The KE Report

Peter Krauth, author of the book The Great Silver Bull and editor of the Silver Stock Investor newsletter, joins me for a wide-ranging discussion on the macroeconomic factors continuing to move the precious metal sector, and some pro tips on investing junior silver stocks.    This is a longer-format conversation where we cover many areas of consideration like the recent extreme market volatility, the positioning from countries and investors in front of the coming Trump administration tariffs, and gold acting as the sole safe haven when the US dollar and bonds did not.  We also review whether the gold:silver ratio will compress, favoring a catchup trade in the silver price to higher levels, despite some concerns regarding the global economic concerns pulling on its industrial component.  We also review the lagging effect in the SILJ share price to higher and higher silver prices.   During the conversation, Peter and I discuss a number of silver companies which include:  Cerro de Pasco Resources Inc. (TSX.V: CDPR) (OTCQB: GPPRF),  GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF), Coeur Mining (NYSE: CDE), First Majestic Silver Corp. (NYSE: AG) (TSX: AG), Discovery Silver Corp. (TSX: DSV, OTCQX: DSVSF), and Kingsmen Resources Ltd. (TSXV: KNG) (OTCQB: KNGRF).     In full disclosure, Shad holds positions in GoGold Resources, Coeur Mining, and Discovery Silver at the time of this recording, and may buy or sell shares at any time.   Click here to visit Peter’s site and follow along with his analysis of the silver sector   Click here to subscribe to Peter’s free subscription service at the Silver Advisor

Matt Geiger, Managing Partner at MJG Capital, and Mike Larson, Editor-in-Chief at MoneyShow, explore the significant outflow of investment from the U.S. to gold and other hard assets. They discuss the impact of U.S. policy uncertainty on market volatility, signaling a potential long-term shift towards international markets. The duo highlights the advantages of investing in junior mining stocks over established firms and underscores the need for adaptive strategies in this evolving economic landscape. Geopolitical risks and insider buying trends in the TSX Venture Index also receive attention.

Joel Elconin, co-host of the PreMarket Prep show and founder of the Stock Trader Network, joins us to recap this last week in the markets. We’ve seen a continuation in volatility across U.S. markets, so Joel breaks down the key drivers and thoughts on trading select sectors like tech, healthcare, airlines, hotels, and gold, and looks ahead to the coming bifurcation in reactions to Q1 earnings guidance.   We start off looking at the whipsaw moves lately in general US equities, and Joel provides some technical levels that have his attention.   He highlights the recent price action moves in Apple as an example of a company pulled between company fundamentals, the impacts of tariffs and tariff exemptions to their international manufacturing model, and what it may look like if it tried to reshore its factories here in the US.  This brings up the larger topic of how difficult it is for many companies to forecast or make plans in this on-again / off-again tariff policy environment, where some components or sectors get exemptions and others do not.   Next we pivot over to Jerome Powell’s perceived bearish comments on the economy, inflation, jobs, and the macroeconomic data mid-week, and how those further roiled the markets.  We discuss the current tug-of-war between the Feds’ monetary policy and the government’s fiscal policies, and what this all means for the health of the economy moving forward.   We then broadened the scope to review the trading and price levels to watch in other select stocks within tech, financials, healthcare, airlines, and hotels.  We note discuss the very different reactions we are seeing to some companies news and guidance if it is better than expected or the crushing results if it disappoints.   Joel offers his thoughts on how traders may react to this coming earnings season with regards to pulling profits, scalping deals, or reducing market exposure around key newsflow.     Wrapping up we discuss the momentum and strength seen in gold, which broke to all-time highs again mid-week, and why it continues to separate from most other asset classes as the refuge from the volatility, even more so than other traditional safe havens like bonds or the US dollar.   Joel also weighs in on Google once again being ruled to be monopolistic by a federal judge for the second time in less than a year.   Click here to visit the Stock Trader Network.   Click here to visit Joel’s PreMarket Prep website.

