The KE Report

Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Underground Alpha, joins me for our monthly longer-format discussion on macroeconomic factors moving the markets, his key takeaways from the Precious Metals Summit in Beaver Creek, CO; and his portfolio management strategies in select gold, silver, and copper stocks.

 

We start off reviewing the themes and companies that had his attention at last week’s PM Summit in Beaver Creek.

Nick addresses the encouraging sentiment and companies focused on execution of their key workstreams, versus worrying about whether we are in a bull market.

There has been a steady flow of sector news the last few weeks and Nick highlighted some recent news from Empress Royalty Corp. (TSXV:EMPR)(OTCQX:EMPYF), Au Gold Corp (TSXV:AUGC), Southern Cross Gold Consolidated Ltd (TSX: SXGC) (ASX: SX2) (OTCQX: SXGCF), and Banyan Gold Corp. (TSXV:BYN) (OTCQB: BYAGF) that stood out to him leading into and during the conference.

We discussed the rising number of spinouts and new spin-cos being created or contemplated, and Nick highlighted:

Riverside Resources Inc. (TSX-V: RRI) (OTCQB: RVSDF), getting ready to spin out Ravena with their Mexican assets, after successfully spinning out both Capitan Silver Corp. (TSXV: CAPT) (OTCQX: CAPTF) and Blue Jay Gold Corp. (TSXV: JAY) (OTCQB: JAYGF)

Latin Metals Inc. (TSXV: LMS) (OTCQB: LMSQF) and Bravo Mining Corp. (TSXV: BRVO) (OTCQX: BRVMF) are both considering spinouts of assets which are not getting much value in their portfolios at present.

Aldebaran Resources Inc. (TSX-V: ALDE, OTCQX: ADBRF) just successfully spun out Centauri Minerals Inc. (TSXV: CENT).

Next we pivoted to the continued strength in copper throughout this year.

Nick pointed out that after substantial inflows of copper into the US to get in front of potential tariff news from the Trump administration, that the decision not to put a tariff on the red metal, in lieu of higher diesel and inflation readings, did not cause a collapse in copper like it did last summer.

He highlighted Ero Copper Corp. (TSX: ERO, NYSE: ERO) as a name he is still holding, and flagged Koryx Copper Inc. (TSX-V: KRY) as one of the best meetings he had in Beaver Creek and that he strongly considering a position in it.

 

Wrapping up we comingled thoughts on gold, silver, and the macroeconomics at play:

He remains encouraged that we’ll see gold hold above $4,000 and would like to see the yellow metal stay above $4,175.

He sees more potential weakness in Silver and wouldn’t be surprised to see it pull back down to retest $55 again, before moving back higher again.

Nick quickly summarized the macro movers citing trends in the US Dollar, inflation, oil and diesel, geopolitics, and rising short-term interest rates at the short-end of the yield curve due to Fed policy contrasted against flattening rates at the long-end of the curve.

 

 

 

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.

Another KER Market QuickTake, this time with live charts! Cory and Shad dive into the disconnect between packed conferences (MIF and the Precious Metals Summit in Beaver Creek) and sluggish market action, dissecting where valuations sit today and what the charts reveal across key commodity sectors.

Beaver Creek Sentiment vs. Market Reality: A look inside the atmosphere and record participation at the summit versus current price action, illustrating why an abundance of corporate stories demands disciplined selectivity.

Valuation Disconnects and the SpinCo Trend: Why legacy projects with established ounces appear overlooked while new spin-outs gain traction, and how backfilling market caps with fresh results is separating real value from promotional noise.

Gold and Gold Equities Testing Key Moving Averages: A review of technical retracements, critical support bands, and the diverging performance between major miners and higher-risk juniors.

Silver and Junior Silver Miners Under Pressure: An evaluation of essential support thresholds, declining trading volume, and the indicators that could signal a potential near-term reversal.

Copper Strength vs. Lagging Producer Stocks: How copper futures continue to show technical resilience while underlying copper equities struggle to match the metal's pace.

Critical Minerals and Uranium Chart Setups: A breakdown of rare earths slipping beneath long-term moving averages, alongside uranium's quieter news cycle and evolving contrarian setup.

Energy Equities Navigating Geopolitical Headwinds: Why upstream oil and gas producers have pulled back despite ongoing Middle East tensions, and what the technicals signal for cash-flow-focused investors.

M&A Outlook and Flight to Quality: How corporate balance sheets and fall deal-making dynamics could rotate capital back into standout developers and producers.

 

Summary of Stock & ETF Symbols Mentioned: GDX, GDXJ, SIL, SILJ, CPER, COPX, COPJ, REMX, URNM, XLE, XOP

 

Please let us know your thoughts in the comments or through email! Our email addresses are Fleck@kereport.com and Shad@kereport.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.

