John Feneck, Founder and CEO of the Feneck Commodities Report, joins Kitco Mining’s Digging Deep to break down one of the strongest years yet for precious metals. He says the December 10 Fed rate cut reflects rising concern about the labor market, while the political shift underway in 2025 may ultimately shape the direction of rate policy more than Powell’s guidance.Silver led the reaction to the announcement, breaking above US$62 and now trading near US$63 as the gold-to-silver ratio tightens. Feneck has long argued that the metal was overdue for a reprice, noting in today’s discussion that “silver has to catch up with gold.” He explains why he remains overweight in silver equities, highlights developers and explorers he believes are still undervalued, and outlines how AI, data centers, and solar installations are becoming increasingly important to the silver demand narrative.Feneck also sees a major shift underway in 2025, with capital finally returning to junior miners after years of neglect, creating what he believes may be a multiyear window for outsized equity performance. The conversation also covers tungsten’s tightening supply, AngloGold’s permitting setback in Colombia, and what record metal prices could mean for M&A heading into 2026.Don’t forget to subscribe to the Kitco Mining and Kitco News YouTube channels to stay up to date on industry news and interviews.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.

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