The KE Report

[Recorded October 30th at NOIC]  Chris Temple, Editor and Publisher of the National Investor, joins us for a wide-ranging discussion at the New Orleans Investment Conference to review the macroeconomic trends creating extremely volatile markets, and his outlook on coming Fed policy, inflation trends, US treasuries and interest rates, potential ramifications of US mid-term elections, policies and trends around critical minerals, gold, silver, copper, uranium, and oil.

 

 

Key discussion points:

 

Recent market volatility has investors selling many sectors, including AI related tech leadership, to pile into defensive sectors, cash, and US treasuries.

Higher persistent inflation has Chris of the mindset that the Fed should have already hiked rates more than they have; but yet, Kevin Warsh is just “talking us to death.”

Chris concurred with Jeffery Gundlach’s latest jab at the US central bank after the last FOMC meeting accusing them of having a “Ready… Aim… Aim… Aim… (but no Fire)”

US treasuries have been at the mercy of the bond vigilantes for the last few months, but recently investors panic-selling out of the markets have actually been piling into the bonds for safety.

 

With regards to the extreme selling pressure in gold, silver, and precious metals at the end of last week, Chris believes the breaking of key support levels, may lead to selling down to lower support levels of $3,500 in gold and $40-$45 in Silver.

He believes at this point most of the weak hands have sold, and if investors were going to sell to raise cash they should have done it a while ago.

Chris had warned subscribers earlier in the year that things had become overbought and gotten ahead of themselves and to fade that rally, anticipating a medium-term sector pullback.

The corrective move in the PM sector, was then exacerbated by the war in Iran, and then more selling compounded upon itself into a sector liquidation.

He will be watching for stronger pullbacks in quality PM stocks like Avino Silver and Gold, Seabridge Gold, Amex Gold, and Banyan Gold to add back to positions he and his subscribers pulled profits on earlier in the year.

 

Next we shifted over to how macro energy trends, market narratives, and market misconceptions are shaping the trends in copper, uranium, and other critical minerals. 

 

With regards to copper and uranium, Chris outlines that the fundamentals were already well intact before the last couple years got investors sidetracked and overly animated with the mania surrounding the hyperscaler’s AI data center buildout.

If the House and Senate flip to the Democrats in this week’s US mid-term elections, then Chris outlines the high probability of an investigation into many critical minerals projects and companies that received support to encourage their development from the Trump administration.

 

Wrapping up, we touch back upon the ongoing tensions between the US and Iran, the  continued chokepoint in the Strait of Hormuz, the longer-term damage to infrastructure, and what it all means to the energy sector.

 

He explains that even if we see a peace deal, that structurally oil is now in a new price range, and won’t suddenly drop into the $50s or $60s anytime soon.

Chris remains animated by the energy stocks, but did trim back half positions in the Alerian MLP ETF (AMLP) and the Direxion Daily Energy Bull 2X ETF (ERX).

His concern if the fighting in the Middle East intensifies again after the US elections is that if oil prices were to go substantially higher than the $120s for WTI, that it would shift from being a concern about inflation, to legitimate worries about an economic recession and deflation.

 

Click here to follow along with Chris at the National Investor website.

 

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

 

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.

[Recorded 10-30-2026 at NOIC]  Robert Quartermain, Co-Chairman and Director of Dakota Gold (NYSE American: DC), joins us live at the New Orleans Investment Conference to unpack the recent news on drill assays and metallurgical results, which will feed into the trade-off studies and upcoming economic studies for their Richmond Hill Oxide Heap Leach Gold Project; located in the historic Homestake District of South Dakota.  We also discuss how the Maitland Gold Project provides the next project in their development pipeline; painting the big-picture growth vision of the Company.

 

We start off with a broad update reviewing recent drill results from the 2026 exploration program, and the metallurgical test results, which will be incorporated into the updated Resource Estimate and Pre-Feasibility Study (PFS) targeted for Q4. We also have Bob outline some of the key design decisions and trade-off studies factoring into the Feasibility Study economics slated for mid-2027.

 

Dakota Gold has completed the PFS trade-off evaluation of the primary crushing options and selected a 0.5-inch (12.7-millimeter) design crush size. Recent metallurgical testing indicated modeled ultimate gold recovery for oxide material averaged 80.4% at a 0.5-inch crush size, compared with 75.9% at a 1-inch crush size.

The updated resource informing the PFS will incorporate 333 drill holes completed in 2025 and 2026, representing 30% more drilling data from the prior resource, and will be entirely focused on oxide material. The PFS will exclude transition material, which represented roughly 18% of the heap leach material in the prior resource.

The Company has also selected a single heap-leach facility located generally within the area identified for Phase 1 in the IACF, rather than the multiple conceptual heap-leach areas previously considered. The consolidated configuration will simplify material handling and solution management, optimize operations, and consolidate the geotechnical design and monitoring program within one operational area.

