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Andy Millette: one, John Feneck. How you doing.

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John Feneck: Hey? Good Andy! Nice to see you again.

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Andy Millette: It’s good to see you. So what I really wanted to do is this is what I have been doing is just get a

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Andy Millette: really a 1st half recap of what we’ve gone through in the commodities markets, and specifically to use some of the juniors

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Andy Millette: and then what you see really going into the end of the year if we’re still in a commodity bull market. We’ve had this pull back here in the last 30 days. Just give me your thoughts on what’s going on.

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John Feneck: Let’s start with gold. I mean, gold has been an uptrend

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John Feneck: broke out confirm breakout over all time highs, and has not retraced to that level which is huge. I know it doesn’t feel like that to some cold investors who want 2,500 3,000 in these big round numbers, but it doesn’t matter to me.

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John Feneck: What matters is if you’re looking at buying gold producers that benefit from a higher sustained goal price. This market is for you, like, I mean, if you look at what’s gonna happen in July, we’ll have earnings from the big boys as well as any producer. But the big boys include Newmont, anyco aem

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John Feneck: Barrett, go d. etc. These represent 30 of Gdx. Just those 3 stocks. Right? So Gdx is the barometer that people should be looking at because there’s 15 billion dollars in that etf right like that is going to to continue to do well, in my opinion. I know a lot of people think that this thing is going to retrace back to 25. That’s not happening we’ve been very confidently saying that because there’s so much

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John Feneck: trauma that investors have had since 2,020 right, that they think that all this things going to go back to pre pandemic levels, or whatever it’s like. Come on, I mean.

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John Feneck: there’s gonna be

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John Feneck: what we’re seeing right now is a belt up in in multiple asset classes. And what’s going to happen in our opinion

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John Feneck: is that you’re going to see a ton of news flow in September and October leading up to the Us. Election, some of which is not going to be pretty. I think it could actually start with the August Jackson Hole Symposium in Wyoming, where Powell and a bunch of guys are going to get together and talk about the future of rate cuts right? And that that’s

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John Feneck: that meeting. If you look back at 2,000

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John Feneck: 16, when we had our last really big rally in the in the mining sector. In my opinion, outside of 2,020, we rallied from January to August. What derailed the mining sector rally then was that meeting? It was Janet Yellen and Fisher getting all you know.

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John Feneck: all sorts of negative, and and

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John Feneck: we we really had a really rough

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John Feneck: end of 16 into 17 into 18, until Powell turned the ship in 19. So you always have to respect the fed. And I think there’s a lot riding on that September 18th meeting, and also how Powell will talk about things going forward. So in our view a 25 basis point cut, which is getting kind of factored in almost for September 18th now, is not enough to do anything relevant.

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John Feneck: And and so we do think we’re going to see a broad market correction sometime between September and and and November 30.th

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Andy Millette: Agree with you, and you also have some

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Andy Millette: really, a potential black swan with the liquidity crisis in the banking sector that, all being said. It’s hard for me to see gold itself. The commodity really.

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John Feneck: Go.

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Andy Millette: Drastically down. If not benefit from this, speak and in benefit correct me if I’m wrong, just because the fed would be wanting to step in to provide liquidity.

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Andy Millette: Is that how you see this.

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John Feneck: Well.

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John Feneck: I’ve said this on your show before, but just as a reminder to your listeners in 2020, the Fed cut basic cut rates by a hundred basis points on a Sunday. They’ll do whatever they want whenever they want. It doesn’t right now, what we’re seeing the fed do is just talk this, you know, hey, we want inflation to our 2% objective or 2% objective. It’s the same kind of stuff, right? It’s like, it’s really

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John Feneck: It’s working because we’re in an election year. And you know, Powell is is Biden’s guy. He’s not Trump’s guy, and he knows that if he doesn’t do certain things. He’s gonna be out of a job as soon as Trump gets into office. Right? I mean, this is a fact. So so I think a lot of a lot of this leading up to the election in November is

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John Feneck: it. You have to kind of read the tea leaves here and kind of pick a path right? If you believe that Gdx is gonna retrace the 20 sub sub 20, then that don’t buy anything here. Don’t listen to anything we’re saying today. Because if that’s the case, everything is gonna go down with it. We just believe that the mining sector now

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John Feneck: has made higher loads, meaning that gold has not broken through 2075 or 2,100. You pick your, you know, Breakout point there. It’s held 2,300 pretty nicely.

