Weekend Show – Sat 24 Aug, 2019

Hour 1 – A Crazy End To The Week… We Cover It All!

It was a crazy Friday for markets! After a slow week all eyes were on Jerome Powell and his speech at Jackson Hole. However China and Trump stole the day with tariffs and tweets. This caused equity markets and the Dollar to crash as gold and treasuries were bought throughout the day.

On this weekend’s show we touch on all the market moves and make like of what it all means for the long term. Take note of the special offer in segment 4 to get a free pair of tickets to the Schachter Energy Conference that I will be attending this year.

As always email me at Fleck@kereport.com with companies you like topics you want me to cover.

  • Segment 1 – Marc Chandler, Managing Partner at Bannockburn Global ForEx recaps all the market moving news on Friday. We also look at how the currency markets, gold market, and bond market responded.
  • Segment 2 – Dana Lyons, Fund Manager in Chicago shares his views on the health of the US markets and rise in gold.
  • Segment 3 – Erik Wetterling, Founder of The Hedgeless Horseman provides his thoughts on Novo Resources and the recent news from the Egina Property.
  • Segment 4 – Josef Schachter, Founder of The Schachter Energy Report dives in the oil market and outlines his thoughts for the short and medium term. We also discuss the conference the Josef runs in Calgary on October 19th. I will be attending for the first time this year. Email me with the subject line KER Contest and you could win 2 free VIP tickets.

Exclusive Company Interviews This Week


Marc Chandler
Dana Lyons
Erik Wetterling
Josef Schachter


Comments:
  1. On August 24, 2019 at 6:08 am,
    OOTB Jerry says:

    I find this interesting………..100,000,000 oz. traded in 3 months………SILVER
    https://sdbullion.com/blog/ted-butler-100-million-oz-silver-trade-jpmorgan-busted-again

  2. On August 24, 2019 at 6:13 am,
    cfs says:

    Thanks for the show, Cory.

    Anything the Fed does from here on out has NOTHING to do with the economy.
    Interest rates will drop to decrease the carry-cost of the debt; everything else is obfuscation.

  3. On August 24, 2019 at 6:20 am,
    Dick Tracy says:

    The Fed will have to fork out more money, darn that fork is everywhere. The Fed should move their treasury building to Nebraska where the corn huskers can show them how to use a real fork. DT

    • On August 24, 2019 at 6:22 am,
      Dick Tracy says:

      The fork that was dropped in the road yesterday is now a pitchfork.

      • On August 24, 2019 at 6:48 am,
        Dick Tracy says:

        You probably wondered why Jerome Powell is called a “pitchman”. It ain’t from pitchin peaches. I don’t know who started this but I think it could go viral. That is how The Fed fertilizes the economy with a pitchfork. LOL! DT

        • On August 24, 2019 at 7:05 am,
          Excelsior says:

          Is the dollar’s “exorbitant privilege” coming to an end?

          Craig Cohen – FX, Commodities and Rates Strategist – Jul 10, 2019

          “In other words, in the coming decades we think the world economy will transition from U.S. and USD dominance toward a system where Asia wields greater power. In currency space, this means the USD will likely lose value compared to a basket of other currencies, including precious commodities like gold.”

          https://privatebank.jpmorgan.com/gl/en/insights/investing/is-the-dollar-s-exorbitant-privilege-coming-to-an-end

        • On August 24, 2019 at 7:06 am,
          Excelsior says:

          “Do you want Powell to resign?”