Tim Shearcroft, CEO and Co-Founder of BP Silver Corp. (TSX.V: BPAG) (OTCQB: BPSCF), joins us to review the first 2 assay results from the ongoing Phase 2 drill program underway at the Cosuño Silver Project in Bolivia. This Phase 2 drilling forms the first part of a broader ~8,000 m diamond drilling campaign anticipated for 2026.

 

HIGHLIGHTS

Hole CO-0013 intersected a high-grade feeder structure grading 314.3 g/t silver, 2.62% bismuth and 0.74% antimony over 3.0 m, equivalent to 1,328.8 g/t AgEq, within a broader 7.0 m interval grading 168.8 g/t silver, 1.20% bismuth and 0.35% antimony, equivalent to 634.1 g/t AgEq.

The high-grade silver-bismuth-antimony mineralization associated with the silver system, demonstrates the potential for multiple critical and strategic metal by-products at Cosuño.

To date, 20 drill holes have now been completed, and additional assay results will be released as they become available.

 

Within a lithocap system, feeder structures can represent important conduits for mineralizing hydrothermal fluids and may connect to broader vein systems at depth. Importantly, elevated bismuth and antimony were also identified in Phase 1 drilling at Cosuño, including in holes CO-0008 and CO-0009. The increasing silver grades observed down-hole in these holes and in the Pocañita Chica area are particularly encouraging and may potentially indicate that higher-grade mineralization continues down dip and at greater depth. Testing this possibility will be an important focus of the ongoing exploration program in Phase 2 and Phase 3.

 

The Company also reported that the high-resolution drone magnetic ("MAG") survey has been completed, covering approximately 37.5 km², and the induced polarization ("IP") survey has commenced. The geophysical surveys are designed to assist in identifying and refining additional mineralized structures and drill targets across the large silver-rich hydrothermal system. Together with the Phase 1 and Phase 2 drilling, these additional datasets are expected to improve significantly the Company’s understanding of the geometry, continuity, scale, and tenor of the vein and breccia systems across Cosuño.

 

Once this new data gets incorporated into the geological model, then it will lead into prioritizing the targets for the Phase 3 drill program later this year. Tim also highlighted that Pocañita Grande will be getting its maiden drilling during the Phase 3 program, now that they have been developing roads and site access to this important target.

 

 

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.

In this Daily Editorial, we are joined by Dave Erfle, founder and editor of The Junior Miner Junky, for a comprehensive recap of the Precious Metals Summit at Beaver Creek, an analysis of accelerating sector M&A, and a technical evaluation of the ongoing pullback across gold, silver, and mining equities.

Key discussion points include:

Beaver Creek Conference Sentiment: A breakdown of the record-breaking turnout, why executive mindsets have shifted from needing capital to building projects independently, and how the mood differs from past cycles.

Junior Portfolio Strategy and Filtering Criteria: How Dave navigates a cashed-up exploration sector, trims developer holdings advancing into production, and screens for high-margin, district-scale potential.

Dissecting Recent M&A Deals: Key takeaways on recent transactions, including Artemis Gold's takeover of Vista Gold, asset acquisitions by Luca Mining, Elemental Royalty's major portfolio expansion, and stalled consolidation talks.

Why the M&A Cycle Is Accelerating: An examination of senior producer balance sheets, cash reserves, and the mathematical necessity driving mid-tier and major mining companies to replace depleted ounces in the ground.

Macro Pressure and Technical Price Levels: An overview of how rising bond yields, energy spikes, and upcoming inflation data are influencing precious metals, alongside crucial support gaps to watch on the GDX and GDXJ.

 

Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter - https://www.juniorminerjunky.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, Jeff Christian, Managing Partner at CPM Group, joins us to examine the intricate macro crosscurrents steering gold and silver. Rather than viewing precious metals in isolation, the discussion breaks down how bond market volatility, fiscal deficits, and growing political dysfunction are impacting global asset valuations.

Drivers of the Precious Metals Pullback: An overview of what triggered the recent drop across gold, silver, and broad commodities, contrasting knee-jerk algorithmic reactions to rising bond yields with longer-term fundamental positioning.

Interest Rates as a Sign of Economic Weakness: Why climbing long-term Treasury yields reflect unsustainable borrowing, massive deficit spending, and credit degradation rather than robust economic expansion.

Erosion of Faith in Policymakers: An analysis of how mounting political friction, upcoming US election disputes, and energy disruptions are fracturing public confidence in institutional stability worldwide.

Global Reserve Trends vs. BRICS Narratives: A reality check on how central banks are actually allocating foreign exchange reserves, separating legitimate diversification away from the dollar and euro from recurring rumors of a gold-backed BRICS currency.

Silver Realities and Industrial Speculation: How silver is performing as both a financial hedge and an industrial metal, along with a skeptical assessment of claims regarding surging demand from artificial intelligence and data centers.

Technical Levels and Year-End Outlook: Key price ranges to watch following the late-summer consolidation, and why political and macroeconomic stress could spark renewed momentum for gold into the coming year.

 

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