Weekend Show – Sat 15 Apr, 2017

Gold – A breakout and future drivers from around the world

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This was s big week for gold. We finally got a break above the $1,260-$1,265 region with the help of a number of different factors. Geopolitics is still on most peoples minds but there are also technical factors that need to be considered as well as economic data from around the world. All of these are discussed in this week’s show.

We hope everyone is having a great Easter Weekend and we thank you for tuning in and sharing your thoughts! If you have any Companies you would like me to look into or any topics we have not discussed on the KE Report please email me and I will be sure they get covered! Fleck[at]kereport.com

  • Segment 1 & 2: Christopher Aaron, founder of iGoldAdvisor.com shares his thoughts on where the gold market stands after the nice move up. In segment 2 Christopher outlines what he looks for in precious metals stocks.
  • Segment 3: Jayant Bhandari gives us an update on where international demand is for investing in gold and gold stocks.
  • Segment 4: Jordan Roy-Byrne, editor of TheDailyGold.com shares what the charts are telling him for gold and gold stocks.
  • Segment 5: Doc provides his thoughts on what would happen to the precious metals and PM stocks if we do see a significant market drop.
  • Segment 6: Brad Kitchen, CEO and Chairman of Secova metals updates us on what is in store for the Company’s Eagle River Property which is in the Windfall Lake Gold District.
  • Segment 7: Markets do not always move the way analysts expect. Craig Hemke shares how this is true in today’s markets.
  • Segment 8: Chris Martenson, Co-Founder and Co-Editor of PeakProsperity.com, discusses if Trumps plan to low the dollar is actually good for the US Economy.

Click download link to listen on this device: Download Show

Click download link to listen on this device: Download Show

Click download link to listen on this device: Download Show

Click download link to listen on this device: Download Show

Click download link to listen on this device: Download Show

Click download link to listen on this device: Download Show

Click download link to listen on this device: Download Show

Click download link to listen on this device: Download Show

Brad KitchenChris MartensonChristopher AaronCory FleckCraig HemkeJayant Bhandari
Jordan Roy-ByrneRichard Postma
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  1. On April 15, 2017 at 3:38 am,
    Tad says:

    Thanks guys. Happy Easter !

  2. On April 15, 2017 at 3:40 am,
    jhpace1 says:

    Happy Easter, everyone!

  3. On April 15, 2017 at 3:56 am,
    Archdeacon (!) Andrew says:

    Ditto to the above. Although things sound mighty hairy right now re North Korea I agree with Bix Weir that the good guys are winning, or as Greg Hunter repeatedly reminds us: Fear not. God the Father is in charge’!
    Best to all, Andrew

    • On April 15, 2017 at 8:32 am,
      b says:

      Fear not ? Any need for gold?
      couldnt resist, happy bunny day.

      • On April 16, 2017 at 6:07 am,
        Archdeacon (!) Andrew says:

        Fear not but be prepared…!!

  4. On April 15, 2017 at 5:10 am,
    Robert Grierson says:

    Hi Cory

    I agree with Craig Hemke that “markets do not always move the way analysts expect.”. He should know better than anyone.


  5. On April 15, 2017 at 6:01 am,
    Excelsior says:

    Great show guys!.

    Each speaker had very interesting insights to mull over.

    Ever Upward!

    • On April 15, 2017 at 6:04 am,
      Excelsior says:

      Glad to hear Christopher Aaron bring up Jaguar Mining. Many of us here on the KER were likely part of that volume spike in Jan/Feb/March of 2016 🙂

    • On April 15, 2017 at 6:18 am,
      Excelsior says:

      It was also good to hear Jayant Bhandari bring up Novo Resources. They actually had some news out this week as well:


      April 11, 2017 – Novo Resources Corp. (TSX-V: NVO; OTCQX: NSRPF)


      • On April 15, 2017 at 6:25 am,
        Excelsior says:

        (NVO) (NSRPF) Novo Resources – Corporate Presentation – March 2017


        • On April 15, 2017 at 6:31 am,
          Excelsior says:

          Bonzo Barzini – In the race between Novo Resources and Primero, they’ve been trading pretty close lately.

          As you are aware, (P) (PPP) Primero pulled away from the gate in after-hours trading on Thursday, when they announced the news that they had resolved their strike and got mining coming back online at San Dimas. (FINALLY)


          Primero to Resume Operations at San Dimas



          Can Novo Resources catch up? (giddy up)

          • On April 15, 2017 at 6:47 am,
            Excelsior says:

            It really is a funny race and comparison of apples and oranges, since Primero is a distressed Mid-tier Producer with 190 mIllion shares out and a market cap of $108 million (but it used to be much much higher), and Novo Resources is an underfollowed Developer with 93 million shares out and a market cap of $65 million.

            At any rate, it is fun to put 2 horses on the track and see how the pricing runs…..

          • On April 15, 2017 at 7:24 am,
            Bonzo Barzini says:

            Hi Excelsior. PPP and Novo were both .69 when their race started. They seem to track each other very closely. I own both and hope they both go to $30. NGD is pulling away from USAS and KLDX in their race. CDE and AG are also in a good race, and so are OR and SSRI. Who are you and Matthew picking in these races?

          • On April 15, 2017 at 8:37 am,
            Excelsior says:

            Welll, I own both Novo and Primero so I hope they both do great. 🙂 Longer term I see Primero rising a bit more to return the mean a bit and it was already about 8-10 higher in share price in the past. Novo is a very interesting development story though.

            As for NGD versus USAS, I have to take Americas Silver in that race especially once they get San Rafael up and producing at the end of this year, but in particular for 2018 when they can get a full year of production. 2017 is a transition from the old mine, some old stockpiles, and then the ramp up of the new mine. During that window NGD may make an early advance on it, but longer term USAS is one of my favorites. As for KLDX they are getting things moving this year to improve production but I believe they have a high likelihood of being taken over (like Richmont) in the next 12-18 months and likely won’t be in the race. (a good problem to have).

            As for Coeur versus First Majestic, I’d probably side with Keith and the AG team on their leverage to Silver prices. Also Coeur has done a few things in the past I didn’t care for as much as a management team, but they’ll do just fine if metals prices trend higher going into year end and next year.

            As for Osisko versus Silver Standard – I like them both, and they have great management teams and experience and assets. I like the growth prospects of both, but it may come down to if Osisko keeps hitting these very impressive drill intercepts, and if they decide to acquire any of the companies they have a strategic position in. Silver Standard already made their acquisition and are in growth mode, but they have not been nearly as peppy (on a percentage basis) as the smaller Silver Jrs like Impact, Americas Silver, Alexco, Excellon, Avino, etc… As a result I’d probably take Osisko in that race for the Gold exposure & royalites, and pick a different Silver producer with more upside leverage to price increases.

          • On April 16, 2017 at 9:02 am,
            Matthew says:

            I have to go with Primero in this race for a number of reasons but the others are probably safer.
            Since it is a silver company, I have to go with Americas Silver over Novo for runner-up but Novo has a good looking chart and a much lower market cap so I could easily be wrong about that.

            There are too many wild cards in this business so take these guesses with a grain of salt.


          • On April 16, 2017 at 9:09 am,
            Matthew says:

            As for NGD…

            On January 31, 2017 at 11:24 am,
            Rick Ackerman says:
            Wow-wee, what a week!! And it looks like NGD has farther to fall, Bonzo — to $1.72

            On January 30, 2017 at 11:23 am,
            Matthew says:
            I don’t follow NGD but the drop looks like an overreaction to me. The support levels shown on the following chart are 2.91, 2.83, and 2.41 for this week.

          • On April 16, 2017 at 9:15 am,
            Matthew says:

            More on NGD…

            On January 30, 2017 at 12:53 pm,
            RICHARD/DOC says:
            Just goes to show even the big boys can miscalculate. That stock will be dead money for awhile. I might entertain taking a small position after the next financing.

            On January 30, 2017 at 7:25 pm,
            Matthew says:
            Here’s a few more supports to watch:

            On January 30, 2017 at 7:31 pm,
            Matthew says:
            I think it will be much higher than today’s close by the time any financing is announced.

            (The close that day was $2.94 and it already hit $3.43 last Thursday.)

          • On April 17, 2017 at 3:24 am,
            FundamentalAnalysis says:

            It’s funny how you mention “Finally” lol. We only just got into the trade haha, but I’m glad things have changed sooner rather then later. I’m willing to wait but prefer not having my patience tested. But great news on the whole regarding primero….lets hope they can bring their economics under control as well as exploration potential. If they can get themselves in order we are gonna see a multibagger, without much change in gold price……pure micro bet, macro is reasonably irrelevant.

          • On April 17, 2017 at 8:23 am,
            Excelsior says:

            Haha – FundamentalAnalysis – anything more than 5 minutes feels like an eternity to me. (lol). Yes, I’m glad things are moving forward again.

