Weekend Show – Sat 23 Jan, 2021

Featuring Jeff Christian and Rick Bensignor – Insights on Commodities, the USD, Interest Rates, and Inflation

Full Weekend Show

On this weekend’s show I am featuring Jeff Christian and Rick Bensignor on extended segments. These longer segments give us time to dive deeper into their analysis on commodities and some of the key markets and sectors dictating money flows.

  • Segment 1 and 2 – Jeff Christian, Managing Partner at the CPM Group kicks off the show by first focusing on the drivers behind gold and silver during the current correction. We also discuss the aggressive move higher in base metals. Jeff is not as optimistic as the markets are about the upcoming economic recovery.
  • Segment 3 and 4 – Rick Bensignor, President of Bensignor Investment Strategies wrap up the show in the last 2 segments. We start with the US markets and the historically high valuations for the broad markets and certain sectors. We finish with a look at interest rates (as set by the market) and broad commodity sectors.

Exclusive Company Updates From This Week


Jeff Christian
Rick Bensignor

Comments:
  1. On January 23, 2021 at 3:21 am,
    Thomas says:

    Cory, thanks – good work as always.

    • On January 23, 2021 at 10:42 am,
      Thomas says:

      Here the agenda for VRIC DAY 1
      https://m.youtube.com/watch?v=J7a8hDEKhTM

      0:00:00 Jay Martin. CEO, Cambridge House International
      0:01:21 Minister Ranj Pillai Yukon Minister of Energy, Mines and Resources
      0:23:00 Western Copper and Gold Corp. WRN.TO
      0:43:27 Banyan Gold Corp. BYN.V
      0:59:05 Rick Rule CEO of Sprott US Holdings Inc.
      1:32:20 Victoria Gold Corp. VGCX.TO
      1:50:22 White Gold Corp. WGO.V
      2:14:15 Stephen Harper 22nd Prime Minister of Canada
      3:03:10 Wheaton Precious Metals Corp. WPM.NYSE
      3:28:50 Sandstorm Gold Ltd. SAND.NYSE
      3:48:45 Ross Beaty Chairman, Pan American Silver
      4:15:50 Equinox Gold Corp. EQX.NYSE
      4:37:50 Fury Gold Mines Limited FURY.NYSE
      4:54:40 Doug Casey Founder of Casey Research
      5:24:40 Sierra Metals Inc. SMTS.NYSE
      5:43:55 Skyharbour Resources Ltd. SYH.V
      6:10:08 Adrian Day Adrian Day Asset Management
      6:39:50 Ascendant Resources Inc. ASND.TO
      6:39:50 Gold Terra Resource Corp. YGT.V
      6:58:11 Mike Maloney CEO and founder of GoldSilver.com

      • On January 24, 2021 at 5:32 am,
        Thomas says:

        I liked the interview with former Prime Minister Stephen Harper. He made good points about what’s coming after the pandemic and about bitcoin

        He compared the current situation with the financial crisis after Lehman broke
        We will see similar things like then, when complete state economies like Greek broke

        He doesn’t see how bitcoin can be a store of value. You don’t know what you hold in your hand, like state backed currencies or gold

      • On January 24, 2021 at 6:06 am,
        Thomas says:

        Randy Smallwood gives a nice intro to the streaming model

        Wheaton is now debt free and generates around $1 billion every year to reinvest

      • On January 24, 2021 at 6:20 am,
        Thomas says:

        Nolan Watson invests his own money 35% in real estate and 65% in precious metals

        He shifts his precious metals exposure to more mature and save things. He will shift all his precious metals holdings to precious metals royalty companies at the end of the cycle.

        • On January 24, 2021 at 10:37 am,
          Excelsior says:

          I’ve been impressed by Nolan since the first time I saw him do an interview when Sandstorm was new in the marketplace, and see him as one of the brightest in the new crop of CEOs that came onto the scene at the tail end of the last bull and powered through the bear from 2011-2015, into the current PM bull that kicked off in early 2016.

          I will be doing a similar exit from PMs in a few years and likewise just rotate the funds into royalty companies, base metals, energy, and real estate.

          • On January 24, 2021 at 12:17 pm,
            Thomas says:

            I thought you are already looking for a new house?
            My mix at the moment is more 40% battery metals, 40% real estate, 20% PM miners

          • On January 24, 2021 at 1:07 pm,
            Excelsior says:

            No, I sold my house 2 months back, but am not looking to buy again for 1-2 years, because I feel the housing market may get a kick in the pants when the fallout from a year of lockdowns plays through. There are many that are in deep financial issues, many that have lost their jobs or businesses, so there may be a wave of selling and I’ll be looking to buy a short-sale or rescue a pre-bankruptcy situation to get a better value. I may throw some money into a handful of tax-liens though just to see if 1 may pan out to take over the land or a home if the current holders default. I also would consider flipping homes or picking one off to make it a lease option.

            I’m much more in cash at present, as mentioned in our previous conversations from the home sale, from saving for 2 years to leave my prior career (only to have it leave me as a Covid-19 national reduction in force), and I used the Cares Act to pull money from part of my retirement fund without the tax penalty.

            I’m more like 60% cash, 15% retirement in general US markets/emerging markets/bonds, and 25% in my trading account focused on small cap investing.

            Inside of the trading account, I’m 60% Gold & Silver, 10% base metals (PGMs, Copper, Nickel, Zinc), 10% Uranium, 6% Lithium, and 14% dry powder. [I was 10% Lithium until last week, but I scaled back a number of lithium stocks to raise more rainy day funds.]

          • On January 24, 2021 at 1:16 pm,
            Excelsior says:

            From August – October I did take 2% of my cash and put it in GBTC Grayscale Bitcoin Trust, and it about tripled to 6% of my cash, so just a speculative position, but I liquidated it a few weeks back into the surge of Bitcoin up into the high $30’s.

            I’ve considered going in stronger after the corrective move plays through to a 10% overall position in Bitcoin, but that would be substantially more than I risked last time, but I don’t like sitting on too much cash and want to diversify it some. It just that the cryptos are so insanely volatile, that it really is more speculating than a store of “value” at this point in its trajectory. I do believe that as more adoption and Metcalf’s law continues, that the volatility in Bitcoin and some of the other cryptos will reduce over time, and I’d feel more comfortable placing more capital in that bucket if that is what develops. Overall I’m far more conservative, than how it may appear from my comments with regards to my trading account. I figure my foundation is solid overall, and the retirement fund is diversified and will do what it will do, so inside the trading account, I like to take on far more risk and speculative bets — hence resource stocks, and a few blockchain, Defi, and cannabis stocks in recent years.

          • On January 24, 2021 at 1:22 pm,
            Excelsior says:

            I’ve also quipped recently that a piece of me wants to take 80% of my cash and move that over to the trading account, which would leave me 10% cash, 15% retirement, and 75% speculative trading, to just be a full time investor, but my lady would strangle me. However, that is how both David Erfle and Brian Leni came out as full time investors (using seed capital from the sale of their home), so it has crossed my mind.

          • On January 24, 2021 at 1:27 pm,
            Excelsior says:

            I think my ideal allocation in 2 years may be:

            50% real estate, 20% retirement, 20% Trading Account in small caps, 5% Bitcoin, and 5% cash.

          • On January 24, 2021 at 4:40 pm,
            blazesb says:

            Ex,Bob Moriarty has said here on more than one occasion that you are better than 99% of the resource newsletters.

            I’d be your first subscriber. And your fine lady would just have to find other reasons to strangle you.

            Cheers.

          • On January 24, 2021 at 6:02 pm,
            Excelsior says:

            Well thanks for those kind words blazes.

            Always glad to toss around some investing ideas with the good folks at the KE Report. 🙂

          • On January 24, 2021 at 6:05 pm,
            Excelsior says:

            Sorry that should have said blazesb, not blazes, but my “smart” phone kept changing it. 🤦‍♂️

      • On January 24, 2021 at 6:52 am,
        Thomas says:

        Ross Beaty is super bullish on Gold 🙂

        Equinox will focus on safe countries, Canada, US, Mexico and Brazil

        • On January 24, 2021 at 9:01 pm,
          Excelsior says:

          That was a good segment with Ross, and just now had some time to digest it. He’s a class act, and made a number of great big picture points about the Gold, Silver, and Copper markets. He is super bullish on all 3, as any wise resource investor should be.

      • On January 24, 2021 at 7:52 am,
        Thomas says:

        Doug Casey: “Royalties are the safest and highest potential (risk/reward)”

        His best plays in 2020 were Metalla and Nova

        He is a super bull on uranium. Uranium Royalty is the only royalty in the uranium space

        • On January 24, 2021 at 8:02 am,
          Thomas says:

          Doug Casey:
          “Copper is going a lot higher”
          “same with nickel”
          “and uranium”

          • On January 24, 2021 at 10:40 am,
            Excelsior says:

            +3 Agreed.

