'Never Been More Bullish' - 'Unbelievably CHEAP' Gold & Silver Stocks Set to Rip

Hello everybody and welcome into Commodity Culture, where we break down commodities markets, sound money principles, and geopolitics, all with the goal of making you a better investor in the commodities sector. My name is Jesse Day. Today is April 15th, 2026, and I'm thrilled to welcome John Fenick, the founder of Fenic Consulting, and Don Durret, the founder of goldstockdata.com, to the show.

John and Don have never been more bullish on the gold and silver mining sector, and they bring their top stock picks to the table to discuss why they think these names are a screaming bargain right now. Both men think gold and silver are headed to new all-time highs at some point ahead. And when that happens, they believe holding stocks with the biggest potential upside is key to booking massive profits in this precious metals bull cycle. So, strap yourselves in for my conversation with John Fenick and Don Durret.

John Fenick and Don Durret, it is great to have you here on Commodity Culture together on the show for the first time. I want to kick things off with your macro outlook for precious metals, and then we'll get into the gold and silver miners. I want to start with silver because it's been on a crazy roller coaster, all the way up to a close of around $116, back down to $70. Now, I believe we've gotten to the $80 level again today. What do you make of this price action? And do you think we ultimately get back to triple digits this year? Don, I know you're a big silver bull, so I'm going to start with you on this one.

"Well, you want me to talk about macro or silver or both?"

The macro of silver. Oh, the macro of silver. Um, so for me, I just consider silver. I call silver "little sis" because it's female, you can't understand it. And for me, it's all about gold, and silver's just coming along for the ride. And, and, and I've always said that, you know, silver will outperform gold because silver becomes a monetary metal, and it's all about gold. And you have to, if you understand the fundamentals of gold, it makes you bullish silver. They, they go hand in hand. And the GSR was all the way up to 120, and I said it's going to go all the way down to 40. You know, you get, it's, it's, you know, so it's going to, it was going to outperform gold by a substantial amount. I still think it will outperform, but it's very, very complicated because silver, it has a lot of issues that gold doesn't have. Gold is just basically a store of value, an asset we've held forever. It's, it's really its only value is that money store of value. Whereas silver, 70% of it, about, is used in products, fabrication, right? And we don't have enough of it. There's not enough silver. When it becomes a monetary metal, then investors want some. And when investors want some, there's not enough to go around. The last four years, we've had over a 100 million ounce deficit above ground because that's all investor money, and I don't think that's going to change. I, I think that the demand for silver and gold is going to keep going up. Um, so talking about the macro, I think we need to talk about the macro that's happening right now as we speak."

"Yeah. I think that silver is trapped in a in a range here from between $70 and $90. And it's, it's down. It has to rise 50%. So, you say it's at $80, right around $80. It's got to go to $120 to get back to an all-time high. That's a 50% move. Amazingly, gold only has to go up 16, 17%, maybe 18% to get to an all-time high. So, you can see the discrepancy there. But if gold goes up that 18% to an all-time high, silver will go up 50%. That's what I mean by silver will outperform. They're both, they both are going to go back to all-time highs. We're in a correction phase here. Like I said, silver's in this range, um, $70 to $90. You know, it's got to get above $90. Gold's also in a range, $4,500 to $5,000. It has to get above $5,000. So, th, those are kind of those two levels, $5,000 and $90, we're looking at. But I think this is a dead cat bounce. We, we went all the way down to $4,100 and then we bounced up yesterday at $4,800, uh, $4,850. We're up $750 in two weeks. But I think it's a bit of a dead cat bounce. I don't think we'll go on a run all the way to $5,600 before the next correction. So, talking about the macro, the macro really is, I think there's a battle here between the S&P 500 and gold. Who's gonna, who, who's the last man standing? Who wins this war? Because gold and silver are not, I mean, excuse me, gold and the stock market are not sympatico. These guys do not agree with each other. These are, you know, oil and water, cats and dogs. These things are supposed to trade opposite. So, they're fighting it out. Who's the, who's, who's telling the truth here? I think ultimately gold is the winner here. So, I'll end with this. I think that $5,500 on the S&P, that is where the, I think the final battle will be fought. So, I think what's going to happen is the S&P will go down from like, we're at 7,000, all the way to $5,500 at some point this year. And when that happens, gold will go up, and it will, it'll be below $5,500. And you'll see this crossing, and that's going to be the death cross where the S&P and gold cross. I, I'm thinking it's going to be about $5,500, but it could be $5,800, could be $5,400. Somewhere in there, you're going to get a death cross. And that death cross is going to be for the S&P 500. And gold's going to be going up, and the S&P is going to be going down. And that trend is going to stay intact for a couple years, maybe more. And that's when we're going to win."