          • On April 17, 2017 at 9:15 am,
            Bonzo Barzini says:

            Thanks for your thoughts about these companies.

  6. On April 15, 2017 at 6:51 am,
    Excelsior says:

    Sandstorm Gold – Corporate Presenation – Video
    April 4, 2017 – Zurich, Switzerland – European Gold Forum


  7. On April 15, 2017 at 6:56 am,
    Excelsior says:

    Sierra Metals Inc. – Corporate Presentation – Video
    April 4, 2017 – Zurich, Switzerland – European Gold Forum


  8. On April 15, 2017 at 8:20 am,
    Silverdollar says:

    Fleck has some different comments today on KWN about GDX & GDXJ. Any thoughts on how he feels about the effects that ETFs are causing?

    • On April 15, 2017 at 8:34 am,
      Matthew says:

      I agree with Bill and have not held any position in the ETFs for years. The problem that GDXJ is having with money flowing in has very bullish implications for the sector.

      • On April 15, 2017 at 8:44 am,
        Excelsior says:

        Junior gold miner ETF gets too big?
        Apr. 11, 2017

        “There are now 10 Canadian gold miners in which the GDXJ holds more than 18% stakes. For six of those, the fund’s holdings might exceed 20% were it not for a Canadian rule which would force the ETF to automatically extend a takeover offer to all shareholders, according to Scotiabank.”

        “The fund has also had to do some fancy footwork not to run afoul of U.S. concentration requirements. Among the moves has been to buy names not in the underlying index. GDXJ now has five holdings totaling 25% of AUM that aren’t part of the index – among them is another ETF, the VanEck Vectors Gold Miners ETF (NYSEARCA:GDX), which focuses on far larger firms.”

        “One issue pumping up assets is the Direxion Daily Junior Gold Miners Index Bull 3x Shares (NYSEARCA:JNUG). Scotiabank believes most of the asset growth in GDXJ is the result of hedges for JNUG (where AUM has climbed to over $1B from $100M a year ago).”


      • On April 15, 2017 at 8:55 am,
        Silverdollar says:

        Thanks Matt and Ex. The more I read, the less I seem to understand on these two ETFs. Fleck seems to think the future is bright but the volatility will be excruciating! Hope I’m still around to experience it.

        • On April 15, 2017 at 9:21 am,
          Excelsior says:

          I’m much more of a fan of SGDJ, SILJ, and GOEX, but confess to passing on all of them and instead am building my own ETF and funds. This strategy is preferable to me over letting someone else doing the stock selection, weighting, and rebalancing. I pick the stocks I like, manage the weighting in the portfolio, and add or subtract and rebalance whenever I feel conditions warrant.

          This is constantly changing, but at present I’m holding 14 Silver stocks and 25 gold stocks so I see it as I’m running the Execelsior Silver Fund and Excelsior Gold Fund inside of my portfolio. (hahaha!)

          • On April 15, 2017 at 9:46 am,
            Matthew says:

            I’m avoiding the ETFs altogether (and absolutely crushed their performances last year and bull-to-date).

            I’m sure I am just as bullish as Fleck and Adam Hamilton seems to be as well. I agree with the following completely:

            “While many analysts use pure technical analysis to extrapolate trends, a stronger case for the coming gold-stock upside can be made fundamentally. The gold miners’ stocks are heading much higher not because of mere trend lines on price charts, but because higher gold prices are going to fuel explosive profits growth. Gold-mining earnings amplify gold-price gains, and this core relationship is way beyond linear.”

            “To see gold stocks double again from here is utterly trivial, nothing by historical standards. And if you think another doubling is probable, you should be heavily invested in this forgotten contrarian sector. Sadly even most contrarians continue to drag their feet. By the time gold stocks get exciting enough to garner real enthusiasm, the easy gains will have already been won. You want to buy before most others.”


          • On April 15, 2017 at 11:24 am,
            Silverdollar says:

            Agree on owning single miners as opposed to the ETFs. I’ve got an IRA in USERX so get more enjoyment in picking and trading occasionally with my investment account. Once again, I’ve learned an enormous amount from these pages and postings from you both; Matthew & Excelsior. Like to stay attuned to SKI also. He’s right with the trend more often than not. Happy bunny day and good luck to both of you when PMs really get moving.

          • On April 15, 2017 at 12:08 pm,
            Excelsior says:

            +1 Matthew – Agreed.

            Thanks Silverdollar, and yes I forgot to mention USERX as a better option to GDX or GDXJ. Yes, owning and trading the individual miners can be much more lucrative if you follow the company news, buy during pullbacks and trim during excessive rallies and regularly rebalance.

            It is difficult to just set it and forget it with the smaller Jr miners as things are always in flux, and change on a dime if some substantial news release comes out that dramatically changes the backdrop (permitting, taxation, exploration, acquisition, JV, etc…)

            In contrast, there are a number of larger Majors and MidTiers and Streamers that are “safer” bets, but those companies won’t have the same kinds of returns or percentage gains. There is a price to pay in returns for having less volatility.

            As an example, Franco-Nevada is about as secure as one can get in the mining space as a streaming company diversified in deals across dozens and dozens of mining companies, but it also won’t have the large appreciation of a development stage company making it to production, or an explorer that just hit pay dirt.

            It’s very important for investors to know what their investment objectives are, why they are investing, what their risk tolerance is, how much homework and monitoring they are willing to do, and what the time horizon of their trade will be (hrs, days, weeks, months, years, decades)?

            Wishing everyone success in their investments on whatever approach they take.

          • On April 15, 2017 at 6:10 pm,
            Matthew says:

            Thanks Silverdollar, good luck and happy bunny day to you, too.

        • On April 15, 2017 at 12:58 pm,
          Tad says:

          I have to say that I’m a big fan of ETFs.
          GDX, GDXJ, SIL, SILJ, SGDM, SGDJ & URA. Core holdings for me, especially SILJ.
          Built up a PF of individual producers, explorers & a few streamers alongside for ‘alpha’.
          But, as a place to park cash without having to spend your life worrying about betting the farm on a few tiny juniors, I think they are a great place to start.
          There are those on this site who can certainly outperform an etf, but for us mortals they provide a great benchmark.

          • On April 15, 2017 at 3:00 pm,
            Excelsior says:

            You raise some good points Tad, and honestly most investors that just want a quick way to get exposure to the Gold or Silver sectors would be much better off positioning in some of the better ETFs or Funds versus randomly picking a few exploration drill plays that a newsletter coughs up. I’d recommend checking out GOEX, USERX, RING, and TGLDX as well as the ones you named.

            I guess my issue with GDX is that isn’t just Gold Majors & Midtiers but mixes in some Silver and Copper companies, streamers (with exposure to oil, coal, diamonds, base metals), and often the weighting is wack.

            GDXJ claims to be the Junior mining ETF and yet many of the companies in it aren’t really that Jr, there are silver companies, and they even have a position in GDX in there.

            I find when I look at the holdings that personally I’d rather have much of company XXXX and less of company YYYY and a company I like ZZZZ isn’t even included. There are also times where a development stage company goes to sleep and other periods on its timeline of milestones where there is a lot of newsflow. The same thing is true of many Exploration companies. I’d rather position in the season in front of a ton of newsflow, and exit during lulls or if there are bad results. The ETFs are much slower to rebalance and tend to leave companies in for too long past their peaks, and often into their valleys.

            The biggest thing is I’d rather evaluate each company on it’s own merits, but absolutely do watch the ETFs for the general macro trends in the sector. However, I find them to be misleading at times, because there are many days where the GDXJ is down and many of my positions are still up, or that URA or LIT are down/up where my personal holdings may be moving in a different direction due to their unique fundamental and technical considerations.

            Again, for many, that don’t feel like doing all the extra homework or more actively managing their accounts, the ETFs and Funds are the way to go for sure. In Oil/Gas for example, I was keeping track of some of the mid-tiers and smaller producers, developers, explorers, but just decided to simply things and go with XLE, XOP, and OIH and catch the general trends.

            I’m also intrigued to see how stocks move up or down the batting order in ETFs and Funds (based on the assigned weighting) to see what their analysts feel most strongly about. Sometimes if a company is moving up in a few, I’ll do a deeper dive to see what’s causing the increased interest.

            Good stuff.

          • On April 15, 2017 at 3:38 pm,
            Excelsior says:

            I just looked over the GDX and GDXJ holdings again, and there are really a ton of interesting companies included, that would give any investor immediate exposure to the sector, but there are many companies I hold or follow not included at all, and some of my favorites have minimal weightings. There are also many companies I wouldn’t even want to own included, and they really are a hodge-podge without focus. However, I could see padding down a riskier portfolio of Explorers and Developers with a few ETFs or Funds like these as anchors.

