Mining investor John Feneck has increased his exposure to tungsten equities to roughly 25% of his portfolio, making an outsized bet that tight supply will keep prices elevated.
Feneck argues tungsten presents an unusual investment opportunity because the metal has limited North American production and, unlike gold or silver, investors cannot gain exposure through a futures market or a dedicated ETF tracker.
“You have to buy equities,” he said.
Feneck also discussed where he is putting money to work across gold and silver equities. He said he continues to buy mining stocks but remains disciplined on silver after selling some of his position above $100 an ounce.
With silver now around $60, Feneck said he is waiting for another potential entry point, watching support around $54-$55 and the possibility of a test of $50 if that level fails.
On gold, Feneck said a meaningful break below $3,900 would concern him and could bring the $3,500-$3,600 range into play.
Watch the full Top of Mine interview above for Feneck’s outlook on gold and silver, the mining stocks he currently owns, and why he is making such a concentrated bet on tungsten.