        • On January 24, 2021 at 8:07 am,
          Thomas says:

          Here the interview with Doug Casey
          https://m.youtube.com/watch?v=eTFBXJzVCxU

  2. On January 23, 2021 at 3:23 am,
    Thomas says:
    • On January 23, 2021 at 3:41 am,
      Thomas says:

      VRIC DAY 1

      https://m.youtube.com/watch?v=J7a8hDEKhTM

      Great line up

      Rick Rule (59:21)
      Randy Smallwood (3:03:22)
      Nolan Watsom (3:28:58)
      Ross Beaty (3:49:06)

      • On January 23, 2021 at 3:48 am,
        Thomas says:

        Separate video with the Rick Rule interview, if you don‘t want to watch the whole day

        https://m.youtube.com/watch?v=-25O19w-L1A

        • On January 23, 2021 at 6:00 am,
          Excelsior says:

          Since you brought up Rick Rule… He did the Sprott Money weekly wrap this Friday.

          Sprott Money – Jan 22, 2021

          “Legendary resource investor Rick Rule joins us this week, subbing in for Eric Sprott. He discusses the bull market in precious metals, his outlook on the mining shares and his opinion on battery metals and uranium.”

          https://youtu.be/G0546d8TKew

          • On January 23, 2021 at 8:22 am,
            Thomas says:

            Like his comment on royalties: „Royalty companies are probably a more intelligent way to play the precious metals market, compared to miners, but with less fun“

          • On January 23, 2021 at 8:36 am,
            Thomas says:

            Rick on lithium: „I really really really like lithium in the 5 year time frame – but only the SQM‘s, the Albermale‘s of the world are the places where the game is played“

          • On January 23, 2021 at 11:39 am,
            Excelsior says:

            Yes, I like really like Rick Rule a great deal, but he missed the boat on the quality Jr Lithium companies as they were emerging in the 2015-2017 time frame, and has missed the boat on the Lithium Jrs again in this recent run up that last year or so, so the bigger companies like Albamarle and SQM were not the best way to play it for investors.

            Here are 2 charts I posted earlier in the week on the runs the Lithium Jrs have had, so those that avoided them did so at their own peril.

            _________________________________

            Lithium Juniors Performance Chart since Mid-March 2020 sector lows through present:

            LAC – Lithium Amercias
            CYP.V Cypress Development
            GALXF Galaxy Resources
            ORL.TO Orocobre
            PILBF Pilbara Minerals
            NLC.V Neo Lithium
            BCN.L Bacanora
            CRE.V Critical Elements
            POR.V Portofino Resources
            DJI.V Dajin Resources

            https://cdn-ceo-ca.s3.amazonaws.com/1g0js1v-Junior%20Lithium%20Companies%20Off%20March%20Sector%20Low.JPG

          • On January 23, 2021 at 11:40 am,
            Excelsior says:

            Lithium Juniors Performance Bar Chart since March 18, 2020 sector lows through present:

            LAC – Lithium Amercias – up 871%
            CYP.V Cypress Development – up 1261%
            GALXF Galaxy Resources – up 435%
            ORL.TO Orocobre – up 231%
            PILBF Pilbara Minerals – up 879%
            NLC.V Neo Lithium – up 684%
            BCN.L Bacanora – up 278%
            CRE.V Critical Elements – up 446%
            POR.V Portofino Resources – up 283%
            DJI.V Dajin Resources – up 360%

            https://cdn-ceo-ca.s3.amazonaws.com/1g0jsc9-Junior%20Lithium%20Companies%20Bar%20Chart%20Since%20March%20Sector%20Low.JPG

          • On January 23, 2021 at 11:58 am,
            Thomas says:

            I also think that Rick Rule is wrong when ihr thinks that only SQM and Albemarle will work

            Their brines in the Atacama desert have some limit as they need a lot of water

          • On January 23, 2021 at 12:13 pm,
            Excelsior says:

            Back in 2015 & 2016 Rick Rule said the world was awash with Lithium, and wouldn’t need any more Li producers, and said only 3 companies (SQM, Albamarle, and FMC/now Livent) would be all that was needed. Since then there have been over a half dozen new Junior producers that came onto the scene, several Jrs that were taken over by larger players (making them great opportunities), new 3 new Lithium larger producers (Ganfeng, Tianqui, Posco), and another 6-10 Lithium development projects that look like they are also moving forward.

            Look again at the returns those Lithium Jrs provided in the charts up above (gains that spanned 238% – 897% just since last March) They far outperformed the larger chemical conglomerates like SQM and Albamarle, and prove definitively that there were much better choices in the lithium Jr space in 2016 & 2017, in the year we just had 2020 moving into this year. That trend will likely continue, although, the whole space does look overbought at present, so I trimmed back my Lithium Americas, Orocobre, Galaxy Resources, and Pilbara Minerals positions.

          • On January 23, 2021 at 12:30 pm,
            Excelsior says:

            Thomas, yes, also agreed to your point about the water needs of SQM and Albarle, and the limits they can currently produce or ramp up to in a timely fashion. I had put out many thoughts on this topic here at the KER since late 2015 with next Lithium wave was kicking off, on Ceo.ca back from 2016-present, and a few comments over on Seeking Alpha pieces that bought into the premise that just 2 or 3 companies could supply the world with everything needed in the coming Battery Metals surge.

            It was brought up repeatedly that these 2 (really 3 with FMC now Livent) chemical conglomerates would not be able to ramp up things nearly as fast as some market pundits thought, and it was a silly notion anyway (like saying the world is awash with Gold, and Silver and Uranium and Copper, so only 2-3 companies can supply the global demand – that’s ridiculous).

            Things played out exactly as expected, where the larger companies had challenges ramping up at a number of points the last few years, and while they have expanded production, it became obvious there was a need for more projects and more producers. Since 2016, 3 larger companies have come in to take market share and offer alternatives from the initial “Big 3. 6 dozen new Jr Lithium producers blazed onto the scene with far better upside leverage for investors, and we discussed each one before it happened here on the KER and over at ceo.ca. (what happened to those that stated a few years back that we didn’t ever need them and they were all “scamium”?). Again, a dozen legitimate Li development projects have moved forward, that even those larger companies originally the only ones needed, have actually taken strategic positions in or JV’d with, showing the value in speculating in quality development projects. Several of the smaller Lithum Jrs have already been taken out for nice premiums or their assets were purchased directly for a great return on capital.

          • On January 25, 2021 at 10:44 am,
            Excelsior says:

            (LAC) Lithium Americas: Terminus

            Jan. 25, 2021

            – The government has approved LAC’s Nevada mine named Thacker Pass.

            – The next catalyst is funding via a partner. This will push the stock higher.

            – With a tincture of time, the company is set to become a major lithium producer.

            – Long-term lithium demand will outstrip supply – with that, lithium stocks could be very profitable.

            https://seekingalpha.com/article/4400712-lithium-americas-terminus?mail_subject=lac-lithium-americas-terminus&utm_campaign=rta-stock-article&utm_content=link-0&utm_medium=email&utm_source=seeking_alpha

      • On January 23, 2021 at 3:50 am,
        Thomas says:

        Separate video with Ross Beaty

        https://m.youtube.com/watch?v=b23b8EGCPQM

      • On January 23, 2021 at 5:48 am,
        Excelsior says:

        Thanks for posting these VRIC conference videos Thomas.

        24 hours — wow! looks like there is a lot of video homework for this weekend.

        • On January 23, 2021 at 6:15 am,
          Thomas says:

          Definitely will watch the royalty company videos, as I like to understand them better (quite a few of them included)

          • On January 23, 2021 at 11:20 am,
            Excelsior says:

            Yes, I’m looking forward to the royalty segments as well, but I own 7 royalty companies at present, and 9 of them just a few weeks back (I sold Metalla after it having an epic run, but seeming short term less opportunistic than when I first positioned back last March & April, and sold Vox Royalty on the recent pop to redeploy in individual miners. I may buy both of those back at one point).

            I’ve still got royalty positions in Sandstorm, Maverix, Nomad, Elemental, Ely Gold, Sailfish, and Golden Valley. I’ve owned EMX in the past and was going to get back in it but it ran higher in valuation. Nova looks interesting as Copper/Nickel royalty company, run by the same guys at Metalla, but it has taken off like a scalded cat and I’m not chasing it at those higher levels I still want to get positioned in Altius at one point, and possibly Anglo Pacific.

            Thomas, since you like the larger projects with better economics today, you’d probably like to check out the opportunities in Wheaton Precious Metals or Osisko Gold Royalties. Franco-Nevada and Royal Gold are the 2 largest, but they have also been laggards compared to owning the mid-size to smaller royalty companies, and also when compared to individual miners, but they do pay nice dividends.

          • On January 23, 2021 at 11:51 am,
            Thomas says:

            Ex, I think the mid size royalties are interesting too
            They also have stakes in large mining project

            The highest dividend at the moment is actually payed by Nomad with 1.8%

          • On January 23, 2021 at 11:55 am,
            Excelsior says:

            Agreed. I was just adding to my Nomad position yesterday, mostly due to the strength of their royalty holdings and partners, and the recent pullback in pricing offering a more attractive valuation than when I first positioned. Having a higher dividend is just icing on the cake, but delicious icing. 🙂

          • On January 23, 2021 at 12:03 pm,
            Thomas says:

            Nomad is the first that passed my strong selection criteria 😊
            Have a position and got my first dividend last week
            They made really good deals last year

          • On January 23, 2021 at 12:40 pm,
            Excelsior says:

            Ah – Well, congratulations Thomas and welcome to the Nomad caravan… Cheers!