John, I'll turn to you now. Why don't you break down your thoughts on both gold and silver, since they are so intrinsically tied together, and how you see them performing for the remainder of 2026?

"Sure, Jesse. Um, thanks for having us on Commodity Culture. I've, I've been a big fan obviously for about four years and been on the show many times. Um, so I'm happy to have someone like Don here. You can tell he's, he's so bright when it comes to gold and silver. Adds a lot of value. Um, silver is, uh, our biggest holding going into December 31st. We had an 18% position in silver physical. Um, and we sold some over $100 all the way up to the $121 intraday level. I think I missed it by a few cents, but, but really was selling at a hundred. Like, I, I told people on your show and other shows, I'm selling over a hundred. Like, I, I'm not going to lie. Um, and, and people were kind of surprised that I was selling there. I'm like, well, hey, I've been in silver for 26 years. You may have been in silver for a couple of years. Like, I know how this metal trades, and it is not going to listen to anyone or anything. As Don said, it follows gold. It has much more upside and much more downside risk. So, it is volatile. Um, as of right now, you know, we haven't bought or sold anything. We came really close to buying some in the, in the $65 range. Um, but I, I missed it by a little bit there. And, and I'm just going to be patient and see what happens. I don't think you need to chase it right now because the war is going on. If you look at the price action since March 2nd, you know, we had a huge up day March 2nd in our sector, huge down day March 3rd. It's been extremely choppy ever since, whether you're looking at gold, silver, or miners. So, we've been net buyers since March 2nd, but we're doing it in names that we already have conviction in, if that makes sense. So, we would add to silver on dips. We would add to certain stocks on dips. We're not going out and establishing a lot of new positions right now, unless they're in tungsten or something that's really, really compelling to us. Um, but to get back to the silver technicals, look, $50 was the all-time high, right? That happened twice, but it didn't happen with volume. And so what we saw recently was huge because we broke through $50 with huge volume. And my thesis is the big banks got out of the way at $50 to $60 and said, "Let this thing run and then we're going to short it." And you saw them short it on January 30th, right? And that wasn't a little bit of a down day. That was a down 34% intraday day. Um, silver is not for everyone. It is hard to figure out sometimes because Don pointed out there's a lot of, you know, uh, industrial use for the metal. Um, but look, there's huge shortages in silver. You can't just flip a switch and start a silver mine. And the, the val, the, the supply demand imbalance that exists in silver, tungsten, and other metals is huge right now. That's the wind at our back. I think the geopolitical situation is the other wind at our back. We haven't had a situation like this in at least in my investing lifetime where the stars are really aligned for why gold and silver in a portfolio. And you're seeing that rhetoric really talked by Fidelity, Vanguard, you know, uh, uh, Double Line, like a bunch of bigger shops are saying gold should be a really big allocation in your portfolio. And, um, silver is sort of, you know, as Don said, something that follows gold's behavior. So, we have been out there saying at $50 silver, we're buyers. At $3,800 gold, we're buyers. You know, bring it on. You know, I think, you know, you need to, you need to buy dips in a bull market. And we're still in a bull market."

The sponsor of today's episode is Arc, Silver, Gold, Osmium. Owner Ian Everard is praised even by his competitors as one of the most honest and level-headed bullion dealers in the United States. They have some great prices. As you can see, some of them displayed right now on screen. Take advantage of these specials today by reaching out to Ian at 307-264-9441 or by email at ian@archsggo.com. Make sure to tell him, of course, that Commodity Culture sent you. And now, back to the interview.