            Honestly, I’m tempted just to throw everything into a few ETFs and Funds, never spend another moment thinking about miners, and unplug from it all and free up a lot of spare time. Very tempting to contemplate….

          • On April 15, 2017 at 3:47 pm,
            Tad says:

            Agreed on all that you say 🙂
            I don’t mind silver being in the gold ones too much though as I’m more of a silver bug. But the junior ones aren’t ‘that junior’, I know. But to buy the individual small caps and hold them alongside is good for me..
            URA is a classic example. It has NexGen as the second biggest holding, which is great because NexGen is actually quite difficult to buy through UK brokers (it uses a settling system that’s not common here) unless I go through the Channel Islands.
            BUT, the etf doesn’t have Energy Fuels in it, (??!!) which is my go-to uranium company.It’s in the USA, a decent size, has a massive low cost, high grade deposit AND a mill; clearly of immense strategic importance. It’s share price was also 100 times its current price 10 years ago.
            Bolt on an equal amount of EFR to URA …and perhaps a couple of the little explorers or companies that haven’t made it to production yet and and its kinda done if, like me, you want to just “hold” for a few years without trading in & out repeatedly.
            I do check the etf holdings every few months though, as they change 🙂

          • On April 15, 2017 at 9:22 pm,
            Excelsior says:

            Good thoughts Tad. Yes, there is a time and a place for ETFs, and they are great for getting immediate access to a sector and just holding it through the moves.

            Having said that – I generally still prefer building a portfolio of single stocks and pick the weightings that make sense to me personally based on my own due diligence and weighting.

            The Uranium ETF (URA) you brought up is a quick and easy way for investors to get exposure to the Uranium mining and Nuclear fuel sector. However, the batting order is all wacked out, and seemed to be prioritized in a way that defies logic completely. This is what drives me crazy about EFTs and “experts” that manage them. This one really makes little sense when you take a step back and look at it.

            For example, (URA) does actually have Energy Fuels in it (but far too small of a weighting @ 3.71% It’s the second biggest producer in the US, the country with the largest nuclear fleet of reactors and energy consumption needs met through nuclear, and it’s farther down the list than some explorers and development companies [??] (makes no sense)

            Next up in head-scratchers…. I get that Cameco is one of the largest “Uranium only” producers, but to give it 21% is waayyy overweight, and it is a slow moving juggernaut with old mines that are being depleted, water issues, and to give any stock 1/5 of a fund with dozens of stocks in it is crazy town. Even in GDX they only give 11% to Barrick and 6% to Goldcorp. 21% to Cameco is an immediate red flag.

            Areva, the French nuclear conglomerate, is number 2 in size/production to Cameco and they barely got any inclusion at all. Paladin is next up in size, but I get why they are reduced, because they are almost bankrupt due to low pricing and no longer term off-take agreements.

            The Nexgen weighting is also a bit extreme at 12.5%. Yes, NXE is a great company, I’m a shareholder, and I realize it’s a world-class asset, and it has captured the fascination of speculators, but come on… The fact that this is a worldwide Uranium fund that is supposed to diversify risk and it has an “Exploration” company rated so much heavier that Areva (producer), Denison (toll milling/prior producer/Development & Exploration/environmental services/owns 25% of Goviex), Energy Fuels (producer), Energy Resources of Australia (Producer), Uranium Participation Corp (warehouse/reseller of Uranium) is a bit over the top – regardless of how speculative and well endowed their ore is. I don’t see any explorers with that kind of weighting in the Gold, Silver, Oil, Agricultural, whatever ETFs or Funds.

            Just the fact that Fission (a problematic Explorer) is as high up the list ahead of other real Producers and Developers is a MAJOR error in judgement. Fission is going to have even worse water issues in the Athabasca than Cameco does, and it will be a freaking long time before that project ever becomes an economic mine (if ever). The analysts putting this together appear to have the same bias towards Canada and the Athabasca explorers that many half-cocked new Uranium investors have.

            Then there are quality small producers like Ur-Energy, Peninsula Energy, or developers / near-term producers like Berkeley that should be more heavily weighted. Also Anfield Resources, Encore Energy, and Western Uranium aren’t even in the Top 25 [???]; yet they instead include Greenland Minerals [an old Rare Earth company that pivoted to Uranium], Silex, and Laramide [???] — (huh?)

            Where is Toro Energy, Boss Resources, and Bannerman – 3 of the largest Developers in Australia? All 3 are much further ahead with becoming real Uranium mines than any explorer on or off that list.

            UEX is a good little explorer on there, but they don’t have Skyharbour, ALX uranium, GoviEx,Deep Yellow, Kivalliq, or many other better candidates. Both Skyharbour and GoviEx were 2 of the best performing Uranium Explorer/Developers in the most recent run from the end of last year through beginning of this year.

            *As a sidenote – Mega Uranium has a large stake in Nexgen, so that is putting even more weight in that one project inside the “balanced” fund.

            *** Bottom line, that (URA) ETF is wack, is poorly organized and reasoned, many key companies have pitifully small weighting, and they don’t include some of the stand out names in the sector, but they give far too much importance to certain companies, and some companies shouldn’t even be included in the top 25.

            Again, I agree that just picking up an ETF is better than trying to figure all this out and spending the time to research the sector, but I’d still rather build my own mini ETF and have done just that. I have 9 Uranium stocks at present and plan on adding up to 3 more for a dirty dozen.

            Here are the top 25 holdings in URA & their wacked-out weighting system:

            * (URA) Top 25 Holdings % Portfolio Weight

            Cameco Corp 21.30
            NexGen Energy Ltd 12.50
            Uranium Participation Corp 6.42
            Uranium Energy Corp 6.26
            Denison Mines Corp 5.33
            CGN Mining Co Ltd 5.16
            Fission Uranium Corp 4.14
            CGN Power Co Ltd 4.06
            Ur-Energy Inc 3.77
            Energy Fuels 3.71
            Areva SA 3.37
            Energy Resources of Australia Ltd A 3.21
            Berkeley Energia Ltd 3.13
            CNNC International Ltd 2.83
            Greenland Minerals and Energy Ltd 2.35
            Peninsula Energy Ltd 2.15
            UEX Corp 2.09
            Paladin Energy Ltd 1.90
            Mega Uranium Ltd 1.78
            Silex Systems Ltd 1.70
            Laramide Resources Ltd 1.39
            Centrus Energy Corp 1.30

          • On April 16, 2017 at 7:07 am,
            Tad says:

            Haha.… yes. Sorry EX. I can see I pushed a button there. I chose a bad example to highlight perhaps. URA has terrible weighting at the moment. Agreed.

            It used to have equal weightings to Cameco & Denison (via the latter…plus UPC). Then a load of 4% holdings….. So basically Cameco & Denison plus a few others bringing up the rear. I haven’t bought Cameco. I bought this instead.

            I have the top 10 breakdown on the company’s fact sheet, that doesn’t contain EFR…..you are undoubtedly correct in the breakdown.

            I actually have EFR, UEC, UEX, URRE, Western, Mega (only because its a proxy for NexGen), Fission ( it does share the NegGen deposit from what I understand……. It’s next door ), plus some Denison. I missed the Govi PP. I was a day too late apparently:( …..maybe I’ll pick some up. Looking at 2 more…. Max. That’s it then. No more.

            And then, URA; even if the guy’s on drugs, he’s gonna be looking at it more than me. It does change. Perhaps it will become more alpha orientated once we get some decent moves in the sector. Uranium is a very badly covered sector in ETF terms.
            Maybe you should do one. I’d definitely buy it. Synthetic replication is all the rage 🙂

            Personally I think that 9-15 holdings in a sector should have it nailed. Having said that I have 75 gold & silver plays and PMs vs Currencies (including ETFs). Too many frankly.

            That’s the point. A sector, that for me, takes 3rd fiddle from silver & gold, and is 12 months away from significant moves, should only represent “So Much” capital within a buy-and-hold mentality. Generally, that’s why ETFs are popular I think.

            I got burnt with copper. Don’t think that’s worth parking cash in for 3 or 4 years personally. But I fancy Nickel. Only 1 or 2 companies though… OK, 4 maximum. Don’t want to think about it more than the 2 days I spend researching it and then spending the money. I’ll keep an eye on it but I can’t get dragged in to becoming a daily trader.
            You can’t buy everything! 😉

          • On April 16, 2017 at 8:07 am,
            Excelsior says:

            Thanks Tad and good comments. Sorry, I didn’t mean to rant, and initially I was going to give (URA) a tentative thumbs (and I guess I still will) up until you mentioned that Energy Fuels wasn’t included. I knew that it was in the past, but when I pulled up the actual weighting and compared it to other companies in the batting order…. it was pitiful. When I saw some of the most advanced development companies on the planet were completely missing and yet a few flaky explorers got equal weighting or more than much more legit and established companies, then it really bothered me.

