John Feneck: Silver's Bull Market Isn't Over

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John Feneck says silver’s bull market is not over and continues to favor the metal as one of his largest holdings, with a constructive view also extending to silver developers and select mining equities. The interview frames the trade as not just a view on bullion, but on improving leverage in miners if gold and silver keep grinding higher. He also points to potential M&A across the silver sector and argues that mining stocks may finally begin to outperform after a long period of underperformance versus the metals. A key part of the discussion is the gap between physical silver exposure and equity exposure, with Feneck suggesting the latter could be where the upside is most pronounced if investor attention broadens. On the macro side, he questions how hawkish the Fed really is and ties that into the broader case for gold and silver. The conversation ends with a separate thematic angle on critical minerals, especially tungsten, which he prefers over rare earths given U.S. supply-security concerns; that is more of a cross-commodity strategic investment theme than a direct precious-metals trade.