The KE Report

John Rubino, [Substack https://rubino.substack.com/ ], joins me for a wide-ranging discussion on gold, the gold equities, silver, the silver equities, macroeconomic factors, and using volatility spreads to smooth out the extreme market moves. We once again reflect on the reasons why gold and the gold stocks have continued to outshine most other market sectors with the backdrop of macroeconomic turbulence and general market volatility.   Over the last few weeks both the US Dollar and bonds have not received a strong market bid, and it showcased gold as the only real safe haven from all the uncertainty in financial assets. John points out the continued bid from central banks under the gold price, and many retail and institutional investors rotating a portion of their capital into precious metals sector as the only  place to hide.  John highlights a recent missive from Jim Rickards postulating that gold has become an asymmetrical bet, where the downside is limited and the upside is potentially unlimited.   We then pivot over to the gold stocks, discussing whether we should have seen more of an increase in gold producers valuations, considering the record high underlying metals prices, and their fattest margins of all time. John points out that it is taking a while for generalists to notice after a few prior years where we saw inflation and inputs costs keeping pace with the increase in gold price.   The conversation spans a number of other topics like, if we’ll see in influx of more merger and acquisition deals, royalty company margins, the gold:silver ratio, why he thinks silver will do better than gold over the next 3-5 years, and the increased action in junior explorers like Snowline Gold, Goliath Resources, Hannan Metal, and Sitka gold all up triple digits over the last year or two.    Wrapping up we circle back to macroeconomic and the strong potential for a recession, the Fed waiting to cut interest rates, the shift in focus from generalist investors out of sectors that work working and looking for more safety, and techniques for using options and volatility.   https://rubino.substack.com/

Jayant Bhandari, a private strategic resource investor that consults many high-net-worth investors, joins me to share his takeaways on the economic health of China, US and China trade relations, his outlook on copper demand and gold demand, and opportunities he sees in handful of junior resource stocks.   We start off in a general discussion about the economic health in China, since he is traveling there for a couple of months at present and have frequently traveled there for stretches of time over many years.  This leads into discussions about all the recent news on US/China trade relations, tariffs, and manufacturing.   The focus then shifts to the importance of China to the whole commodities sector, since they also have most of the processing and manufacturing capacity on a global scale.  We get Jayant’s outlook on both gold and copper demand, why he remains quite bullish on gold, but is less certain of the future demand from China as it relates to copper.   The balance of the discussion focuses in on value arbitrage setups and opportunities in a number of resource stocks he holds in his own portfolio.  Companies that we review are:  Integra Resources Corp. (TSXV: ITR) (NYSE American: ITRG), NexGold Mining Corp. (TSXV: NEXG; OTCQX: NXGCF), the merger of Quebec Precious Metals Corporation (TSXV:QPM) with Fury Gold Mines Ltd (TSX: FURY)(NYSE American: FURY), Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF), and Aztec Minerals Corp. (TSX-V: AZT), (OTCQB: AZZTF).   Coming full circle in this discussion, we highlight the mad rush into many niche critical minerals like tungsten, antimony, geranium, and rare earths due to the export restrictions from China of these metals into the US.   Wrapping up, Jayant shares more information about why listeners may want to attend his Capitalism and Morality conference on August 22-23 this year in Vancouver.  KER listeners get a coupon code for 10% off admission.*   Coupon code for 10% discount: KEReport25   https://jayantbhandari.com/capitalism-morality-2025/      

TG Watkins, Director of Stocks at Simpler Trading and editor of Profit Pilot joins us to break down last week’s wild volatility and how he's navigating the markets with a short-term trading mindset. From swing trades to zero-day options, TG is capitalizing on volatility, while staying cautious. He shares his current market positioning, explains how his Moxie Indicator helped anticipate the recent market bounce, and highlights the importance of risk-reward setups when trading during uncertain times. TG also discusses: The role of technicals vs. headlines (like the 90-day tariff pause) Trading zero-DTE options, leveraged ETFs, and popular large-cap names like Tesla and Palantir Why he prefers avoiding small-caps in high-volatility environments A tactical view on GDX and GLD following gold’s breakout, and why he’s waiting for a pullback before reentering Caution around silver Plus, TG previews his ongoing educational class series, including how he applies his strategies to zero-DTE trades and leveraged ETFs. Learn more at simplertrading.com/moxie.

