The KE Report

John Rubino, [Substack https://rubino.substack.com/ ], joins us for another wide-ranging discussion around the geopolitical uncertainties and macroeconomic catalysts that are leading to volatility in oil, the energy sector, uranium, gold, silver, and the related resource stocks.

 

We start off reviewing the volatility and recent extreme surge higher in oil prices due to the continued conflict and uncertainty around the war in the Middle East.

 

News of the ceasefire may send oil prices lower in the near-term, but John points out it is unlikely we’ll see oil prices go all the way back down to where they were several months ago. There has been too much infrastructure damaged through all the bombing campaigns from both sides of the conflict for a snapback supply response.

Oil company margins, will remain elevated even if oil pulls back down into the low $90s or $80s or even $70s.

Headline driven dramatic pullbacks in oil company prices could be a good entry point for medium-term accumulation; especially if it is a dividend-paying stock.

 

 

When reviewing what parts of the energy sector show the most promise or opportunity, John points out that really the whole suite of energy inputs from solar to uranium to coal and natural gas are all needed.

 

He points out that parts of Europe is now realizing the folly of shutting down some nuclear power plants or being overly reliant on renewables or Russian natural gas, and so they are turning back to restarting coal plants in desperation.

Conversely, he highlights that China has had the ideal approach of starting up as many different forms of power plants as possible to feed the trend of increasing energy demands.

He also points to how increased copper demand to feed growth projections around electric vehicles, A.I. data centers, and connecting to demands on the energy grid will keep the red metal well bid for years to come.

 

Turning to the extreme volatility in both directions in the precious metals thus far in 2026 – John sees opportunities for placing low-ball bids in quality gold and silver stocks that have corrected by 30%-50% off their January and February highs.

 

When asked how to avoid the danger of “catching the falling knife” if these PM stocks just keep correcting, he lays out the positive and negatives of using stop-loss orders. He also points to using option strategies to make profits on the way down to eventually buying a stock one already wants to accumulate at a lower pre-determined strike price.

We note again that PM stocks are not fully factoring in the higher metals prices seen in Q1 into their current valuations, which is giving investors and edge to accumulate existing positions or initiate new positions in stocks that had previously run away to the upside into the current weakness.

John points out that their growing piles of cash on the balance sheets of highly profitable gold and silver producers will be used for paying dividends, buying back their shares, or merger & acquisitions deals.

 

When pressed on if the bull market in precious metals was over, he pointed out that conditions that created the big run in gold and silver prices are still present and have not fundamentally changed; and have actually strengthened.

 

John brings up the ongoing concerns about the growing sovereign debt crisis in nations all over the world, and the desire by governments and central banks to cut interest rates and throw money at slowdowns to run the economy hot and to try and grow their way out of the economic challenges they face.

Those fiscal and monetary policies will be even more inflationary, leading to a debt spiral, and how affect global currencies and interest rates; which should remain longer-term bullish factors for the precious metals.

 

 

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

 

 

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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. 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.

Craig Hemke, Founder and Editor of TF Metals Report, joins me for a candid conversation around the impacts of geopolitics, macroeconomics, Fed policy, a technical outlook on gold and silver prices, and the ongoing disconnect in the valuation of the precious metals stocks, considering the record margins and revenues they experienced in Q1, which just wrapped up last week.   

 

Key Discussion Points:

 

Geopolitics can swamp the charts and macroeconomics in the short-term: The upcoming deadlines that the US has imposed on Iran to open the Strait of Hormuz by Tuesday evening, could either end in a deal or more bombing and fighting.  Either scenario could see such a large market reaction.   This makes it nearly impossible to forecast what may play out in the short-term.

Central Bank policy response tools are limited: If inflation starts moving higher on the back of higher oil, fertilizer, chemical, and manufacturing inputs, then the Fed’s ability to cut rates will be more muted.  However, if the global economy slows from a ‘demand shock’ then central banks will err on the side of running the economy hot, cutting rates, and easier monetary policy.

Interest Rates and the US Dollar response need to be monitored closely:  Craig points out from a larger macro perspective that market has it wrong regarding future rate hikes, citing the unsustainable cost of refinancing the growing sovereign debt levels if rates go to high.   He’ll be watching both the short and long end of the interest rate curve, as well as the US dollar response.

The Disconnect in Mining Equities: Much media speculation has been made about margin compression facing producers as energy costs, but that is painting all mining companies with the same broad brush without any legitimate analysis for how much their margins may be affected.

The PM prices in the first quarter were at record average quarterly prices, which will lead to records Q1 revenues and earnings, even as the stock corrections got overdone and oversold.

We’d have to see a massive selloff in metals during Q2 to get the average prices and margins down under just Q4 of 2025, much less that of Q3 2025.  This means that Q2 will likely outperform the current expectations based on where PM stocks are priced today.

 

 

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. 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.