            Apparently, even the analysts in charge of weighting that ETF can’t escape the Canadian-Bias and Bay Street/Howe Street promotional hype machine. Also, once again, Australian & African companies got the shaft (along with the US companies). A globlally traded ETF should be more balanced globally in it’s holding, and the real Producers & Developers (that are near term producers) should be given much more weight than exploration plays. Just my 2 cents.

            ** Tad, I do agree with you though, that if you want to set it and forget it, and let someone else deal with managing it, that even a wacked out ETF is far easier to plop into one’s portfolio, and ultimately, if the sector does well, then the ETF will follow the trend. For example, Cameco & Nexgen make up over 1/3 of the entire thing, and if Uranium does well, then they’ll do well in tandem.

            The other thing that has always bothered me with some of these lessor followed commodity markets like Uranium, Lithium, Cobalt, Zinc, etc… is how complete hype stories capture investors fascination, while other good projects with solid teams and assets get brushed to the side because they aren’t promoting and hyping the snot out of them or don’t have celebrity endorsers. I guess that is just the way of the world in all industries.

            As a result, “Group Think” and “Herd Think” starts funneling money into projects that are not even close to being economic mines, or into old warhorse names because that is all most investors or even experts are aware of. What gets my goat is that in most of these Commodity ETFs they always seem to neglect the smaller producers and real development stage companies.

            *** The irony is that small producers, and the development stage companies often have the most upside leverage to rising prices in their underlying commodity. For years it has been clear as day that the easiest way to beat these indexes is to build a basket of these small producers and developers, and sprinkle in a few of the best Exploration drill plays that have something real they are working on.

            In Lithium this issue is the most pronounced, where complete garbage is parading around as viable companies, and the real companies were barely noticed or covered for the first year of the hype machine. I couldn’t believe chat rooms on Hotcopper, Yahoo, Stockhouse, or ceo.ca where investors were piling in to complete nonsense on an announcement that weed, or rare earth, or ex Uranium/Gold/Silver/Graphite company had decided to “Stake Ground” in a salar. How gives a crap, if it was that valuable it would have already been staked.

            As someone that has invested in that space since 2011-2012 (when it was NOT cool or trendy) it was easy to see who the players were with real projects. I believed back then that the Lithium battery would be important for Energy Storage of Solar & Wind, and that Electric Vehicles (cars, buses, bikes) were a force that could not be stopped. Galaxy was involved with a new world class Battery plant in 2012/2013 that changed the world and nobody cared. It still is supplying massive amounts of battery grade Lithium from Talison’s operations, but more recently when Tesla gets involved, suddenly people lose their minds trying to tie up land close to their giga-factory. There are about 6 more huge battery plants being built and many more planned, but almost the entire narrative has been incorrectly biased to the Tesla story. I like Elon and Tesla, but people need to open their eyes and do some real research if they’re going to speculate in a sector like Lithium. Most didn’t and just chased the next shiny object.

            I’ve been invested and spent tons of time posting on the real companies in Uranium and Lithium and Zinc, in the effort to help other investors separate the wheat from the chaff. Often times I don’t have positions in all of them (because as you mentioned, you can’t own them all), but the goal was to help investors not fall for the hype and stick with the names that would survive and thrive.

            I’ve nailed the last 4 (and only) companies to make it into Lithium production, and on the development side nailed the half dozen that are now JV with Majors or building pilot plants with off-take agreements….Yet, investors piled in to garbage explorers without a friggin’ chance, and knocked on some of those companies for being too established. Oh well, we’ll see how it all looks once the dust settles.

            There are a handful of investors here on the KER that have discussed the Uranium companies with a pulse (and personally I’ve been part of 6 mergers and takeovers in the Uranium space that were nice pops) and a few of us nailed the last few new producers and highlighted the developers that are on track to be in production next. Then you read someone that is supposedly an “expert” on Uranium and they are off in the hinterlands following very speculative drill plays, or simply obsessed with the Athabasca Basin with little regard for what will actually have to happen to take some of these deposits into production. It’s crazy, but I guess the same thing happens in Silver and Gold, but there are so many of them the discrepancies are less obvious.

            Well, this turned into another rant. Sorry, but I don’t like seeing new or seasoned investors get hoodwinked, or trash companies get investment money, and most importantly the fascination investors seem to have with picking large juggernaut war horses that are slow moving barges, and then spending the rest juggling dynamite with super speculative drill plays that have a 99% chance of failing. To me the action was, is, and will be in the middle with distressed mid-tier turn around stories, the smaller producers, development stage companies and a few of the advanced Explorers with a pulse.

            Wishing everyone the best in their investing and that their approaches to resource investing are prosperous. Ever Upward!

          • On April 16, 2017 at 11:45 am,
            GH says:

            Great comments guys. Thanks for the ongoing education.

            Yep, I wish you’d make a uranium ETF Excelsior.

  9. On April 15, 2017 at 8:22 am,
    OOTB Jerry says:

    Happy Resurrection Day………….

  10. On April 15, 2017 at 8:28 am,
    Matthew says:

    Oil is at 600 day EMA and modified Schiff fork resistance:


  11. On April 15, 2017 at 9:15 am,
    Excelsior says:
    • On April 15, 2017 at 11:30 am,
      OOTB Jerry says:

      render unto Caesar, that which is Caesar’s…….. I thought God owned everything, Caesar is just borrowing the money………. 🙂

      • On April 15, 2017 at 11:32 am,
        OOTB Jerry says:

        Govt. overreach……..In Lincoln’s time, the tax was 1%……and that was for war debt,
        When the govt is corrupt the people moan…

        • On April 15, 2017 at 11:34 am,
          OOTB Jerry says:

          Not until the banksters , amended the Constitution, in the dead of night, did we have a CENTRAL BANKSTERS act….to rob every tom, dick and harry….

          • On April 15, 2017 at 12:12 pm,
            Excelsior says:

            The following is a list of 97 taxes Americans pay every year…

            #1 Air Transportation Taxes (just look at how much you were charged the last time you flew)

            #2 Biodiesel Fuel Taxes

            #3 Building Permit Taxes

            #4 Business Registration Fees

            #5 Capital Gains Taxes

            #6 Cigarette Taxes

            #7 Court Fines (indirect taxes)

            #8 Disposal Fees

            #9 Dog License Taxes

            #10 Drivers License Fees (another form of taxation)

            #11 Employer Health Insurance Mandate Tax

            #12 Employer Medicare Taxes

            #13 Employer Social Security Taxes

            #14 Environmental Fees

            #15 Estate Taxes

            #16 Excise Taxes On Comprehensive Health Insurance Plans

            #17 Federal Corporate Taxes

            #18 Federal Income Taxes

            #19 Federal Unemployment Taxes

            #20 Fishing License Taxes

            #21 Flush Taxes (yes, this actually exists in some areas)

            #22 Food And Beverage License Fees

            #23 Franchise Business Taxes

            #24 Garbage Taxes

            #25 Gasoline Taxes

            #26 Gift Taxes

            #27 Gun Ownership Permits

            #28 Hazardous Material Disposal Fees

            #29 Highway Access Fees

            #30 Hotel Taxes (these are becoming quite large in some areas)

            #31 Hunting License Taxes

            #32 Import Taxes

            #33 Individual Health Insurance Mandate Taxes

            #34 Inheritance Taxes

            #35 Insect Control Hazardous Materials Licenses

            #36 Inspection Fees

            #37 Insurance Premium Taxes

            #38 Interstate User Diesel Fuel Taxes

            #39 Inventory Taxes

            #40 IRA Early Withdrawal Taxes

            #41 IRS Interest Charges (tax on top of tax)

            #42 IRS Penalties (tax on top of tax)

            #43 Library Taxes

            #44 License Plate Fees

            #45 Liquor Taxes

            #46 Local Corporate Taxes

            #47 Local Income Taxes

            #48 Local School Taxes

            #49 Local Unemployment Taxes

            #50 Luxury Taxes

            #51 Marriage License Taxes

            #52 Medicare Taxes

            #53 Medicare Tax Surcharge On High Earning Americans Under Obamacare

            #54 Obamacare Individual Mandate Excise Tax (if you don’t buy “qualifying” health insurance under Obamacare you will have to pay an additional tax)

            #55 Obamacare Surtax On Investment Income (a new 3.8% surtax on investment income)

            #56 Parking Meters

            #57 Passport Fees

            #58 Professional Licenses And Fees (another form of taxation)

            #59 Property Taxes

            #60 Real Estate Taxes

            #61 Recreational Vehicle Taxes

            #62 Registration Fees For New Businesses

            #63 Toll Booth Taxes

            #64 Sales Taxes

            #65 Self-Employment Taxes

            #66 Sewer & Water Taxes

            #67 School Taxes

            #68 Septic Permit Taxes

            #69 Service Charge Taxes

            #70 Social Security Taxes

            #71 Special Assessments For Road Repairs Or Construction

            #72 Sports Stadium Taxes

            #73 State Corporate Taxes

            #74 State Income Taxes

            #75 State Park Entrance Fees

            #76 State Unemployment Taxes (SUTA)

            #77 Tanning Taxes (a new Obamacare tax on tanning services)

            #78 Telephone 911 Service Taxes

            #79 Telephone Federal Excise Taxes

            #80 Telephone Federal Universal Service Fee Taxes

            #81 Telephone Minimum Usage Surcharge Taxes

            #82 Telephone State And Local Taxes

            #83 Telephone Universal Access Taxes

            #84 The Alternative Minimum Tax

            #85 Tire Recycling Fees

            #86 Tire Taxes

            #87 Tolls (another form of taxation)

            #88 Traffic Fines (indirect taxation)

            #89 Use Taxes (Out of state purchases, etc.)