        • On January 23, 2021 at 6:24 am,
          Thomas says:

          As you asked me about miners I like. Victoria Gold is one I like a lot
          Watch the interview here. CEO says $200 million cash flow when they are in full production
          That means, they are traded 4x cash flow currently

          https://m.youtube.com/watch?v=Gt4e3drQ-gI&t=937s

          • On January 23, 2021 at 11:26 am,
            Excelsior says:

            Thanks Thomas. Yes, once again, you have a good eye for the more stable quality opportunities (like your interest in Equinox and Endeavour Mining). Victoria Gold is a fantastic Gold developer ramping up into a new gold producer, and I like that story a lot but never positioned in it before it went on it’s big move in the “Golden Runway” phase. I’d like to see them crank out a few quarters of commercial production (where there are often initial challenges and setback to overcome at any new producer) and look for an entry at a better price levels, but even at their current $770 million valuation, they still have nice room to run higher with the elevated Gold price environment.

        • On January 23, 2021 at 6:28 am,
          Thomas says:

          There is an exploration play in between VIctoria and Alexco (run by the wife of the CEO from Victoria) – Banyan Gold

          https://m.youtube.com/watch?v=rMtnFlVqMa0

          • On January 23, 2021 at 11:31 am,
            Excelsior says:

            Yep, I’m familiar with it as @Goldfinger covers them regularly and does interviews with Tara, and some of the folks over at the Metals Investor Forum (Eric Coffin/Gwen Preston/Greg McCoach etc…) have had Banyan at their conference before.

            It looks like a very interesting story near Alexco (and I believe Alexco has a strategic stake in them if I remember correctly). In that area my main plays are the Silver ones like Alexco and Metallic Minerals. Yes, I need to take another look at Banyan though as many smart investors seem to be very animated by their story.

          • On January 23, 2021 at 12:10 pm,
            Thomas says:

            Banyan is an easy takeover play with two producers just beside them
            They only need to find a sizable deposit now

          • On January 23, 2021 at 12:39 pm,
            Excelsior says:

            Do you think Victoria Gold may make a move on Banyan at one point?

          • On January 23, 2021 at 2:17 pm,
            Thomas says:

            The CEO gave an answer to the M&A question
            „Currently there is no other Yukon project that would be comparable to Eagle in respect of size and accessibility“

            Eagle was 2.6 million oz resource. Banyan currently has 900.000 oz inferred on the road to Eagle. With another Eagle VIctoria could double production or mine life.

          • On January 23, 2021 at 2:52 pm,
            Thomas says:

            Eagle today is 3.3 million oz reserve (including a small satellite deposit)

          • On January 23, 2021 at 5:53 pm,
            Excelsior says:

            I’m not sure how Victoria Gold’s resource size answers the question of if they may make a move to acquire Banyan in the future, as most acquisitions are a larger company with bigger resources acquiring a smaller company with smaller resources, to augment their asset base and that still may have plenty of upside for expansion (like a Banyan would for Victoria) I’m sure the husband at Victoria has at least discussed the idea with the wife at Banyan. : )

          • On January 23, 2021 at 6:01 pm,
            Excelsior says:

            Alexco may benefit from acquiring Banyan as well, as a bolt on operation, and they have about a 10% stake in them, but that would be a ways down the road as they are busy ramping up into Canada’s only Silver producer at present. For now I’d much rather see Alexco stay focused on high grade silver at Keno Hill and would rather see them takeover their other neighbors Metallic Minerals than go after Banyan.

          • On January 23, 2021 at 6:09 pm,
            Excelsior says:

            (MMG) (MMNGF) Metallic Minerals – Corporate Presentation:

            [Alexco’s neighbors at Keno Hill also pursing high grade silver – the perfect compliment to their operations?]

            https://www.metallic-minerals.com/site/assets/files/2291/2021-01-11_mmg_presentation_live.pdf

          • On January 23, 2021 at 6:17 pm,
            Excelsior says:

            This is a great map from that presentation linked above, that shows how the land packages from Alexco, Metallic Minerals, Banyan, and ATAC Resources are all clustered there together. MMG has a second project over adjacent to ATC, that looks prospective in addition to the Silver project next to AXU. This whole area on that map is an exciting emerging area play, and will be interesting to see if other new discoveries are made nearby, and how it all gets consolidated over time.

            https://cdn-ceo-ca.s3.amazonaws.com/1g0plu5-Keno%20Area%20Regional%20Map.JPG

          • On January 23, 2021 at 6:19 pm,
            Excelsior says:

            Oops, I left out Victoria Gold’s land is also clear on that map right above Alexco’s land package. This is a geologically well-endowed area for sure.

          • On January 23, 2021 at 9:23 pm,
            Thomas says:

            I am hoping that Victoria will develop into a mid tier over time. Eagle has the potential to become a 300-400k operation, if they find a second Eagle. Eagle itself is much larger at a Gold price over $2000. They made a few deep drill holes down to 600m that all ended in gold mineralization. They also considered year around staking that would bring them close to 300k.

          • On January 24, 2021 at 10:07 am,
            Thomas says:

            I probably stay away of exploration plays. You should watch the interview with Nolan Watson. I think he makes good recommendations with where he has puts his own money 💰

          • On January 24, 2021 at 10:45 am,
            Excelsior says:

            Thomas – I’ve been a big Nolan Watson fan for many years, and am invested with SAND, and responded up above regarding how I’ll allocate my funds at the end of the metals cycle. However, during the bull market in PMs, to ignore exploration stories, is to ignore many of the companies that will go up 5-10 times or more, so I take basket approach realizing not all of them will do well, some will do about the same as the producers, but some will run so hard & so fast, that they can be traded for incredible gains and then redeployed into more conservative capital for deep storage. It depends on someone’s appetite for risk though, as exploration plays are the highest risk/reward scenarios in the PM or BM sectors.

          • On January 24, 2021 at 12:21 pm,
            Thomas says:

            I think that is fine, if you are good in selecting explorers (I found this to tough)
            For me the lithium developers are easier than the PM explorers

          • On January 24, 2021 at 12:50 pm,
            Excelsior says:

            Yes, agreed Thomas. The universe of Lithium companies with deposits that may be large enough and economic enough, to actually make if from development to production is much smaller than the bloated universe of 800-1000 gold explorers/developers that require much more vetting, and have more unknowns.

            Most of the companies that have spent 5-10 years hunting down the good Li brine salars, or the hardrock pegmatite deposits have validated or invalidated most of them at this point. It was easy to see 4-5 years back who the new players were going to be, (Orocobre, Galaxy, Pilbara Minerals, Ganfeng/Neometals/Mineral Resources, Bacanora, Posco, Tianqui, Lithium Americas, Dajin, and more recently Neo Lithium, Critical Elements Corp, and Cypress Development).

            With the Gold explorers, it really comes down to if they green fields explorers trying to unearth a new deposit, or brownfields explorers reinterpreting an older known deposit, often around prior producing mines. The green fields explorers are wrought with much more hype, marketing, and lifestyle companies (just mining investors so that they have a job sitting on top of moose pasture), but there are good teams out there. It really comes down to having great geologists with a track record of making discoveries, that also have experience in the kinds of deposits they are looking for, and in in the jurisdictions they are exploring in. There are problematic brown fields explorers as well, just perpetually reworking an old failed deposit, but I find that there are more legitimate projects, where the nearby mine may have simply closed in past cycles due to crashing metals prices, or previous geological interpretations that were off, where a new geological team comes in and reviews historical data, and comes away with a completely different understanding which unlocks the value. Again, it comes down to competent teams, with a track record of success in a specific type of deposit, and with a good knowledge of a jurisdiction and surrounding properties.

            Exploration is a tough tough business though, and only 1 in 3000 targets actually turns into an economic mine, so they are a bit of a lottery ticket on discovery. I’m always willing to give a company a shot if they have a good team/good target/good capital/and will do meaningful work in a given year to “drill it or kill it.” However, most of exploration stocks are advanced explorers moving towards development, where they have already demonstrated there is gold, silver, copper, uranium, etc… in the ground, and now their focus is on seeing the limits of the deposit (depth, width), looking for higher grade sections as initial starting points for a pit or underground mining, and that actually are growing a deposit that would be attractive to a larger company as an acquisition.

    • On January 23, 2021 at 3:42 am,
      Thomas says:
      • On January 23, 2021 at 5:51 am,
        Excelsior says:

        That is quite the agenda on this one. Looks like some great speakers and updates on a few companies in the portfolio.