And I'd love to get both of your thoughts on how this conflict in Iran is potentially shaping precious metals markets because we saw both metals sell off in the aftermath of the initial strikes. And there's this strange seesaw action happening in the markets in general that when there's talk of peace, gold and silver rise back up, um, and, and certain other assets will rise. And then when it looks like, oh, there's not going to be peace, this war is going to continue, gold and silver fall. And it's been a bit of a headscratcher because as Don was saying, they're not supposed to be following the broad market, but they kind of are in terms of this news that's coming out about the, the conflict in the Middle East. What do you make of that? And, and should this conflict continue to drag on for much longer, months, god forbid, years, how do you think that could affect precious metals markets?

Don?

"Well, first of all, I, I want to say, um, that going into this year, I, I expected a recession because if you look at the fundamentals of the economy, it's been weakening. Um, and so last year, especially labor, we saw labor is usually the last shoe to drop, and we definitely saw it weaken last year. We saw the, the leadership in the market, the Max 7 start to falter. Um, so you don't have leadership. Plus, you know, I don't think Warren Buffett is wrong. You know, Warren Buffett is in 30% cash. And he, he basically says this market's overvalued. And I think a lot of these older guys are, I think they're not wrong. Don Rogers, another one. Jim Rogers, excuse me. He said that, you know, the business cycle didn't go away. Get ready. We're, this is going to be the worst recession of my lifetime. I think the markets are overvalued. I think they were overvalued going into this year. I think that they're basically being held up like a, it's, in my opinion, it's like a house of cards. You listen to mainstream media, they, they give an argument that everything is fine, right? And they focus on earnings, and they, they focus on the stock market as being resilient, right? Well, go back to 1999, 2000, right? Everybody was in the market, every, you know, right? Every, so you never know when there's a top. Everything, oh, the market's resilient. Everything's doing great, right? That's when things fall apart. Well, so my point is, going into the Iran war, I think that we already had basically a situation where the stock market was overvalued, was having a hard time getting higher, was overdue for a big correction. Bare markets, when they come, they tend to last a long time. I, I think that the, the last one in 2000, that bare market lasted a decade, right? And now we've been a decade plus. And this growth, the next one's probably going to be another five to 10 year down cycle. So, you have to be really careful about the overall market. And then Iran shows up. Now, we don't know the outcome of this. It, it kind of blows my mind as we speak. As we speak, the, the S&P 500, it's Wednesday the 15th. The S&P 500 is at an all-time high, 7,000. The all-time high was 7,02. I, look, it traded 7,000 today. I'm like, are you kidding me? We're the S&P's at an all-time high and the straight horror news and the war in Iran is not resolved yet. The market is basically saying, I, nothing to worry about. We're going, this is going to be resolved. And I'm like, oh, not so fast. Let's see if it gets resolved. But even if it does get resolved, like I said, I don't think this market, um, has any, you know, gasoline in the tank left. I think it's maybe we, I, I thought going into this year, 7,300, 7,500 were in, were, were in play, but that's about as high as I thought it would go to. I still think that's the case. You know, maybe, maybe we get some resolution this war and, and we go to 7,300 to 7,500. But I think by the end of the year, I think we're going to hit what I talked about earlier. I think we're going sub $5,500. That's my expectation."

And John, your thoughts on how...

"On the S&P? On the on the S&P with the sub $5,500 on the S&P?"

Yeah. John, what are your thoughts?