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John Feneck: and what that means for earnings in July for those Gdx holdings I was referencing is that they’re gonna come in with a good earnings report right. And we saw that in January we saw that in April. Why would it be any different in July? I think you’re gonna see stellar results, because this is gonna be the best quarter that those companies can show right in in years.

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John Feneck: So I think it’s it’s gonna be go time for our sector. It surely doesn’t feel like that, because when you look at gold breaking out and things like Gdx and the Hui not doing so well.

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John Feneck: you know, investors get frustrated. It’s natural. I just looked at Gdx’s numbers through June 30, and I think they’re up about 9 and a half. That’s not really wonderful, and the sap is up. Double that right?

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Andy Millette: Right.

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Andy Millette: Well, let’s talk about that. If we and I do believe that that gold will maintain if you would. It’s relative strength, and where it’s where it’s at. Tell me a little bit about the minors, what? Exactly which ones? And I know that you talked to a lot of these guys all the time. It seems like,

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Andy Millette: W. What are they saying? And what do you really like, or what’s on your radar of companies, the juniors that you really like.

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John Feneck: Well, last summer, a bit. Early July, August, we started to really buy much more on the Exploration and development side, because the the goal price wasn’t as high right since we saw the gold breakout. We’ve added more producing companies to our mix, and as we sit here right now, we own about 41 and gold companies or gold exposure in general. That means physical and gold companies, whether it’s developer, explorer, or producer.

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John Feneck: we we own a lot of different things. We own Agnico, you know aem like we talked about

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John Feneck: in in the mid tier space, you know, we own

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John Feneck: well, you know, in terms of a a, a stock that trades really well with a penny bit. Ask on the New York Stock Exchange. We own Dakota Gold, DC, because, you know, Bob Quarter Main and the CEO Jonathan odd, they own over 15% of the entire float.

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John Feneck: So when you see that kind of ownership from the 2 leaders of the company.

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John Feneck: There’s only 99 million shares out. So I mean this, this stock can really move. It’s gone from 2 30, where we entered it all the way up to 324 as retrace the 235 today, as we record this, so we think you know, when you see opportunities like that, the charts already showing you the potential right? It’s like this is

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John Feneck: not a fake. This is not a thought that this could do this. This just did this a few weeks ago. So why wouldn’t you get behind a stock like that, considering they have 2.3 million ounces of gold. They’re in a great jurisdiction. They’re on private land, I think. They expand to 3 lane ounces by the end of the year. And then, you know, you start getting more people interested.

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John Feneck: And in the small cap space, you know, or the micro cap space.

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John Feneck: we’re taking flyers on some companies that have really good management that have had success before, like golden caribou. Gcc ff.

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John Feneck: excuse me, we think like

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John Feneck: Frank has a lot of success in the space for 25 years. This is his 3rd go around. He’s got a very similar team that he’s Compa, that he’s built that is very similar to teams that where he’s sold, you know his last asset for 330 million dollars. Canadian, right? So like, when you see that kind of a success on a stock that’s trading 15 cents right now. I mean.

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John Feneck: it’s worth a flyer in a hot, cold market. Right? People are gonna start doing what they did in 2020. Andy, they’re gonna start go Google, searching, you know, gold stocks, names with, you know, stocks with names of like gold in it. It’s it’s ridiculous what happened in 2020 to me, and it’s going to happen again on a much bigger scale, especially if we get any type of disruption

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John Feneck: like a black Swan event, or like a banking crisis, as you alluded to, these are things that people are gonna start saying, Oh, my gosh! I need to own some type more of goal exposure. Why not do it now? When it’s cheap?

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John Feneck: It always baffles me that people chase stuff. We’re like the opposite of that. We’re we’re very happy to sit back on the Dakota gold and let it come back to us. And now we’re buying it again right like with golden caribou. We bought some at 15. We bought some at 18. We bought some at 20. They announced the financing. Now it’s back to 15. So we didn’t see the financing coming. That was our bad.

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John Feneck: But you have to revisit the thesis of any stock and say nothing’s changed. They just had to raise some cash right? So like, we go back and buy some more 15 today. And we’re lowering our cost basis. So you know. If you look at a chart like that, I think it hit like 32 or 34 us this year. So it’s trading half off, you know is that is that realistic? No, not in a hot, cold market.

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Andy Millette: Yeah, it’s interesting to you as talk to an analyst, or I should say was, is Adam Hamilton. I don’t know if you’re familiar with them.

