The KE Report

In this Daily Editorial, we are joined by Craig Hemke, Founder and Editor of the TF Metals Report, to dissect the recent volatile price action across the precious metals sector. As silver maintains its footing in a significantly higher price bracket compared to recent years, Craig provides a technical and fundamental outlook on where the floors and ceilings currently sit for the complex.

Key discussion points include:

Silver’s technical range-bound consolidation: Why the current $65–$95 range is providing critical lines of demarcation for investors and what a breakout above $95 would signify for the next leg higher.

The gold-silver ratio and gold’s sensitivity: An analysis of why gold has remained relatively stagnant compared to silver and how Federal Reserve rate hike expectations are weighing on the yellow metal.

Paradigm shifts in historical pricing: A look at why silver’s ability to hold above $85 - despite a rallying US Dollar and rising yields - suggests a fundamental change in market dynamics compared to previous cycles.

Copper’s influence on the silver trade: Exploring the "Dr. Copper" breakout to all-time highs and how industrial demand and supply hoarding in the red metal are providing a tailwind for silver.

Macro drivers and negative real rates: Why the long-term thesis remains tied to the inevitability of yield curve control and the return of deeply negative real interest rates.

 

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: 

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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.

James Anderson, Chairman & CEO of Guanajuato Silver (TSX.V:GSVR – OTCQX:GSVRF), joins me for a comprehensive update on Q4 2025 financials, year-to-date operations trends, the early partial repayment of their loan to Ocean Partners, the 16,000 meters of underground development work underway, and the key initiatives for their ongoing 75,000 meter drill program at each mine.

 

Guanajuato Silver produces silver and gold concentrates from the El Cubo Mine Complex, Valenciana Mines Complex, the San Ignacio mine, and their recently acquired Bolanitos Gold-Silver Mine. In addition, the Company produces silver, gold, lead, and zinc concentrates from the Topia mine in northwestern Durango.  In addition to these 5 producing mines, the Company also has 3 past-producing exploration and development projects in their portfolio at the El Horcon Mine, Pinguico Mine, and Cebada Mine.

 

Q4 2025 Highlights

Mine Operating Income of $4.0M represented a 375% increase over Q3; Working Capital of $14.2M vs $5.4M, represented a 163% increase over the previous quarter.

Revenue increased by 40% to $22.7M in Q4 from $16.3M in Q3, 2025.

Production during Q4 was 295,836 ounces of silver (an increase of 21% over the previous quarter

Grades of Silver and Gold were 37% and 15% higher respectively, showing a continued trajectory toward higher quality ounces.

Silver represented 64% of total revenue; with 94% of revenue in Q4 derived from silver and gold sales, Guanajuato Silver remains a genuine precious metals producer with outsized leverage to the silver price.

Realized prices were $55.54 for silver and $4,161.94 for gold in Q4.

Cash and cash equivalents totaled $41.5M at the end of the quarter

 

James outlines their ongoing 16,000 meters of underground development work paired with the 75,000-meter drill program, currently utilizing 7 drill rigs and with plans to contract 2 more to augment exploration initiatives. This is largest exploration program the company has ever deployed, with some areas getting the first meaningful resource expansion in many years.

 

 

If you have any follow up questions for James on Guanajuato Silver, then please email them into me at [email protected].

 

In full disclosure, Shad is a shareholder of Guanajuato Silver 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 Guanajuato Silver

 

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, and companies profiled may be sponsors of the KE Report.

In this Daily Editorial, we are joined by Joel Elconin, Co-Host of the PreMarket Prep Show and Founder of the Stock Trader Network. Joel shares insights on the market technicals, challenging the "bull market" narrative by highlighting the stark divergence between high-flying tech giants and a struggling retail sector.

We dive into the following key topics:

The Selective Bull Market: Joel explains why the current rally is far more concentrated than it appears, noting the significant number of S&P 500 stocks hitting new 52-week lows despite record highs in major indices.

The Power of Momentum and Algos: A look at how algorithmic trading and "story stocks" are driving valuations like Nvidia and Poet Technologies, often ignoring traditional metrics like P/E ratios.