"So, I mean, the price action since the war was announced, remember that was a a weekend, Jesse, that was set, excuse me, February 28th. So, investors had a good two days to kind of figure out their game plan, right? And I was talking to a lot of gold and silver like gurus over that weekend to say, "What's your take on this? Where do you, where do you see gold as a result of this?" Every single person I talked to, and I'm talking like billionaires, um, as well, $5,500 to $6,000. John, immediately like we hit about $5,400 pre-market and then faded and we never looked back. So, this is a group of people that, you know, have a lot of money that saw this as very bullish gold, and that has not been the case because of liquidation. When you have forced liquidation in the markets, doesn't matter what your sentiment is, you have to watch the tape and respect the tape. And that's something that we've done at Fenic Consulting over the years. And that's why we posted the 10-year track record we do is we watch markets like very, very closely, 14 hours a day. We're not sitting there and, you know, throwing darts and, and sitting back in our chair and, and hoping that, you know, things work. We're, we're looking at things and, and fact-checking ourselves all the time. And when I saw that price action March 3rd, I'm like, "No, this is not going to happen." And I started to liquidate a lot that week and the week after. We since have been net buyers the last two weeks because again, watch the tape. What happened last Tuesday? Trump said after market, like, "We are going to have a two-week ceasefire" after basically threatening to obliterate an entire civilization the previous 48 hours via text in writing. Like, this is the environment we're living in. So, you have to look at that and say, "Okay, well, we've got a two-week opportunity now to trade." That's part of the reason, Don, I think that the S&P is at 7,000 is that people are greedy by nature on Wall Street. This is like crackland. Like, I don't know how else to put it. I've never seen any other environment like this where people are like buying their own more and more like on CNBC and these talking heads. They just, they never stop. And it's really dangerous for the average investor because the average investor is like, "Oh, good. We're in the clear." No, we're not. This could be get rug-pulled next week. So, you have to watch the tape. You have to watch Trump and, and see where this is going. Like, is this going towards a resolution? As we sit here right now, I don't feel it is. And now Trump is threatening Powell literally minutes before our recording, like, you know, "If you're not out in May, I'm firing your ass." Like, this is really happening. Like, there's a lot of the backdrop for gold and silver is so good right now, and it doesn't show up in the junior price action. And I hope we can talk about stocks, Jesse, because the average investor is very confused right now. They're seeing gold and silver hold in technically, but they're seeing the juniors get smoked. And so, there is a disconnect there between stocks and, you know, the metals that we're talking about. So, my thinking is the war is something you have to keep an eye on. Like, this is something that is fluid, and you can't just, you know, feel comfortable about one direction right now."

Great. Well, I'll stay with you, John, as we move on to discussing the gold and silver mining sector because I'd love to get your thoughts on why the juniors have been taking such a beating, and also just why the gold and silver mining sector in general has not outperformed gold and silver to that big of an a margin. I mean, if we look at the GDX ETF and the SIL ETF year to date, they're not outperforming the metals by more than 5 to 10%, something like that. So, what, what's going on with that? And, and what's your outlook for the miners as we continue through 2026?

"Would you rather I just focus on gold miners first and then turn it over to Don for gold, and then we'll talk silver? Is that better or?"

"Yeah, let's do that."