            #90 Utility Taxes

            #91 Vehicle Registration Taxes

            #92 Waste Management Taxes

            #93 Water Rights Fees

            #94 Watercraft Registration & Licensing Fees

            #95 Well Permit Fees

            #96 Workers Compensation Taxes

            #97 Zoning Permit Fees

            “Yet despite all of this oppressive taxation, our local governments, our state governments and our federal government are all absolutely drowning in debt.”

            “When the federal income tax was originally introduced a little more than 100 years ago, most Americans were taxed at a rate of only 1 percent.”


          • On April 15, 2017 at 1:50 pm,
            OOTB Jerry says:

            Goes to show……..put a bankerster in charge and nothing is safe…..even the safety deposit box……

          • On April 15, 2017 at 1:52 pm,
            OOTB Jerry says:

            Total thievery ………….

          • On April 15, 2017 at 2:28 pm,
            Excelsior says:


          • On April 15, 2017 at 2:45 pm,
            OOTB Jerry says:

            btw………thanks for the list……should make everyone THINK a little …….

          • On April 15, 2017 at 2:47 pm,
            OOTB Jerry says:

            The GOVT should only be 1% in SIZE………and we would only have a 1% Tax

          • On April 15, 2017 at 2:49 pm,
            OOTB Jerry says:

            With all those Taxes…
            ……HOW in the HELL ….are we $20 TRILLION plus $105 TRILLION(unfunded)……IN DEBT..

          • On April 15, 2017 at 2:50 pm,
            OOTB Jerry says:

            A VOTE FOR THE AMERICAN WAY………lol

          • On April 15, 2017 at 2:52 pm,
            OOTB Jerry says:

            IN stead of MOAB…….WE need a MOADB…..(mother of all debt bomb)….Jubilee

          • On April 15, 2017 at 3:13 pm,
            Excelsior says:

            We already have the MOADB (Mother Of All Debt Bombs)…. as you mentioned 20 Trillion and many times that in unfunded liabilities.

            Eventually, when the rest of the world loses confidence in our ability to ever service this debt, it will all blow up. Until then, it’s business as usual….. 😮

          • On April 15, 2017 at 3:34 pm,
            OOTB Jerry says:

            Taxes……”and this taxing was first made when CYRENIUS was governor of SYRIA.”…..
            Luke 2 : vs 2………………
            Times have not changed

          • On April 15, 2017 at 3:36 pm,
            OOTB Jerry says:

            the pretend Jews have taken it to a whole new LEVEL…….MY people parish from the lack of knowledge.

  12. On April 15, 2017 at 10:13 am,
    JohnK says:

    I always have my antenna up for under the radar/disruptive technologies.
    Heavy Rare Earth Element#67,Holmium,Ho.
    The Company,Matamec,MAT.V
    “From IBM’s Almaden Research Center,researchers were able to use a single Holmium atom as”The world’s smallest magnet” and by passing an electrical current through the Holmium,they can turn it “on” to a state representing the “1” of the binary code or “off” which represents the “0” state,Thus making it 1,000 times denser than todays hard disk drives and solid state memory chips.
    Matamec traded 7.7 million shares verse an average daily volume of 270,000, the day of this press release.
    Full disclosure,I own shares of MAT.V
    Do your own DD.

    • On April 15, 2017 at 12:57 pm,
      Excelsior says:

      Thanks JohnK. It’s always interesting to see how specialty metals and elements are being used in our developing world. I’ve followed Matamec for a while (since the Rare Earth bubble and they always stuck out as unique – like Alkane and Ucore.)

      • On April 16, 2017 at 8:13 am,
        JohnK says:

        Thanks Shad,
        Another consideration is geo-political tensions and the United States dependency on China for their supply of processed Rare Earths.
        I am noticing ‘nice” movement in the Rare Earth stocks that I follow.
        The Rare Earth sector has to be one of the most unloved as we speak.Which is fine for me as I can still accumulate stock at a decent price.
        Also,some of the Rare Earth companies have exposure to other commodities which gets overlooked because they are lumped together as a “Rare Earth.”
        Matamec for example has a J/V with CJC on Sakami Gold which they are currently drilling.They have optioned two more gold properties,and also have property with lithium and Cobalt exposure.
        At some point in time Matamec will hit the Radar,probably when the stock can close over a dime,or China decides that it has had enough.

        • On April 16, 2017 at 9:04 am,
          Excelsior says:

          Agreed JohnK. Some of the specialty metals companies like Largo, NioCorp, IBC advanced Alloys, Scandium Inc, Arafura, Commerce Resources, Pele Mountain, etc.. have been on the move again. Even Lynas is starting to gradually creep up.

          Here is a recent corporate presentation for Ucore – very interesting what they are doing with downstream processing, recycling, and separation of all kinds of specialty metals and elements:


          • On April 16, 2017 at 9:05 am,
            Excelsior says:

            Ucore Testifies Before U.S. Senate
            Committee on Energy & Natural Resources
            March 29, 2017

            “MacGillivray provided information on the need for a US-based rare earth (“REE”) supply and production chain. He asserted the criticality of Ucore’s valuable rare earth element project within that chain, commenting on the status of the Bokan-Dotson Ridge REE Project in Alaska (“Bokan” or the “Project”) as a critical and strategic U.S. asset. He also detailed Ucore’s continuing work at Bokan, including ongoing analysis of metallurgical processes vital to the bankable feasibility study.

            Most notably, MacGillivray provided information regarding the successful execution of the REE separation pilot plant in Utah, utilizing Bokan feedstock in combination with innovative American clean-tech separation methodologies. In combination with Bokan, he noted that the technology represents a significant opportunity for near term production of crucial heavy REE on US soil. With its accessibility and favorable logistics, MacGillivray noted that the Project would give the U.S., the world’s leading consumer of rare earth elements, strategic and secure access to a domestic supply of critical REE.

            “The issue of foreign mineral dependence is not new,” said Jim McKenzie, CEO of Ucore. “However, Congress is certainly elevating awareness of the problem at a very critical time. Ucore’s testimony has highlighted that the importance of an issue that can’t be overstated. At present, the People’s Republic of China dominates the production of numerous materials, including rare earth elements, which are essential for the proper function of everything from American smart phones to advanced weapons systems. In fact, China exhibits a near monopoly on the production of these materials, posing a dangerous risk to U.S. supply chains.”

            “America has no operating producer of rare earth elements,” added Randy MacGillivray. “To date, the sole mitigation strategy adopted by the U.S. has been to stockpile small reserves of materials deemed to be critical and to promote substitution and recycling efforts, an inadequate approach given the criticality of these materials. Without a U.S. supply base, should the Chinese ever decide to withdraw the supply of these materials, the U.S. would be left without access, impacting both the domestic economy and the national security complex.”

            Chinese REE Dominance

            China supplies nearly all of the REE consumed by the U.S. Existing production techniques rely substantially on legacy separation technologies and environmentally invasive mining and processing practices. Solvent extraction (“SX”) separation processes, deployed extensively by the Chinese, have a very low selectivity for the recovery of individual REE. This failing necessitates the requirement of numerous separation stages. SX additionally utilizes highly corrosive chemicals and generates vast amounts of toxic and radioactive waste for which very little care is taken in the disposal.

            To witness firsthand the toll Chinese rare earth production is having on the environment, one need not look further than the artificial lake located in China’s Inner Mongolia region where black chemical sludge, a byproduct of solvent extraction, stains the landscape. This embrace of environmental pollution on behalf of the Chinese, in combination with the lack of worker protections, allows the Chinese to manipulate the market and effectively control global prices.”


        • On April 16, 2017 at 9:11 am,
          Excelsior says:

          Alkane Resources is a company we’ve discussed before. They are successful Gold Producers in Australia that are dumping their revenues into building one of the largest Rare Earth and Specialty Metals projects out there. As you mentioned, the exposure some of these companies have to other commodities makes them challenging for investors to get their heads around (me included), but presents some unique opportunities.


