Gold & Silver Miners, Macro Risks, and Investing Strategy | Don Durrett and John Feneck

Investor TV Jul 30, 2026

Summary

Don Durrett calls junior gold and silver miners a once-in-a-generation asymmetric trade — entry prices vanish once gold crosses $5,500–$6,000.

He values juniors on a 36-month forward gold/silver price ($7,000 and $200 today) instead of spot, capturing leverage before the metal moves.

Build a portfolio pyramid — ETFs and majors form the foundation, junior miners sit on top with capped position sizes near 1% of capital.

When the original thesis survives a 40% drawdown, add to the position — averaging down improves blended cost basis and removes emotion.

The macro case rests on Fed intervention history from Greenspan through today and ongoing de-dollarization — both push investors into gold.

Don cites NEM as a recent earnings standout, reporting $2.2B in quarterly free cash flow and $9B in cash on the balance sheet.
Don says he was calling for a buy at $30 in January 2025 (with a $29 handle), and notes NEM is a major component of the GDX ETF.

Don describes Denarius as an undervalued producer currently at ~20,000 oz/year, ramping to ~40,000 oz by year-end with potential to reach 50,000+ oz next year.
John highlights the Romero project in Spain — bought from Lundin for $20M Canadian five years ago and now valued at ~$325M Canadian replacement cost — as the standout asset few investors are pricing in.
Q3 and Q4 are flagged as critical catalysts as Denarius builds a new mill that can support growth into next year, followed by Romero.
Insider ownership is described as strong, and management is not expected to give the company away at current prices.
John ranks Denarius as one of his top-10 stocks and says the Spain site visit 'blew my mind'.

Don highlights Jaguar as an undervalued producer with significant organic growth: three mills on site, one currently on care and maintenance and two running at half capacity.
The growth plan is described as simply filling existing mill capacity, with strong recent exploration success supporting the thesis.
Don likes the team and CEO and treats Jaguar as one of his top-five picks on his $50 buy-the-dip list.

Talisker is described as an undervalued producer currently at ~20,000 oz/year, scaling to 40,000 next year with a longer-term target of 200,000 oz (Don only models 100,000).
Don worries Talisker is cheap enough to be a takeover target and is waiting for a strategic shareholder to fend off 'sharks'.
Insider ownership is described as weaker than at Silverco or Denarius, raising risk the company could be acquired at unfavorable terms.

1911 Gold is entering production in Q4 with phase-one target ~45,000 oz/year, scalable to 60,000-70,000 oz by adding a 500,000 oz deposit and potentially 80,000-100,000 oz longer-term.
Don's math shows that at $6,000 gold (vs ~$4,000 at the time of recording) with a 10x multiple, 1911 prints as roughly a five-bagger over 18 months.
John spoke with CEO Sean, who confirmed execution is on track despite a June financing hiccup.
At 43-44 cents US, the speakers describe 1911 as 'crazy cheap'.

Don frames NexGold as a favorite with two flagship projects: Goldsboro (entering construction Q3, ~two-year build to mid-2028) and Goliath, which he says investors are getting 'for free'.
John likes the team being built at NexGold and was impressed after meeting management at BMO in February.
Despite 7M oz of gold across Canadian and US projects, the market has cut the stock from ~$1.50 to $0.84, which the speakers call unjustified — 'nothing has changed.'

John highlights Blackrock Silver as a recent KITGO interview pick by teammate Paul Harris, who called it 'an outstanding project' and noted the stock has fallen from $1.70 to 66 cents.
Don is convinced by management's build-the-asset plan and says BRC could deliver huge upside if execution and an accretive deal land.

Top takeaway Don's core thesis: gold will be significantly higher — potentially double — within 36 months; he ignores the next 12 months and looks 36-60 months out.
He models all picks at $7,000 gold and $200 silver (which he calls conservative) and plans to sell miners between $7,000 and $8,000 depending on multiples.
His top-five buy-the-dip picks are Silverco, Denarius, Talisker, 1911 Gold, and Jaguar Mining — all framed as 'undervalued producers'.
He argues gold miners don't fit a buy-and-hold capital-appreciation model, which is why Wall Street avoids them — citing Agnico Eagle's drop from $250 to ~$135 in 2026.
His de-risking strategy: low allocations per stock, a base of ETFs/mutual funds, physical metal, major miners, plus high-conviction mid-tier producers for upside.

Top takeaway John Fenwick hosts the Investor TV interview and frames the conversation around four beaten-up names — NexGold, Western Exploration, Excellon, and Blackrock Silver — before pivoting to macro.
He notes the HUI is down ~36-40% from earlier highs and pitches the current setup as a contrarian moment to load up on miners ahead of the September Arizona conference.