John Feneck, Founder & CEO of The Feneck Commodities Report, joins Kitco Mining’s Digging Deep as gold and mining equities pull back amid ongoing geopolitical tension in the Middle East. Speaking with Paul Harris, Feneck said the recent weakness does not signal a breakdown in the trend, but a buying opportunity within a broader bull market. “This is a buying opportunity,” he said.

Feneck highlighted a growing disconnect across the sector, with major producers like Newmont and Kinross generating record free cash flow, while many junior gold stocks are down 25% to 40% since early March. He said that gap, combined with constrained global gold production, could drive increased M&A activity as majors look to secure new ounces. At the same time, some major banks continue to forecast gold in the $5,300 to $6,000 range over the next 9 to 12 months, while larger-scale deposits are increasingly required to attract serious interest.

The discussion also covers silver supply deficits, China’s growing role in critical minerals, and the return of capital to the sector through major financings and IPOs.

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

00:23 - Geopolitics and Gold Pullback
01:48 - Record Producer Cash Flow Surge
03:54 - Flat Supply and Rising M&A Pressure
05:15 - Yukon Turnaround and Undervalued Juniors
07:52 - Why 5Moz Is the New Benchmark
09:09 - Permitting Risks and PEA Pitfalls
12:14 - Ross Beaty IPO and Capital Return
15:04 - Nickel Market Rebound and Supply Shifts
17:56 - Rare Earth Deal and Strategic Demand
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Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.