solid growth story with the combined company.'
  • The Russell 2000 added one of the pre-merger tickers on June 30 then dumped starting July 16 because it could not legally hold the merged entity, taking GORO from about $4.60 to $1.95 in roughly 2.5 weeks.
  • Feneck Consulting accumulated between $1.97 and $2.83; the stock is trading at $3.55-$3.60 entering the interview, recovering most of the forced-selling decline.
  • New CEO Javier Reyes (formerly chairman) took the role about a month before the recording.

Don Durrett's takeaways

  • Top takeaway Identified as Feneck's partner and fellow value manager, and the analyst who independently has Denarius Metals on his top 25 gold picks.
  • Uses the same silver ETFs as Feneck — SIL (large cap), SLVP (alternative) and SILJ (small/mid-cap) — for investors who don't want single names.

Michael Oliver's takeaways

  • Top takeaway Cited as the source of the boldest silver price call on the show — silver going 'much higher than $300,' potentially $1,000 within a year; Feneck pushes back, saying he 'would be completely shocked' by $1,000 silver.

Scott Bessent's takeaways

  • Top takeaway Speaker argues Bessent's August 19 announcement of doubled Treasury buybacks, followed by threats to Iranian partners on August 24, was the major policy catalyst for the August gold/silver rally — 'like QE.'
  • Framed as an example of the kind of 'different' macro signal investors should be watching rather than following the broad-market crowd.

Paul Mann's takeaways

  • Top takeaway Executive chairman of Skyline Builders Group (ticker KAZR), a holding company positioning around tungsten via CAS Resources; described as a Cambridge-educated finance executive entering the critical-minerals space.
  • Quoted on tungsten unit costs of $100-$150/ton versus a market price around $2,800+/ton — used by the speaker to frame KAZR as a low-cost tungsten listing.

Johnny Kovacevich's takeaways

  • Top takeaway Quoted via Feneck's recollection: when miners fall in a broad market correction, 'they raid the house of ill-repute, they arrest everybody, even the piano player' — Feneck reads this as a warning that precious-metals stocks get pulled down with everything else, so keep some cash.