        Agenda:
        0:00:00​ Jay Martin CEO, Cambridge House International
        0:01:22​ E.B Tucker Author of Why Gold Why Now
        0:32:50​ Nova Royalty Corp. NOVR.V
        0:52:00​ Tier One Silver Inc. Listing Expected Q1 2021
        1:13:30​ Kai Hoffman Managing Director, Soar Financial Partners
        1:43:52​ Radisson Mining Resources Inc. RDS.V
        2:02:10​ Peter Spina CEO, GoldSeek.com & SilverSeek.com
        2:24:19​ New Pacific Metals Corp. NUAG.TO
        2:49:19​ David Morgan Founder & Owner – The Morgan Report
        3:19:58​ MAG Silver Corp. MAG.NYSE
        3:45:18​ Luke Gromen Founder, Forest for the Trees, LLC
        4:11:56​ Osisko Gold Royalties Ltd. OR.NYSE
        4:29:10​ Raoul Pal CEO, Real Vision Group & Global Macro Investor
        5:01:15​ Maverix Metals Inc. MMX.NYSE
        5:21:21​ Ronald-Peter Stoeferle Managing Partner, Incrementum AG
        5:54:08​ Nighthawk Gold Corp. NHK.TO
        6:15:20​ Brent Cook Founder, Exploration Insights
        6:39:50​ Fiore Gold Ltd. F.V
        7:01:38​ David H. Smith Senior Analyst, The Morgan Report

        — Jay Martin CEO, Cambridge House International

    • On January 23, 2021 at 3:45 am,
      Thomas says:

      VRIC DAY 3

      https://m.youtube.com/watch?v=Q6DNpVGus3A&t=22689s

      ENJOY 24 hours of great interviews

      • On January 23, 2021 at 5:55 am,
        Excelsior says:

        Thanks again for posting these Thomas. This is really is a fantastic lineup, and a number of solid company overviews. Time to get out the popcorn with some investo-tainment!

        Agenda:
        0:00:00​ Jay Martin CEO, Cambridge House International
        0:01:00​ Gwen Preston Founder, Resource Maven
        0:27:45​ Empress Royalty Corp. EMPR.V
        0:38:00​ Jeff Clark Senior Precious Metals Analyst, GoldSilver.com
        1:12:05​ Liberty Gold Corp. LGD.TO
        1:34:40​ ALX Resources Corp. AL.V
        1:56:10​ Mark Moss Market Analyst, @1MarkMoss
        2:22:08​ Superior Gold Inc. SGI.V
        2:40:31​ Brent Johnson CEO, Santiago Capital
        3:07:40​ GoGold Resources Inc. GGD.TO
        3:32:03​ Reyna Silver Corp. RSLV.V
        3:55:52​ Otavio (Tavi) Costa Partner, Crescat Capital
        5:03:36​ Talisker Resources Ltd. TSK.TO
        4:45:38​ Steppe Gold Ltd. STGO.TO
        5:09:31​ Frank Holmes CEO, US Global Investors
        5:31:15​ Barksdale Resources BRO.V
        5:52:25​ Gran Colombia Gold Corp. GCM.TO
        6:18:38​ Peter Schiff President, EuroPacific Capital
        6:47:02​ Blackrock Gold Corp. BRC.V
        7:07:30​ Trilogy Metals Inc. TMQ.NYSE
        7:29:48​ Max Keiser & Stacy Herbert Hosts, Orange Pill Podcast

        • On January 23, 2021 at 9:36 am,
          Canuckski says:

          Ex/others,
          What are your thoughts on Constantine Metal? I already hold, but am revisiting this one to see if there’s an upcoming opportunity. Thanks.

          • On January 23, 2021 at 11:08 am,
            Excelsior says:

            Hi Canuckski,

            I used to have a position Constantine for exposure to their Zinc/Copper/Silver/Gold polymetallic Palmer deposit in Alaska, back when Darwin Green was VP of Exploration, but sold out of it a few years back, when they ran into all the local pushback to the project due to the potential impact on salmon spawning populations. This kind of local pushback and environmental group pushback was also happening at the time to communities very opposed to Northern Dynasty’s Pebble project in Alaska. I figured there were plenty of miners to get involved with that didn’t have salmon spawning as the impediment. I have not kept up with the story though, and they may have resolved all of that. The share price has suffered, so there may be a good opportunity to position now at lower prices, but then again, they may be low on this one if that is an ongoing concern.

            I decided to get into different Zinc development plays that had more of likelihood of moving forward in this coming base metals cycle like Tinka & ZincX, and for the Copper development exposure I moved over to Filo Mining, Regulus, and Sun Metals. Regulus ran into local pushback to their base metals project, and Sun Metals was recently acquired by Serengeti Resources, so I sold both those and put the money into Kodiak Copper (with Chris Taylor of Great Bear fame). {Hat tip to Wolfster on the heads up on Kodiak Copper}.

            l also got far more interested 2-3 years back in companies producing Zinc/Silver/Lead/Copper like Sierra Metals and Trevali Mining, as well as Silver producers with not Zinc/Lead credits like Silvercorp and Americas Gold & Silver.

            I did follow Darwin Green into his newer gold company HIghGold in Alaksa & Timmins Ontario. Darwin is tenacious, disciplined, and hard working, and he was a big part of the reason I held onto Constantine as long as I did, but I much prefer the projects he is working on with HighGold at present.

            https://www.highgoldmining.com/site/assets/files/6073/high_investor_presentation_23dec2020.pdf

          • On January 23, 2021 at 11:12 am,
            Excelsior says:

            Brixton is another polymetallic play with Copper & Gold at their Thorn project they’ve been recently drilling, and Silver/Cobalt at their Langis/Hudson Bay projects, and Silver/Gold at their Hog Heaven project. I know it is well-liked here by a number of posters, and I just got my Brixton position going again yesterday (Friday), as their stock has also lagged man peers the last 6 months, but now looks poised for a nice re-rating to play catchup in valuation.

          • On January 23, 2021 at 11:35 am,
            Excelsior says:

            Canuckski, I’ve also recently started building a position in (WRN) Western Copper & Gold, as a producer of both metals up in the Yukon. I believe Doc is a shareholder as well.

            http://westerncopperandgold.com/wp-content/uploads/2020/11/WRN_ConferencePresentation_Dec_2020_FINAL.pdf

          • On January 23, 2021 at 4:00 pm,
            Canuckski says:

            That’s exactly it Ex… I didn’t know if you had any further insight about the trip up that Constantine was facing. I gather not, so that works. I was thinking that if all was good, then we might be looking at a 5-10 bagger in the next move up. Thank you as always for your time and your thoughtful responses.

          • On January 23, 2021 at 4:03 pm,
            Canuckski says:

            I am well loaded on BBB, but thanks for noting that one. I will check into Western. I recall you noting that one in a past post, but I hadn’t looked into it.

          • On January 23, 2021 at 5:42 pm,
            Excelsior says:

            Thanks Canuckski. Yeah, I just didn’t know if you were aware of the community pushback on Palmer with Constantine, but no, I haven’t stayed up to date to see if that has been resolved. I wasn’t sure if you knew that Darwin had decided to go and pursue Highwood now, and so far they are off to a great start from last year with their exploration campaign.

            There are a number of interesting Copper and Zinc exploration and development projects out there with potential, but few Jr producers, as most are much larger companies. I like companies like Western Copper & Gold or Trevali because of their ability to surprise the markets to the upside, as increasing metals prices and improvements in their production throughput can really move the needle for companies of their size.

            May you have prosperous trading!

          • On January 23, 2021 at 5:44 pm,
            Excelsior says:

            Highwood = HighGold.

            (Not sure why my phone changed that word.)

          • On January 23, 2021 at 5:52 pm,
            Matthew says:

            Brixton is like many explorers in that it outperforms on the upswing AND the downswing. I don’t expect that to change this year or next but it will eventually.
            A capitulation (or “blow-off bottom”) began on January 8th and I will buy more if it manages to go lower. Friday’s action was great considering the rest of the sector.
            https://stockcharts.com/h-sc/ui?s=BBB.V&p=D&yr=1&mn=3&dy=0&id=p16618406067&a=879056747

          • On January 23, 2021 at 5:53 pm,
            Matthew says:

            SILJ has been in blow-off mode versus Brixton for the last 5 weeks. Inverted, that looks like this:
            https://stockcharts.com/h-sc/ui?s=BBB.V%3ASILJ&p=D&yr=1&mn=3&dy=0&id=p88952034268&a=879062776

          • On January 23, 2021 at 6:17 pm,
            Matthew says:

            The first table in Brixton’s latest press release says it all: copper, silver, moly and gold grades in the new porphyry discovery get richer at greater depth. Notice the jump in CuEq% in the final 6 meters…
            http://brixtonmetals.com/brixton-metals-taps-porphyry-at-camp-creek-drilling-439m-0-34-cueq-including-278m-of-0-43-cueq-including-105m-of-0-60-cueq-with-the-bottom-of-the-hole-at-6-2m-of-2-27-cueq-at-its-thorn-project/

            The next round of drilling will be interesting.

          • On January 23, 2021 at 7:21 pm,
            Canuckski says:

            Hey Matthew, thanks for the BBB charting. You are a top shelf chartist as always! Your analysis gives me confidence in where this is heading.

            I was working on some of my own analysis on this one in light of you mentioning: ‘if it manages to go lower’. I don’t believe we’ll be going lower on Brixton at this time. In fact, I’m hoping we’ll be seeing the start of something interesting.