Frank Callaghan, President and CEO of Golden Cariboo Resources Ltd.  (CSE:GCC) (OTC:GCCFF), joins me for an exploration update on the first 28 drill holes completed, and the 29th hole ready to be drilled imminently. Stepout drill has been extending the mineralization and strike length beyond the Halo Zone, located at their flagship Quesnelle Gold Quartz Mine, in the Cariboo Mining District of British Columbia.  The immediate workstreams are to compile all this drilling data, in combination with some historic drill holes, into an upcoming Maiden Resource Estimate, targeted to come out later in the month of May.

 

We start off having Frank outline the broad bulk-tonnage style of mineralization coming back from the prior assays returned, when stepping out from the Halo Zone; and why these large disseminated gold systems can become some of the largest producing gold mines.   This large project footprint and continuity of the broad intercepts of mineralization is what will allow the Company to put out the maiden resource estimate in about a month’s time.

 

On March 25, 2026 Golden Cariboo Resources announced that drill hole QGQ25-28 was completed on March 19, 2026 to a total length of 754.69 m (2,476 ft), ending in mineralization approximately 12 m (39.37 ft) from Osisko Development Corp.’s claim boundary. The end of drill hole QGQ25-28 is located approximately 283 m (928.48 ft) beyond the end of drill hole QGQ25-25, which also ended in mineralization.

 

Next we discuss how all 28 holes drilled to date have hit gold mineralization and how their geologists have really come to a good understanding of the mineralization and have vectored in on exploring for gold at the greenstone belt contact zone at their Quesnelle Gold Quartz Mine.   Much of the drilling has been testing the approximately 2-3km area between the Main Zone and Halo Zone and straddling Hixon Creek.  One drill will be turning doing large step-outs and extending the strike length of the mineralized trend. There is a strong geophysical signature helping out with drill targeting, that also extends on to their neighbor’s land package at Osisko Development.

 

Next we got into the recent acquisition of the 13 cells of placer claims at the Halo zone; which when combined with past staking around their main property, has brought the new total land position up to around 95,000 hectacres (~235,000 acres) held by the Company, and now making it the third largest claim holder in the Cariboo Gold District. 

 

We wrap up with potential rerating the company could get once their initial resource estimate is out and digested by the market.  With regards capital on hand, they announced a modest raise in late March to get them to this key upcoming milestone, where they believe more institutional interest will be coming in to assist with funding the next phase of exploration and project derisking.

 

If you have any questions for Frank regarding Golden Cariboo, then please email them into me at [email protected].

 

Click here to follow the latest news from Golden Cariboo Resources

 

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 Company Update, I chat with David Stein, President and CEO of Kuya Silver, for a comprehensive update on the company’s operations, development, and aggressive exploration plans for 2026. David provides a deep dive into the progress at the Bethania Mine and how the company is positioned to capitalize on a volatile yet strong silver market.

Key Discussion Points:

Bethania Mine Ramp-Up: An update on the phased expansion to 350 tons per day (TPD) and the operational progress made through Q1 2026.

Financial Resilience: Insight into the company’s current "break-even" status.

20,000-Meter Drill Program: Details on the fully funded exploration strategy, split between underground resource expansion and testing new silver vein systems.

Strategic Acquisitions: Status of the due diligence process for the Carmila processing plant and how it fits into the company’s long-term vertical integration.

Silver Market Dynamics: David’s perspective on operating in a high-price environment and how $80+ silver impacts the company’s bottom line and project economics.

 

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

Click here to visit the Kuya Silver website – https://kuyasilver.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.

As geopolitical tensions in the Middle East persist, the global economy is grappling with more than just volatile oil prices. This week’s show brings together Peter Boockvar (CIO, OnePoint BFG Wealth Partners) and Marc Chandler (Managing Partner, Bannockburn Global Forex) to dissect the deeper structural shifts - from the "parabolic" move in gold and the cooling AI trade to the looming shadow of the un-stress-tested private credit market.

 

Segment 1 & 2 - Peter Boockvar, Chief Investment Officer at OnePoint BFG Wealth Partners and editor of the Boock Report on Substack, analyzes the long-term economic consequences of the Middle East conflict. He discusses the persistence of inflation driven by elevated commodity and energy prices, the "stagflationary" risks of modest growth paired with high costs, and significant shifts in global markets, including the waning momentum of AI tech stocks and the increasing appeal of gold as a reserve asset.

Click here to follow Peter at The Boock Report - https://peterboockvar.substack.com/

 

Segment 3 & 4 -  Marc Chandler, Managing Partner at Bannockburn Global Forex and editor of the Marc to Market website, discusses the economic shifts and market volatility resulting from the ongoing Middle East conflict. He examines how fluctuating energy prices and supply chain vulnerabilities are influencing global central bank policies, interest rates, and currency trends, while also addressing recent shifts in gold and treasury holdings.

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