Weekend Show – Sat 30 Jul, 2016

2016 Sprott Natural Resource Symposium

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Al KorelinCory FleckBrent CookChris TempleWendell ZerbRoger White
Rick Rule

  1. On July 30, 2016 at 1:07 am,
    Skeeta says:

    Thanks for the show fella’s,
    I’m stuck at work on Saturday night:(
    But listening to the weekend show sure helps pass the time !

    • On July 30, 2016 at 10:41 am,
      Big Al says:

      Our pleasure, Skeeta!

    • On July 30, 2016 at 8:38 pm,
      Ebolan says:

      Dang, you got a job where they pay you to listen to the KER?

      Or at least let you listen while they pay you?

      • On July 31, 2016 at 1:53 am,
        Ebolan says:

        If I could get paid to listen to Mr. Big Al Korelin I’d be rich. Rich I tells ya! 🙂

  2. On July 30, 2016 at 3:19 am,
    Excelsior says:

    A jolly good KER show. Much appreciated guys.

    Brent, Joe, Rick had great sections, and it was fun to hear updates on Exeter, Auryn, and First Mining Finance. Hope everyone has a great weekend.

    • On July 30, 2016 at 10:42 am,
      Big Al says:

      Cory did a great job at the Conference.

      • On July 30, 2016 at 12:27 pm,
        Dick Tracy says:

        I will second that! DT

    • On July 30, 2016 at 12:12 pm,
      cws says:

      Hey Excelsior and all!
      Check out Golden Tag, Do you remember this one back in the day?
      News out late Friday

      They now own 100% of the project.

      Updated Mineral Resource Estimate San Diego Project

      Indicated – 31.6 Million Ounces Silver, 258 Million lbs. Lead and 444 Million lbs. Zinc. , and representing a total of 55.5 Million Ounces Silver Equivalent.
      Inferred – 83.8 Million Ounces Silver, 833 Million lbs. Lead and 1,213 Million lbs. Zinc. representing an additional total of 155.3 Million Ounces Silver Equivalent.

      Market has forgot about this company but not for long.
      Compare to others like SSV

      • On August 1, 2016 at 2:07 pm,
        Excelsior says:

        Hey CWS – I just saw your post, but yes, I’ve been watching the action in Golden Tag and it has created quite the stir on Tommy’s site.

        Check out this room for Golden tag where it is being discussed:


    • On July 31, 2016 at 4:20 am,
      Excelsior says:

      Interview with Brent Cook of Exploration Insights – “Focus on Mid-tiers…Time to Focus on Juniors?”
      Published on Jul 29, 2016

      “In this interview, we follow up with Brent at the Sprott Natural Resource Symposium in Vancouver, and talk about developments in the mining sector since PDAC March 2016. We find out where to focus in the sector? Which countries to invest in? What has changed with the mid-tiers and is it time to now look at the junior space and much more.”

  3. On July 30, 2016 at 4:33 am,
    Bobby says:

    RE: Segment 4. Does anyone know if Auryn Resources associated with AURYN Mining Chile SpA ? Just wondering as I have owned MDMN for more than a decade just bought by AMC.

    • On July 30, 2016 at 8:14 am,
      LPG says:

      Re: Auryn Mining Chile SpA, I suggest you pull up some Auryn Resources financials – the 2015 annual results for example.
      Within the financials, you will have a list of all the companies subsidiaries and associated companies. You’ll then have the answer to your question.
      Hope this helps.
      Best to you,

      • On July 30, 2016 at 10:43 am,
        Big Al says:

        Thanks LPG

        • On July 30, 2016 at 4:31 pm,
          Bobby says:

          yes, thanks LPG

  4. On July 30, 2016 at 5:14 am,
    Bobby says:

    OT: not seeing any political commentary I thought I would ask this question:

    Will the people of the United States “unite” behind our next president? If your candidate does not get elected will you stand behind the peoples choice?

    • On July 30, 2016 at 5:39 am,
      DFS says:

      May I suggest, Bobby, that is a really stupid question.
      The support for any person should depend on that person’s performance in the job, not blind adherence to political party or patriotism, or political correctness, or race, or sex, or any other prejudice.
      So, to actually answer your question. No, I would not give blind support to the future President, whomever it might be, just because of the office that person holds, regardless of respect for the office, itself.

      • On July 30, 2016 at 6:31 am,
        FranSix says:

        Heaven forbid that Americans become strategic voters and not proletariats in the party line?

      • On July 30, 2016 at 6:48 am,
        Bobby says:

        DFS….YOU are the problem with the USA. IMHO we shall see what the others say.

        • On July 30, 2016 at 10:21 am,
          Gator says:

          Really Bobby..I could say the same about you as far as being a problem..do you really like the last 7 3/4 years? If so then I understand where you are coming from…

          • On July 30, 2016 at 2:14 pm,
            OOTB Jerry says:

            God ,then country….Hilly is of unsound mind,better read Romans 1:27-,real simple people.