          “Let me put it this way, if he did, I wouldn’t stop him” 6:20

          https://youtu.be/aOKHlGM6b1g?t=382

  4. On August 24, 2019 at 7:04 am,
    Excelsior says:

    — willem middelkoop @wmiddelkoop

    “JP Morgan ‘recommends its clients to change their gold hodlings from 0 to 5 %’ and strongly ‘reduce dollar holdings’ in anticipation of (planned?!) dollar devaluation.”

    https://twitter.com/wmiddelkoop/status/1165159222784532480?s=20

  5. On August 24, 2019 at 8:02 am,
    Excelsior says:

    Sprott Money News Weekly Wrap-up – 8.23.19

    Aug 23, 2019

    “Eric Sprott returns this week to discuss negative interest rates, the failing global economy and growing demand for physical gold and silver.”

    https://youtu.be/X1ChQHMUjw8?t=1

    ______________________________________________________

    [Eric also mentioned in the Q&A section that he has a small position in Impact Silver (IPT), but didn’t seem to know many of the fundamentals for the company. Regardless, good to see Sprott involved in so many Jrs these days as I hold a number of them like JAG, PGM, KTN, EXN, and USAS.]

    • On August 24, 2019 at 8:05 am,
      Excelsior says:

      I’ve had dozens of trades in USAS the last few years, and was just reflecting back on what wild ride it’s been, and it appears to just be really getting started.

      http://schrts.co/TtsXdpxb

      • On August 24, 2019 at 8:17 am,
        Excelsior says:

        Sprott also has a stake in (RNX) (RNKLF) RNC Minerals and they’ve been busy as of late:

        RNC Minerals Produces 7,873 Ounces Of Gold In July 2019

        http://www.rncminerals.com/2019-08-21-RNC-Minerals-Produces-7-873-ounces-of-gold-in-July-2019

        • On August 24, 2019 at 8:19 am,
          Excelsior says:

          Interview with RNC Minerals Graeme Sloan

          By MikeyMike426 – August 23, 2019

          “As a follow up to our interview with Graeme Sloan in Australia, we were able to catch up with him in Toronto to get an update of ongoing activities at Beta Hunt and Higginsville. ”

          https://insidexploration.com/interview-with-rnc-minerals-graeme-sloan/

      • On August 25, 2019 at 5:10 am,
        Charles says:

        👍👍 USAS has been very very good to me!! Ex – what do you make of golden valley these days?

        • On August 25, 2019 at 3:57 pm,
          Excelsior says:

          Yes – I’ve done well with USAS since 2016 and have had a number of great trades.

          As for GZZ Golden Valley – I like it as much as I have the last few years as a profit dumpster royalty company. The stake they retain owning a bit less than half of Abitibi Royalties is still undervalued, and this doesn’t take into their strategic positions in a few other companies, or royalties with Bonterra, Sirios, and a few other companies. It is difficult to value their whole portfolio, but is surely is much higher than current prices. I’m just sitting on my position at present as it has been in the money for a while and leaving it alone as more a passive stake. I may add to it as things progress, but currently I’m adding more to Sailfish Royatlies, and want to get back into my position with Maverix and start a position in Metalla. For now I see more upside in the individual miners, but when they run further, I’ll peel some more off to put in the royalty companies.

          • On August 26, 2019 at 10:31 am,
            Charles says:

            Thanks Ex – I was thinking about starting a position in Sailfish. I haven’t looked at the chart lately. Have some Metalla and GZZ. Trying to slowly build out some royalty names to act as ballast against the higher volality names in the rest of my miner portfolio. Thanks for your thoughts and good trading.

    • On August 24, 2019 at 11:56 am,
      Excelsior says:

      Gold At $1,500/Oz: My Top 5 Gold Developer Stocks

      Aug. 21, 2019 – Fi Figher

      “My current top 5 developers at $1,500/oz gold are (in order of closest to declare commercial production): Victoria Gold, West African Resources, Orezone Gold, Cardinal Resources, and Marathon Gold” — @Jayfire

      https://seekingalpha.com/article/4287007-gold-1500-oz-top-5-gold-developer-stocks

      • On August 24, 2019 at 11:58 am,
        Excelsior says:

        I agree with Jay on these 5 Gold developers, and own ORE Orezone, but I’d also include Pure Gold, Great Bear, Sabina Gold & Silver, Minera Alamos, West Kirkland, Falco, and Treasury Metals on this Developers list.