            I tend to build an additional buffer into my own estimates to maintain some semblance of appearing aware of downside risk in possible negative scenarios. The challenge is that once I commit to becoming an owner, I have a tendency to hodl. According to what I see… if we somehow do go significantly lower on Brix, then I could see us cracking below .20 if facing heavy gravity (excluding a market crash scenario or Jan 31st issue).

            Though, if we fell into the high teens, then I’ll be loading. Chances are though, it wouldn’t get there because you’d be hitting the buy at .21.

          • On January 23, 2021 at 10:27 pm,
            Matthew says:

            Thanks Canuckski. I agree with your analysis. The low is probably in place but if it’s not, it probably will be by Wednesday or Thursday. The same goes for the sector in general.
            I did pick up some shares at .205 and even .20 on Friday before they went higher.
            https://stockcharts.com/h-sc/ui?s=BBB.V&p=W&yr=5&mn=0&dy=0&id=p56322576090&a=748708237

          • On January 23, 2021 at 10:28 pm,
            Matthew says:
          • On January 23, 2021 at 10:30 pm,
            Matthew says:
          • On January 23, 2021 at 10:34 pm,
            Matthew says:
          • On January 24, 2021 at 10:29 am,
            Canuckski says:

            Thanks Matthew.
            I always feel more comfortable when I’m aware you like a company.
            Let’s see what this week’s opener looks like.

          • On January 24, 2021 at 11:23 am,
            Matthew says:

            I see Brixton as an almost perfect call option on the sector at this stage of the young bull market and wouldn’t mind buying more even though my current 1.46 million shares is enough for me.

            Btw, Scorpio investor Richard Warke (Augusta Investments) has an impressive track record to say the least so his 27.2% stake in Scorpio is interesting. Mr. Warke founded the Augusta Group of Companies which currently includes Titan Mining Company, among others. Of course, that’s the same Titan Mining from this August 31st headline:
            SCORPIO GOLD ANNOUNCES OPTION AGREEMENT WITH TITAN MINING TO EARN 80% INTEREST IN THE MINERAL RIDGE PROPERTY FOR US$35M OF EXPENDITURES OR 100% FOR US$35M PAYMENT, AND RELATED C$5M EQUITY FINANCING

            Considering Mr. Warke’s accomplishments over the last 15 years, it’s good to know that he sees what I see in Scorpio.

            He is also the cofounder of Equinox Gold and you can read about him here:
            https://www.titanminingcorp.com/corporate/directors/richard-warke/

          • On January 24, 2021 at 11:29 am,
            Matthew says:

            The Augusta Group – Track Record in Exploration and Development
            https://www.titanminingcorp.com/corporate/about-us/

            My Scorpio position is currently over 1.3M shares.

          • On January 24, 2021 at 11:38 am,
            Canuckski says:

            That’s an impressive amount of shares Matthew, showing your obvious belief in the companies.

          • On January 24, 2021 at 11:45 am,
            Canuckski says:

            Matt, I understand that you typically focus on a fewer number of companies rather than an ETF-style portfolio, and ones where it appears you can ride the torque to the upside. I get that.

            Could you share your thoughts on OceanaGold? I hold a relatively small position in this one and am revisiting to determine whether or not to add or keep as it currently is. It is one in the basket of my longer term holds.

          • On January 24, 2021 at 12:39 pm,
            Matthew says:

            Although net bullish looking from a weekly perspective, it’s not a buy at this level to me. I would rather wait for all or part of that big gap to get filled OR wait for price to get back above the 30 week MA AND turn that MA up. Fundamentally, it looks just “ok” at a glance but I am almost certainly missing both positive and negative aspects.
            https://stockcharts.com/h-sc/ui?s=OCANF&p=W&yr=3&mn=7&dy=0&id=p74756863314&a=879487242

            The monthly MACD bought in July and resold a couple months later (and I can see why) but the action has improved a lot since November.

          • On January 24, 2021 at 12:40 pm,
            Matthew says:
          • On January 24, 2021 at 3:52 pm,
            Canuckski says:

            OK, that’s awesome Matthew. Thank you for the first chart and thank you for the second. It makes it easier for me in terms of making my decision on this one.

          • On January 24, 2021 at 4:47 pm,
            blazesb says:

            About Brixton. Can Gary Thompson be relied upon to credibly follow up the the latest promising drill holes? His history suggests a maddening pivot to chase wishes and dreams elsewhere may be forthcoming.

            Having four promising projects has been both a strength and a weakness for Brixton.

          • On January 24, 2021 at 6:20 pm,
            Excelsior says:

            Blazesb, while I agree with you that Gary & team have struggled with focus the last few years on their 2, then 3, then 4 projects, they have at least got Robert Friedland’s exploration company helping on Hog Heaven now, had a few more good Silver hits at Langis, and their Copper/Gold/Silver drilling is showing more promise at dept, as Matthew mentioned.

            Ar this point Brixton is getting oversold for the optionally of ounces they have in the ground, and undervalued compared to other Silver & Gold explorers or earlier stage developers that didn’t fall quite so much from their summer peaks, with many surging nicely in Dec & early Jan. In that fundamental sense, and based on the technical picture Matthew outlined in the charts above, I’m comfortable adding more if there is any more weakness for the coming relating. I added Friday for the first time to the tracking position I had left in place from selling Brixton as a tax loss sale in December.

          • On January 24, 2021 at 6:44 pm,
            Excelsior says:

            relating = rerating.

    • On January 24, 2021 at 1:59 pm,
      Excelsior says:

      What Nobody Tells You About Investing In Gold & Silver | Tavi Costa

      ILoveProsperity – Jan 22, 2021

      https://youtu.be/OJkeDlWAGUk

    • On January 24, 2021 at 9:32 pm,
      Excelsior says:
      • On January 25, 2021 at 12:22 am,
        Excelsior says:

        SilverChartist @SilverChartist 10:00 AM · Jan 24, 2021·Twitter Web App

        $SILV: SilverCrest

        “#SILV, my favorite “Pre-Production Sweet Spot” play, is getting rather oversold as key support tested.”

        https://twitter.com/SilverChartist/status/1353402183526588418

        • On January 25, 2021 at 2:30 am,
          Excelsior says:

          (SLVR) (SLVTF) Silver Tiger Makes New Discovery of the Benjamin Vein Intersecting 1,310 g/t AgEq Over 3.0 Meters Within 5.5 Meters Grading 732 g/t AgEq

          by @accesswire on 21 Jan 2021

          https://ceo.ca/@accesswire/silver-tiger-makes-new-discovery-of-the-benjamin-vein

          • On January 25, 2021 at 2:56 am,
            Excelsior says:

            Silver Tiger Metals (SLVR) – Drilling the Headframe, Exceeding Results

            Crux Investor – January 24, 2021 #VIDEO Interview

            Interview with Glenn Jessome, President & CEO of Silver Tiger Metals

            2:12​ – Press Release: Not Just Another Story?
            3:55​ – How & Why They Get Covered by Highly Regarded Groups
            5:12​ – Money Matters: Cash Position & Financing it All
            7:42​ – The El Tigre District: Discoveries, Potential, & Means for Choosing Reported Data
            16:02​ – Timing of Further Drill Results
            17:33​ – “They’re Just Chasing Narrow Veins, What’s the Point?”
            18:59​ – Market Expectations for Silver Tiger

            https://youtu.be/VKNdd0AU_WM

  3. On January 23, 2021 at 8:24 am,
    Scott says:

    Did Jeff Christian just say you might not have 30,000 lies by the president? I can’t listen to TDS sufferers. The entire Democratic agenda is based on avoidance of reality.

    • On January 23, 2021 at 12:19 pm,
      chris says:

      Yep, I am sure he is happy there will be no more lies. What a sick joke, a “swamper” for sure. I remember the days when he sad there was no gold manipulation, he believed all the banks were honest……………sure Jeff…………

      • On January 23, 2021 at 12:27 pm,
        Jetty says:

        I also remember Jeff clearly stating that gold is not manipulated. What a joke.

  4. On January 23, 2021 at 12:34 pm,
    Excelsior says:

    Should Bitcoin Be A Reserve Currency? Is Gold Price ‘Fixed’? Ron Paul answers (Pt 2/2)

    Whether or not bitcoin should be a reserve currency should be left to the free markets to decide, said Ron Paul, former Congressman and host of the Liberty Report.