          • On July 31, 2016 at 5:34 am,
            Bobby says:

            Yes as an independent I was appalled.

          • On July 31, 2016 at 11:06 am,
            OOTB Jerry says:

            Ok,got ya ,now I understand.Best J.

    • On July 30, 2016 at 7:05 am,
      Dennis M. O'Neil says:


    • On July 30, 2016 at 10:18 am,
      Gator says:

      I don’t know about other people but I will not stand behind Clinton under any circumstances just like I have not accepted the marxist socialist obama whi=o has nearly succeeded in destroying the Constitution and all that it stands for along with setting race relations back a hundred years.

      • On July 30, 2016 at 10:46 am,
        Big Al says:

        Valid point, Gator.

      • On July 30, 2016 at 3:11 pm,
        Bonzo Barzini says:

        I signed a pledge to support the Republican nominee, and, unlike Ted Cruz and Jeb and Kasich, my word is my bond.

    • On July 30, 2016 at 10:45 am,
      Big Al says:

      I will answer this today. Bobby, in a Daily Editorial.

      • On July 30, 2016 at 10:56 am,
        DFS says:

        You can expect me to make a comment on that!
        Also one about the media!

    • On July 30, 2016 at 8:34 pm,
      Ebolan says:

      Dang it, Bobby, why should I unite behind my rulers when they steal over 40% of everything I make, run up ruinous debt, give my money to rent seekers of every stripe including corrupt foreign gooberments, make enemies for me all over the world and steal what’s left of my privacy and liberty???

      • On July 30, 2016 at 8:35 pm,
        Ebolan says:
        • On July 30, 2016 at 8:36 pm,
          Ebolan says:

          Also, this

      • On July 31, 2016 at 5:47 am,
        Bobby says:

        Ebolan, Actually my point (and i mentioned no political party) was not support of the leader but support of the People. Let the country UNITE with the choice of the voters.

        • On July 31, 2016 at 8:11 am,
          Gator says:

          Bobby..you don’t unite behind something that is wrong regardless of whether it was voted in or not. you fix it…

          • On July 31, 2016 at 1:57 pm,
            Bobby says:

            why should the minority try to fix what the majority voted for! seems like sour grapes to me.

        • On August 1, 2016 at 8:45 am,
          GH says:

          Bobby, you presuppose we have a functional electoral system rather than a big, disgusting charade.

          • On August 1, 2016 at 4:10 pm,
            Bobby says:

            or an educated population.

  5. On July 30, 2016 at 5:27 am,
    DFS says:

    Interesting show.
    Don’t take this wrong, but my interest (trying to stay ahead) is in platinum and, of course, silver.
    Seg. 8: I usually appreciate Mr. Rule for his precision in the use of English.
    I was a little surprised with his use of beta in describing companies.
    Both alpha and beta have technically precise meanings and definitions when talking about stocks.
    Alpha is a measure of performance relative to its peers.
    A weighted alpha is a measure of performance with weighting to more recent growth.
    Beta, however, is a measure of volatility.
    Rick seemed to be implying it would one be better to invest in a fund to reduce beta risk, rather than to pick high beta individual stocks,
    ; I.e. Stocks with higher volatility, which in a bull market would out-perform stocks with low volatility. (Other things being equal)

    Or was Mr. Rule trying to imply that since this first bull run is over, it would be better to buy low volatility stocks to protect against a bear trend. If this is the case, I might suggest that he may have misread the world macro-economic picture.
    But what do I know?

    • On July 30, 2016 at 6:33 am,
      FranSix says:

      The first bull run is not over.

      • On July 30, 2016 at 10:48 am,
        Big Al says:

        Define “first bull run,” if you would.

        • On July 30, 2016 at 10:54 am,
          FranSix says:

          Most people believe that a correction is inevitable, and as DFS believes this ‘first bull run’ is over, that the next move will be a meaningful correction. I think gold prices are conforming with fundamentals such as interest rates lagging inflation, and declines in the dollar.

          • On July 30, 2016 at 11:03 am,
            DFS says:

            I do not think the first bull run in mining is over.
            I do believe there is a natural pace to all markets and high RSIs can imply future flatness for a while, or a decrease in the slope of the growth.
            I also am aware of technical summer doldrum effects, but I am certainly not selling stocks at this time.

        • On July 30, 2016 at 10:58 am,
          DFS says:

          I think FranSix meant “leg” rather than “run”

  6. On July 30, 2016 at 7:02 am,
    FranSix says:

    OK, so I began by looking at the one outfit in Canada that has Beta in the title and by looking at the fund that provides a yield in the gold sector. To my surprise the gold sector fund yields 4%. But there was no great gosh-awful blowoff in the sector and a denouement that still overshadows the outlook in the sector. Will there be an opportunity to take profits and buy this fund? How does it compare with Sprott ETFs? But then again, owning a single mining company with a string distribution might be better, especially if organic growth is in the cards. I think this is the basis ford the discussion with Mr. Rule. If Americans want to participate in Canadian-listed equity, then you have to resort to Pentrade, but then you would also have to pay taxes in $CAD terms under the Canadian Revenue Agency.