"Okay. So, for gold, you know, GDX is a huge position for us. GDX, um, is the larger cap miners in our sector. Uh, think Newmont, NEM, Agnico, AEM, etc., right? February, March earnings were outstanding, lights out earnings. Um, and we saw some follow-through buying as a result of that. Uh, but then we got rug-pulled because of the war, which a lot of people don't realize. Like, if we didn't have the war, I think there would be a lot more follow-through buying in March in GDX and GDXJ names because those earnings were tremendous. There were very few misses in our sector, and Jesse and Don, you guys both know there's always misses in our sector, but not this time around because these companies were able to produce huge margins and free cash flow. So, I think that has to be a part of anyone's portfolio as a hub, right? And GDXJ to a lesser extent because it's more risky. Um, but, you know, in terms of individual names that we like like in gold stocks, and, and to answer your question first, Jesse, why the ball? The volatility is, is just inherent in junior mining stocks. There, there's not a lot of liquidity on certain days. So, you can have these, you know, fishing lines down, as we call it, where people, you know, sell market orders. And you saw that in March in the first two weeks, like people were just blowing out of names at any price, right? That's when you need to partner with a professional like Don or myself and ask, you know, "How do I set limit orders to capture these panicked sellers?" Right? Because there have been some tremendous buying opportunities over the last few weeks if you are patient. You know, um, we can go through a number of names, but we don't have time. I mean, you can see a lot of stocks down 40 to 50% Jesse since March 2nd. It's, it's been really tough, and it doesn't mean that these companies have anything wrong with them. It's just that they don't have like a good combination of marketing and news. It, you know, timing really matters in, in the mining space. So, um, you know, just talking about a few off the top of my head and gold that, that we, Don and I have interviewed or that I'm buying. Um, Extra Gold was one that came on our show recently. It's, um, XTGRF in the States. And, um, they're in Ghana. Um, they've been exploring in that area since the early 2000s, so over 23 years of exploration. And they have five or so different areas that they could mine, but they're mining one deposit right now and producing out of that deposit already. So, they're the eighth largest producer in Ghana. And if you look at the list of who's there, it's Barrick and all the big boys, like the people you'd expect. But here's this little company that has a very tight share structure, producing right there. I mean, I don't think they're going to be around in two years. I don't see how a company like that doesn't sell at a nice premium to where they're trading right now, which is around $2.20 US. Um, and the chart looks absolutely beautiful. It seemed to have peaked around $2.50 US and had a double top there, but is now kind of consolidating. Um, so we look for names like that that are going to grow their production profile and, um, they're doing it at a reasonable cost. Um, stepping down to development, you know, um, Don and I really like Nexa Gold, uh, NXGCF in the States, NEXG in Canada, 7 million ounces of gold in Canada. They can pivot. So, they have one in Ontario, another project in Nova Scotia. They can do whatever they want. I talked to Kevin recently at a conference about four weeks ago, and they've said, "We're, we're going to build out the team." And they hired about 12 people to help them build out the development team. So, this isn't like a head fake or or a bluff. This is a company positioning to grow. And that's what the c, the market is missing. They're like, "Yeah, we'll see. We'll see if you build it." We, Don and I both think they are going to build Nova Scotia first and Ontario second. And who cares if they flip-flop it? They have 7 million ounces of gold, people. Like that's all you really need to know. It's trading at $1.17 US. I mean, there's a lot of upside there. The stock hit over $1.50 on big volume, you know, recently. So, you know, that's one another quality name we're buying to dip on. Um, and then lastly on the gold side, um, you know, US Gold came out with their their FS. That ticker is USA. Um, and I haven't talked to George directly about it, but I did talk to his staff, and they, they use some very conservative numbers in that. You know, when you're building out an FS or a PFS or a PA, you can kind of manipulate some of that stuff at the lower levels like 43101 and PA, but you can't really manipulate stuff at the FS level. That's like, you know, you're getting really close to construction and production, right? And these guys use like very low numbers for gold and copper, and they're in Wyoming. So, I think that's another team like Nexa Gold that's going to build it. George is a mine builder. If you look at his history at Barrick and other companies, this is like a dream for him. You know, he's built stuff in some really difficult jurisdictions historically. Wyoming is not difficult. I visited that mine site. There's, you know, five ranchers as far as the eye can see. It's, it's wide open Wyoming right near the highway, um, right near Cheyenne. So, you're home every night as a, as a worker. And, and that kind of stuff makes sense to me. Um, and that one is, um, you know, trading a little bit up from its P, from its FS report, but not much. So, when you come out with that report, Jesse, as, as a mature gold stock, the analysts start getting more interested, the suitors start getting more interested, right? Because you're showing your entire hand, like, you know, and that's what the market is missing is that the capex on this isn't as onerous, I think, as people think because they could do a large portion of that debt. Some great thoughts. Don, how are you currently viewing the gold mining sector, and any names you'd care to share with us that, that you think present good potential value up ahead?"