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John Feneck: Yeah, I I actually followed him for a while on seeking Alpha.

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Andy Millette: Yeah, he’s great. He’s great great interview. By the way, great guy. And he sell he sells a newsletter, and it’s funny, he says and it’s ironic. There’s a sense of irony there, he said, in a really bad market when you should be buying

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Andy Millette: my newsletter sales sales are way down.

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Andy Millette: But when things really heat up and start going, that’s when I’m selling my News Letter, I paraphrase. But my Newsletter sales rock it up, and he’s like, I’m scratching my head on that. And I have been for years. So I thought that was an interesting comment of his, and it goes with your thesis what you just said.

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John Feneck: Yup!

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Andy Millette: let’s talk about some of the other commodities. So you’re you’re bullish on goal. I should say you. You feel that gold should be holding here, if not increasing significantly, going into the end of the year. And again, I don’t want to put words in your mouth. I want to paraphrase

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Andy Millette: very, quite bullish on the stocks here, all of them, just because of the recent good correction that we had good, healthy correction.

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Andy Millette: What are the commodities. Are you talk to me about a little bit more of the other commodities that you’re looking at and are interested in.

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John Feneck: Yeah. Well, let’s talk about some jurisdictions first, st I think, like, you know, we’ve been heavy us and Canada given what’s happened in throughout the world. We we saw a lot of surprises last year. We saw some surprises this year, too, right in Panama, and some places that were not on the do not buy list, but are clearly now and so we we when we take risk in a new jurisdiction.

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John Feneck: we wanna do our homework. We wanna talk to people that are living there, not just people that are working there occasionally. Right? So 2 stocks that we’ve been buying in Peru. Which is, I think, is a great jurisdiction for multiple commodities. Is silver X agxpf.

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John Feneck: and element 79, which is a new name for us. Elm Gf.

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John Feneck: there are different stocks in that

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John Feneck: silver X is a current producer of silver.

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John Feneck: and you know, I I really like Jose’s approach. He’s not sensational. He basically cut, you know, where he needed to last year. And if you look at their numbers they’re pretty good. The knock on the company is, you know, the aisc. The all on sustaining cost has been 20 plus. That’s not unusual for sober companies, though there’s very few that you could name. Maybe like

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John Feneck: the 10 that come to mind, that have reasonable aiscs. Even something 1st majestic has very high costs. You know. The thing about it is in a hot silver market that I think we’re entering

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John Feneck: stocks like first, st majestic and Silver X are gonna fly because people are don’t understand the leverage relationship.

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John Feneck: That that a producing silver company has to the price of silver going up even a dollar or 2 an ounce.

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John Feneck: So Silver XI think, has bottomed, and we like that stock.

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John Feneck: We also like element 79 improve because we, we see them going back into production, improve within 18 months. And so when you see a stock like that that’s trading completely bombed out. I mean, it’s a 10 and a half cents right now.

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John Feneck: We think you know, on the chart here this year. It was in the thirties, right? So we’re not saying it’s gonna go to $2 or something like some of people that come on your show, I’m sure. Let’s say 10 bag or this 20 bag or that. We never say those works. We’re just saying, Hey, if this goes back to something in the Median if it’s training at 10, and it was at 30 doing good volume at 30, why can’t it go to 20? Why can’t it go up halfway through that? You know. Right? I mean, it’s it’s just logical. So as value managers. We’re saying.

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John Feneck: You know, James does a good job of running the show. He’s, you know, had to do some financing. They sold an asset recently.

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John Feneck: but they’re doing things to survive in what’s been a difficult market so they can fight another fight down the road. And when you’re going back into production, it’s always something that’s interesting to me, because, as you know many of these explore codes could be 5 years away from production, right? So like, you don’t know where the goal price is going to be in 5 years no one does, but in 18 months I have a pretty good idea. It’s going to be higher than this.

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Andy Millette: Right just for the record. I am also an investor in Silver X. Just so everybody knows and I’ve made money on Silver X as well as I have been investor, and I’m will be, I’m sure, an investor. And shortly, in 1st majestic, just for full disclosure. Let’s talk about some energy here. I’ve become energies.

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Andy Millette: probably the biggest commodity. I guess that’s really ripped in the last month

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Andy Millette: relative to every, not even relative to everything. A lot of that is geopolitical as well as getting into the second half of the year tends to be really bullish for energy, and I think there’s also a lot of negative sediment around oil, the price of oil.