          “Securing Funding for a Rare Earth Project – the Polymetallic Advantage”


          • On April 16, 2017 at 9:17 am,
            Excelsior says:

            This more recent Corporate Presentation from the end of last year does a good job of over-viewing their Gold Production, but obviously is a bit dated. They’ll have better results the balance of 2017, but it seems like a brilliant strategy for moving forward their Specialty metals projects. Also, the shares are currently on sale because their Gold production numbers has slightly higher costs last quarter, but that will be resolved moving forward.

            Alkane Resources – Annual General Meeting – Sydney
            16 November 2016 – Corporate Presenation


  13. On April 15, 2017 at 11:25 am,
    Steele says:

    Christopher Aaron posted a video a few days ago about gold being near a breakout, with supporting technicals. He has been a welcome addition to the show.


    • On April 17, 2017 at 1:31 am,
      Tad says:


  14. On April 15, 2017 at 11:28 am,
    Silverdollar says:

    Good show you put together. You mentioned getting away from the computer and spending time with family………Hope you remember that sage advice yourself and don’t overwork on the production of programming………You recently tied the knot and that better half expects some of your time!

  15. On April 15, 2017 at 11:41 am,
    Silverdollar says:
  16. On April 15, 2017 at 1:57 pm,
    Markedtofuture says:

    Gold Breakout Supported By Market Forces

    Summarizing, the gold and silver markets are sending misleading signals now:

    The silver futures market is very hot now (speculators are overly optimistic about silver prices), but its gold counterpart is not

    Silver bullion is not aggressively accumulated this year but gold bullion is

    JPMorgan has been aggressively accumulating both gold and silver this year

    Technically speaking, gold is now very strong


  17. On April 15, 2017 at 4:25 pm,
    Ozibatla says:

    Wow Excelsior, you guys are inundated with taxes. Unfortunately tis the same here in Aus. I was only summising to someone the other day, how do our governments manage to drown us in debt with all this tax revenue??? Bloody ridiculous!

    • On April 15, 2017 at 9:42 pm,
      Excelsior says:

      Ozibatla – agreed, the number ways citizens get taxed IS bloody ridiculous!!

      I made this point to folks at a lunch the other day that were militant Bernie Sanders fans, that unanimously felt we should all pay more Taxes so college is “FREE”….. and that they didn’t think taxes were high enough in the US to support the poor.

      After almost vomiting in my mouth, I tried to calmly explain just how many taxes we are all hit with in so many areas of life beyond income tax (registering a car, a gun, a fishing license, sales tax, plane tax, hotel tax, food tax, import tax, etc….) The adage that “It’s not how much you make but how much you keep,” fell on deaf ears with that group.

      After that we discussed that social programs were supposed to be a “Safety Net” for the bottom 10% that really struggled, not for the bottom 50% to suck off the government teet. There are far too many collecting and far too few contributing for this to hold up much longer. They felt that was harsh. {I’ve decided to get them all calculators for Christmas).

      Next I tried to explain that nothing is ever “FREE” and that governments don’t produce anything or make money. If they are paying for some chumps kids to go to school for Free, then the Taxes collected from people actually working and contributing to society are funding it.

      They were glazed over like doughnuts, and their only response for robbing the working stiff was that…. well that’s a nice thing to do for kids. I lost it and said, if you want to start your own scholarship, so be it, but to take mandatory taxes out of everyone’s paycheck so that a growing population of youngsters can get degrees in Ancient Hungarian Basket Weaving is theft and a misallocation of capital.

      Anyway, there are so many little taxation thefts that go to support insane initiatives, unnecessary jobs, slush funds, redistribution, and a swollen nanny state that it is really death by 1000 razor blades.

      OK – rant done. Sorry, I just mailed in my taxes today, and hate the F’ing system. If people want a tax then let’s dissolve the IRS, get rid of the Tax Code, Accountants, and all the loopholes everyone whines about, and let’s just go to a straight up consumption tax. Everyone pays the same rate when they buy junk they don’t need (whether they work or not) and we need to trim down social programs by about 4/5ths. It won’t ever happen, but that would solve the issue.

      Until then……. the grabbing hand, grabs all it can……

      • On April 16, 2017 at 6:05 am,
        OOTB Jerry says:

        Of course we would have to add a” black market tax “to even things out for the amount of merchandise that would be stolen by the thieves who avoid the tax at the cash register…………. 🙂

        • On April 16, 2017 at 8:44 am,
          Excelsior says:

          While shoplifting does have an impact (particularly on retail) it pales in comparison to the overt taxation theft that never seems to stop accumulating in every area of life.

          What is insane, is how many people are giddy to bring on more of a Socialistic model to the US when it has failed in almost every country that has tried it, in the spirit of “Helping Others.” Take a look at Europe – Socialism and over taxation is a freakin’ trainwreck. “A sinking ship is no good to another sinking ship.” Taxing the hell out the worker bees and putting the government in control of more areas of life is the opposite of the solution.

          The best way to help everyone be more prosperous and have more jobs is to support Small Businesses. Policies that ease the tax burden, and remove cumbersome regulation so that small businesses can grow, get loans, and start hiring more folks again IS the solution.

          90% of companies people work for are under 100 employees, and 80% are under 50 employees. Small businesses are the engine of the economy, and yet all the news and regulation is focused on the “Too Big To Fail” companies like the Auto, Solar, Banking, and Chemical conglomerates, that weren’t good stewards of fiscal responsibility in the first place. They never should have been bailed out with funny money stimulus, and I often wonder how far some of these policy makers, politicians, and central bankers have their heads up their hind ends to not realize that those companies are not where MOST people work.

          There are very few Mega-corps, and so many hundreds of thousands of small businesses, that could all add a few people and get things growing again through innovation and free market competition. Instead, we just swelled the nanny state, swelled the size of government, and put more and more people to work managing the crisis; instead of growing ingenuity, real businesses, and a competitive edge.

          What a mess, and the clouded delusions of the policy makers, paid for lobbyists, and brain-dead economists, have finally infected a huge percentage of the country into thinking we need to tax our way out of this and let the government fix things. Here’s a clue the government can’t fix anything, and the emperor is wearing no clothes. Our best hope is for them to cut many social programs back, retool and reimagine Social Security and Medicare, cut taxes on small businesses, removed as many obstacles and regulations as possible and get the hell out of everyone’s way.

          • On April 16, 2017 at 9:06 am,
            OOTB Jerry says:

            ditto………”the govt can not fix anything”…..

      • On April 16, 2017 at 12:50 pm,
        GH says:

        I feel your pain.

        They’re not called ‘libtards’ for nothing.

        • On April 16, 2017 at 4:38 pm,
          Excelsior says:


  18. On April 16, 2017 at 6:20 am,
    OOTB Jerry says:

    JNUG………..Suspended ………3x gold ETF……halted…………zerohedge….

    • On April 16, 2017 at 6:30 am,
      OOTB Jerry says:

      WARNING……………I THINK………..

      • On April 16, 2017 at 6:37 am,
        OOTB Jerry says:

        WARNING…………..I hate to be an alarmist ………

        • On April 16, 2017 at 8:21 am,
          Excelsior says:

          We posted a few articles about GDXJ up above and it is a substantial change OOTB.

          GDXJ has a position in GDX (the bigger companies not supposed to be in their ETF) because speculators in JNUG were forcing their position size in certain equities to get close to breaching the Canadian and US concentration rules. The other issue that there wasn’t sufficient liquidity in some of the mining shares so as they needed to acquire more of them, there weren’t enough sellers without them becoming to overweighted. Heres a clue – diversify into more companies then…. Also, it is high time that some of these miners got an injection of value and liquidity.

          The fact that JNUG is halted and the speculation has caused this trainwreck just further illustrates the issues around over-weighting certain companies and the 3x leveraged ETFs in general. What the hell were they going to do if the sector really got hot and millions of dollars starting dumping in NUGT or JNUG.

          Again, these agencies had no problem in the Bear market where everything was falling in price and value, and the share prices of the underlying companies in the indexes were crashing, but when things started heating up on the positive side and valuations started to swell, those vehicles have become problematic. Not a surprise…… but alarming none the less.

          • On April 16, 2017 at 8:52 am,
            OOTB Jerry says:

            Oh, I see it now………..April 15……..And I agree , “what the Hell were they going to do if the sector really got hot”…..Goldman and the bankster thought no would notice, just rip off the little guy as usual. The SEC would not do anything, that is for sure…..

          • On April 16, 2017 at 8:53 am,
            OOTB Jerry says:

            More of the collapse to come……..Rome is burning , little fires start, and then the entire city is in flames.

          • On April 16, 2017 at 8:55 am,
            Excelsior says:

            Sad but true….

