The KE Report

John Rubino, {Substack https://rubino.substack.com/}, joins us for another wide-ranging discussion around the macroeconomic forces at play between monetary policies and fiscal policies, both domestically and internationally. This is accented by the geopolitical ramifications on the inflation outlook, especially as it relates to the energy sector via rising oil and diesel price trends.  We also get John’s outlook on key metals like copper, gold, silver and what kinds of resource stocks that he is animated by in this environment.

 

We start off dissecting the opposing policy initiatives and stated goals of fiscal policy from the US Treasury Department, versus the monetary policy approaches and messaging by the Federal Reserve.

 

US Treasury Secretary, Scott Bessent, recently showed a bit of desperation by intervening in the Japanese Yen in early August to stave off potential runs on US treasuries, and tried to intervene in long-dated bonds, to try and bring down the long-end of the yield curve.

Kevin Warsh roiled markets some in late August, where his remarks from the Jackson Hole banking symposium were taken as hawkish by the markets, where he has signaled being open to hiking rates to fight the effects of persistent inflation above their stated goal.

John points out the incoherent approach in the US between these 2 opposing forces.

 

Next, we got John’s take on the energy sector, in lieu of continued conflict in the Middle East and Persian Gulf, and how it may play into rising inflation.

 

John points out how diesel prices are woven into the fabric of everyday life through freight, manufacturing, farming equipment, and how the record crack spreads from refining are going to result in higher inflation metrics.  

At the same time the US is having a “war of choice” that is causing inflation in the form of higher oil prices and higher crack spreads on diesel pricing; the Fed is still considering hiking rates to fight inflation. Those 2 forces could lead to a recession if the trends don’t change in the near-term.

 

This leads into the observation of the continued strength in the copper price, holding up near all-time highs, despite what should be macroeconomic and geopolitical headwinds.

 

John shares why he remains longer-term bullish copper price appreciation due to the compelling supply/demand fundamentals.

He also shares why he is short-term constructive on copper producers and key junior development assets that may become acquisition targets by the senior companies.

The caveat John mentions is the unknowable nature of the medium-term. If there is an economic recession brought about by the softening in AI data center buildouts, or a rolling over of the lofty valuations in US equities, then this could also still pressure copper and copper stocks to the downside.

 

Wrapping up, we review the strong financial health of the gold and silver producers and highlight that metal producers will need to look to growing production through purchasing more mineral inventories in the ground via advanced development projects or currently producing assets.

 

PM producers and royalty companies just reported a great Q2 earnings season in August, continuing to highlight increased revenues and rising cashflows, despite many companies seeing flatlining or even declining production metrics.

The strong metals prices have been seemingly more germane to earnings than strong fundamental growth has been. Cashed up gold and silver producers will eventually need to replace their depleting reserves, so the environment is present to start seeing more mergers and acquisitions for the balance of this year and next.

 

 

Click here to follow John’s analysis and articles over at Substack

 

 

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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 Company Introduction, I feature Alex Verge, President and CEO of Journey Energy Inc. (TSX: JOY, OTCQX: JRNGF), to discuss the company’s strategic transition in 2026 advancing the Duvernay Joint Venture with Spartan Delta, including assets sales to fund growth.

The Duvernay JV Expansion: Discover how Journey’s 30% non-operated joint venture with Spartan Delta in the Duvernay play is scaling drilling activity, increasing liquids weighting, and tracking toward becoming fully self-funding.

Strategic Asset Sales and Balance Sheet Cleanup: Learn how non-core asset sales are funding capital programs, drastically reducing future end-of-life liabilities, and keeping debt levels conservative.

Power Generation as an Operational Hedge: Explore how Journey’s wholly-owned power generation facilities generate power revenue to offset grid price volatility and protect operating netbacks.

Valuation Disconnect and Insider Alignment: An overview of the company’s discount to proved and probable net asset value, paired with heavy management equity ownership.

 

Click here to visit the Journey Energy website and read over the corporate presentation.

 

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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, I am joined by Alex Heath, CEO of Great Pacific Gold (TSXV: GPAC | OTCQX: GPGCF | FRA: V3H). We dive into the latest exploration progress across the company's Wild Dog Project in Papua New Guinea, reviewing the recently completed maiden drill program, ongoing regional field work, and upcoming catalysts across a rapidly expanding target pipeline.

Maiden Drill Results at Kavasuki: Key takeaways from the 12-hole initial drilling campaign, highlighting broad shallow mineralization, continuity near surface, and critical structural learnings.

High-Grade Surface Advancements: An overview of recent trenching and sampling results at regional prospects including Elamaraka and Kargalio, and how early-stage work is generating high-priority drill targets.

Vectoring Toward the Source: How systematic exploration, geophysics, and geological mapping are helping the team test whether these high-grade vein systems tie into larger underlying porphyry intrusive centers.

Program Execution and Treasury: Current progress on the broader ~13,000-meter drilling campaign, anticipated timelines through year-end, and how a well-funded balance sheet supports continuous exploration across more than 50 identified targets.

 

If you have any follow up questions for Alex please me at Fleck@kereport.com. 

 

Click here to visit the Great Pacific Gold website - https://gpacgold.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, Patrick Highsmith, Chairman and Co-Founder of Firefox Gold Corp. (TSX-V: FFOX | OTCQB: FFOXF | FSE: FIY), discusses recent high-grade drill results from the Mustijärvi Project in Finland and outlines upcoming milestones in the company's systematic exploration program.

High-Grade Intercepts at the East Zone: A breakdown of the latest down-dip drilling results, including a 1-meter hit grading 124 g/t gold, and what these high-grade vein structures indicate about the core mineralized system.

Resource Modeling and Footprint Expansion: How systematic 50-meter step-out drilling across the East Zone is shaping the maiden mineral resource estimate scheduled for early 2027.

Targeting Deeper Orogenic Gold Potential: The geological framework and plans for testing deeper mineralized corridors down to 800 meters during the upcoming winter drill program.

Ongoing Regional Exploration and News Flow: An overview of active drill targets across the property, including the Northeast, Triangle, and Lammas zones, and what to expect from continuous weekly assay releases.

 

Any further questions for Carl or the team at Firefox? Email me at Fleck@kereport.com.

 

Click here to visit the FireFox Gold website to learn more about the Company. 

https://www.firefoxgold.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, host Cory Fleck welcomes Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, to break down the latest price action across the commodity complex and examine the key macro themes driving markets into the fall.

Key Discussion Points

Structural Commodity Shifts: Exploring how global supply chain securitization, regional fragmentation, and geopolitical friction are establishing higher baseline price floors across major sectors.

Crude and Refined Products Divergence: Analyzing the disconnect between muted crude spot prices and tight forward curve backwardation, historical Strategic Petroleum Reserve drawdowns, and record-high diesel crack spreads.

Natural Gas Pricing Disconnect: Examining the wide price spread between US Henry Hub pricing and surging European benchmarks facing seasonal storage lows and LNG capacity constraints.

Base Metals and Copper Consolidation: Why rising energy and development costs alongside AI data center demand are driving producers toward corporate M&A rather than building new mines.

Precious Metals Resilience: Assessing the technical strength and institutional managed money positioning supporting gold and silver following recent central bank commentary.

Agriculture and Food Inflation: Evaluating crop yield impacts, Black Sea shipping disruptions, and the prospective influence of strong El Niño patterns on softs and grains.

 

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.