        • On August 24, 2019 at 12:00 pm,
          Excelsior says:

          (TML) (TSRMF) Treasury Metals Granted Federal Government Environmental Assessment Approval for the Goliath Gold Project

          20 Aug 2019

          http://www.treasurymetals.com/s/press_release.asp?id=122693

        • On August 24, 2019 at 12:46 pm,
          Excelsior says:

          Scorpio Gold, while a prior producer, and still iminimally producing off their heap leach pads, is really back as more a “development-stage” where they just got their permits to take things to the next level at Mineral Ridge. Looking forward to watching this one reboot as Scorpio Gold 2.0, bit still grow under the radar of most resource investors.

          Scorpio is on the same mineral trend with West Kirkland, Corvus, and Northern Empire that was acquired by Coeur, but it receives far less attention….. for now.

          _________________________________________________________________

          (SGN) (SRCRF) Scorpio Gold Receives Permit to Advance Mining, Processing & Exploration Activities at its 100% owned Mineral Ridge Operation, Nevada

          June 24, 2019

          http://scorpiogold.com/news/scorpio-gold-receives-permit-to-advance-mining-processing-exploration/

        • On August 24, 2019 at 3:19 pm,
          Excelsior says:

          Pure Gold (PGM) (LRTNF) – Strong Fundamentals and Listing in London to Broaden Appeal

          Crux Investor #VIDEO

          “Pure Gold Mining (TSX-V: PGM) President & CEO, Darin Labrenz acknowledges frustration of static share price but believes their underlying fundamentals and ability to add more ounces to their Resource will be recognized. ”

          https://www.youtube.com/watch?v=W5pCcVujbuk

          • On August 24, 2019 at 3:21 pm,
            Excelsior says:

            Pure Gold Mining (PGM) (LRTNF) – Funded to Production H2/20, High-Grade, Low AISC

            CRUX Investor – Aug 21, 2019

            “Interview with Darin Labrenz, President & CEO of Gold Developer Pure Gold Mining (TSX-V:PGM). If you want to invest in mining or invest in gold you need to be sure about the company’s strategy and the management team’s ability to deliver. Pure Gold recently closed a debt financing agreement with Sprott for $90M. This follows closely on from an equity raise in July for $47.5M. This means that they are fully financed through to production by the end of 2020.”

            https://www.youtube.com/watch?v=fkt4Wgvozns

          • On August 24, 2019 at 3:26 pm,
            Excelsior says:

            Looking at where they wanted to go in April in that first video, and where PGM is today, I’d say they delivered in spades on their guidance and milestones — sadly this is something that is very rare in the mining space.

          • On August 24, 2019 at 11:25 pm,
            Wolfster says:

            Shhhhhh…..I’ve been busy travelling through Norway and I take a quick peek in here and you’re giving all this info on Pure Gold.🙄. I’m looking to accumulate Pure Gold when I get back and see if I have any money left. Norway is outstanding and I highly recommend it but it’s definitely not cheap.

          • On August 24, 2019 at 11:48 pm,
            Excelsior says:

            Haha! The secret is out on Pure Gold…. Only kidding, as the stock has stayed rangebound and not surged up with many stocks, but this has been true of a number of the development-stage companies. There doesn’t appear to be a rush to get into PGM yet, so enjoy the travels…. it will still be a great opportunity when you get back from vactiona. Enjoy Norway!!

          • On August 24, 2019 at 11:50 pm,
            Excelsior says:

            vactiona = vacation

          • On August 25, 2019 at 12:38 pm,
            chris says:

            They REALLY paid up for that 90M from Sprott! Don’t know about the 47.5M. Marin Katusa is selling his FWIW………will be a while for any real profits IMO. May go up with the general gold market.