"I, I've treated gold and silver or mining stocks as a trade. So, I always, I got into this, uh, chasing high alpha, and so I, I believe that you make your money when you, when you buy, you see, you, you need a smart entry price, but you need to be smart when you sell. And so, for me, it's a trade. So, I want to get in low, and I want to buy high, but I want, I don't want to leave early. There, there's a, there's smart buying, there's smart, there's smart selling. And so, you know, one example is like AO. AO, I bought it at 50 cents, and it went all the way to $10. And people are like, well, you should be, you should be taking profits. Like, no, no, no. My, the target for AO is $100. I mean, I'm not even going to be thinking about it. The only way it doesn't get there is if, well, I use $200 silver as my target, $7,000 gold is my target. Um, so that, when I use $200 silver, and I, I project out of it, it gets to 8 million ounces of production, and they'll get there. It's a matter of when. Um, the upside is just, it's too high. So, I don't care. Um, I don't care how much gains I have in a stock. I believe that it's going a lot higher. So, I'm not selling until, until we get to the top of the mountain. So, I'm waiting to get to the top of the mountain. Right now, I, I'm never been more bullish. And, and the reason why is the bull market, in my opinion, started in August of this year. In August, silver was at $30. The beginning of August last year, silver's at $35. $35. Nobody's interested in the mining stocks. And I, I had that number. I had $35 as kind of that's the breakout area. You get above $35, and we're off to the races. And we were, we went $35 to $120 in less than a year, um, half a year. Um, and yeah, and, and we've entered a bull market, and that bull market is going to have legs, in my opinion. And the, I said earlier, it's all about the fundamentals of gold. Now, why are the fundamentals of gold so strong today? They're strong today because of geopolitical problems. The US has basically been the global hegemon since 1945. We've pretty much, you know, the reserve currency, the SWIFT system, US Treasuries as the reserve, you know, global reserves, that's all been in place. Meanwhile, we've been creating this huge debt problem, the debt bubble, right? And the debt bubble, once the debt bubble got to a certain point, we start exporting inflation. And once we started exporting inflation, then the war in Ukraine started. You have to connect the dots. This, but it's all about geopolitics. And now you have this war in Iran. And I've been, before this stuff all went down, I was bullish, but I've had to keep raising my target. So, since August, I raised my target in gold to $7,000. Now, if you, and I think $7,000 is a very conservative number. I really do. I think we're going beyond seven. Um, so at seven, if you take, look at silver, 1% of silver is $70. Well, there's, we were at 3.5% in 2011. So, if you use 3%, it's $240. Um, 2% is $140. So, I, we're going somewhere between $140 and $240. Um, $120, I mean, no, $140, excuse me. Uh, $140 and $280. So, I think we're going somewhere around $200 in silver. So, I'm very bullish on the mining stocks, and those are, those are the targets that I look at right now. It's unbelievable how cheap these stocks still are. For instance, if we look at this market is not going to get long in the tooth. I call it fro, we're going to wait until it gets frothy. In order for this market to get frothy, the PEs have to get high, right? And I don't use PEs in miners. I use the free cash flow multiple because in mining stocks, cash is king. It's an unusual business. You, you have to spend money all the time. You got to spend money for, for to build mines, sustaining capex, exploration. Um, it's a cash business. So, I use free cash flow, the multiple. Right now, I have like, if you look at the Elite 8, I have this, these stocks. I call them the Elite 8. They're the top-of-the-line gold miners, which is Newmont, Barrick, Goldfields, London, um, Goldfields, uh, the, the, you know, the upper echelon gold miners. Those stocks, I think all have to get a multiple in the 20s before we get frothy. AngloGold is another one. Um, so right now, they average about 10. Newmont's at 10. And in my opinion, the reason why it's at 10 is because gold prices have went up, and their free cash flows went up, but no Wall Street's interested. So, they just keep getting cheaper and cheaper and cheaper. So, Newmont's trading about $120. My target price at $7,000 gold, they don't have to grow any production. Just, just gold has to go to $7,000. My target price is $500, which is about basically a three-bagger. $120 times 4 is $480. So, they're going to be more than a three-bagger, but my target price $500. So, if Newmont is, is going to go from $120 to $500, and all these other elite miners are all going to do these similar things, you can imagine the sentiment. The reason why the miners are in the toilet right now is because sentiment is very weak. It's very poor. Nobody's interested in these things because you have a lot of volatility. People have lost money in the past. You go back and you look at 2012, 2013, 2016, people lost lots of money in these mining stocks, and it's a very volatile sector, so nobody wants to own them. And so, sentiment has not improved, and Newmont is an indicator of that, and trading at a 10 multiple. So, we can just follow Newmont. It gets to a 15, that'll be a fair valuation. Gets to an 18, it starts to get high, right? And then, and then, but it's still too early to sell. And once it gets into the 20s, then we're like, "Okay, we got to start thinking the froth is beginning." But Newmont will get there first, and then these other companies will come along, come along as well. So, we're waiting for it to get frothy, but everything is unbelievably cheap right now, in my opinion. When Newmont's a three-bagger, you can imagine what these juniors are. It's hard to find a silver miner that isn't a five-bagger. So, instead of talking about mining stocks, I wanted to give more of an overview of the gold and silver mining situation as far as opportunity goes. I'm currently not buying because we, we had a bit of a breakout here to $4,800, and I believe it's the dead cat bounce. So, I'm, I'm going to be patient here to see what happens in Iran before I buy the next dip. I did buy the dip down there at $4,100 gold. I do buy these big dips, but now we bounced, and so I'm not, I'm waiting on the sidelines. But now, I, I will give people some stocks, though. But you're going to have to go over to X. Um, I'm, I'm, I post a lot on X. I posted my favorite silver miners, my, my favorite silver producers, and my favorite silver developers yesterday. You guys can easily find that. Just click on my picture and click on post and go down the list, and you'll be able to find it. That was posted yesterday."