Marc Chandler, Managing Partner at Bannockburn Global Forex and Editor of the Marc to Market website, joins us to unpack another turbulent week in the markets, key moves in the currencies, global trade tensions between the US and China, and gold continuing to break out to new all-time highs as the global safe haven.   US equities started off the week plunging further with volatility is surging, and traditional safe havens like the US dollar and bonds were being sold down as capital flees US assets.  We discuss the margin calls of the last two weeks being a factor as to why gold was initially sold last week as a source of funds, and how many net-long speculators may have gotten wrong-footed and needed to sell both equities and bonds.   In a related currency trade, as many positions got unwound, and converted back into the currencies borrowed as carry trades -- the Japanese Yen and Swiss Franc, that money coming into them gave them appearance of being safe haven currencies.  Marc outlines that it really was more a market narrative being applied to those trades being unwound.    He goes on further to address other market narratives like those blaming China for crashing the bond markets and selling treasuries in retaliation to the trade tariffs, but without any factual evidence of this being the case. Marc responded that, “Maybe it is true, but where is the evidence?”  He points out that if China was selling down their US treasuries in a big way, that it would be self-defeating, because they are going to get lower yields everywhere else. Instead, China has been focusing more on retaliating with reciprocal tariffs and export restrictions on key commodities like rare earths, antimony, and tungsten.   We then transitioned over to gold’s move to all-time highs in all global fiat currencies, and if it was getting too overbought.  Marc’s take was that if we were in normal times, then sure it is getting overbought, and is well above the Bollinger bands; however, these are not normal times and there is so much uncertainty that it is keeping investors positioned in the precious metals.   Wrapping up we pondered if economic data reports even matter in a meaningful way in this type of environment.  Marc outlines that most of the economic data we’ve received is “too old” and lagging the real time effects of these rapidly changing conditions.  He points to the consumer confidence surveys, inflation expectations, and jobs numbers as not truly capturing how the markets are reacting in the present moment.   Click here to visit Marc’s site – Marc To Market. 

Welcome to the KE Report Weekend Show!    A historic week marked by heightened market volatility and tariff headlines saw sentiment shift from fear to cautious optimism. While gold is holding strong as a safe haven, the US Dollar and bonds are failing to follow suit.   This weekend, we step back to assess the broader market landscape - examining US indices, bond markets, investor positioning, and the role of precious metals in a shifting environment.   Segment 1 & 2 - Rick Bensignor, President of Bensignor Investment Strategies kicks off the show to discuss the extreme market volatility, driven by algorithms and policy uncertainty, and how it’s forcing investors to reassess traditional strategies. He warns that typical safe havens like bonds and the dollar are failing, while gold is emerging as the only asset acting like a true safe haven in this unpredictable environment. Click here to visit the In The Know Trader website.   Segment 3 & 4 - Richard Postma, AKA Doc, is back to discuss the continued strength of the gold market, emphasizing that despite being technically overbought, the bull run is not over. He highlights how gold has emerged as the primary safe haven in a volatile and uncertain global environment, fueled by weakening U.S. dominance, rising central bank gold purchases, and shifting money flows. Doc favors mid-tier gold producers like Equinox and Fortuna for their growth potential and sees 2026 as a likely breakout year for mining stocks.   If you enjoy the show, be sure to subscribe to our podcast feed (KER Podcast), YouTube channel, and follow us on X for more market commentary and company interviews. Don’t forget to subscribe and leave us a review!   Also check out our Substack where we email you summaries of Daily Editorials and the Weekend Show! Click here to check it out.  

Terry Harbort, President and CEO of Talisker Resources (TSX: TSK) (OTCQX:TSKFF), joins me to outline the lateral development on the Alhambra Vein on the 1105 level at the Bralorne Gold Project in British Columbia.  We discuss the development work underway on the pathway to near-term gold production at the Mustang Mine over the next few months.   We review that main area of focus for the development declines and work up until this point in time has been in the unmined area, between the historically mined Bralorne  and King mines, now referred to as the Mustang Mine. To date, a total of 107.1 metres of 3X3 metre development has been completed at the Mustang Mine including 2.2 metres in the mineralized Alhambra Vein. Vein access is currently underway on four levels with 11.4 metres already completed on the 1060 level, 34 metres completed on the 1075 level, 26.4 metres completed on the 1105 level and 9.3 metres completed on the 1120 level. Additional development will begin shortly on the 1090 level to provide a fifth level of access to mineralized material. Talisker expects to be extracting material from its first stope towards the end of May or early June.   We shift over to the remaining work there to be completed, a rough idea of the sustaining capital that will be needed to put the Mustang Mine into production imminently and start ramping up the throughput from 100 tonnes per day (tpd) in the next couple months, to 175 tpd after that, and then up to 250 tpd by year-end.  Moving into next year it is anticipated that throughput can rise up to 500 tpd and then eventually 750 tpd in the years thereafter.  That will involve pulling in material from the unmined areas between the historic Bralorne and Pioneer mines as a second eventual area of focus.    In addition to being amenable to toll mining at nearby processing centers with spare capacity, there have been studies underway looking at upgrading the ore on site using ore-sorting technology, so that higher-grade material, with less associated waste would make it more economical to be shipped to additional processing centers. An economic study is slated for later this year that will explore some of these concepts in more detail. Wrapping up we discuss the health of their treasury, the strength of the management and operational teams, and the key milestones and news on tap for the balance of this year.   If you have any follow up questions for Terry then please email me at Shad@kereport.com.   Click here to follow the latest news from Talisker Resources

