Digging Deep
Join a discussion with the brightest minds in the resource investing sector and learn how to navigate the complex world of mining investment. Kitco Mining's Digging Deep, hosted by Paul Harris, is your weekly appointment to understand the key trends in the resource investment space. Paul sits with experts to dissect investment trends and understand the dynamic landscape shaping the future of natural resource extraction. Digging Deep is your guide to understanding resource investment and how to profit from it.
Digging Deep
Trump’s Mining Push ‘Just the Tip of the Iceberg,’ Says John Feneck
With gold and silver at all-time highs, and copper hovering around US$5, John Feneck of The Feneck Commodities Report tells Kitco Mining’s Digging Deep that gold has finally broken out after months of consolidation. “Gold obviously was kind of a sideways pattern for a good portion of 2025,” he said, adding that it “then broke out of that consolidation and just skyrocketed past $3600, and just went ballistic here.”
Feneck also highlighted the growing institutional support behind gold’s rally, pointing to Wall Street’s latest forecasts. “Goldman Sachs has now raised their target to 4,900 gold for next year. Bank of America came out and said, ‘We’re not at $4,400 anymore. We’re at $5,000,” concluding that, “having all of this new attention on gold is really, really bullish.”
Silver’s rally is equally striking, with $50 looking like just the beginning, with Feneck speculating that inflation-adjusted highs near US$66 to US$70 could be next. He also pointed to record US$17 billion in global gold ETF inflows and noted that his firm remains heavily exposed to miners. “We’re much overweight on the equity side because you’re seeing outsized numbers on a daily or weekly basis in some of these names.”
On U.S. resource policy, he said progress is welcome but insufficient. “There has to be a lot more money thrown at this. We’re just so far behind.”
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.