Great. Well, I'll put that link in the description below so people can check out those names. John, let's switch over to the silver mining sector specifically now. What names are you watching in that space, and what's your overall assessment? Perd Don's comment that a lot of these things are five-baggers. You know, we, we never say three-bagger this, five-bagger that, but there's a ton of upside, um, in silver equities right now because the silver price is still elevated, and that is kind of also being missed by the market that the last quarter, we saw great earnings from companies like Pan-American, Coeur, Hecla, right? But like that's with the silver price doing this real fast. It's not trending at a certain price. As Don pointed out, silver has kind of been in a trading range between $70 and $90 an ounce, right? Like the ASIC, the all-sustaining cost on some of these silver juniors is is much lower, like $20, $25, right? So, the cash flow potential on these stocks, if you're looking at producers, is massive. So, I'll give your listeners a couple of ETFs to check out. Jesse, you mentioned SIL in the large cap space. You can also look at SLVP, which is the one we use for large caps. And you can also look at SILJ, which is the, the small to mid-cap, uh, names in the silver space. All three of those we own. Um, but in terms of individual names, here's some for your, your guys and girls. Um, you know, the first one I'd mention is Blackrock Silver, uh, BKRRF in the States and BRC in Canada. They came out with their PEA, which was much awaited by them, uh, March 31st. So, this isn't something that, you know, is very old, and, and take a look at that thing. It is crazy conservative. Um, they're using way low gold and silver prices. I, I was really shocked they were using something so conservative that the stock still responded. It went from 85 cents up, up to a buck seven US in a couple of sessions, and it's now trading all the way back down around 90 cents or lower. So, it's completely faded that move here in April. But the thing that, um, I, I talked to Andrew about the CEO. I said, "Hey, you're using 89.5 million ounces of silver equivalent. I thought you told Don and I you're over 100 now." And he said, "Yeah, we're actually at 122." Um, but we didn't factor in a lot of that silver into the PEA, which is another thing that investors miss is that when a PEA or something like that comes out, it's a snapshot in time, right? That's as far as they can put like all that material into that particular report. Doesn't mean they don't have more silver or more gold. And so, Blackrock Silver is on private land in Nevada. It's a really interesting story. And, um, Don and I were just interviewing, uh, Paul Hewitt from USA, a huge silver player in the States, and Don had presented the idea of maybe Blackrock Silver becoming part of USA because it is a good fit for both companies. Excuse me. Um, the second name I would give you, um, would be Aftermath Silver, which is AAGFF in the States and AG in Canada. They have 800 million plus silver equivalent ounces out in the market right now. And when I say silver equivalent, they have manganese and copper as well. So, when you add up all of what they have, that's the number. Um, and they're in Chile and Peru. So, they trade at a bit of a discount, I think, because of Chile and Peru. They're not in the States, but I think that's just an opportunity. I mean, they raised $20 million bucks in December with like no problems at all. 10 of that came from Eric Sprott. So, Eric Sprott has, as you know, many positions in gold and silver. He has a lot in five of 10% positions. He doesn't have a lot of 25% positions, and that's his position in Aftermath, 25% of the entire company. That's his third or fourth largest silver holding or gold holding in the junior space. So, those are two for your listeners there."

Right. Well, Don, tell us about Goldstockdata.com and what it is you do there.

"Yeah. So, when I started investing in, in mining stocks, um, there was no data on the internet. Couldn't, you know, I couldn't really find anything. So, I had to do it all on my own. And then, um, and there was no books. I, I tried to find, you know, some books to learn how to do this, and there was no book. So, at first, I wrote my book, which is a textbook. It's the only book that explains how to analyze these things. Um, if, and then, and then I created the website to provide data for, as a tool for investors. So, if you, if you already own mining stocks, then you're, you're want going to want to come check out my website. If you don't own any gold, silver mining stocks, read my book, and then see if the book interests you. Um, and so that, that, that would be my, what I would say. But thanks, Jesse."