    • On July 30, 2016 at 8:30 am,
      Matthew says:

      Americans can also use Interactive Brokers to trade Canadian stocks (or almost anything else around the world).

      What taxes are you referring to?

      • On July 30, 2016 at 8:52 am,
        FranSix says:

        Under NAFTA, you may have to pay the Canadian government taxes you would otherwise not pay if the same stock was interlinked on U.S. exchanges. But a lot of people simply will not buy pink sheets.

        Had no idea IB was a good source for foreign listings, THX.

        • On July 30, 2016 at 9:23 am,
          Matthew says:

          Thanks. I wonder if that applies to non-Americans trading Canadian stocks.

          I’ve been very happy with IB for over 9 years now and it has only improved, imo & fwiw.

        • On July 30, 2016 at 10:49 am,
          Big Al says:

          For what it is worth, we use otc in our fund and it is turning out ok.

          • On July 30, 2016 at 10:56 am,
            FranSix says:

            I would have expected that OTC is the market for trades in the U.S., but Sprott’s funds are cross listed and have the benefit of spread in the sector, although probably less beta than individual stocks.

          • On July 30, 2016 at 11:31 am,
            DFS says:

            There quite a difference between pink sheets and greys, however.

  7. On July 30, 2016 at 7:24 am,
    Jay says:

    Man, can you guys PLEASE mute the bubbles, clicks and dings from your computers when you’re recording?

    It’s like amateur hour when you’re recording these things 🙂

  8. On July 30, 2016 at 7:57 am,
    FranSix says:

    Since it’s the end of the month, it would be time for the monthly chart in gold:


    • On July 30, 2016 at 9:03 am,
      FranSix says:

      The implication is that I clearly need a good set of reading glasses, but also that the elliot wave count on the chart suggests a Wave One extension in elliot wave terms. That means the highest you can expect is perhaps 25% over the previous high, or perhaps 2.52 times the low in December.

      Clearly this means value will be in the high beta stock in the gold sector, and not perhaps capital gains in gold ETFs. But there would also be returns in dividend regimes.

      • On July 30, 2016 at 9:43 am,
        Matthew says:

        I agree completely. Your 2.52 times the low in December is very close to my 2700 target. A double from here will be a miserable showing compared to the miners especially the right juniors.

        • On July 30, 2016 at 10:36 am,
          FranSix says:

          I think this is because people don’t understand he commodity aspect of gold, that the ore has to be blasted, hauled to the mill, refined and sold first before it winds up on the futures market. That would put cash flow into gold miner’s hands, and their shareholders. The miners were left for dead as people rushed into bullion products not realizing miners are the yielding asset.

          • On July 30, 2016 at 11:08 am,
            DFS says:

            Part of the problem is that many miners forward sell, to assure smother and predictable cash flow. This also alters profits.

      • On July 30, 2016 at 4:41 pm,
        DFS says:

        FranSix, while I do not expect a significant correction in mining shares soon, I would add that is not how I feel about the general market.
        For the general market, I believe it is overvalued by most historic measures, and thus I would expect a reversion to the norm, at sometime.
        Historically, August, September, October tends to be a seasonally lower period for stocks.
        With government money pumping and share buying, nothing is highly predictable.
        With interest rates the lowest in 4,000 years, there is simply no historic correlation between interest rates and stock prices even available.
        With the IMF calling for essentially universal money injection world-wide, while I believe such action as insanity, I also understand it is the only politically-acceptable mode of sustaining economies.
        I also know that continuous pumping of a bubble will ultimately cause it to burst at its weakest point. Will it be a bank in Germany, or Italy that blows up first? Will it be possible to quickly stick on a patch on the bubble before it completely collapses? Such questions are way above my knowledge to answer. What scares me more, however, is that most poiiticians and many economists appear to be even more stupid than I am, and I no longer trust many of them.

  9. On July 30, 2016 at 8:43 am,
    Matthew says:

    The monthly chart for gold looks great:


    • On July 30, 2016 at 10:51 am,
      Big Al says:

      Thanks, Matthew.

  10. On July 30, 2016 at 8:44 am,
    Matthew says:

    SLV closed above the 200 week MA for the first time in 3.3 years:


  11. On July 30, 2016 at 9:26 am,
    Matthew says:

    Silver is up 27% versus gold since March:


    • On July 30, 2016 at 9:36 am,
      Matthew says:

      In the big picture, we’re just getting started.