    0:00 – Bitcoin as reserve currency?
    4:35 – Gold price fixing?
    6:50 – Foreign policy
    8:49 – Censorship
    11:37 – Advice for the younger generations

    https://youtu.be/18iVvYPw14w

    • On January 23, 2021 at 9:04 pm,
      Excelsior says:

      Fed Gone Wild: This Is a War of the Financial Worlds Warns Ex-Goldman Sachs MD

      Stansberry Research – January 20, 2021

      “We are living in a financial war of the worlds, this according to best-selling author and former Goldman Sachs Managing Director Nomi Prins. In this interview with our Daniela Cambone, Prins explains that the Federal Reserve has been overstepping its boundaries since 2008. The question is, can it be tamed and how? The former banker also weighs in on the recent bitcoin clampdown from HSBC and other regulatory bodies.”

      https://youtu.be/pDwxHW9xmPA

      • On January 23, 2021 at 11:28 pm,
        Excelsior says:

        Lyn Alden & Hugh Hendry: USD’s Reserve Status, the Eurodollar System, and International Trade

        Real Vision Finance – Jan 21, 2021

        “Hugh Hendry, founder and former CIO of Eclectica Asset Management, welcomes Lyn Alden of Lyn Alden Investment Strategy for a wide-ranging discussion on international trade and the Eurodollar system. Hendry mounts a nuanced defense of the dollar’s role as the global reserve asset, whereas Alden sees a slow but steady de-dollarization happening around the world, which she expects will continue. Hendry and Alden discuss whether China’s role in international trade is “mercantilist,” and whether its stagnant reserves of U.S. Treasurys is a true macroeconomic bellwether. Lastly, Hendry and Alden look forward to identify potential solutions to these problems, such as digital currencies (Alden’s solution) and ultra-negative rates (Hendry’s solution).”

        https://youtu.be/WDPqcrtoXBE

        • On January 25, 2021 at 12:30 am,
          Excelsior says:

          The Debt Question Facing Janet Yellen: How Much Is Too Much?

          By Kate Davidson and Jon Hilsenrath – Jan 18, 2021

          “A big question hangs over Janet Yellen this week at her confirmation hearing to become U.S. Treasury secretary: How much debt is too much?”

          “In the past four years, U.S. government debt held by the public has increased by $7 trillion to $21.6 trillion. President-elect Joe Biden has committed to a spending program that could add trillions more in the year ahead. At 100.1% of gross domestic product, the debt already exceeds the annual output of the economy, putting the U.S. in company with economies including Greece, Italy and Japan…”

          https://www.wsj.com/articles/the-debt-question-facing-janet-yellen-how-much-is-too-much-11610993908?redirect=amp#click=https://t.co/JkkChhAWZ4

  5. On January 23, 2021 at 12:54 pm,
    Wolfster says:

    Great show and week as always gentlemen. Not much to say from the alternative sectors that I haven’t been preaching since my start of the year post. I will reiterate just how much I love Cresco in the cannabis sector. It closed at a 52 week high on Friday and I see further gains going forwards. Still waiting for IM Cannabis to announce their Nasdaq listing and red white and bloom is consolidating nicely after a nice run up.
    On the clean energy front I still see greenlane renewable being undervalued to its peers and will play catch-up as it runs towards +$3 territory.
    Still believe owning a battery technology play like nano one is a must but could see it consolidating after its big run up
    I like all the chatter about REE plays again. Feels like déjà vu all over again. Need to find my old list of plays…..defence metals is an obvious choice.
    I’ve stupidly watched a 5G play go from $4 to $19 and have yet to pull the trigger. If anyone has a suggestion for one that hasn’t run up as much as Inseego has I’m all ears.
    On our usual metal front I’m with many of you here holding brixton impact and kootenay. Start every week thinking this is the week for them to finally takeoff again. Sadly I’m at the point where I’m now watching other plays more closely and have them as my long term holders.
    Still like the kodiak and hope Ex’s constant kudos for pumping it finally pay off.
    Wow. Longer comment than I intended or imagined.

    • On January 23, 2021 at 1:34 pm,
      Excelsior says:

      +1

      • On January 25, 2021 at 12:37 am,
        Excelsior says:

        Wolfster – When looking at Cresco that you mentioned, it surprised me to see a C$3.76 Billion valuation… that is until I looked at Trulieve with a C$6.45 Billion valuation and Curaleaf with a C$12.7 Billion valuation… I’m a bit stunned at all these multi-Billion dollar valuations in the cannabis sector.

        Do you believe that these companies will retain those kinds of valuations as time marches on?

        I guess I’m so used to the tiny micro-cap miners that those kind of numbers seemed a little high…

        • On January 25, 2021 at 4:07 am,
          Wolfster says:

          They are turning into cash cows and aren’t even in 1/2 the states yet as it’s not legal everywhere.Recreational use is becoming bigger than alcohol. Already is in Colorado..Then there’s medical use as well. Why shouldn’t their valuations be more in line with alcohol or consumer goods companies…..

          • On January 25, 2021 at 4:38 am,
            Wolfster says:

            Obviously that goes for the big 4 MSO’s

          • On January 25, 2021 at 10:51 am,
            Excelsior says:

            Yes, I could see cannabis taking the same trajectory as alcohol or consumer goods, but larger alcohol conglomerates have entrenched distribution networks and a long history of sales and track records, so their price/earnings would be pretty well established.

            To be clear, I wasn’t doubting the adoption of recreational, in tandem with medical, and was in Colorado twice last year and saw first hand the explosion in small stores. I was just curious as to whether the amount of sales companies like Curaleave or Trulieve or Cresco had warranted the multi-billion dollar valuations at this earlier point, even with good cashflows? It was just startling to see valuations that high, but they may very well be justified depending on just how much cashflow they are producing.

  6. On January 23, 2021 at 1:32 pm,
    Excelsior says:

    Wolfster – Great post on the a few different sectors and companies to keep tabs on, as per usual. I really appreciate getting your updates.

    Yes I’ll keep giving you kudos for pumping Kodiak Copper, because it looks like a winning asset, with a winning commodity, and a winning team, and your posts on it here were what got me to take a look in the first place. I believe in giving credit where it is due, and your company research is something I consider valuable. Much appreciated!

    • On January 24, 2021 at 9:01 am,
      Wolfster says:

      Thanks Ex. I checked my list to confirm the name that stuck in my head from the last REE mania and I got it right after all these years……..UCore

      • On January 24, 2021 at 10:59 am,
        Excelsior says:

        Yeah, I like Ucore, and have considered owning it a few times over the years, and they have a lot of focus on the processing of the different specialty metals, and at one point that was direction Matamec was headed, but I think they got squeezed out of the sector during the bear market.

        In the old Rare Earth boom in 2011 and 2012, I had owned companies like Tasman (now their Norra Karr project is held by LEM Leading Edge Materials), Quest (found a great deposit but cratered along with REE prices), Avalon Advanced Materials (shifted over to Lithium to survive, but still has some rare earth assets), Greenland Minerals (shifted more to Uranium but still has many specialty metals in their mix), Great Western Minerals (had a great deposit, trial plants, and looked like they’d make it into production, but when the prices crashed they ran out of capital and starved), Arafura (still an REE development story), and I had positions in NeoMaterials (before they were absorbed by Molycorp, and before Molycorp went belly up), and Lynas, the only company last time to actually make it to production.

        The only one that I really kept up with from the old REEs after the bust was Alkane Resources, as they were a Gold producer, that had a huge Rare Earths project on the side, but they spun that out last year into a separate entity, which made a lot of sense, as the 2 commodity sectors are apples and oranges. Gold investors didn’t want the REE exposure, and REE fans didn’t want the operational challenges and divided focus from exploring for and producing the PMs. I can’t remember the name of the new spinout company of the top of my mind, but that may be one to go and check out.

        There were other companies I followed and didn’t own like Ucore, Medallion, Matamec, Iluka, Frontier, Stans Energy, and Rare Element Resources back in the last cycle. I have no idea what some of those companies are doing today, and really need to revisit the whole REE sector again in more detail and find out who has legit projects and which ones went the way of the dodo bird.

        • On January 24, 2021 at 2:52 pm,
          Excelsior says:

          I just went to check on ole’ Ucore and it closed up 29.51% on Friday. Gadzooks!!

          Apparently the Rare Earth stocks are waking up, because I just listened again to the Sean Broderick interview here on the KER from Friday, and had completely missed that he had mentioned the government backing Rare Element Resources. I had just mentioned that one up above, and when I heard Sean mention it in that interview I went over to check it out. Wow, it has run like crazy on that news of the US government doling it out some funds. This sector may deserver a bit more attention here in 2021.

          ___________________________________

          Rare Element Resources Named U.S. Department of Energy Funding Recipient for Rare Earth Separation and Processing Demonstration Project

          Business Wire – January 21, 2021

          https://www.benzinga.com/pressreleases/21/01/b19252581/rare-element-resources-named-u-s-department-of-energy-funding-recipient-for-rare-earth-separation-

      • On January 24, 2021 at 11:26 am,
        Wolfster says:

        Yes I had some of those on my list. Avalon and Molycorp were my other big ones. I found this on molycorp MP Materials and Neo Performance Materials used to operate together under a single umbrella of Molycorp.

        MP Materials was the mining assets and Neo Performance Materials was the processing infrastructure.

        Molycorp went public in 2010 at the height of the first rare earth boom. At its peak, the stock had a $6 billion market capitalization.

        Much like MP Materials, Molycorp started off with just the mining assets – the Mountain Pass mine. In 2012 Molycorp acquired the downstream processing.

        But REE prices fell and Molycorp failed. The two assets were split up after bankruptcy.

        The Mountain Pass mine was sold for $20 million to a group in private equity before emerging again as a SPAC in the form of MP Materials this year.

        The rest of Molycorp came out of from bankruptcy in 2017. It formed the public company Neo Performance Materials.

        • On January 24, 2021 at 12:01 pm,
          Excelsior says:

          Yes, I remember that whole saga, as I was invested with NeoMaterials and then Molycorp after they got acquired, and then the whole thing went south, to where investors started calling it Molycrap. Ha!

