The KE Report

In this Weekend Show, we dive deep into the current forces shaping the precious metals sector and the global macro economy. From the "hawkish hold" of central banks to the surprising resilience of the US economy and earnings growth, our guests break down what investors need to know to navigate the current volatility. 

Segment 1 & 2 - Dave Erfle, the founder and editor of the Junior Miner Junky, evaluates the current downturn in precious metals markets as a technically sound correction and encourages strategic accumulation in high-quality junior mining stocks. Dave specifically discusses the strength of central bank gold buying, the impact of high energy costs on major miners, and recent M&A activity involving companies like Agnico Eagle and G2 Goldfields. 

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

 

Segment 3 & 4 - Marc Chandler, Managing Partner at Bannockburn Global Forex and Editor of the Marc to Market website, analyzes the shift among global central banks toward a "hawkish hold" policy. He highlights how this stance, driven by persistent inflation and supply shocks from Middle Eastern instability, contributes to a "K-shaped" economic recovery where strong corporate earnings contrast sharply with record-low consumer sentiment. 

Click here to visit Marc’s site - Marc To Market - https://www.marctomarket.com/

 

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!

 

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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.

Chris Temple, Editor and Publisher of the National Investor, joins us to review the macroeconomic trends moving the markets, and his outlook on US general equities, precious metals, and various segments of the critical minerals space. Chris also recaps some of the companies he just saw in person at a number of site visit tours throughout Nevada, California, and Arizona.

 

We start off discussing the Fed meeting earlier this week, and a brief summary of Jerome Powell’s 8-year tenure as the head of the US central bank.  Next, we pivot over to the macro backdrop for incoming Fed head, Kevin Warsh; and the results that have accrued as the result of prior monetary and fiscal policy in the US and abroad.  Chris note the persistent issues of record sovereign debt loads, higher-for-longer inflation levels, greatly spurred along by excessive money printing over Jerome Powell’s term, pressures from the war in the Middle East, and the potential for slowing economic growth and more meaningful pullback in the broad US equities in the medium-term.

 

Switching over to gold, silver, and the precious metals equities, 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.

He pointed to the coming corrective move in the PM sector, that was then exasperated by the war in Iran, when many felt that would be a bullish driver for gold and silver.

Central banks and generalist momentum investors had come into the precious metals over the last couple years, but then some of these same groups had shifted over to selling PMs over the last couple months, putting further pressure on the sector.

Generalist investors are still very much fully deployed into US equity markets and in particular the tech stocks and AI trade, and have pushed those valuations to record levels. As a result they are less inclined to be following the future potential of the commodities stocks.

Chris is prepared for a future corrective move in US stock markets, that would initially drag everything else down with it, including most commodity and resource stocks.

However, he pointed to the 2009 period coming out of the Great Financial Crisis, where gold and silver rebounded quicker and went up more on a performance basis than the broad markets.

He expects to see a similar trend after a market liquidity event, where the PMs rebound first and to a greater degree, and the rest of the metals complex will follow.

 

Next we shifted over to trends within the broad basket of Critical Minerals, where Chris makes the point that one can’t paint them all with a broad brush, as some have unique fundamental or macro drivers and have popped up periodically like a game of “whack-a-mole.”   He pointed out that critical minerals like lithium, cobalt, and nickel had popped and then dropped over the last few years, but that he was more animated by uranium, fertilizers, magnesium, tungsten, titanium, copper, and zinc at present.

 

Wrapping up, Chris highlighted the companies he just met with on his multi-state site visit tour through Nevada, California, and Arizona including:

 

Gunnison Copper Corp. (TSX: GCU) (OTCQB: GCUMF), Nevada Organic Phosphate Inc. (CSE: NOP) (OTCQB: NOPFF), Integra Resources Corp. (TSXV: ITR) (NYSE American: ITRG), North Peak Resources Ltd. (TSXV: NPR) (OTCQB: NPRLF), Borealis Mining Company Limited (TSXV: BOGO) (OTCQB: BORMF), Apollo Silver Corp. (TSX.V: APGO) (OTCQB: APGOF), and Arizona Gold & Silver Inc.  (TSXV: AZS) (OTCQB: AZASF).

  

Click here to follow along with Chris at the National Investor 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, and companies profiled may be sponsors of the KE Report.

Jack Henris, President and COO, and Shawn Campbell, CFO of Dakota Gold (NYSE American: DC), both join us for an exploration and development update on their Richmond Hill Oxide Heap Leach Gold Project; located in the historic Homestake District of South Dakota, near existing mining infrastructure. We review all the drill results from 2025 and 2026 that will be incorporated into the upcoming resource estimate and the timeline of key development studies that will feed into updated project economics. We also highlight the upcoming drill program at their Maitland Gold Project, which will lead into an eventual resource estimate.