Dana Lyons, Fund Manager and Editor of The Lyons Share Pro joins us for a timely update on the ongoing market volatility and the internal signals his models are flashing. Despite ongoing swings, Dana’s models, which have been negative since December, suggest the recent washout could mark the beginning of a base-building process. He highlights potential for an intermediate-term rally if key resistance levels are reclaimed, supported by improving sentiment, breadth, and momentum divergences.   We also explore:   How the volatility spike and market pullback compares to 2020, and why this setup is different. The critical support zone in the US Dollar (DXY) and what a break below 99 could signal. Dana’s trading strategy in panic-driven markets: Staying hedged, staying active, and identifying relative strength. Early signs of leadership from defensive sectors (utilities, staples, insurance) and even international names like Argentina.   Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services. 

Brad Langille, President & CEO, of GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF), joins me for a comprehensive overview of this Canadian-based silver and gold producer focused on operating, developing, exploring high quality projects in Mexico. We delve into their producing Parral Tailings mine, in the state of Chihuahua, but then focus most of the discussion on their flagship Los Ricos South and Los Ricos North development and exploration projects in the state of Jalisco.   We kick off the conversation with an operations update from their Parral Tailings mine, where production in 2024 was 1.5 million silver equivalent (AgEq) ounces. We discuss why this number may grow in 2025 with the commissioning of a new zinc circuit in January of 2025, which improves the precious metals and base metals recoveries at the processing center; while recycling and conserving the cyanide for the leach cycle, as a key cost input. Brad points out just how important the cleanup of these historic tailings, through their ongoing production, has been to the local community over the last decade; and how significant these initiatives are in a broader sense within Mexico from a social license standpoint.   Next we review the delineated mineral resources and project economics for their flagship Los Ricos South and Los Ricos North Projects. Los Ricos South – 108.6 million ounces AgEq Indicated + 16.2 million ounces AgEq Inferred Los Ricos North – 87.8 million ounces AgEq Indicated + 73.2 million ounces AgEq Inferred   Los Ricos South is shovel-ready, has a Definitive Feasibility Study in place, and is just waiting on the permit to begin construction.  There is a 24-month build, and then 6 months of ramp-up production estimated to get to full commercial production.   The Feasibility Study (using a base case silver price of US$26.80/oz, gold price of US$2,330/oz and copper price of US$4.00/lb) outlined an after-tax net present value (“NPV”) (5%) of US$355 million with an After-Tax IRR of 28%.   Using a metals price assumption of silver at $30/oz and gold at $2,608/oz, NPV (5%) of US$469 million with an After-Tax IRR of 34%.  Brad shares in the interview how much more that grows using today’s spot prices at $32 Silver and $3,300 gold, and clearly this is an economic project to build.   Additionally, there is some compelling exploration the team has been doing outside of the existing resources, based on historical data that has been analyzed and some recent scout holes that have hit the anticipated geological structure, which demonstrate the potential to delineate another large mineralized area that has never been mined.   Brad highlights how significant that would be, once the sunk costs and infrastructure was already in place, to then outline essentially a whole other body of mineralization to mine beyond the existing resources.   Next we talk about the schedule of production growth over the next 5 years, as Parral and Los Ricos South is eventually augmented by more production from Los Rico North.  Brad outlines a solid trajectory for the Company for the next handful of years, highlights their strong financial position, and key institutional and insider ownership of the stock.   If you have any follow up questions for Brad on GoGold Resources, then please email me at  Shad@kereport.com.   In full disclosure, Shad is a shareholder of GoGold Resources at the time of this recording and may choose to buy or sell shares in the market.    Click here to follow the latest news from GoGold Resources