      SLV:GLD weekly:


  12. On July 30, 2016 at 10:04 am,
    DFS says:

    Thanks, Matthew. (If only I could read charts!)
    In my silver-centric world, Silver has a beta of 1.0, while Gold currently has a beta of 0.22, which in a sustained bull market, other things being equal, pure silver related stocks would out-perform pure gold- related stocks by a factor theoretically of 4.5 over the near term.
    Good luck on finding pure silver-related stocks or gold-related stocks, however.

    (However changes in Beta would signal a flagging bull sooner than an eye can detect changes in any jagged chart line in my humble opinion; but what do I know, I,m not intelligent or artistic enough to read a chart)

  13. On July 30, 2016 at 11:16 am,
    FranSix says:

    TED Spread monthly says that rating interest rates to narrow spreads is no longer possible, and that presumably the TED Spread will continue to widen. That being said, LIBOR has gone below the treasury bill rate, so we may see a surprise in this area:


    • On July 30, 2016 at 11:19 am,
      FranSix says:

      So which chart is right in forecasting or being a leading indicator?


    • On July 30, 2016 at 12:43 pm,
      DFS says:

      How can interest rates be used to predict much, when they are clearly TOTALLY manipulated?

      • On July 30, 2016 at 3:17 pm,
        FranSix says:

        Interest rates vs inflation are a leading indicator for gold prices.

  14. On July 30, 2016 at 12:39 pm,
    Archdeacon (!) Andrew says:

    Great show Cory – many thanks. Good to walk away from PMs whilst away on holiday to come back and see new highs. Ivan Bebek modestly says Auryn’s share price is doing OK. Well a three bagger to date is more than okay in my book as are three baggers plus in First Mining Finance and First Majestic. Of the latter two Keith Neumeyer is a CEO who puts his shareholders’ gains at the forefront of his investment strategy. Needless to say all these companies are fully endorsed with Sprott and Rule’s full backing.

  15. On July 30, 2016 at 12:47 pm,
    DFS says:

    One would almost think you were French, taking off July, Andrew!
    Welcome back.

    • On July 30, 2016 at 2:08 pm,
      OOTB Jerry says:

      He’s not FRENCH, …he has been stuck in the Chunnel for the last week

      • On July 31, 2016 at 2:55 am,
        Archdeacon (!) Andrew says:

        None of the above, except for my Huguenot roots. Walking or should I say hobbling in the Welsh mountains!! A

  16. On July 30, 2016 at 1:18 pm,
    Matthew says:

    The very elevated risk should be obvious at this point but I still think the XAU has another 20 – 30% left to the upside before we get a significant pullback.


    • On July 31, 2016 at 2:25 pm,
      Bonzo Barzini says:

      That would be wonderful!

  17. On July 30, 2016 at 1:47 pm,
    DFS says:

    Here’s one of the most comical review of an interesting mining stock by Robert Moriarty:
    Thanks for the chuckle, Bob.

    • On July 30, 2016 at 2:46 pm,
      Matthew says:

      Thanks for pointing that out. I think Bob hit the salient points perfectly – and I own it.

    • On July 30, 2016 at 5:32 pm,
      Excelsior says:

      Thanks for posting that article DFS. I thought Bob’s review of Strategic Metals was funny and informative. I’m impressed with not just the royalty stream part of their business, but also all the stock they hold in various other companies. There are actually a number of prospect generators I like right now. I just found out about 5 more that were not on my radar this week that I’m doing some homework on. Project Generators continue to grow in number and are an interesting business model and sub-sector of the miners.

      • On July 30, 2016 at 6:01 pm,
        DFS says:

        I don’t know if you followed SLRRF at all. I used to follow it, but it, because it was silver/zinc, but it changed interest to gold, and I lost track. Also a project generator.

        • On July 31, 2016 at 1:17 am,
          Excelsior says:

          DFS – Yes I do follow Silver Range Resources, but my interest is really more in Strategic Metals (SMDZF), mentioned above, because they hold a big chunk of (SLRRF) [w/ 9,480,340 shares]. Strategic Metals (SMDZF) has it’s risk diversified over a number of different companies and assets, and that what I meant about being “impressed with not just the royalty stream part of their business, but also all the stock they hold in various other companies.”

          Major Shareholders of Strategic Metals (SLRRF):

          Panarc Resources: 10,000,000
          Insiders & Consultants: 9,625,154 shares
          Strategic Metals Ltd: 9,480,340
          Tocqueville Gold Fund: 2,926,000
          Total: 32,031,494

          Fact Sheet on Silver Range Resources:


          • On July 31, 2016 at 1:20 am,
            Excelsior says:

            Correction. That should have said Major Shareholders in Silver Range Resources (SLRRF).