 

We start off reviewing more broad zones of gold mineralization that were announced from in recent drill results at Richmond Hill. Jack highlighted that the results being intercepted in the Northeast Project area contain much higher grades than the average overall resource grade. These results are encouraging their team to consider trade-off studies for the upcoming Pre-Feasibility Study (PFS), to potentially access these higher-grade areas in the first several years of mining.

 

On April 21, the company announced the 2026 Drill Campaign at the Richmond Hill Oxide Heap Leach Gold Project, which consisted of 109 holes with a combination of infill, expansion and geotechnical drilling.  The campaign is expected to be completed in the third quarter of this year, with a steady string of assay results anticipated over the balance of the year.

 

Richmond Hill is one of the largest undeveloped oxide gold resources in the United States being advanced by a junior mining company, with over 6 million ounces of gold and over 60 million ounces of silver moving along the pathway of development into heap leach production as soon as 2029. Principle Projects are on Private Land which equates to a positive attribute for efficient permitting with State and County organizations.

 

The Company will complete a Pre-Feasibility Study for Richmond Hill in the later part of 2026.

 

With the resource expansion drilling in the north intersecting significantly higher grades than resource cutoff.

This resource drilling will be complimented with an extensive metallurgical test program, so that the Company will undertake a PFS with a focus on the first ten years of mining.

This work will allow the Company to report reserves in 2026 and will inform the Feasibility Study to be completed in the first half of 2027.

 

The Company will launch a 2026 Maitland drill campaign of 5,578 meters (18,300 feet) in 44 holes.

 

The goal of this infill drilling, when combined with historic drill results, will be to define a maiden resource for the Tertiary-aged Unionville gold Zone.

 

 

Jack and Shawn highlight how these robust gold and silver resources, advantageous site infrastructure, ease of permitting on private land, and robust project economics, point to a future low-cost, long-life mining operation that can deliver high margins and generate meaningful revenues. We also review the potential for a rerating in valuation metrics when looked at through the lens of peer gold developer comparisons.

 

 

If you have any questions for Jack or Shawn regarding Dakota Gold, then please email those to us at [email protected] or  [email protected].

 

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 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.

On this Daily Editorial, we’re joined by Joel Elconin, co-host of the PreMarket Prep show and founder of the Stock Trader Network. With major tech players like Microsoft, Google, Amazon, and Meta reporting this week, the conversation centers around the unprecedented earnings growth and massive investments in AI infrastructure. Is the market overreacting to capital expenditures, or is there a longer-term play here? We dive into the shift between software and hardware stocks and the broader implications for the economy as companies continue to bet big on the AI revolution.

Key Discussion Points

Big Tech Earnings Explosion: Analyzing the double-digit percentage revenue and earnings growth from the week’s major reports.

AI Infrastructure vs. Software: Exploring the market’s reaction to high capital expenditures and the emerging divide between hardware and software performance.

Diversity and Resilience: A look at how diversified tech giants like Google and Amazon are faring compared to more focused players like Meta.

The Long-Term AI Bet: Discussing the risks of overcapacity and the potential for AI to create a lasting competitive moat for early adopters.

Market Outlook Beyond Tech: Examining current trends in heavy equipment, crude oil’s impact on transport stocks, and the latest from the Fed.

 

Stocks Mentioned: MSFT, GOOGL, AMZN, META, NVDA, MU, WDC, CAT, DE, RCL

 

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.

In this Company Update, we are joined by Brock Colterjohn, President and CEO of Onyx Gold (TSX.V: ONYX | OTCQX: ONXGF). With a massive 110,000-meter drill program currently underway, Onyx Gold is rapidly advancing its flagship Munro-Croesus project in Ontario, following a string of high-grade discoveries over the past 4 years. 

Key Discussion Points:

Munro-Croesus Project Overview: An introduction to the flagship property located in the heart of the Timmins gold camp, featuring the high-grade past-producing Croesus Mine.

The Power of Consolidation: How Onyx Gold successfully assembled a district-scale land position by executing over 35 transactions since 2019.

Argus North Discovery: Insight into the significant 2024 and 2025 drill results, including intercepts of 208 meters at 2.3 g/t gold.

Strategic Financial Positioning: A breakdown of the company's strong cash position of approximately $22 million and its clean capital structure.

Multi-Project Pipeline: The Company holds a portfolio of projects, 3 in the Timmins Gold Camp in Ontario (Munro-Croesus Property) and 4 projects in the Yukon.

 

Click here to visit the Onyx Gold website - https://onyxgold.com/ 

 

Please email me with any follow up questions for Brock. My email address is [email protected]. 

 

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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.