Tech Dominance vs. Retail Weakness: We discuss the breakdown in consumer-facing stocks like Nike and Home Depot, and what this trend signals for the broader health of the American consumer.

Contrarian Caution and Inflation: Joel shares his personal outlook on why he remains cautious despite the rally, citing looming concerns over sticky inflation, interest rates, and employment data.

 

Stocks Mentioned: NVDA, MSFT, AAPL, AMZN, GOOGL, META, TSLA, BRK.A, MU, JPM, NKE, HD, POET, CSCO, INTC, ASML, AVGO.

 

Click here to visit Joel’s PreMarket Prep website - https://www.premarketprep.com/

 

Click here to visit the Stock Trader Network - https://www.stocktradernetwork.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.

John Darch, Chairman and Director, and Ken MacLeod, President and CEO of Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP), both join me to review multiple milestones achieved and catalysts on tap transforming the value proposition for their flagship Cerro Caliche Gold Project, located in Sonoro State of Mexico.  

 

John and Ken both outline the transformation that Sonoro Gold has gone through over the last year, with the updated Mineral Resource Estimate, and resources and Preliminary Economic Assessment (PEA), the very large increase in their overall land package from 1,800 hectares to almost 9,000 hectares in 2 recent acquisition transactions. Thes increased land concessions build Cerro Caliche into a larger-scale gold mining project with multiple major mineralized zones stretching from the Agnico Eagle Santa Gertrudis deposit to the north down all the way to the Highlander Silver Mercedes Mine to the southeast.

 

Next we got more details and initiatives around the commencement of the 50,000 meter drill program, which just got underway earlier this week.  The focus will be on growing the resources, extending the mine-life, and exploring many of the areas across their new land concessions.

 

The company is now taking a hybrid approach, growing through exploration across their expanded project footprint, while remaining very constructive on the future development and production set to begin upon receipt of their final MIA environmental permit in Mexico.

 

Updated PEA Highlights:

Base Case Prices of $3,500/oz gold and $48/oz silver

Pre-Tax net present value discounted at 8% (“NPV8”)of $360 million

Pre-Tax Internal Rate of Return (“IRR”) of 65%

After-Tax NPV8”of $224 million

After-Tax IRR of 50%

Spot Prices of $5,186/oz gold and $88/oz silver

Pre-Tax NPV8of $846 million

Pre-Tax IRR of 121%

After-Tax NPV8”of $525 million

After-Tax IRR of 91%

Gold recovery of 72% and silver recovery of 27%

10-year LOM with 459 k ounces (“oz”) of gold equivalent (“AuEq”)

LOM annual average production of 46 k oz AuEq at 0.38 g/t AuEq

Initial CAPEX costs of $83 million, including $11 million in contingency

Sustaining capital costs of $26 million

AISC of $1,902/oz AuEq

Payback period of 1.7 years

 

If you have questions for either John or  Ken regarding Sonoro Gold, then please email those into to me at [email protected].

 

Click here to follow the latest news on Sonoro Gold

 

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, and companies profiled may be sponsors of the KE Report.

In this Daily Editorial, we are joined by Jeff Christian, Managing Partner at the CPM Group, for a deep dive into the shifting dynamics of the precious metals markets. As gold and silver navigate wide trading ranges, Jeff provides a strategic outlook on price action, investment demand, and the fundamental drivers shaping the rest of the year.

Key topics discussed in this episode include:

Summer Consolidation and Plateaus: A look at why gold and silver are likely to trade sideways in a volatile fashion through August before a potential breakout in late Q3.

Silver’s Outperformance: Analysis of silver’s recent move above key technical resistance levels and why it is currently leading the pack.

The Shift from Futures to ETFs: Why institutional and retail investors are moving away from the futures market in favor of ETFs due to regulatory hurdles and ease of access.

Platinum’s Multi-Year Bull Case: An overview of why the shift toward hybrid vehicles and supply constraints in South Africa could drive platinum prices higher through 2030.

Gold as the Counter-Cyclical Hedge: Understanding gold's role as the premier "risk-off" asset and how a potential cooling in equity markets could trigger the next leg up.

 

Click here to visit the CPM Group website to learn more about the firm - https://cpmgroup.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.