And so the book is it available on Amazon, through the website? Where can people find it?

"Yeah, on Amazon."

Great. I'll put the link to both the book and Goldstockdata in the description below. John, tell us about Fenic Consulting and the investment conferences that you have coming up.

"Sure. Uh, it's fenicconsulting.com. Uh, if you go to the performance tab, you'll see our 10-year public track record there in mining. We're very proud of it. We had a tremendous year last year, up about 153% retail and up over 300% in our private account. Um, you know, I think it's repeatable, Jesse. I do. I mean, I, I think we could have another tremendous 2026. I'm not sure about 2027. A lot of that has to, you know, I have to see what the Fed does with wars and different people coming into play here, but I, I think next year could be good as well. Um, I'm kind of of the mindset that you're going to have a really nice run here for 18 to 24 months, and then I, I really don't know. But, um, you know, uh, I, I think that a lot of money can be made from this level because this sell-off has been predicated by the war, which is temporary. I don't see us becoming Russia-Ukraine and going four years plus on this thing. I mean, this, this thing could be resolved literally this summer. Um, so we have three services, Jesse. We have a real-time email service where people can get stuff from me about the war, about GDP, about CPI, things that really do impact our sector. Uh, that comes in their, their inbox literally every day. Um, we have paid phone calls where people can talk to me about, you know, different things that they're they're concerned with. A lot of people are concerned right now. So, it's not like buy, sell, hold. It's more like, you know, we have this much in gold, this much in silver, this much in GDX, and then we buy these juniors, um, around that strategy, and, um, trying to help an investor understand the methodology, which is sometimes challenging. Um, and we also have, uh, the conferences, as you mentioned. So, the conferences are May 17th through 19th in Washington D.C. I spent 25 years in D.C. I have a lot of friends there that aren't ever going to go to Patek or Verick, um, but they are going to come to a local conference, and so we think that's, I mean, the numbers have been outstanding. We, we're getting some really big whale investors there, and some great companies have signed up. Then May 20th through 22nd in Fort Lauderdale at the Four Seasons on the Ocean. Don was a speaker there two years ago, and it's just a great resort. Um, and I'll just say this, Jesse, in closing, like Don and I go to these conferences too. We don't just tell people, "Hey, you should go to a conference." We do the work. Um, Don and I have both been named first-day speakers at Beaver Creek in September this year. Um, we're really proud of that. And it's because we do 40 meetings at Beaver Creek on average each year. You know, it's like, we're not just sitting there and hoping that, that the team says to us, "Hey, would you come speak?" We're doing the work. It takes a lot of research to get to this level that we're at right now in terms of knowledge. And conferences are a great avenue for clients to get involved at a very low cost, right? It's your cost of travel, your hotel, your time, but we're going to open it up to to investors for free if they're serious about doing meetings, right? There's a fee to attend if you're just going to walk around and, and not be very active, right? But if you're going to take meetings, we'll let you in, and you should, you know, hit me up through the email that's going to be in the show notes, and we'll be happy to talk to you."

Right. Well, I will put that email in the show notes along with a link to Fenic Consulting and the conference page so people can go ahead and sign up. Thank you, gentlemen, uh, for coming on the show and, and sharing your knowledge. It's been a blast.

"Thanks, Jess."

"Thanks, Jesse."

"Thank you for joining us today. Our sponsor Arc Silver Gold Osmium has some great prices on precious metal bullion products. You can see them on your screen right now. These are subject to change and while supplies last. So, reach out to owner Ian Everard today at 307-264-9441 or by email at ian@archsggo.com and make sure to tell him that Commodity Culture sent you. And represent sound money in style with the official Stacks Not Fiat Commodity Culture t-shirt. Use the link in the description below, and I'll see you guys in the next episode. Commodity Culture is a series on commodities and natural resources. If you would like to see more, be sure to subscribe and hit the bell notification so you're always up to date with the latest episodes."