In 2026, gold and silver markets are poised for significant growth, driven by geopolitical tensions and supply-demand imbalances. Experts John Fenick and Don Durret discuss why precious metals and mining stocks remain undervalued despite recent volatility, highlighting key investment opportunities and the potential for gold and silver to reach new all-time highs amid a challenging macroeconomic environment.
Welcome to an in-depth exploration of the current state and future outlook of the gold and silver markets, featuring insights from industry experts John Fenick, founder of Fenic Consulting, and Don Durret, founder of Goldstockdata.com. Recorded on April 15, 2026, this discussion sheds light on why these experts have never been more bullish on precious metals and mining stocks.
Silver has experienced a roller coaster ride, surging to around $116 before dropping to $70 and recently stabilizing near $80. Don Durret describes silver as "little cis" — complex and unpredictable — but emphasizes that silver's fate is closely tied to gold. Silver is expected to outperform gold significantly because it is both a monetary metal and an industrial metal, with about 70% of silver used in fabrication.
The supply-demand imbalance is critical: over the past four years, there has been a deficit of over 100 million ounces of silver above ground, driven by investor demand. This shortage is unlikely to change, supporting a bullish outlook.
Silver is currently trapped in a range between $70 and $90, needing to rise about 50% to reach its all-time high near $120. Gold, by contrast, only needs to increase about 16-18% to hit new highs around $5,000. Both metals are expected to return to their all-time highs, with silver potentially outperforming gold during this cycle.
John Fenick highlights a macroeconomic battle between the S&P 500 and gold, describing them as "oil and water" that typically move inversely. He predicts a "death cross" where the S&P 500 falls below 5,500 while gold rises, signaling a prolonged period where gold outperforms stocks. This shift could last several years, marking a significant trend change.
The ongoing conflict in Iran has introduced volatility and uncertainty in precious metals markets. Despite initial sell-offs following strikes, gold and silver prices have shown resilience, often rising on peace talks and falling when conflict escalates. This seesaw action reflects the complex interplay between geopolitical risk and investor sentiment.
Don Durret expected a recession in 2026 due to weakening economic fundamentals and overvalued markets. The S&P 500's recent all-time highs amid unresolved conflict suggest market optimism that may be premature. Both experts caution that the war's outcome will heavily influence market direction.
Despite strong earnings reports from major gold miners like Newmont and Agnico, mining stocks have underperformed the metals themselves. This is partly due to the volatility inherent in junior mining stocks and market sentiment, which remains weak due to past losses and uncertainty.
Extra Gold (XTGRF): Operating in Ghana with over 23 years of exploration history, Extra Gold is the eighth largest producer in the country with a tight share structure and promising growth potential.
Nex Gold (NXGCF/NEXG): Holding 7 million ounces of gold in Canada, Nex Gold is expanding its development team and poised for growth in Ontario and Nova Scotia.
US Gold (USA): Recently released a conservative feasibility study for its Wyoming project, with experienced leadership and favorable mining conditions.
John Fenick emphasizes that these companies are trading at very attractive valuations relative to their potential, with Newmont trading at a free cash flow multiple of 10 and a target price of $500 per share if gold reaches $7,000.
Silver mining stocks offer substantial upside, with many potential five-baggers due to the current elevated silver price and low production costs.
Black Rock Silver (BKRRF/BRC): Recently released a conservative preliminary economic assessment (PEA) with significant silver equivalent ounces, located on private land in Nevada.
Aftermath Silver (AAGFF/AG): Holds over 800 million silver equivalent ounces in Chile and Peru, with strong backing and recent successful capital raises.
Fenick and Durret recommend ETFs such as SIL (large-cap silver miners), SLVP, and SILJ (small to mid-cap silver miners) for diversified exposure.
Don Durret treats mining stocks as trades, emphasizing the importance of smart entry and exit points. He remains highly bullish, targeting $7,000 gold and $200 silver, and believes the current market offers exceptional buying opportunities.
John Fenick advises patience, especially given the ongoing geopolitical uncertainties. He notes that while the metals have held up technically, junior mining stocks have been heavily sold off, creating potential entry points for investors with conviction.
Goldstockdata.com: Founded by Don Durret, this platform provides comprehensive data and analysis tools for mining stock investors.
Fenic Consulting: John Fenick's firm offers real-time market insights, personalized consultations, and hosts investment conferences.
These events provide opportunities for investors to engage directly with industry experts and mining companies.
The gold and silver markets in 2026 present a compelling case for investors seeking growth amid uncertainty. With geopolitical tensions, supply shortages, and undervalued mining stocks, experts John Fenick and Don Durret see a precious metals bull market with significant upside potential. Investors are encouraged to watch market developments closely, consider strategic entries on dips, and explore quality mining stocks and ETFs to capitalize on this cycle.
This comprehensive analysis underscores the importance of understanding both macroeconomic factors and individual company fundamentals when investing in precious metals and mining stocks today.