            You get the idea though…. exposure to (SLRRF) through (SMDZF)

      • On July 31, 2016 at 12:12 pm,
        Excelsior says:

        “SHANGHAI (Scrap Register): China’s domestic zinc concentrate TCs are expected to fall further in the near term due to ore supply tightness. Mines and traders sold actively recently due to high zinc prices, and this helped ease ore tightness some, slowing declines in domestic zinc concentrate Tcs, said SMM. ”

        “But many domestic zinc smelters are still scrambling for ore against low raw material inventories. Mines in Hunan’s Huayuan suspended production as local explosive supplies were cut off due to inspections. Beneficiation plants having raw material remain in production, though. When their mining operation will restart is still unsure…”


  18. On July 30, 2016 at 2:50 pm,
    Matthew says:

    Silver has some fork resistance at 20.60 on Monday:


    • On July 30, 2016 at 3:48 pm,
      DFS says:

      I’m showing resistance at $20.66 for what it’s worth.
      Volume is solid, though, so I’m expecting just hesitation prior to penetration above.

      • On July 30, 2016 at 4:06 pm,
        Matthew says:

        I agree; silver should have little trouble getting through that level.

        The dollar is our new friend. It topped right where it was supposed to and is now heading for 94 and change (for starters).


        • On July 30, 2016 at 4:14 pm,
          Matthew says:

          There’s better support just below 93:


        • On July 30, 2016 at 4:20 pm,
          Matthew says:

          Yup, it’s not looking good for the dollar bugs…


          • On July 31, 2016 at 1:39 am,
            Excelsior says:

            After the large surge up in the US Dollar back in early 2015, it really has just traded sideways for about 1 1/2 years (vexing both the Dollar bears and bulls alike).

            I have heard the case from deflationists that this was all just a consolidation in the greenback before it’s next move higher to 110 or 120, but then there are the dollar bears that think it is teetering on the edge of a large correction back down into the 80’s.

            Recently the USD has put in a lower low and lower high, and I see where it broke back down below the top line of the fork on your chart.

            I tweaked your chart slightly making the time frame 5 years and swapped out the short SA for a 200 day EMA, and kept the 500 day EMA on there, because the buck did bounce off the 500 day twice recently, but it has bounced off the 200 day prior to that (and is there at present). If both those EMAs fail to offer support, do you see a major pullback down to those prior peaks around 85 – 84?


          • On July 31, 2016 at 1:43 am,
            Excelsior says:

            BTW – I’ve been meaning to ask you this for a long time. When you pick out the chart colors and used the “Colors for the Vision Impaired” is that:

            A) because you have eyesight challenges?


            B) Are you making a funny and trying to show investors that are missing glaring things on the chart that they may be “vision impaired”. Knowing your sense of humor, I’ve always wanted to ask to see if you had a little jab thrown in on those charts 😉

          • On July 31, 2016 at 8:34 am,
            Matthew says:

            Well… it’s not because I have eyesight challenges! 😉

          • On July 31, 2016 at 8:49 am,
            Matthew says:

            I think the dollar is going to at least 87:


          • On July 31, 2016 at 11:54 am,
            Excelsior says:

            Funny, that is what I thought.

        • On July 30, 2016 at 4:24 pm,
          Matthew says:

          Note the close below the lower Bollinger band:


  19. On July 30, 2016 at 3:51 pm,
    DFS says:

    Also SGE sits at about $20.55, some 20 cents above the US.

  20. On July 30, 2016 at 4:31 pm,
    Matthew says:

    XAU to 133 next:


    • On July 30, 2016 at 4:47 pm,
      DFS says:

      You chart-readers have it all over me with XAU, there’s no volume for me to work with, so I’m completely stumped to predict anything on XAU, or HUI.

  21. On July 30, 2016 at 4:37 pm,
    Matthew says:

    When the USB:GOLD H&S top activates, the miners will fly:


    • On July 30, 2016 at 4:54 pm,
      DFS says:

      Is that chart implying October some time for the take-off?

      • On July 30, 2016 at 5:16 pm,
        Matthew says:

        More like late August or early September is my guess for the completion of the H&S pattern but the miners look like they want to head higher immediately.

        Silver too…


  22. On July 30, 2016 at 4:45 pm,
    Matthew says:

    Those who can view a monthly chart will like this one…



  23. On July 30, 2016 at 7:20 pm,
    DFS says:
  24. On July 30, 2016 at 10:15 pm,
    DFS says:

    Most seasonal charts for miners seem to bottom in late July.

  25. On July 30, 2016 at 10:19 pm,
    DFS says:

    Silver seems to move a bit ahead of gold seasonally


  26. On July 30, 2016 at 10:27 pm,
    DFS says:

    Meanwhile in Turkey they are at it again!


    I sure hope they moved the US NUKES OFF BASE.