    • On April 17, 2017 at 1:21 am,
      Excelsior says:

      ‘That’s The Most Horrible Thing I’ve Ever Heard’

      Apr. 14, 2017

      “One day, someone is going to look back at the proliferation of ETFs and wonder how everyone could have been so naive.”

      “Outside of some geopolitical catastrophe, ETFs almost unquestionably represent the biggest risk to markets – and this risk is at the structural level.”


  19. On April 16, 2017 at 6:23 am,
    Ozibatla says:

    So true Excelsior. Why do they choose to punish those who make the prudent decision to save and earn an honest living??? Enslavery. The system is a complete farce.

    Income tax here in Aus is a complete overkill. Im not just talking income from ones labour either, theres income tax on interest in a bank account, income tax on inheritence windfalls, it goes on and on. Plus theres the absurd percentage increases when one climbs into a higher earning bracket. I wont even mention capital gains tax, stamp duty on motor vehicles and property and a goods and service tax that is proposed to be on the increase. Where does it end?

    I was once told that the word job was an acronym for Just Over Broke and unfortunately for many it rings true.

    • On April 16, 2017 at 8:50 am,
      Excelsior says:


  20. On April 16, 2017 at 6:33 am,
    OOTB Jerry says:

    ROME fell in the same mannor ……….to much taxation…….. Real estate taxes will be the final death nail, as citizens walk away.

    • On April 16, 2017 at 6:34 am,
      OOTB Jerry says:

      IT, happens all the time in the inner cities across america………

      • On April 16, 2017 at 8:53 am,
        Excelsior says:

        Agreed. Just look at Detroit a few years back, where home were literally being sold for $1 or for an IPad, because they couldn’t afford the back taxes.

        • On April 16, 2017 at 8:56 am,
          OOTB Jerry says:

          When the jobs go bye bye, which they are doing , robots will not pay the tax, …..

          • On April 16, 2017 at 8:58 am,
            Excelsior says:

            We’ll have a “Robot Tax” come out of our government allowances at one point.

    • On April 16, 2017 at 8:52 am,
      Excelsior says:

      Great point OOTB. I love it when people get high and mighty about owning their house and land, and pleasantly remind them that is an illusion. If you want to find out who “Owns” your land, try missing the State & County Property Taxes a few times. They’ll quickly refresh your memory on just who’s land that is….. It’s sinister.

      • On April 16, 2017 at 8:54 am,
        OOTB Jerry says:

        Ditto on SINISTER……..Local taxing agency should be hung out to dry on this one.

        • On April 16, 2017 at 8:58 am,
          Excelsior says:

          Slight side tangent on real estate investing. Have you ever done any investing in Tax Liens. I know their are lien states and deed states, but have some buddies that have made nice returns building up a portfolio of this paper. Any thoughts?

          • On April 16, 2017 at 8:59 am,
            Excelsior says:

            In some cases they’ve taken over the properties directly.

          • On April 16, 2017 at 9:08 am,
            OOTB Jerry says:

            No, but, I have looked into them……….use to be a good return on the capital, that was back in the 80’s

          • On April 16, 2017 at 9:14 am,
            OOTB Jerry says:

            The property would eventually be yours to deal with, if the default was not cured(tax lien not paid). One would want to make sure it was in a good location, or else, you become the future victim . But, every situation is different, so it could turn out to be very profitable.

          • On April 16, 2017 at 9:16 am,
            OOTB Jerry says:

            I have purchase a lot of tax defaulted properties in the past…..most of the rentals which I owned were tax sales…..

          • On April 16, 2017 at 9:17 am,
            OOTB Jerry says:

            Makes one stop and think……..real estate taxes can bite you on the butt, if one is not aware of the outcome……

          • On April 16, 2017 at 9:22 am,
            Excelsior says:

            Nice. On picking up the rental properties on the cheap in a tax-distressed sale.

            Yes, I’ve been at several workshops where the investors mentioned that in “Deed” states [about half of them] that you can acquire the property, if the tax lien is not satisfied, but then the property becomes your headache/or blessing. Of course they touted the times where they got great properties on the cheap, but also mentioned a few stinkers (like swamp land) or plots in remote areas, that they had challenges reselling. I guess, like everything in life, it comes down to getting specialized knowledge, and researching the asset before you invest in it. Just curious. Mining stocks have just held my attention because I keep saying “why would I want to wait 1-3 years to make 10%, when I can make over 10% in a day in Jr miners?” 🙂

          • On April 16, 2017 at 9:24 am,
            Excelsior says:

            I guess the appeal is the “guaranteed” return on the tax lien investment, where with Jr miners you can also lose 10% in a day. 🙁 (hahaha!)

            Lot’s of different choices on how to invest. Many flavors…..

          • On April 16, 2017 at 9:26 am,
            Silverdollar says:

            Colorado uses tax liens and sells at public auction those properties which remain unpaid three years in arrears. I lived in Colorado in the 70’s and participated once. The taxes were paid about 24 hours prior to my getting a deed. However, I made 12% interest on my money that I had ‘invested’. It’s actually a very good method for counties to get their money.

          • On April 16, 2017 at 9:28 am,
            OOTB Jerry says:

            Exactly………ditto on the 10% return on the miners………

          • On April 16, 2017 at 9:29 am,
            OOTB Jerry says:

            Diversification……… 🙂

          • On April 16, 2017 at 9:29 am,
            Excelsior says:

            I keep telling myself I’ll just store the profits of investing in Jr miners into Tax liens or rental property, but then I think, why not just store the profits in some of the Royalty or Streaming companies that I can buy/sell/trim/add at any point with ease and make fairly consistent returns on. My plan is to ride up the PMs a select other commodities into the 2018/2019 and then rebalance those profits into more real estate. Until then…… it’s a circus out there! All the best sir.

          • On April 16, 2017 at 9:34 am,
            Excelsior says:

            Silverdollar – thanks for that feedback on the Colorado tax liens. Yes 12% sound like a good return. I’ve heard some states, can’t remember which ones, paid up to 18%.

            Still I return to my question, “Why would I want to wait 3 years to make 12% or 18% when I can make that in a day or week on many mining stocks? ” Again, the issue is risk. There is 0 risk on the tax liens, because the counties need that money and pay you interest based on the fines they levvy on the lienholder for being late. It just helps them keep the budgets on track to have the money in the hopper and they pay you for volunteering your cash.

            With miners, there are no guarantees.

            I guess that’s the clincher…..

          • On April 16, 2017 at 9:35 am,
            OOTB Jerry says:

            Stay with what you know……..and run it , till it doesn’t work any longer….. 🙂

          • On April 16, 2017 at 9:36 am,
            OOTB Jerry says:

            There are no guarantees period……….except death and taxes…… 🙂

          • On April 17, 2017 at 1:57 pm,
            Excelsior says:

            Why Stock Market Investing DESTROYS Real Estate Investing!
            Apr 15, 2017


  21. On April 16, 2017 at 10:26 am,
    Matthew says:
  22. On April 16, 2017 at 11:03 am,
    Dick Tracy says:

    The more the government taxes us the more rackets pop up. The market is a huge racket just ask Al dead man Capone, I wonder how many operate in a big city, tennis anyone? LOL!

  23. On April 16, 2017 at 11:44 am,
    Markedtofuture says:

    Marijuana is not on the tax list just yet?

    DHS chief: ‘Marijuana is not a factor in the drug war’

    Homeland Security Secretary John Kelly said Sunday marijuana is not “a factor in the drug war,” citing addictive drugs as the key border focus for fighting illegal drugs in the U.S.

    “Yeah, marijuana is not a factor in the drug war,” Kelly told host Chuck Todd on NBC’s “Meet the Press.”

    “Drug consumption in the United States is the problem, just cocaine alone when you consider the massive amounts of profit that come out of the United States,” he added.

    Kelly cited meth, heroin and cocaine as the three main drugs that have played a role in the U.S. drug crisis, leading to the over 52,000 deaths in 2015.
    “Those three drugs result in the death in think last year in [2015], of 52,000 people to include opiates. It’s a massive problem. 52,000 Americans. You can’t put a price on human misery. The cost to the United States is over $250 billion a year,” Kelly said.


  24. On April 16, 2017 at 11:49 am,
    Markedtofuture says:

    Stateside Report Podcast – April 16, 2017

    In this episode we take a look back at the week in gold, base metals and the stocks, we look back to January 2016 to see how far we’ve come and how far we have to go then finally we wrap up with news from the sector including: West African Resources WAF, Engold Mines EGM, Atac Resources ATC, Firesteel Resources FTR, Newcastle Gold NCA, Osisko Mining OSK, Precipitate Gold PRG, Newrange Gold NRG, Kootenay Zinc ZNK, Battle Mountain Gold BMG, Bellhaven Copper & Gold BHV, PJX Resources PJX, Nevada Sunrise Gold NEV, Nortec Minerals NVT, Marathon Gold MOZ, Erdene Resource Development ERD. We talk gold, silver, copper, lead, zinc, uranium, oil and nickel.