          • On August 25, 2019 at 3:52 pm,
            Excelsior says:

            That capital raise was for construction and to get into production. I believe they plan on being in production in mid 2020, so the ramp up has begun. The other variable is that they may get nabbed by a larger producer in a takeover before they ever make it to production, and that wouldn’t hurt my feelings either. 🙂

  6. On August 24, 2019 at 11:50 am,
    Excelsior says:

    @Goldfinger – “New multi-year closing high in the $HUI Gold Bugs Index on Friday after a 4.56% gain during Friday’s trading session:”

    http://cdn.ceo.ca/1em31f6-HUI_Daily_8.24.2019.png

    • On August 24, 2019 at 3:56 pm,
      Excelsior says:

      U.S. Equities Plummet, Gold Soars Following Chinese Tariffs and Trump Tweets

      Gary Wagner – August 23, 2019 #Charts #TechnicalAnalysis #VIDEO

      https://thegoldforecast.com/video/us-equities-plummet-gold-soars-following-chinese-tariffs-and-trump-tweets

    • On August 24, 2019 at 5:30 pm,
      Excelsior says:

      Gold price surges to new 6-year high

      Frik Els | August 23, 2019

      “Gold for delivery in December, the most active futures contract trading in New York, touched a high of $1,539.50 an ounce, up $31 or 2.1% from yesterday’s settlement price on the Comex market. Gold is up 20% in 2019 and trading at its highest levels in more than six years.”

      https://www.mining.com/gold-price-surges-to-new-6-year-high/

      • On August 25, 2019 at 10:39 am,
        Excelsior says:

        Gold Rally Just Got What Traders Said It Needed: a New Catalyst
        By Justina Vasquez and Yvonne Yue Li

        August 23, 2019

        “Just when it looked like gold’s rally was starting to founder, the Federal Reserve and an escalation in the U.S.-China trade fracas have given the metal new life.”

        “Gold, which had been headed for a weekly loss Friday morning, closed at a fresh six-year high after the U.S.-China trade fight intensified and Federal Reserve Chairman Jerome Powell said the U.S. economy faces significant risks from slowing global growth.”

        https://www.bloomberg.com/news/articles/2019-08-23/gold-erases-loss-copper-drops-as-china-to-retaliate-on-tariffs-jzo3sigd

      • On August 25, 2019 at 11:09 am,
        Excelsior says:

        Silver miners need much higher prices, ft. (USA) (USAS) Americas Silver CEO Darren Blasutti

        The Northern Miner Podcast – episode 147: August 13, 2019

        “In this episode, acting editor-in-chief Trish Saywell interviews Americas Silver CEO Darren Blasutti on macroeconomics, silver prices and the economic challenges facing silver miners. Blasutti says many silver companies will need much higher prices before they can realize greater profits because of an excess of high-grading at low prices. He also discusses developments at the company’s Relief Canyon gold project in Nevada.”

        “Topics include: the US-China trade war; the Federal Reserve’s impact on precious metals; the perils of high-grading in bad times; and choosing to mine certain metals at the best times.”

        https://www.northernminer.com/news/the-northern-miner-podcast-episode-147-silver-miners-need-much-higher-prices-ft-americas-silver-ceo-darren-blasutti/1003809069/

      • On August 25, 2019 at 6:21 pm,
        Excelsior says:

        Gold bull wave: “this is where the gains really happen”

        Kitco News – Friday August 23, 2019 #VIDEO

        “Technicals point to more bullish momentum for gold, after an escalation of the trade wars pushed the yellow metal 2% higher on Friday, said Todd Gordon, founder of Trading Analysis.

        “Upside target [is] $1,576 [an ounce for gold] I think in this move, and then if this thing really gets going, that green arrow would point you to $1,708,” Gordon told Kitco News.

        https://www.kitco.com/news/2019-08-23/Gold-bull-wave-this-is-where-the-gains-really-happen.html

  7. On August 24, 2019 at 5:33 pm,
    Excelsior says:

    Gold Mid-tiers’ Q2’19 Fundamentals

    Adam Hamilton-Zeal Intelligence | August 23, 2019

    “The mid-tier gold miners’ stocks have soared in recent months on gold’s decisive bull-market breakout. They are this sector’s sweet spot for stock-price upside potential, with room for strong production growth which investors love. That’s an attractive contrast to the stagnating major gold miners. The mid-tiers’ recently-reported Q2’19 results reveal whether their fundamentals justify their strong surge this summer.”

