What’s Next for Gold & Silver? Market Analysis With Don Durrett and John Feneck

Investor TV Aug 26, 2026

Summary

Don and John call the Aug 19 gold-silver rally seasonal, not yet a structural breakout; HUI is above 800.

Bessent's surprise long-end Treasury bid weakened the dollar and sent GDX up 8% and silver up 10%.

Miners are starting to outperform the metal — a leading signal that institutional rotation into the sector could be starting.

Undervalued producers with growth ahead — Goldgroup, Excellon, Denarius, LaHontan, 1911 Gold — screen as the best risk-reward in this tape.

Both analysts are bullish into Q4 2026 and 2027, but the real test is whether capital rotates from equities into miners.

The guest identifies Agnico Eagle as a market leader, saying it was up at least 10% on the Aug 19 rally day.
He notes the stock recovered from $134 in late June to a $208 close on Aug 19, framing the rebound as evidence miners are leading the metal.

The guest says Coeur (paired with Teck) was up 12-13% on Aug 19 and calls it a market leader he's been expecting Wall Street to buy 'like candy' on silver-strength days.
He uses the move as confirmation that silver-sensitive senior miners are starting to attract institutional flow.

The guest calls Q4 'make or break' for Denarius — the new Zancudo mill comes online then, and if it works the company is 'a whole different company' by February with cash to fund Lamero.
He flags a Colombia tailwind: the new president is publicly pro-mining, and Denarius bought 15.6% of a Colombian copper miner, which moved the stock from 30¢ to 42¢.
He frames Denarius as his favorite spec bet among small producers but says it 'won't be a spec bet for much longer' once Zancudo hits nameplate.
He notes the current setup is toll milling at Zancudo while the new mill is being built next door.

The guest puts Goldgroup on his buy list: post-GORO merger it's a ~60,000 oz AuEq producer, heading to ~100,000 oz once San Francisco restarts with low capex (already funded).
He cites an AISC around $2,400 and says at $7,000 gold the stock is a 'five to eight bagger' on production growth alone, with nameplate targeted by end of next year.
He treats Back 40 in Michigan as a free option — easier U.S. permitting plus a historic mining district make permitting plausible in his view.
He says the San Francisco restart is the catalyst 'not too soon, not too far in the future.'

The guest calls Silver X a spec bet with a PEA path from ~1.2 Moz silver-equivalent to 6 Moz, but warns there's no Gantt chart and no funding yet — 'early innings' of planning.
He likes it because it tends to outperform on big silver up-days, which he reads as a loyal investor base that could re-rate hard once a funded path is shown.
He flags insider support — Jose owns 6-8% — and says the company timed a raise well last year, but warns it could be a takeover target if insiders can't fend off a bid.
He ranks Silver X ahead of Excellon at this stage as an early silver spec.

The guest lists 1911 Gold as #1 on his 'Low Hanging Fruit' Seeking Alpha piece and says it goes into production in Q4.
He highlights a secondary-deposit MRE of 700,000 oz at 8 g/t as 'all free' — not in the current valuation.
He argues the existing True North mine alone is worth more than the company's current market cap, before any credit for the secondary deposit.
He treats it as a near-term producer with embedded ounces the market hasn't priced.

The guest says Silver Mountain just went into production and that he likes the setup.

The guest flags Silver Storm as just having entered production.
He adds the San Diego project as the follow-on growth asset beyond the current producing mine.

Top takeaway The guest calls the current gold move 'technical' — driven by Bessent's operation twist, a softer dollar, and a flatter yield curve — not the fear trade he really wants to see.
He frames the sector as being in the 'third inning' of a three-leg bull market and says he's bullish on Q4 2026 and very bullish on 2027.
He lists global stresses — Japan FX intervention, France's 10-year at 4%, the KOSPI struggling at highs, and the Iran war — but says gold isn't yet getting a fear bid.
His preferred risk-reward setup is undervalued producers with growth ahead (Goldgroup, Excellon, Denarius).
He targets HUI 3,000 and argues that at 800+ there's still no positive sentiment in miners, which is why he thinks the upside remains large.