Joel Elconin, co-host of the PreMarket Prep show and founder of the Stock Trader Network joins us to recap this week in the markets. As volatility surges across U.S. markets, Joel breaks down the key drivers and how traders should be positioning themselves.   Key topics discussed:   Volatility driven by tariff headlines: Joel highlights how self-inflicted market uncertainty has created extreme swings. The S&P 500 saw a 15% range so far this month, and the NASDAQ posted one of its biggest up days ever after falling consecutive trading days. Establishing a new trading range: While recent price action points to a possible bottom, Joel warns we’re still finding the new range. The VIX is calming down, but headline risk remains. Earnings season outlook: Delta and JPMorgan started Q1 earnings on a stable note, but the real focus will be on Q2 guidance. In volatile times, even a lack of disaster might be viewed positively. Sector exposure and trade risks: Companies with high China exposure (like Apple and Nike) are particularly vulnerable. Joel advises analyzing supply chain sensitivity and tariff impact before jumping in. Navigating a trader's market: This environment favors technically-driven, headline-aware traders. Joel shares lessons from recent trades - like scaling into $NVDA near key monthly support - and stresses the need for discipline, risk control, and having a “shopping list” ready.   Click here to visit the Stock Trader Network.   Click here to visit Joel’s PreMarket Prep website.  

Jon Deluce, President and CEO of Abitibi Metals (CSE:AMQ - OTC:AMQFF - FSE:4KG) joins us to provide a comprehensive overview of recent milestones and upcoming plans across the company’s copper-gold projects in the Abitibi region, focused primarily on the B26 deposit.    Key Discussion Topics: Recap of the 2024 Phase 2 drill program, with ~16,500m completed—highlighting new high-grade intercepts including 2.4% CuEq over 17.5m. Details on the recently closed almost $10M bought deal financing, which will fund a larger Phase 3 drill program. Preview of the Phase 3 drill campaign, targeting a minimum of 20,000 meters, drilling will be allocated across: High-grade zone definition and expansion (30%) Step-out and expansion drilling (50%) Property-wide exploration (20%) Insight into the new VP of Exploration, Louis Gariépy, formerly with O3 Mining and Agnico - bringing deep experience in VMS and gold systems. Acquisition of 100% ownership of the Beschefer Gold Project, located just 7km from B26, enhancing strategic optionality in the region. Jon also discusses timelines for potential economics, strategic project development, and how Abitibi’s exploration is structured to balance near-term value creation with long-term upside.   If you have any follow up questions for Jon please email us at Fleck@kereport.com or Shad@kereport.com.    Click here to visit the Abitibi Metals website.

Alex Wylie, President and CEO of Volt Lithium (TSX.V:VLT - OTCQB: VLTLF) joins me for a detailed update on the company’s operational progress and commercialization plans.   Volt Lithium is pioneering direct lithium extraction (DLE) from oilfield brines, targeting the massive water disposal volumes in North America's largest oil basins. In this interview, Alex outlines where the company is focused, how it’s scaling, and when we can expect revenue.   Key topics discussed:   Operational focus in Texas: 19 million barrels of water are disposed of daily in the Permian, rich with lithium potential. North Dakota updates: Field trial ongoing and a $2M government grant secured to support testing. Rapid scale-up: From 1,000 bpd in mid-2024 to 11,500 bpd capacity as of Q1 2025, using a modular system approach. Execution over expansion: Volt is focused on proving consistent, continuous lithium production to meet industrial demand in 2026. Capital position: $6.5M raised in late 2024 and a $2M grant, Volt is fully funded for current execution needs. Path to market: Volt aims to fill the U.S. industrial lithium supply gap ahead of 2028/2029 timelines touted by other developers. Alex also addresses how Volt works with its oilfield partners, how the company plans to monetize its lithium, and what milestones investors can look out for next   If you have any follow up questions for Alex please email me at Fleck@kereport.com.    Click here to visit the Volt Lithium website to learn more about the Company’s DLE technology.

Mike Konnert, President and CEO of Vizsla Silver (NYSE:VZLA & TSX:VZLA), joins me to address the temporary pause in field operations at the Panuco Project in Mexico due to security concerns unrelated to the project itself. Despite the pause, key project components, including test mining and exploration drilling remain on track.   Key Discussion Highlights:   Temporary Fieldwork Pause: On April 4th, Vizsla Silver announced a brief suspension of on-site work due to regional road security issues. The decision was made out of an abundance of caution. Operations are expected to resume shortly.. New Discovery at La Pipa Target: A high-grade silver drill result, hole AM-25-90, was reported at the La Pipa target - 6km northeast of the Copala resource area. Exploration Continues Across Multiple Targets: Drilling across several priority areas, including historic workings at Animas and San Dimas, are all part of the +10,000 meter program planned for this year. Ground EM surveys and additional data interpretation are underway during the pause. Test Mining Update: Underground development is well underway at the Copala vein with over 30m of box cut completed and underground blasting in progress. The test mine is a crucial de-risking step ahead of mill development and full-scale production. Market Volatility and Financial Strength: Vizsla remains fully funded with US$100 million in cash and no debt.   If you have any follow up questions for Mike please email me at Fleck@kereport.com.    Click here to visit the Vizsla website to learn more about the Company.