  27. On July 30, 2016 at 10:59 pm,
    Dennis M. O'Neil says:
  28. On July 30, 2016 at 11:57 pm,
    Dennis M. O'Neil says:

    Oh Baby it is cold outside!:

  29. On July 31, 2016 at 12:43 am,
    Birdman says:

    For Bob Moriarty….
    Earnings recessions lead to actual recessions.

    At least that has been the case the majority of the time for the past 5 decades and I have a chart that shows it. So I will again post that graph of falling corporate S&P profits showing the huge megaphone pattern (now in decline) but this time overlaid with a little extra information.

    (Chart comes from Jesse Felder of TheFelderReport.com)

    Grey bars are recessions of course. But more notably perhaps is what happened to the stock market each time earnings tanked. The conclusion is obvious here as there has not been an earnings recession of any magnitude that was not also accompanied by at least a 20% draw down in the S&P.

    What is really, really interesting though is that the list of major crisis that are noted on this chart show clearly that each of them happened during the end of the earnings recession and just prior to or during the onset of actual economic recession.

    Got that?

    It tells us that falling earnings are a prelude to much bigger troubles and as we know now the S&P has already seen two consecutive quarters of deflating earnings for the major companies and a third is almost certainly on its way.

    And that means this really is a time to consider caution in your investing.

    So we are not out of the woods by a long shot and most especially as this recession in earnings coincides with the CRB turning down on the weekly charts. And as already mentioned, that massive megaphone projects into negative earnings growth territory for the entire S&P if it carries through to its natural conclusion.

    Good to see you won’t argue facts with me Bob. But you are great with bluster and BS. Sorry to tell you this again…but we are still deflating.

    Here it is: Corporate Profits Percentage Change from prior year since 1965 — FRED Chart

    • On July 31, 2016 at 7:25 am,
      Robert Moriarty says:


      If you have stopped saying that opinions are more important than facts, I’ve fine with that. The facts are that markets discount the future.

      The CRB in constant dollars hit the lowest it has ever been in Jan/Feb of this year. That’s not an opinion, it’s a fact. If your opinion is that it will go lower, you have a right to that opinion but I was pointing out in January that it’s irrational to say something is going to go lower than it has ever gone before in 5000 years.

      So far I’ve been right and you have been wrong. But you were dead wrong on gold and silver all along and I was dead right. So the facts support me and who knows, if a clock can be right twice a day, maybe your opinion will be right some day.

      I’m not commenting on the S&P and a recession, that can and probably will happen but deflation measured by the CRB is behind us so far.

      At every bottom there are 100 reasons to sell. That’s what makes a bottom. Everyone is saying prices will go down. And every time they are wrong.

      • On July 31, 2016 at 8:38 am,
        Birdman says:

        You are an investor Bob. And you should know very well from experience that just because something is down does not mean it cannot go lower. Your 5000 year bottom is arbitrary of course and its one of your choosing. I have been pointing out that there are good reasons commodities will fall lower. On that weekly CRB Index by the way you should have noted a falling expanding wedge (eg; a declining megaphone) and that one points to at least one more decline before it bottoms and heads back up. I happen to believe we will see the CRB all the way back at 1970’s levels before we are done but we will only know that for certain once the months have gone past. Its probably immaterial anyway and none of it was meant to start and argument. You sound ridiculous with the “you were wrong and I was right” comments btw. What is this anyway?

        Primary school?

      • On July 31, 2016 at 8:55 am,
        Birdman says:

        By the way Bob, I am not claiming to know it all. My point is merely that there are still quite a number of charts that conflict with the popular consensus that inflation is coming, gold is in a new bull market and deflation is dead and gone. Those have not resolved themselves. So these conversations are something quite apart from trading day to day. Like everyone else I am only attempting to make sense of it all. Not sure why that seems to bother some people here so much.

        • On July 31, 2016 at 10:56 am,
          B says:

          Jul 28 The 175% Advance in Gold Stocks in 5 Months, 22 Days Now Places Us As the 11th Greatest 1st Leg Up in Any Bull Market GannGlobal Must Watch

          Double post is just trying to get the link to work.
          Gann global figures a 25-57% correction is on the way.

  30. On July 31, 2016 at 9:21 am,
    Robert Moriarty says:


    Charts are charts. They are not facts. It’s like reading tea leaves, every person who reads tea leaves sees something different. My opinion is that the consensus does not see inflation, the consensus sees deflation.

    As to the CRB and a 5000 year bottom being arbitrary, that’s an absurd comment. Do you think a 10,000 year bottom would better reflect today? How many times do I need to say it. At the bottom of everything, there are hundreds or more good reasons to sell. That’s what makes bottoms.

    And by the way, you have been wrong all along and lots of people here got it right. You act that your opinion is more valuable then the fact that lots of people disagreed with you and they were right.

    The months have gone by and you are still wrong. At some time you need to concede the point. The dollar didn’t make new highs, gold didn’t tumble below $1000 and the only megaphone I hear is you.

