Video News/In Focus with Jeremy Szafron

(Kitco News) - The widening performance gap between the largest gold miners is a better guide to the sector than the gold price itself, and it explains why he owns Newmont and Agnico Eagle but not Barrick, according to John Feneck, founder of Feneck Consulting Group. Speaking with Kitco News, Feneck said Barrick is "executing worse" than its peers and that he holds no position in it, despite acknowledging the stock looks cheap on a longer-term chart, while calling Newmont and Agnico consistent leaders and his preferred large-cap holdings. He argued the sector remains deeply under-owned, noting that roughly 0.1% of global investable capital sits in mining, and that a shift toward 1% would drive prices substantially higher. Feneck said he was a net buyer of mining equities every week through July and August, taking his cash position down from 12-14% to 8-10%, and that he believes the summer low is in. He also described reducing his silver position by about 20% and looking to buy it back nearer $50, and advocated a "hub and spoke" approach, holding ETFs such as GDX as a core position and adding selected juniors around it. Feneck disclosed positions in several of the names discussed.