Scott Petsel, President of Metallic Minerals (TSX.V:MMG – OTCQB:MMNGF),  joins me for a comprehensive review of all the work to date at both the Keno Silver Project in the Yukon and the La Plata Copper Project in Colorado.  Then we take a deeper dive into the Australia Creek gold alluvial claims and how the current operator has now added a 2nd project to their 2025 work program, giving Metallic Minerals a 2nd paying and producing royalty for this year.   We lead off discussing all the prior year’s drilling that has been completed at the Keno Silver project, which led into the inaugural NI-43-101 mineral resource estimate last year. This was a key milestone for this Project which defined 18.16 million ounces of silver equivalent (inferred), over 4 deposits (Formo, Fox, Caribou and Homestake). The board is currently evaluating next steps for the work programs at Keno Silver for later in the season.   Next we pivoted over to the developing exploration strategy, ongoing groundwork, and targeting for this year at the La Plata Copper-Silver Project, following up on the prior 4 drill holes over 4,530 meters in 2023, and the foundational field season in 2024 looking at a number of new porphyry target across their land package with their strategic partners at Newmont Corporation. Newmont has maintained their 9.5% strategic equity investment in Metallic Minerals due to their interest in the prospectivity for both copper and precious metals at the La Plata Project. Scott outlines that those 4500 meters drilled have not yet been added into the existing 1.21-billion-pound copper and 17.6-million-ounce silver inferred mineral resource, and that the upcoming resource update will also add in resource values from gold, platinum, and palladium for the first time; which have not previously been included.   Wrapping up Scott unpacks the announcement on April 15th highlighting the signing of a new production royalty agreement for a mile of alluvial gold claims at its Australia Creek property in the Klondike Gold District, Yukon Territory. This agreement builds on Metallic Minerals gold royalty business in 2025, with an experienced mining operator, who brings over 40 years of gold mining experience in the Yukon. This marks the second agreement at Australia Creek expanding the Company's leased ground to over two miles from the original one-mile lease in Australia Creek, which gives the company at least two gold mining operations on its Klondike Gold District claims for the 2025 season; with discussions underway with other potential operators on other properties. Scott points out that there could be up to 10 operators on all their alluvial claims in the Klondike and at Keno Hill.   If you have any follow up questions for Scott on Metallic Minerals,  then please email me at  Shad@kereport.com.   Click here to follow the latest news from Metallic Minerals

Sean Brodrick, Editor of Wealth Megatrends and contributing analyst to Weiss Ratings Daily, joins us to outline why he is tightening up his portfolio by exiting some sectors, holding only the highest conviction sectors and equities, and only really adding to gold and precious metals stocks in this current environment of uncertainty.   We start off discussing how gold continues to attract a global bid, where bonds and the US dollar are really not, because some of the trade barriers mean that people in other countries need less dollars and less dollar-denominated assets. We also find out if Sean sees a recession or even depression is on the horizon in light of the Trump administration economic strategy with tariffs and global trade policies, and how Jerome Powell and the Fed may respond to incoming economic data.  Sean points to several larger banks that have a recession forecasted as a 45%-60% likelihood, and dive into readings from the NY Fed Manufacturing Index, inflation trends, and jobs numbers for other macroeconomic signals.   Shifting over to commodities, we not just how volatile the copper pricing moves have been over the last month, and look ahead to where things may settle out in this economics indicator.  This brings China into the discussion, their potential infrastructure and economic plans, and their recent bans on many critical minerals from flowing into the US.  Sean notes that both uranium and oil are in corrective periods, and the only oil stocks he is holding are those that offer attractive dividends so that he is paid to wait.   This leads into a discussion of which dividend-paying sectors are more safe, like certain utilities, and which ones could see their dividends cut, like higher cost energy companies or hotel stocks. When discussing other sectors Sean feels could offer some refuge from economic contraction and uncertainty, he mentions holding positions in European stocks, bank stocks, some medical stocks, Bitcoin, and cybersecurity stocks. The value plays lead the conversation full-circle back to gold though, where Sean is expecting $4,000 gold by the end of the year.  For this reason he still sees opportunities in the gold stocks that capitalize on these higher prices and also likes the silver stocks at current levels.   Click here to follow along with Sean’s work at Weiss Ratings Daily and Wealth Megatrends   Click here to learn more about Resource Trader

