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.
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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.

Neil Adshead, Consultant Analyst at the Commodity Discovery Fund, joins Kitco Mining’s Digging Deep to unpack the three forces that will shape the mining sector in 2026. He warns that copper is heading into a structural supply crunch as major miners remain unwilling to approve the multibillion-dollar projects needed to meet future demand. Years of cost blowouts, long paybacks, and permitting challenges have created what he calls a global “decision moat,” leaving the next generation of large copper mines stalled across key jurisdictions.

Adshead also breaks down the growing tension between Barrick, Newmont, and Elliott Management. A potential Barrick breakup, combined with decisions surrounding the Nevada Gold Mines joint venture and the Four Mile put-option, could redefine the world’s largest gold producers. “There are so many different permutations here,” he says, noting that 2026 may bring long-awaited restructuring across the majors.

He adds that geopolitics is now shaping who will own future copper supply, with Chinese bids increasingly blocked in the Americas and Western capital stepping in to fill the gap.

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.

Stephen Stewart, founder and chairman of Ore Group, joins Kitco Mining’s Ernest Hoffman at Explor 2025 in Montreal to discuss Canada-U.S. relations, government policy, and how Ore Group is positioning for the next phase of the commodities cycle.

“The United States and Canada are brothers and sisters,” Stewart said. “We have probably the most fruitful economic partnership in the history of the world, and I think that's going to continue.”

Stewart argues that new government intervention policies, including floor pricing and strategic equity stakes, could redefine Western mining investment and help North America compete with China’s long-term resource strategy. He calls for renewed focus on productivity and job creation in Canada, saying the country has “dropped the ball” despite its rich mineral endowment. Stewart also highlights Ore Group’s countercyclical philosophy and key milestones, including a 40% IRR on its XXIX copper project in Quebec and expanding copper, uranium, nickel, and gold portfolios across Canada.

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.