Introduces the contradictory messages from Washington: Treasury Secretary calling the gold rally a speculative blowoff vs. White House launching Project Vault to stockpile critical minerals. Asks who the real whale is behind the headlines.
Jerry Saffron
John Feneck
Acknowledges you must listen when government officials talk, but notes the divide: US banks (JP Morgan, Goldman, BofA) have raised gold targets to $5,400-$6,000. Calls the recent sell-off brutal but algorithmic and margin-driven.
Asks about the quality of buying: paper demand from hedge funds vs. physical accumulation due to shortage fears.
Jerry Saffron
John Feneck
States we are pawns in the game; big banks control it. Believes shorts let silver run to $115-$120, then attacked it on month-end.
Asks if the US becoming a strategic buyer makes it a price setter, potentially capping upside.
Jerry Saffron
John Feneck
Says silver could go down from here; identifies $65-$70 as near-term support, $50-$54 as major support.
Asks about tungsten's sharp price move and why it reacted so violently.
Jerry Saffron
John Feneck
Explains tungsten spot price doubled in 3 months due to China's export ban starting 2026. It's a defense/tech metal in a short-supplied market.
Asks how to think about tungsten vs. gold/copper, given no futures market.
Jerry Saffron
John Feneck
Gold/silver are protection/hedges. Copper is a bullish industrial metal. Tungsten is a critical metal; its price is driven by lack of supply.
Asks about concentration risk with China controlling processing, and whether this is a strategic squeeze or permanent re-rating.
Jerry Saffron
John Feneck
Believes we are in a commodities and currency war. China has a huge head start; US is playing catch-up via executive orders and fast-tracking mines.
Asks about Paramount Gold receiving its permit - is it a sell-the-news event or is there more upside?
Jerry Saffron
John Feneck
Believes it's not fully priced in. It's the first permitted gold mine in Oregon in decades, has low costs, creates jobs, and has additional assets in Nevada.
Asks how to justify execution risk in mining stocks vs. buying physical metal.
Jerry Saffron
John Feneck
The reason is leverage. Mining stocks have more upside leverage to a rise in the underlying metals.
Asks about jurisdictional risk for Highland Silver's merger with Bear Creek Mining in Peru.
Jerry Saffron
John Feneck
Sees Peru as low risk since Castillo was jailed. It's the third-largest silver producer. The project is large and costly, but Highlander has a good team.
Asks about Hecla Mining missing guidance and if the market is pricing in perfection.
Jerry Saffron
John Feneck
Doesn't own it directly but through ETFs. Respects its long history. Believes all mid-tiers will do well as fund flows into ETFs increase.
Asks at what silver price or catalyst he would start trimming exposure.
Jerry Saffron
John Feneck
Would exit a lot if silver broke $50 with a couple of closes, not just an intraday blip. Acknowledges the sector is risky and volatile.
Asks if the same underinvestment/tight supply setup exists in miners as in oil & gas.
Jerry Saffron
John Feneck
Yes. Mining is only 0.1% of the S&P. If it goes to 0.5%, massive cash flow will enter the sector. Companies need to execute and oil prices need to stay moderate.
Asks about copper's role as a different real asset trade and how to think about copper equities.
Jerry Saffron
John Feneck
Underweight copper because it's a bullish metal on the economy, and he is not bullish on the US economy. Selectively buys companies like Power Metals.
Asks for his outlook for metals heading into March.
Jerry Saffron
John Feneck
February could be choppy due to data (NFP, CPI), but March will be a really good month and the quarter will end nicely.
Asks for advice for young investors dealing with volatility.
Jerry Saffron
John Feneck
This is not a casino; don't use margin. You must be able to withstand 20-30% corrections. The good news: you're in a bull market, so buy the dips.
Asks whether to strategically position into juniors or stay in majors ahead of earnings.
Jerry Saffron
John Feneck
His personal allocation is 19% metals, 30% majors/mid-caps (via ETFs), and 50% juniors. This is the time to go for it because juniors haven't caught up yet in the bull market.