  Dave Erfle, Editor of Junior Miner Junky, returns to share his outlook on the quick rebound in gold and silver stocks. After a sharp but short-lived correction, quality mining equities have staged a swift and powerful comeback, outpacing major indices and defying the broader market weakness.   We start by discussing the recent volatility and investor psychology around gold equities. Dave explains why holding through the shakeout rewarded conviction and how the GDX and GDXJ bounced off key moving averages.   Dave outlines how this rebound was driven by technical setups and extreme undervaluation relative to metal prices, especially gold, which remains close to record highs. We also examine silver’s massive reversal and how thin positioning created the perfect setup for a rally.   The conversation then shifts to positioning and sector rotation, with Dave noting how capital is now flowing into undervalued juniors. He shares his approach to managing risk and capital rotation, explaining how he evaluates which juniors have upside and which are weighed down by dilution or permitting risk.   We also explore standout examples of strategic M&A. Discovery Silver's acquisition of the Porcupine complex is cited as a transformational shift from optionality to production. Similarly, Endeavour Silver’s deal in Peru and upcoming Terronera production growth highlights the transformation in select stocks. Dave emphasizes the importance of looking ahead and how valuations are driven by forward expectations, not past results.   Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter. 

Jim Tassoni, CEO of Armored Wealth Strategies, joins us for his technical outlook on markets and resources. Jim is a momentum-focused trader targeting mid-term trends, and in this conversation, he shares how he's navigating one of the most volatile stretches of the year.   Despite a recent bounce in markets, Jim sees continued downside risk across major indices. He explains why his team initiated a short position on SPY, where they’d increase it, and what key technical levels they’re watching to shift bullish. Jim also outlines a profitable short trade in IWM (small caps) and why the construction of the index keeps him cautious.   We then dive into gold and the broader precious metals space, where Jim remains long and bullish, but he's watching for a better re-entry point after a strong move. He outlines extension targets up to $3,600 for gold and levels of interest on GDX and copper.   On energy, Jim shares insights into a well-timed short crude oil trade and the critical levels he’s tracking that could signal a reversal.    Finally, we wrap with international exposure, as Jim details his active long positions in Japan and China, including FXI and EWJ, and his key stop-loss levels.   Click here to visit the Armor Wealth Strategies website to keep up to date with Jim and what he’s trading. 

Glenn Jessome, President and CEO of Silver Tiger Metals (TSX.V:SLVR – OTCQX:SLVTF), joins me to outline the quality of the participants in their recently closed $15 Million bought deal financing, and why this was the right time to the raise capital.  We expand the conversation to break down how the funds will be deployed in the ongoing exploration and development work at their 100% owned, silver-gold El Tigre Project in Mexico.   The syndicate of underwriters in this Offering was led by Stifel Canada and Desjardins Capital Markets, as co-lead underwriters and joint bookrunners, and BMO Capital Markets, SCP Resource Finance LP, Ventum Financial Corp., and Canaccord Genuity Corp.  Eric Sprott also participated as a key strategic shareholder in this financing, with a show of support for the project and business strategy; after having come in during the prior capital raise back in 2020.   Glenn discusses that this interest from institutions and key stakeholders came in as a result of meetings and presentations at overseas mining conferences in Switzerland. He mentioned that when considering the backdrop of macroeconomic volatility and uncertainty in the markets, that it really was the right time to execute on this financing.   We reviewed how the Project was advanced and how many Company milestones were achieved from the prior capital raised; and how these funds would allow the operations team to hit the ground running with many key lead items and initiatives on the open-pit mine build, just as soon as the permits are received.   Wrapping up we focus on the ongoing work programs as they await their open-pit permits.  Glenn is lining up and analyzing financial term sheets for the capex needed to build the open-pit mine at El Tigre. Additionally, the company is continuing to drill from underground targeting the high-grade silver veins, and the Sulfide and Shale Zones that will feed into the upcoming PEA on the second phase of underground mining, due out by June of this year.     If you have any follow up questions for Glenn about Silver Tiger, then please email me at Shad@kereport.com.   In full disclosure, Shad is a shareholder of Silver Tiger Metals at the time of this recording, and may choose to buy or sell shares at any time.   Click here to follow the latest news from Silver Tiger Metals