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Andy Millette: What are your thoughts on energy? Specifically oil? But also, I want to talk a little bit about uranium. What’s your thoughts on uranium? Specifically, that had such a great run through the 1st part of the year, if you would, for the through the 1st 3 months. What is your outlook on uranium going into the end of the year.

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John Feneck: Yeah. So in June, I think we talked in your show a little bit about oil. So I’m not gonna do too much on that I I said then what I’ll say now, which I think it’s going to be a much higher price in a year or 2. And so I think you want to be playing.

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John Feneck: whether it’s through the large caps

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John Feneck: or the micro caps. You want to be playing oil in some way, shape or form, or just by the you know the commodity, by futures, by the commodity. There’s plenty of vts out there that track it.

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John Feneck: We mentioned angor resources on your last show, I believe, which was an Kof in the States. Ank and Canada. It has, you know, some. It’s gonna be drilling for gold and copper this summer. But what you see on their website is that they’ve been growing their oil production

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John Feneck: substantially over the last 5 months, and they just brought in through a sale of some assets, some non core assets. $600,000 so you know, again.

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John Feneck: small little 8 cent stock that doesn’t have analyst coverage. But it’s well run with a, you know, reasonable share structure. And something like that in the hot oil market just goes up right? I mean, it’s like you’ve got the golden copper as a kicker, in my view. So you know, that’s something that we’ve been buying.

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John Feneck: But yeah, switching to uranium. I think there’s plenty of opportunity there, because I was at the uranium night that they threw in Vancouver during the VR. Conference in January, and I got to meet a lot of Ceos there, and remember, that was when Spot was over 100 right and and the room was full of euphoria, and I would I would bet now, if we threw that same party in July that the room would be pretty dead, because

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John Feneck: from 105 spot at that party till about 80, and and people are like not expecting this right. They expected to run

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John Feneck: collectively to all time highs, and we haven’t seen it. That’s just part of the thing. I mean, it’s it’s like you have to be able to see the positive and what uranium’s done over the last 12 to 18 months, which is make a huge breakout.

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John Feneck: It hasn’t really been a wonderful ride for investors that are investing in the stocks, I I agree. But like, if you look at Chemical and Denison some of the bigger stuff it’s done really well. I mean the stuff that hasn’t done well, or the explore codes and developers right? And that’s what we’re buying. Because it will be a matter of time before these stocks start doing. Well, I think Peninsula just came out with really good news yesterday.

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John Feneck: They’re an Australian company that basically has their main project in Wyoming. So they basically said, everything’s on budget and on time. And the stock barely moved. Today it’s unbelievable. You know, it’s just

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John Feneck: we’re we’re at a point where like people are willing to bet on stocks that have potential 6, 7, 8 years down the road.

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John Feneck: But they’re not willing to buy a stock that’s going into production later this year, like I mean, come on, it’s it’s like you have to build a portfolio of names that could help you in the near term like a camico or a peninsula, and then buy other stuff that are flyers right like that that could do well could have good drill programs. You know, we saw f 3 uranium fuff

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John Feneck: come out with really good news last year. Made a new discovery right? And they’ve raised money into that stock at 41 cents us not long ago, and this year, by the way, and now it’s trading at 25. It’s like again something that we we will buy down here, and with an idea that higher spot prices stock will do better. It’s

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John Feneck: it’s got a lot of news flow, and and I think that you know investors should take a look at that.

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Andy Millette: Yeah. Well, he’s also said something now, but also previously, about just buying how you really play all this as you buy the bigger names, or even the Etf’s, if you would, and then you buy some of the smaller the micro caps, the smaller companies, if you would scilling into them, but they’re like, if you would the satellite that’s that’s orbiting. The bigger the bigger names and the more stable names that way you get the upside when it does go, but then, if it continues to stay up there, you have a chance of hitting some some bigger plays, so.

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John Feneck: Yeah, we use Ets just to be clear like a lot, because I have an Etf and mutual fund background. And so we use those as core positions, Andy and portfolio construction.

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Andy Millette: Very wise. Any final thoughts you have for any listeners or people that wanted to get in the space. Or they’re currently in this space. What would you want to communicate with them? Right now until I the next time I see you.

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John Feneck: I think one of the biggest themes that I see at the conference level, and some of your investors may not be going to places like Pdac, or the Energy Transition Conference that I just went to in DC. Is is that the Us.