    • On July 31, 2016 at 10:20 am,
      DFS says:

      Zerohedge sees this as a cause for inflation:


      I see it as a cause for government welching on its promises.

      • On July 31, 2016 at 10:46 am,
        Matthew says:

        I agree with Zero Hedge and that makes you right, too. Governments love to inflate their way out promises because it is the most insidious and politically acceptable default available to them.

    • On July 31, 2016 at 10:53 am,
      B says:

      Jul 28 The 175% Advance in Gold Stocks in 5 Months, 22 Days Now Places Us As the 11th Greatest 1st Leg Up in Any Bull Market GannGlobal

      From 321 gold, figures a pretty substansive correction is on the way, 25-57%.

  31. On July 31, 2016 at 9:51 am,
    DFS says:

    I summarized earlier what Japan actually did, but here’s David Stockman’s take:

  32. On July 31, 2016 at 10:01 am,
    DFS says:

    I’ve lost track of accidents, suicides and murders (unexplained, of course) of associates of Hillary. It was over 50 unexplained deaths in the last 20 years.
    Should I add in this one? I think, yes!


    • On July 31, 2016 at 11:18 am,
      Ebolan says:

      Hitlary is a mass murderer. Think of all the Libyans, Syrians, etc. who wound up dead because of her. It’s no surprise that she thinks she can murder Americans with impunity. To her we are all Libyans

      And wtf is Obomber with 1.7 billion of our stolen dollars? Why buying Afghans radios, of course. Absurd.


      • On July 31, 2016 at 11:29 am,
        OOTB Jerry says:

        Obamnation,picked that trick up,from Clinton Haiti relief fund contract ,from that rich Billionaire donator from Britain.

        • On July 31, 2016 at 11:37 am,
          OOTB Jerry says:

          Poppy field phone network….PFPN……..New cabinet position needed to be filled..apply now,must be a smoker and higher than a kite.

        • On July 31, 2016 at 12:00 pm,
          Ebolan says:

          I bet the day after Obomber is outta the WH he starts a foundation, if he hasn’t already.

          Slick Willy showed how it’s done.

          • On July 31, 2016 at 12:15 pm,
            OOTB Jerry says:

            No doubt about it

          • On July 31, 2016 at 1:08 pm,
            Ebolan says:

            Hitlary and Billy and a bunch of others should be locked up for the rest of their lives for the criminality of the Clinton Foundation. But you can bet the IRS will give them a pass just like the good old Comey Chameleon.


          • On July 31, 2016 at 1:12 pm,
            Ebolan says:

            Picture of Hitlary sums it up…


            Also, Hitlary is setting up the debates to be telecast the same time as football games.

          • On July 31, 2016 at 3:06 pm,
            OOTB Jerry says:

            I think she is saying..”there is only one party”…..The demo-repulsive party .

    • On July 31, 2016 at 11:38 am,
      AJ says:

      Clinton Body Bags
      Decades-old political rumor claims Bill Clinton quietly did away with several dozen people who possessed incriminating evidence about him.


      • On July 31, 2016 at 11:46 am,
        OOTB Jerry says:

        Clinton could turn out to be like that NUT in Turkey ,take over the military,and put Obamy in charge of the Poppy fields in Afghanistan.

      • On July 31, 2016 at 11:56 am,
        Matthew says:

        I love how lazy people rely on Snopes to avoid looking into a subject for themselves. What’s with the blind faith in such an obviously establishment-friendly operation?


        • On July 31, 2016 at 12:17 pm,
          OOTB Jerry says:

          Wonder if Billy is still seeing Monica……liar snoop should check it out

        • On July 31, 2016 at 2:31 pm,
          Bonzo Barzini says:

          I wonder the same thing. Snopes is not impartial.

        • On July 31, 2016 at 4:24 pm,
          Ebolan says:

          Yup, never trust snopes (should be called snoops).

          It’s financed by George Sorrows.

  33. On July 31, 2016 at 11:30 am,
    B says:

    Monarchy is a more honust system.

    “I make the rules,do whatever I want and if you disagree I boil you alive.”

    The americans pretend the people elect their leaders, entirely dishonust, but as long as enough people are happy, why would they question?

    Heck, even if the people at the dnc were paid to cheer as per the advertisments, so?
    They wanted the work, its horray for Hillary she gave us work. lol

  34. On July 31, 2016 at 2:22 pm,
    DFS says:
    • On July 31, 2016 at 3:16 pm,
      OOTB Jerry says:

      The rules are broken..DOJ..showed it on MSN

      • On July 31, 2016 at 3:17 pm,
        OOTB Jerry says:

        It is the face of every American

        • On July 31, 2016 at 3:22 pm,
          OOTB Jerry says:

          In the face……dang phone ,must be a democratic phone,only writes what it thinks you should say.

    • On July 31, 2016 at 4:34 pm,
      Ebolan says:

      The sky will fall!