 

Wrapping up, Bob highlights how the Maitland Gold Project, will give the Company a solid second development project to with mineralization similar to the Homestake Mine, which is along trend, and provides the potential for future growth in their operations and production within this prolific mining jurisdiction.

 

 

If you have any questions for the team at Dakota Gold, then please email those to me at Shad@kereport.com.

 

In full disclosure, Shad is a shareholder of Dakota Gold 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 Dakota Gold

 

 

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

 

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.

[Recorded 10-29-2026 at NOIC] Tim Shearcroft, CEO and Co-Founder of BP Silver Corp. (TSX.V: BPAG) (OTCQB: BPSCF), joins me to review the newest assay results from its ongoing Phase 2 diamond drilling program at the Cosuño Silver Project, in Bolivia. These are additional assay results from two diamond drill holes that were stepping out from the prior hole at the Jalsuri North Target, and continue to intersect significant silver and gold mineralization, in addition to broad intervals of zinc mineralization.

 

HIGHLIGHTS

 

High-grade silver-gold mineralization: Drill hole CO-0019 intersected 10.0 meters ("m") grading 183.62 g/t silver and 0.59 g/t gold (239.65 g/t silver equivalent), including 2.0 m grading 506.50 g/t silver and 1.08 g/t gold (600.04 g/t silver equivalent) starting at 3.0 m depth.

Additional high-grade silver-gold mineralization: Within the upper mineralized zone, a 5.0 m interval from 4.0 to 9.0 m returned 294.00 g/t silver and 0.81 g/t gold (369.68 g/t silver equivalent).

Broad zinc mineralization: Drill holes CO-0016 and CO-0019 intersected zinc-mineralization throughout their entire lengths.
CO-0019 also intersected a broad lower zone grading 2.49% zinc equivalent over 100.0 m.

 

Tim goes on to unpack how these results factor into the larger exploration initiatives from the sampling, mapping, geological surveys, and other Phase 1 and Phase 2 results thus far.   We discuss what the follow-up process will be at Jalsuri North and Jalsuri Northeast, where other holes have been drilled that are still awaiting assays. 

 

We also reviewed the recent high-grade results at Pocañita Chica from CO-0013, and how the company is currently drilling to undercut the prior holes drilled CO-008 and CO-009 during Phase 1 drilling to test the potential deeper feeder zones.

 

Wrapping up we also discussed the future initiatives to do first pass drilling at the larger Pocañita Grande target as part of this Phase 2 drilling.    There will also be incoming IP survey data that gets paired with all prior drilling, to then set up the targeting for Phase 3 drilling early in the new year.

 

Click here to follow the latest news from BP Silver Corp

 

 

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

 

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.

silver marks the start of a cascade waterfall or a textbook false breakdown ripe for a sharp V-shaped recovery.

Bond Yields & Liquidity Events: An evaluation of the decoupling between the Treasury rally and the sharp decline in hard assets, pointing to signs of a global margin-call liquidity flush.

COT Positioning Reaching Multi-Year Lows: Insights into historical Commitment of Traders (COT) data, highlighting how managed money net longs have collapsed to multi-month and multi-year extremes, potentially acting as a major contrarian buy signal.

The High-Stakes Week Ahead: A look at the packed macro calendar that could dictate the next major trend, from geopolitical developments to upcoming JOLTS, ADP, and Nonfarm Payrolls labor prints.

 

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

 

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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 recorded live from the floor of the New Orleans Investment Conference, Cory sits down with Stephen Soock, Vice President of Investor Relations and Development at Heliostar Metals. As a precious metals analyst before joining Heliostar I get Stephen to put back on his analyst hat and discuss the market and stock valuations. 

Macro Gold Drivers vs. Noise: An exploration of why long-term monetary trends and sovereign balance-sheet demand outweigh prevailing narratives around rate cuts and price manipulation.

Producer Firepower and Free Cash Flow: A look at the disconnect between high-margin cash generation among majors and the sluggish pace of M&A.

Separating True Growth from Rhetoric: How to distinguish between genuine operational expansion and speculative scale across mid-tier and junior miners.

The Cost of Capital and Debt Dynamics: An inside perspective on how easing borrowing costs for quality assets are altering financing strategies for near-term mine builds.

Unlocking the Lassonde Curve: Why the transition from permitting to construction offers one of the most compelling risk-reward profiles in mining.

Heliostar Metals Corporate Catalysts: A preview of upcoming Q3 operational results, forward guidance, and key feasibility study milestones at the Ana Paula project.

 

Please email me at Fleck@kereport.com with any follow up questions for Stephen. 

 

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

 

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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.