    “The definitive list of mid-tier gold miners to analyze comes from the GDXJ VanEck Vectors Junior Gold Miners ETF. Despite its misleading name, GDXJ is totally dominated by mid-tier gold miners and not juniors. GDXJ is the world’s second-largest gold-stock ETF, with $4.5b of net assets this week. That is only behind its big-brother GDX VanEck Vectors Gold Miners ETF that includes the major gold miners.”

    https://www.mining.com/web/gold-mid-tiers-q219-fundamentals/

    • On August 24, 2019 at 6:23 pm,
      Excelsior says:

      To this point….. Gold Mid-Tier Producers have performed well year to date.

      Here’s a YTD chart of a dozen to show they’ve been on the move in 2019.

      K92, Semafo, Wesdome, Roxgold, Argonaut, Equinox, GoGold, Alamos, Alacer, Alkane, Leagold, Pretium

      http://cdn.ceo.ca/1em3oje-Gold%20Mid%20Tier%20Producers%20YTD%20Chart.JPG

  8. On August 24, 2019 at 7:50 pm,
    Matthew says:

    Scorpio Gold managed to take back the 200 week MA and did so on good volume. Let’s see if it sticks…
    https://stockcharts.com/h-sc/ui?s=SGN.V&p=W&yr=3&mn=11&dy=0&id=p77414360945&a=684294699

    • On August 25, 2019 at 7:41 pm,
      Excelsior says:

      I’m ready to see Scorpio Gold make the next advance higher. Now that they are financed, have their permit, and are exploring again, it’s like they are launching a whole new chapter.

      Scorpio Gold 2.0

      Looking forward to it.

      • On August 25, 2019 at 7:42 pm,
        Excelsior says:

        They also got permission to get the old pits going again for production at Mineral Ridge, and permission to mine 3-4 new shallow pits. It’s possible they are in production by the end of the year, but at least by early 2020.

        Go Scorpio!

        • On August 25, 2019 at 7:45 pm,
          Excelsior says:

          > This major modification was approved by the Nevada Division of Environmental Protection (NDEP) and authorizes the following activities:

          – Addition of 1,500 acres to the existing project boundary for exploration purposes
          – Expansion of the existing open pits (Mary, Last Chance, Drinkwater and Brodie)
          – Development of four new pits (Custer, Custer South, Oromonte 1 and Oromonte 2)
          – Development and advancement of underground mining below existing and new pits
          – Construction of a 4,500 TPD processing facility with CIL recovery and tailings filtration circuits
          – Expansion of the existing heap leach pad to accommodate for the conversion of the facility to a dry stack tailings facility

          Chris Zerga, President and General Manager, comments “This is a game changer for the Mineral Ridge operation. We now have all the required permits in hand for this expansion and can proceed with sourcing project financing. The addition of a conventional milling circuit to the operation will improve recoveries while lowering mining cutoff grades and increase overall mining volumes. This should aide in the conversion of other existing resources to reserves as well as provide additional toll milling opportunities.”

          http://scorpiogold.com/news/scorpio-gold-receives-permit-to-advance-mining-processing-exploration/

  9. On August 24, 2019 at 8:05 pm,
    Matthew says:
  10. On August 24, 2019 at 10:21 pm,
    johnnygeneric says:

    Josef is incorrect in his thinking of where oil is going. Oil is headed to $25. I think he needs better analysis on oil.

  11. On August 25, 2019 at 4:25 am,
    markedtofuture says:

    Clif High & Bix Weir (Part 3) – $100k Bitcoin Parties with Cryptos Freeing Humanity!!

    https://www.youtube.com/watch?v=QA_4S62HntI&feature=youtu.be&t=2593

  12. On August 25, 2019 at 8:15 pm,
    Excelsior says:

    Commodities ensnared again as US-China trade war escalates

    Reuters | August 23, 2019

    https://www.mining.com/web/commodities-ensnared-again-as-us-china-trade-war-escalates/