          It is a shame how it all unfolded last REE cycle, but both companies are back.

          Constantine Karayannopoulos was the main brains behind Neo Material Technologies, that Molycorp bought, but he is the one the relaunched Neo Performance Materials (a small tweak to the old name). Many were dismayed when Molycorp swallowed them up like a whale, and then were harpooned by the market, so it is nice to see Neo 2.0.

          Really Molycorp was reborn as the MP Materials noted above, and it as the Mountain Pass assets in the ground.

          https://mpmaterials.com/about/

          • On January 24, 2021 at 12:07 pm,
            Excelsior says:

            Having Constantine back on the scene the last few years is good for the whole REE space, and was also what jumped off the page when (UUUU) Energy Fuels announced they were having him consult with them about their plans to process the Rare Earths at their White Mesa Mill. Anyone that has seriously followed the REE space over the last decade knew they had brought in one of the thought leaders and subject matter experts, and it was a BIG deal, that most of the Uranium investors following Energy Fuels didn’t fully appreciate at the time or even since then.

            _______________________

            (UUUU) (EFR) Energy Fuels Engages Constantine Karayannopoulos & Brock O’Kelley to Assist in Developing U.S. Rare Earth Element Commercial & Technical Strategies; CEO to Discuss Rare Earths at Mining Conference Today

            May 21, 2020

            https://www.energyfuels.com/2020-05-21-Energy-Fuels-Engages-Constantine-Karayannopoulos-Brock-OKelley-to-Assist-in-Developing-U-S-Rare-Earth-Element-Commercial-Technical-Strategies-CEO-to-Discuss-Rare-Earths-at-Mining-Conference-Today

          • On January 24, 2021 at 12:17 pm,
            Excelsior says:

            As a result of Energy Fuels unique ability, permits, and experience in processing radioactive elements (that often occur in tandem with Rare Earth Elements), this gives them a huge advantage over 99% of companies trying to enter the REE space, and it has been underappreciated in what a game changer this is going to be for the company and for US domestic supply of these specialty metals.

            There is also the tired cliche’ that many in the resource sector love to parrot that “Rare Earths, after all are not that rare.” It’s like the flippant remarks about “the world being awash in Lithium.”

            Yeah, that is obvious and almost a put down, but one could say the exact same thing about Copper, or Gold, or Oil, or Uranium. The world is awash in all these commodities, but finding an economic deposit is the real bugger, and very few companies have been able to do this. However, what is far more important is the processing required in many commodities like Lithium processing, Uranium enrichment, Oil & distillates refining, and absolutely true with Rare Earth processing.

            The ability for Energy Fuels to process REEs at White Mesa is the biggest news to hit the sector in years, but for some reason, most of the Uranium investors just shrugged at the news, because they are only focused on the U narrative, and many likely don’t follow the REE sector or appreciate the significance (yet…. they will over time).

            ___________________________________

            (UUUU) (EFR) Energy Fuels Set to Enter Commercial Rare Earth Business in Q1-2021, Producing Materials That Make Many Clean Energy and Advanced Technologies Possible; Webcast on Dec. 15

            https://www.energyfuels.com/2020-12-14-Energy-Fuels-Set-to-Enter-Commercial-Rare-Earth-Business-in-Q1-2021-Producing-Materials-That-Make-Many-Clean-Energy-and-Advanced-Technologies-Possible-Webcast-on-Dec-15

      • On January 24, 2021 at 12:21 pm,
        Excelsior says:

        While discussing the REE and Specialty Metals sectors, it should also be noted that Mark Smith (the prior CEO of Molycorp during the collapse), shifted over to other specialty metals processing, and really honed in on three companies: Niocorp for Scandium, IBC Advanced Alloys (that has a partnership with Niocorp to process and manufacture their Scandium, in conjunction with their Beryllium and Copper alloy divisions), and Largo Resources (focused on Vandium production).

        So Mark Smith is still out there working in the specialty metals space, and those 3 companies are quite interesting niche’ markets as well.

        • On January 24, 2021 at 12:25 pm,
          Excelsior says:

          Aside from the hotter Scandium story from Niocorp, they of course process Niobium (hence the name Niocorp), and Titanium, but it is the Scandium that has more market attention, for it’s ability to harden Aluminum and other metals, and thus make aircraft and sports cars much lighter and simultaneously stronger. I find it interesting that John Kaiser is so interested in the Scandium story, and only discusses Scandium Int’l, but I don’t remember ever hearing him discuss Niocorp or their partnership with processor IBC Advanced Alloys, and they are far more likely to get to market with their product first.

          _______________

          Niocorp Developments – Corporate Presentation:

          http://www.niocorp.com/wp-content/uploads/NioCorp_In-Depth_Presentation_2020.pdf

        • On January 24, 2021 at 4:01 pm,
          Canuckski says:

          Just to note, I had picked up some IBC back in the day and am just a holder in the case this was going to go sometime.

          • On January 24, 2021 at 6:41 pm,
            Excelsior says:

            Yes, I held a position for a long time in IBC, just based purely on their Beryllium and Copper Alloy business, but it was encouraging to see Mark Smith got involved, first by way of the partnership with his company Niocorp, and then as an officer of IBC.

            I sold a lot of my down for a tax loss last year, but am considering getting going again with it as I still like their processing and manufacturing capabilities on the Copper alloys, Beryllium alloys, and then the Scandium/Aluminum alloys, which can be utilized by a few different markets (most notably the defense contracts they’ve landed the last 2-3 years).

  7. On January 23, 2021 at 8:52 pm,
    Dick Tracy says:

    Check this out, robots that can dance with more rhythm than humans! DT

    https://www.youtube.com/watch?v=fn3KWM1kuAw

    • On January 23, 2021 at 9:01 pm,
      Excelsior says:

      Now that was a classic DT post!! Wild!

  8. On January 24, 2021 at 5:59 am,
    Dick Tracy says:

    Joe Biden must soon prove that he can handle the economy and be an able leader of men. Sitting at his desk in the oval office with his pens signing an end to the XL pipeline, re-initiating The Paris Climate Accord, and mandating the wearing of masks, will not lead business out of depression. When business is on the road to ruin it will be The President who is blamed for lack of leadership and foresight. He will soon be put on record and be blamed for lack of common sense. By the spring of 2021 The president’s reputation will be on the line, the honeymoon will be over. Donald Trump was lucky he dodged a bullet. DT

  9. On January 24, 2021 at 8:02 am,
    monty d bissett says:

    I find it kind of amazing KER never talks about WM. 170,000 meter drill program for 2021 and a RE coming out 3rd quarter. After a huge run over last few from .10 to 1.35 with a more realistic price right now of .73. Huge drill results over last couple years and also with 1.5 billion of EV nickel sitting at Grasset in a 4 year old MRE that shut down with great grades and nickel crashing with mainly shallow drilling and blue sky. Like Martiniere with shallow drilling another MRE sitting with 1.5 billion of much better grade than neighbor is mining at Detour. KL. Also Blue Sky. You have Eric and KL as major shl. WM has millions of infrastructure spent on a new mining plan that company has applied for new mining plan.

    The Clinton’s were a crime syndicate and ripped off USA and anyone with a pulse and Billy a deviate. Obama basically spied on everyone and droned and blew up the M.E. Biden family also a crime syndicate and on top of that if You read the daughters diary who is a drug addict and take a look at Hunters lap top you have a family that is about as sick as you can be with Joe leading the charge. Then you factor in Gates saying Biden wrong on every major foreign event in way too long a period of dime. Trump is looking like a stable genius. You cant take a way over regulated economy B.O. and flip that 100% DJT and then flip it even more back to being over regulated and a complete nut in charge and then a person who left the stage with 2% of the Dem vote KH taking over in short order you have the biggest mess in the history of the USA.

    • On January 24, 2021 at 11:10 am,
      Excelsior says:

      Hi monty d bissett – I have posted on (WM) Wallbridge several dozen times on the KER blog, and own a solid position in it, as does Doc who has mentioned it several times.

      Over the last few years we’ve discussed on the KER all the scuttlebutt when investors were divided between BAR Balmoral (that I also used to own) versus Wallbridge as to who had the best land, discussed in detail many times the prospectivity of their properties to have the massive deposits, then everything got daylighted more to investors when (KL) Kirkland Lake took over Detour Gold. Then when Wallbridge acquired Balmoral, it was discussed many times on here, along with the potential of WM spinning out the Nickel assets in Grasset. I initially got positioned in Balmoral for the exposure to Nickel in that project, and still really like it, and don’t see WM really wanting to focus on it, nor are they getting proper value for it in their portfolio at present.

      Just last week we had as small Wallbridge discussion, where I had posted maps of the Detour Lake area, and just how prospective all their other land package acquired from Balmoral is to find a few more Fenelons. I’m going to be reaching out to them soon to see if they may want to come on here an update the KER audience, as they have one of the more interesting Gold development stories out there right now.

