No ETF, No Futures Market: Why 17% Of His Money Is In This Metal

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John Feneck says he was a steady buyer of mining equities through July and August as the sector sold off, cutting his cash from 12-14% to 8-10% while keeping a bottom call intact. He favors Newmont and Agnico, avoids Barrick, and argues the combination of strong free cash flow and depressed equity pricing has created an opportunity in the miners. He points to Newmont’s record $2.2 billion in quarterly free cash flow versus Barrick’s $515 million, with only $141 million of Barrick’s cash flow attributable to shareholders, as a key reason for the relative preference. Feneck also says more than 17% of his portfolio is now in tungsten equities, highlighting a broader move into hard-asset exposure beyond gold and silver. On metals, he remains constructive even after the summer washout, saying gold could still retest $3,900. He also says he sold silver above $100 and would look to buy it back lower, implying he sees silver as volatile but still tradable on pullbacks. The near-term setup appears supportive for mining equities if gold stabilizes and the recent capitulation in the sector proves to be the low, but the call remains dependent on whether gold holds recent highs and whether miners can sustain cash-flow momentum.