  25. On April 16, 2017 at 1:37 pm,
    GH says:
  26. On April 16, 2017 at 7:44 pm,
    Markedtofuture says:

    World’s Biggest Aluminum Producer Faces Default, Warns Of “Dramatic Social Unrest” Without A Beijing Bailout

    Step aside China Huishan Dairy Holdings – China’s largest dairy producer which cratered last month after a negative Muddy Waters research report brought attention to a company we knew for one year was collateralizing its cows to fund stock buybacks – and make way for what may be the next Chinese megafraud.


  27. On April 16, 2017 at 9:58 pm,
    Excelsior says:

    Zinc has been a popular commodity on investors mind over the last year or two due to the very favorable supply/demand fundamentals that have been underpinning the price. As a result many old projects have been dusted off, but likewise many new exploration targets are surfacing. There are dozens of companies now touting zinc deposits, and of course, plenty of Silver miners with pretty hefty Zinc/Lead credits.

    One of the many exploration stories circulating the last year or so is the Callinex Mines (CNX) exploration efforts. They have a few projects (and actually just acquired a new one in the last month), but their flagship is Pine Bay project in Manitoba in Flin Flon district by Hudbay’s historic mine.

    If anyone has been following this story, they came out of the starting gates with 2 good holes and the share prices spiked up in a big way, but then when they put out their next few holes in the drilling campaign, it underwhelmed the market and the shares sold off hard. I remember that news release well, because my plan was to buy some Callinex that week, and I’m so glad that I didn’t get snared up in that sell off and elected to buy some Heron Resources that week instead.

    Well, some time has gone by, and I’ve mentioned on here a few times now that resource investors are quite fickle people and that the market seems to have over-reacted to the down. If Callinex can pull off a few good holes it is quite likely that this stock will be on the move once again.

    Just recently Callinex hosted a site-visit where both Joe Mazumdar (of Exploration Insights) and also Fabi (of The Next Big Rush) both did great videos of why site visits are so important. I’ll post both VIDEOs below and feel all resource investors can “put some meat on the bone” as it relates to visualizing the jump from reading press releases, corporate presentations, and review maps and drill holes, to actually getting out on location and seeing the core shack and drills turning.

    Both videos are great (the video with Joe w/ Carter as the camera man was obviously bigger budget and very well done) but Fabi did pretty good as well with a do it yourself filming style.

    Eric Coffin has also confirmed today that they’ll be present at the Metals Investor Forum (MIF) coming up in May, and reiterated why there is interest, but also the challenges with doing the exploration work on these VMS deposits.

    @HRA-Coffin – Carter [the cameraman] is good, no doubt. Joe [Mazumdar] and $CNX will be at the next MIF on May 5th and 6th. I’m hoping Hole 24 is complete by then – though it may not be assayed in time. A lot more to the story but it would be nice if that one hit (for my portfolio anyway) as it should be the closest pierce point to the discovery hole if it doesn’t deviate too much.” 16 Apr 2017,

    @HRA-Coffin – “The fascination with that project is understandable if you know how VMS deposits form. Its a massive package of felsic volcanics and contains one of the biggest, if not the biggest, alteration zones in the belt. That doesn’t mean its easy though. Even a 10 million tonne massive sulphide body doesn’t take up that much space, the zinc rich portion won’t respond well to most geophysical methods and, if its there, its probably several hundred metres down. Not easy for sure, but definitely a worthwhile target. I like the new project they added in the area as well, though it too has been subject to a lot of faulting and folding so it will take some work to unravel but it’s also delivered some nice high grade intercepts.” 16 Apr 2017,


    A Zinc Explorer’s Monumental Moment: (CNX) (CZXMF)
    Joe Mazumdar’s – Callinex Mines Site Visit Film


    • On April 16, 2017 at 9:59 pm,
      Excelsior says:

      Why You Should Go On A Site Visit – Callinex Mines
      The Next Big Rush Apr 7, 2017

      “This week I had the amazing opportunity to go visit Callinex Mines’ Pine Bay project in Flin Flon, Manitoba. Callinex is an interesting junior mining company exploring for zinc in proven jurisdictions near great infrastructure.

      The team features hall of famers and geologists who know the area like the back of their hand. $CNX”


      • On April 16, 2017 at 10:01 pm,
        Excelsior says:

        MIF January 2017: Callinex Mines Inc. (CNX) (CZXMF)
        Beneath The Surface


        • On April 16, 2017 at 10:44 pm,
          Excelsior says:

          Here is a little Zinc blurb that I posted on ceo.ca back on the 6th that gets into a few interesting companies in the space to follow, {and there’s a snippet about taking the plunge as well with Callinex}. We’ll see how it goes….. but with so many following it, if they do hit good results on this drill campaign or in their July campaign, then things could really get interesting….


          @Excelsior – “Tinka (just sold on this move up, but will be getting right back in on a little more pullback), Vendetta, Heron, Canada Zinc Metals, are my main #Zinc holdings.”

          “Also, I’ve decided to give Callinex a go (only have a small starter position at present) for the 2017 exploration program since they sold off so hard on the last campaign. People forget about all the good work they had done previously to this year’s miss, so that one is a bit more speculative.”

          “Lastly, I’m also considering Red River, Foran, Zazu and Pasinex for more Zinc exposure. [apparently I need to look at Karmin as well based on the responses above 🙂 ]”

          “The rest of my Zinc exposure comes through the impact of higher prices on the cost/margins/renues of the #Silver miners (many Silver Miners have fairly robust exposure to Zinc in their Silver eq ounces), and the marketplace has not been making this connection based on the Silver miner share prices lately. I expect that rising #Zinc & #Lead prices will show up as a boon to the smaller Silver Producers over the next few quarters. ”

          — 6 Apr 2017,

          • On April 16, 2017 at 11:19 pm,
            Excelsior says:

            >> I am alsocurious about a few of the #Zinc projects in the Eurasian Minerals (EMX) portfolio (even though they are more known for #Gold and #Copper projects):

            * Gumsberg – Sweden

            “EMX’s 2016 reconnaissance diamond drilling targeted both exhalative-type lead-zinc-silver mineralization and replacement style zinc-lead mineralization developed in skarn and altered volcanic rocks.”


          • On April 16, 2017 at 11:20 pm,
            Excelsior says:

            (EMX) Eurasian Minerals next Zinc project

            * Balya – Turkey

            “…drill programs have resulted in 190 core holes totaling more than 34,000 meters. This drilling has expanded the lead-zinc-silver mineralization in the Hastanetepe zone, and confirmed the continuity and tenor of the mineralization with in-fill holes at 25 to 50 meter spacing.”


          • On April 16, 2017 at 11:22 pm,
            Excelsior says:

            This could be (EMX) Eurasian Minerals next big polymetallic Zinc/Silver/Lead/Copper project…. Waiting for exploration work:

            * Hardshell Skarn – Arizona

            “The Hardshell Skarn Project is located approximately 75 kilometers southeast of Tucson, Arizona within the Patagonia Mountains and adjacent to (AZ) Arizona Mining’s advancing Hermosa project (Zinc/Silver/Lead). The Project is comprised of 16 unpatented federal lode mining claims totaling approximately 279 acres and lies between the Sunnyside porphyry copper system (Regal Resources Inc.) to the west, the Hermosa project (AZ Minerals) to the east, and the historic Trench mine to the north.”


          • On April 16, 2017 at 11:26 pm,
            Excelsior says:

            As a reminder for (AZ) Arizona mining that is operating right next to that deposit that Eurasian Minerals has, here’s a good recent recap from the Northern Miner.


            Arizona Mining on path to zinc production at Taylor
            BY: MATTHEW KEEVIL APRIL 13, 2017

            ” Arizona Mining (AZ) (WLDVF) has advanced its Taylor zinc-lead-silver sulfide deposit at a rapid pace over the past 18 months, and that hard work culminated in the release of a preliminary economic assessment (PEA) on April 3. The company is targeting first production from a proposed 9,100-tonne-per-day operation by 2020.”


  28. On April 17, 2017 at 12:12 am,
    Excelsior says:

    Video Update: Gold Breakout & False Signals From GDXJ?


    “Gold broke key resistance at $1262 (the 200-day moving average) as well as important resistance at $1278. It could reach $1300-$1310 on this move. Meanwhile, the GDXJ ETF has grown too big and Bloomberg highlighted this issue which may be causing artificial and not fundamental weakness. Lastly, Gold is showing increasing relative strength.”


  29. On April 18, 2017 at 6:55 am,
    56 Chevy says:

    Christopher Aaron was so very good. Please have him Back !!!!!!!!!!!!!