      What if the feral gooberment’s debt doubles in the next 8 years like it did under Obammy? What if interest rates reverse to the mean? What if they don’t and price discovery for credit is smothered as it has been for over a decade?

      Maybe are rulers can keep the crack addicted economy limping along but what if they can’t?

      Can the day of reckoning be put off for another generation?

      • On July 31, 2016 at 4:35 pm,
        Ebolan says:

        Maybe are rulers can…

        Should be OUR. Dang iPad!!! 🙂

  35. On July 31, 2016 at 3:19 pm,
    OOTB Jerry says:

    Left out “in”

  36. On July 31, 2016 at 3:35 pm,
    Dick Tracy says:

    Why doesn’t Al interview Bob M anymore, I like listening to Bob’s shtick, I think the problem is Bob tells it the way it is, Al who is very conservative can’t handle Bob M’s persona. DT

    • On July 31, 2016 at 3:48 pm,
      OOTB Jerry says:

      OWL is busy writing his new book….,”Baby Steps,and Bob Doesn’t Know Owl Shi###”

      • On July 31, 2016 at 3:49 pm,
        OOTB Jerry says:

        Just joking Bob , we love ya….J

    • On July 31, 2016 at 7:03 pm,
      Ebolan says:

      I agree. I would like to hear a lot more of Bobby M. on the KER. Can’t even remember the last time he was on.

    • On July 31, 2016 at 10:03 pm,
      Robert Moriarty says:


      My wife insisted I not be speaking on Kereport due to a couple of clowns who insisted on attacking me at every turn. Al wanted me on, Barbara didn’t want me on. We run a free website and adults are responsible for their own financial decisions. I really get tired of jerks who want to blame everyone else for their own actions.

      Al is perfectly willing to listen to alternative view points.

      • On August 1, 2016 at 2:12 am,
        Vortex says:


        Forget about the couple on neanderthals that were bloviating just to disrupt things and hear themselves talk. 99% of us here would like you to return to the show from time to time. We value both you’re investing and political take on things.

        Most of those bitching and complaining would do the same-thing even if they won the darn lottery.

        At-least pop in once in awhile. Much appreciated.


        • On August 1, 2016 at 8:25 am,
          B says:

          Absolutely V,
          Bob interviews are great.

  37. On July 31, 2016 at 4:31 pm,
    Dick Tracy says:

    I watch The Buffalo Evening news quite often to get a different perspective. Buffalo which had been a proud American city is dieing, their infrastructure is terrible. Americans need to start building their cities and making them places that people can live in again. These older cities were allowed to decay but they must start turning the future into the past.

  38. On July 31, 2016 at 8:25 pm,
    Chartster says:

    Hillary is running on the Obama platform. The Obama platform never EVER balanced a budget! He is the first president that never EVER had a 3% GDP growth! He has destroyed this country as bad as Bush.

    Here’s a financial and political “call”.
    Oil will tank, which will make junk bonds tank, which will make the stock market tank weeks later. All this is about to happen ( say the charts )
    Then Obama looks like an idiot, and Hillary is running on a ..looser..platform. And even the moron supporters that she had will abandon her.

    Trump wins!! We win!

    • On July 31, 2016 at 9:07 pm,
      Gator says:

      I’ll drink to that…or anything else….

    • On August 1, 2016 at 1:58 am,
      Archdeacon (!) Andrew says:

      Many of them Chartster are being paid $50 daily just to occupy seats at her conventions and to hoot deliriously as and when told.
      Just how sick is that?!

      • On August 1, 2016 at 5:03 am,
        JohnK says:

        Things are at an all time low in the U.S
        When a Presidential candidate can get away with saying “What does it matter.”This becomes very disturbing.
        “The U.S cannot cannot return to greatness until the secrecy of the National Security State of hidden finance is exposed. ” Catherine Austin Fitts.

      • On August 1, 2016 at 7:10 am,
        OOTB Jerry says:

        Hilly is so cheap,she is not paying scale for union actors ….$50 a day ,joke, should be $50 per hour.

        • On August 1, 2016 at 7:13 am,
          OOTB Jerry says:

          Bill gets $750,000 for one speech….what a low life

  39. On August 1, 2016 at 5:08 am,
    OOTB Jerry says:

    Happy 15th Anniversary of 321 gold. Bob M.

    • On August 1, 2016 at 8:00 am,
      Excelsior says:

      +15 (Happy anniversary 321gold)

  40. On August 1, 2016 at 7:59 am,
    Excelsior says:

    Mexus gives a mine update, discusses audit and releases info on JV partner


  41. On August 1, 2016 at 8:59 am,
    Antonio Klapka says:

    Could you tell me the name and the ticker of the junior gold play Ghana traded in Australia mentioned by Joe Mazumdar in his recent interview with you? Thanks. Regards, Antonio