The KE Report

In this Daily Editorial, we chat with Dave Erfle, Founder and Editor of Junior Miner Junky, to break down a historic month of volatility in the precious metals sector. As March 2026 comes to a close, the markets are witnessing a significant rebound following a "nasty" monthly candle that saw major pullbacks across the board.

Key Discussion Points:

Analyzing the March Correction: A look at the significant monthly drops in GDX and GDXJ, contrasted against gold's impressive all-time high quarterly close.

Geopolitical Catalysts: How shifting rhetoric regarding the conflict in Iran and potential threats to infrastructure are tossing the gold price between positive and negative extremes.

Macroeconomic Pressures: Insight into Jerome Powell’s Harvard speech addressing the "unsustainable" path of U.S. debt and its long-term implications for hard assets.

Technical Benchmarks for Recovery: The specific price targets Dave is watching for GDX and GDXJ to confirm the deleveraging phase is over.

Selective Investing in Juniors: Why Dave is prioritizing cash-rich developers with strategic partners over high-retail-float explorers in the current environment.

The Importance of Strategic Partnerships: A discussion on why a "de-risked" project - one with a feasibility study and a major partner - is a "big green flag" for investors.

 

Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter - https://www.juniorminerjunky.com/

 

--------------------------

For more market commentary & interview summaries, subscribe to our Substacks: 

The KE Report: https://kereport.substack.com/ 

Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

In this Daily Editorial, I am joined by Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets. Darrell oversees the commodities trading desk and provides an "inside look" at how market participants are hedging and reacting to the current geopolitical climate.

The discussion focuses on the intense volatility across the energy and metals sectors, specifically exploring the divergence between global benchmarks and the underlying structural constraints facing the market today.

Key Discussion Points:

Oil Market Divergence: An analysis of the widening spreads between WTI, Brent, and Dubai benchmarks, and why the forward curves are currently underestimating structural supply issues.

The Strait of Hormuz & Supply Chains: How Iran’s leverage over global shipping routes is creating "exponential" problems for energy-intensive commodities like aluminum and petrochemicals.

Industrial Metals Performance: Why Aluminum has become a massive outlier in the base metals complex due to high energy costs, while copper and nickel remain relatively range-bound.

Natural Gas Dynamics: A look at why U.S. natural gas remains decoupled from global prices due to maxed-out LNG export capacity.

Precious Metals Sentiment: Insights into the recent "flush out" in Gold and Silver and why central bank activity remains a critical factor for long-term bulls.

 

Click here to learn more about Bannockburn Capital Markets  - https://www.bannockburnglobal.com/

 

-------------------

For more market commentary & interview summaries, subscribe to our Substacks: 

The KE Report: https://kereport.substack.com/ 

Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

Investment Disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

In this episode, we are joined by Garrett Ainsworth, President and CEO of District Metals (TSX.V: DMX | OTCQB: DMXCF | Nasdaq First North: DMXSE). Garrett provides a comprehensive update on the company’s near term work plans in Sweden. The discussion covers the anticipated release of the Preliminary Economic Assessment (PEA) for the Viken Deposit, innovative metallurgical processes that enhance resource recovery, and the upcoming drill programs across the portfolio of energy metal properties.

Key Discussion Points:

Viken Deposit PEA & Economic Impact: Insights into the upcoming Preliminary Economic Assessment (Q2 2026) and the subsequent Economic Impact Study scheduled for Q3, focusing on social licensing and job creation.

Metallurgical Advancements: A look at how new extraction technologies, originally developed for lithium and rare earth elements, are being applied to the Viken deposit to improve recoveries of uranium, vanadium, and potash.

2026 Exploration & Drilling: Details on the Q2 drill plans at the Alum Shale and Viken projects, alongside fieldwork at high-grade uranium targets like Såtjärn, Nianfors, and Ardnasvarre.

Swedish Political Landscape: An update on the potential "Deposit of National Interest" designation for Viken and the June 11th parliamentary vote regarding the removal of the municipal veto on uranium processing.

 

If you have any follow up questions for Garrett please email me at [email protected].

 

Click here to visit the District Metals website to learn more about the Company - https://www.districtmetals.com/

 

-----------------------

For more market commentary & interview summaries, subscribe to our Substacks: 

The KE Report: https://kereport.substack.com/ 

Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review the value proposition that has his attention from recent corporate news and strategies from 3 advanced gold and silver developers looking to go into the 2nd wave of the Lassonde Curve on the pathway to production in the next 1-2 years.

 

>> The companies we discussed in the interview are:

 

Montage Gold Corp. (TSX: MAU, OTCQX: MAUTF) – On March 30, 2026 the Company reported an updated Mineral Resource Estimate (“MRE”) for its Koné and Gbongogo Main deposits, at the Company’s flagship Koné project, located in Côte d’Ivoire, where construction continues to rapidly advance on-budget and ahead of schedule with first gold pour anticipated through the oxide circuit in late Q4-2026.

 

Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) - On March 30, 2026, the Company announced that it has obtained the main required governmental authorizations for the execution of its 40,000 tonne underground bulk sampling program at the Perron gold project, located within the locality of Valcanton, near Normétal. Field preparatory work is planned to begin during the month of April, with the objective of initiating portal construction in early summer 2026.

 

Blackrock Silver Corp. (TSXV: BRC) (OTCQX: BKRRF) (FSE: AHZ0) – On March 3, 2026, the Company announced the issuance by the Nevada Department of Environmental Protection (NDEP), through the Bureau of Air Pollution Control, the Class II Air Quality and Surface Disturbance Permit for the Company's Tonopah West mineral project located along the Walker Lane Trend in Nye and Esmeralda Counties, Nevada, USA.

The Permit allows for the disturbance of up to 150 acres (60.7 Hectares) at Tonopah West for five (5) years, which can be extended and modified as Tonopah West moves toward permitting and construction of its proposed exploration decline, test mining and bulk sample extraction programs.

 

Click here to follow Erik’s analysis over at The Hedgeless Horseman website

 

For more market commentary & interview summaries, subscribe to our Substacks:

 

The KE Report: https://kereport.substack.com/

Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

 

 

Investment disclaimer:

This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

In this episode, we are joined by Craig Hemke, Founder and Editor of TF Metals Report, to break down one of the most volatile periods for precious metals in recent history. Craig provides a deep dive into the macroeconomic "perfect storm" currently suppressing prices.

Key Discussion Points:

The Triple Threat to Gold: Craig explains how the 50-55 basis point shift in the 2-to-10-year yield curve, a rallying U.S. Dollar, and the massive 58-metric ton gold liquidation by Turkey have converged to drive prices lower.

Central Bank Liquidity Concerns: An analysis of why sovereigns like Turkey are swapping gold for dollars to prop up local currencies and how this deviates from the decade-long trend of central bank accumulation.

The "Peak Lunacy" in Rates: Why Craig believes the market has it wrong regarding future rate hikes, citing the unsustainable cost of refinancing $12 trillion in U.S. Treasuries at higher interest rates.

The Disconnect in Mining Equities: A look at the severe margin compression facing producers as energy costs rise while metal prices fall, and why Q1 earnings might still surprise the market.

Silver’s Technical Outlook: Evaluating the breakdown of the "one universal chart" and whether Silver is headed back toward its 200-day moving average or poised for a triple-digit recovery.

 

Click here to visit Craig’s website - TF Metals Report - https://www.tfmetalsreport.com/

 

------------------------------

For more market commentary & interview summaries, subscribe to our Substacks: 

The KE Report: https://kereport.substack.com/ 

Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

Investment Disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.