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John Feneck: Realizes that they’re behind the 8 ball here, with China’s dominance in the commodities world, and they’re doing something about it. You’re starting to see, you know, graphite plays, titanium plays like start getting Dod contracts that are like the size of their entire market cap. Right? We talked about golden metal resources, which is just renamed itself the Guardian.

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John Feneck: Just recently a GM. Tlf, and you interviewed the CEO Oliver, I guess around about 1819 cents stocks trading at 32 cents. Now I think it has a lot more upside from here because

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John Feneck: they’re gonna get some Dod money at some point, in my view. And the reason is they’re the only tungsten deposit in the us that is a junior. And and, by the way, it’s in Nevada which is the best jurisdiction globally, right?

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John Feneck: It. It’s just a matter of time before the Us. Says we, we need

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John Feneck: supply of this critical mineral that’s used in body, armor, ammunition, etc. We can’t produce this ourselves. We’re not producing it ourselves. How about we fund a company like that so that we can get to a better place down the road right like this is just intelligent thinking

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John Feneck: and I think it’s just inevitable. I mean, we’re starting to see a lot of Dod money flying around. And I think we’re going to see a lot more of that as a theme. So one of my things to investors is to say, buy something like that

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John Feneck: by, you know, we talked about 1st tellerium, tungsten and delirium. I didn’t know much about 2 years ago. Let’s be honest right like these are kind of not household names like a gold in the silver. But that’s how you challenge yourself as an investor is to expand your knowledge into areas where you know

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John Feneck: the average investor and analyst, by the way, has no clue about what’s going on at these companies. 1st delirium, you know. Just landed a 29 million dollar deal with a company when they had a 6 million dollar market cap that day

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John Feneck: they still have about a 7 or 8 million dollar market gap. But in doing the homework you realize this company resolve that they did the deal with

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John Feneck: has Apple, Tiffany, etc, as clients like. They are absolutely going to be able to fund their part of that

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John Feneck: transaction, right? Which I think sometimes investors question which is normal. You have to question like when a deal was done. Is this deal ever going to get done. If it’s a 3 year deal right like it, it it’s normal to question these things.

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John Feneck: But when a company clarifies it for you and says, Yeah, by the way, you know, resolve is a big player, and they have huge clients like apple. It makes you feel a lot better as an investor that a lot of the gna, if you will, for that division of the company is going to get paid for by someone else.

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Andy Millette: Excellent.

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Andy Millette: All right, John. I know you’re you’re very in demand, busy Guy, and you got to run. But I just want to thank you for your thoughts, and we’ll love to have you on again here pretty soon.

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John Feneck: Sure. Yeah, if I could mention just one thing, Andy.

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Andy Millette: Absolutely.

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John Feneck: We’ve got a conference that I’ll be co-leading in October. It’s gonna be at the 4 seasons in Fort Lauderdale, Florida, and it’ll be October 20 through 22 I hope investors will check us out there. We’re gonna have a great lineup of companies. We’ll do something a bit different, and that we’re not going to just have a goal and silver theme. We’ll have copper companies, uranium companies, nickel companies.

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John Feneck: everything, you know, oil, gas, etc. So I think you know, investors that show up will get a lot out of that, and we’ll have a full day committed to just one on one meeting, so that you have the opportunity to meet people in the space.

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Andy Millette: Yeah, please, and send me the link so I can. I will always put that in your show notes and promote that for you also, if people want to do business with you. How do they do that?

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John Feneck: Yeah, so it’s just fennec, consulting.com, and you can click our performance tab and see that. You know I’ve been running money for 8 and a half years. My own money, my family’s money and

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John Feneck: our performance is.

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John Feneck: you know, over various time periods, very, very strong. We haven’t posted our June 30 numbers just yet, but we will post those in July, and I think you’ll be pleased to see the numbers from the initial look that I have on

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John Feneck: on on the the portfolio. But yeah, Andy, we do. We do the newsletter as an entry way to try to meet some people like that that you have as followers and clients.

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John Feneck: And then we also do real time updates via email, which I think is extremely helpful because we’re entering a period of time now where that information is going to be much more important, especially September, October, November. If it’s not me you want to align with someone who’s communicative. Right? You want someone who’s going to be on your side and helping you

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John Feneck: guide you through this period of time, where there’s you’re just gonna be drinking out of a fire hose with news, and you need to understand how that affects the markets.

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Andy Millette: Yup. Alright, as always, John really appreciate it. Looking forward to seeing again.

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John Feneck: Likewise. Andy. Thanks.

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Andy Millette: Thanks.