作者：货币探险家

Investors navigating the precious metals market are facing a significant disconnect between government rhetoric and institutional action: the U.S. Treasury is attempting to verbally suppress prices, while major banks are positioning themselves for record highs, says John Feneck, founder of Feneck Consulting.

In an interview with Kitco NewsFinneke highlighted the apparent contradiction between U.S. Treasury Secretary Bessant's recent denunciation of gold price volatility as "speculative selling" and the emerging bullish forecasts on Wall Street.

“You have to listen carefully whenever Bessant or Powell or anyone in the U.S. government speaks,” Finnek said. “However… if the banks in the U.S. are going against them, why do you think they’d verbally suppress this trade? Banks have been raising their target prices over the past few months.”

Fennek pointed out that,The aggressive short-term target prices set by some of the world's largest financial institutions are evidence that "smart money" is betting against official narratives.

“JPMorgan sees $6,000 per ounce, Goldman Sachs sees $5,400, and Bank of America sees $6,000—and these are targets for the next few months, not the end of the year,” Finnek emphasized the short timeframe of these bullish expectations.

"Commodity Wars"

Besides gold and silver, Fennek believes that driven by geopolitical tensions and the weaponization of supply chains,The market is entering a broader "commodity war".He cited the tungsten market as a prime example of this volatility, pointing out that the price of this key defense metal doubled in just 90 days.

Fennek's warning aligns with recent geopolitical developments.

According to Fennek, the average spot price of tungsten surged from around $673 in early November 2025 to $1,375 on February 6, 2026—an increase of over 100% in three months. He attributed this supply shortage to the metal's crucial role in the defense sector, particularly in "armor-piercing projectiles, armor, missiles, and tanks."

In an effort to profit from this supply shock, Finneke revealed that he is buying up US-based tungsten-related companies, specifically naming Guardian Metal, American Tungsten, and Spartan Metals as his top picks.

"Buy on dips": A strategy to manage silver volatility

Regarding the brutal sell-off on January 30th, in which silver prices plummeted by nearly 30% intraday, Fennek described it as...Algorithmic trading exacerbates the liquidity crunch, rather than a collapse in fundamentals..

“We saw some bad trades on Monday, and then things stabilized,” he said. “The shorts exited around $50 or $60 an ounce and let it run its course… and then at the end of the month they just went straight for it.”

Finnek advises investors to view these sharp pullbacks as buying opportunities rather than reasons to panic, but he also warns against using leverage.

“This is not a casino. Don’t treat it like a casino,” he warned. “You have to be able to withstand losing 20% to 30% in a pullback.”

Investment Strategy: Giants and Junior Companies

Despite the risks, Finnek maintains an aggressive portfolio, revealing that 50% of his holdings are in junior mining companies, which he believes offer higher leverage in the current bull market.

“You’re in a bull market right now. You have to buy these dips,” Finnek said, noting that his firm was a net buyer during the recent pullback.

To gain exposure to the industry, Finnek mentioned holding major producers through ETFs such as GDX and GDXJ, while making specific "precision investments" in the primary mining sector. In addition to the tungsten-related companies he favors, he highlighted Paramount Gold Nevada, which received federal approval for its Grassy Mountain gold project in Oregon on January 29, 2026, marking a historic licensing milestone.

He also pointed out that Power Nickel is his preferred copper-related investment due to strong drilling results and support from billionaire investors.

“If we are really in a bull market, those small companies will be acquired,” Finneke concluded.