      • On January 24, 2021 at 11:14 am,
        Excelsior says:

        (WM) (WLBMF) Wallbridge Mining CEO, Marz Kord presents at the Precious Metals Summit 2020

        https://youtu.be/6gL9vRWxfow

      • On January 25, 2021 at 5:26 am,
        monty d bissett says:

        Thanks for your reply Ex. I was suggesting not much time given by KER on having someone from the company on to talk about the future of the company. I don’t think there is a bigger drill program by a Jr in 21 than WM. Could be wrong. Ton of shares out but possible cash flow coming down the pike to stop that in the future. cheers

        • On January 25, 2021 at 10:23 am,
          Excelsior says:

          Ah – understood Monty. Yes, they have a huge drill program and large potential. I’m going to reach out to them soon to see if they’d be interested in coming on here to update the audience on their 2021 strategy. We’ll see how it goes.

          • On January 25, 2021 at 1:25 pm,
            Excelsior says:

            Since the Jr resource markets were down in the red today, I decided to add a bit more to my Wallbridge position. It is one I’m happy to keep accumulating on the dips.

  10. On January 24, 2021 at 8:54 am,
    Dick Tracy says:

    What about The Federal Reserve and The Central Banks, how many securities, Treasury Bonds, etcetera, etcetera, have they absorbed and kept on their books bought with keystroked money, of which the public knows nothing about and cares even less. Any financial interests they have purchased in the last couple of years can be hidden as long as prices rise. The Big Bull Market has covered a multitude of sins.

    Then there are The Hedge Funds, estimated to be 8,500 to 10,000 of them, some run honestly, others not. The Central Bankers are big holders of hedge funds, I bet their shelves are groaning with unsold securities, with dividends that must be paid by the Fed’s keystroke machine. The hedge Funds are so intertwined with one another that nobody could possibly understand what is going on. How do you figure out worth on that basis of a model, you can’t. The Market can when it starts to unravel and comes apart very quickly. This is a mess of incalculable proportions. DT

    • On January 24, 2021 at 11:18 am,
      Excelsior says:

      DT – check out the video I linked up above called “FED gone wild” with Nomi Prins, as it gets into this same subject.

      • On January 24, 2021 at 11:20 am,
        Excelsior says:

        The other 2 videos linked in that same thread above with Dr Ron Paul and with Lyn Alden as delve into the same topic and are worth the watch/listen.

      • On January 24, 2021 at 1:36 pm,
        Dick Tracy says:

        Hi Ex, I watched the video “Fed gone wild’, I think a lot of America’s problems could be solved by getting the really smart people out of the banking industry by passing legislation curbing the powers of banks to just accept deposits and make loans. They then would need to look for their lively hood in managerial positions running industry and factories that made America so successful in the past. DT

        • On January 24, 2021 at 1:46 pm,
          Excelsior says:

          Great suggestion DT. I nominate you to call the bankers this next week and let them know the fractional reserve game and the goose the markets game is over, and that they are all going to be moved over to managerial roles in factories.

          They are going to love this idea. 😉

          • On January 24, 2021 at 1:49 pm,
            Excelsior says:

            I’d like to request to be involved in some capacity, and maybe we could call the venture:

            “Lead Balloon Enterprises”

            http://3.bp.blogspot.com/-fJPtYBQsYyo/TwqvsLDgvDI/AAAAAAAAgCY/LCvsd1piu64/s1600/leadbaloon.JPG

          • On January 24, 2021 at 2:02 pm,
            Dick Tracy says:

            Hey Ex, it’s all a game of numbers, it doesn’t matter what you are doing in life you must be able to understand math. The best people to run anything are the number crunchers who can figure out profit and loss whether it is running a football team or building a colony on Mars. DT

          • On January 24, 2021 at 2:23 pm,
            Excelsior says:

            That’s a solid point DT. The Banksters are good with the number crunching, and most of that would translate over easily into managerial roles. However, it is unlikely they are going to give up cushy jobs at banks to become managers of factories or industry, as there are other skillsets deployed in those fields. I think it is more likely that they go for the building colonies on Mars option. 🙂

            Ever Upward!

          • On January 24, 2021 at 2:27 pm,
            Excelsior says:

            For clarity, I like the philosophical idea of banks being limited to just depositing and lending money on a 1:1 basis, but just don’t see their power structure crumbling unless the whole fractional reserve system is taken down, and the central banks and the politicians that endorse their corrupt authority, are not going to let that happen on their watch or anytime soon.

  11. On January 24, 2021 at 10:06 am,
    b says:
  12. On January 24, 2021 at 10:51 am,
    b says:

    “When the people find that they can vote themselves money that will herald the end of the republic.”
    B Franklin

    • On January 24, 2021 at 10:57 am,
      chris says:

      Thus we have reached the end. Plan ahead……….

    • On January 24, 2021 at 2:55 pm,
      Dan, calgary says:

      True statement and we now have the result of its’ manifestation.

  13. On January 24, 2021 at 2:19 pm,
    BDC says:

    They make Money worth much less
    by limiting what it can be spent on.

  14. On January 24, 2021 at 5:59 pm,
    Ozibatla says:

    Lending money on a 1:1 basis, now that is wishful thinking…haha. Would reign in the gambling instinct though.

    • On January 24, 2021 at 6:09 pm,
      Excelsior says:

      Ha! Agreed. It is a fantasy idea, but I was agreeing with DT that philosophically I like the idea, but also joked that this idea would go over with bankers like a lead balloon.

      • On January 24, 2021 at 7:45 pm,
        Ozibatla says:

        Yeh banks for deposits and lending only was the original intention. As soon as investment banks came to surface, it was off to the races for all the big players.

        • On January 24, 2021 at 8:42 pm,
          Excelsior says:

          That sums things up perfectly Ozibatla.

          • On January 24, 2021 at 9:27 pm,
            Ozibatla says:

            Cheers Ex! Unfortunately I agree.

  15. On January 24, 2021 at 6:10 pm,
    David says:

    Early hit. Deja Vu again.

  16. On January 24, 2021 at 9:35 pm,
    Ozibatla says:

    Anyone who wants an insight into how the modern banking system operates along with the gambling addict mindset throughout Wall St should watch “Inside Job”. A good documentary centred around the GFC, its well worth a look.

    • On January 24, 2021 at 9:43 pm,
      BDC says:

      Also “Margin Call” …
      https://www.youtube.com/watch?v=IjZ-ke1kJrA

    • On January 24, 2021 at 10:32 pm,
      Ozibatla says:

      Yep, true! “Too Big To Fail” is another one.

    • On January 25, 2021 at 12:06 am,
      Matthew says:

      The book to read about the GFC is this one:
      https://www.amazon.com/Meltdown-Free-Market-Collapsed-Economy-Government-ebook/dp/B0097CZ06Q

      It would be wise to be skeptical of any documentary that any MSM would air.

      • On January 25, 2021 at 3:31 am,
        Ozibatla says:

        Yeh it must be said that Too Big To Fail is more a recreation of the timeline around the GFC rather than a doco. And whilst produced by HBO, I think it serves well to put into lamens terms of some of the key events that transpired throughout this economic sh*tstorm.

        • On January 25, 2021 at 12:48 pm,
          David says:

          Too big to fail is nothing more than giving the US Attorney General a political excuse to not prosecute “real people” running banks and corporations. Putting a Wall Street Banker in jail is in no way threatening to Corporate stability. It merely affects the scope of criminality.

          • On January 25, 2021 at 1:55 pm,
            Matthew says:

            TBTF provides cover for massive handouts/wealth transfers to connected people and their businesses. Those who fall for it don’t understand markets or economics. There is absolutely no such thing as TBTF.

          • On January 25, 2021 at 2:58 pm,
            Ozibatla says:

            I agree wholeheartedly!

  17. On January 25, 2021 at 3:23 am,
    Excelsior says:

    (VZLA) (VIZSF) Vizsla Extends Papayo Prospect to the South at Panuco Project, Mexico

    by @newswire on 25 Jan 2021

    https://ceo.ca/@newswire/vizsla-extends-papayo-prospect-to-the-south-at-panuco

  18. On January 25, 2021 at 6:20 am,
    CFS says:

    Con Woodjam drills 251 m of 1.04 g/t Au at Woodjam
    2021-01-25 08:44 ET – News Release
    Mr. Glen Garratt reports
    WOODJAM DRILLING RETURNS 251 METRES OF 1.04 G/T GOLD INCLUDING 155 METRES OF 1.51 G/T GOLD
    Consolidated Woodjam Copper Corp. has provided further results from drilling program on the Deerhorn zone at its 100-per-cent-owned 64,000-hectare Woodjam project located 50 kilometres east of the community of Williams Lake, B.C.

  19. On January 25, 2021 at 6:23 am,
    CFS says:

    K2 Gold drills 30.5 m of 7.2 g/t Au at Mojave
    2021-01-25 07:28 ET – News Release
    Mr. Stephen Swatton reports
    K2 DRILLS 30.5 M OF 7.2 G/T GOLD FROM SURFACE AT MOJAVE
    K2 Gold Corp. has received assays for the final five reverse circulation (RC) holes drilled at the Dragonfly zone, located within its 100-per-cent-owned Mojave property in Southern California.

  20. On January 25, 2021 at 6:26 am,
    CFS says:

    Amex drills 5.1 m of 31.87 g/t Au at Perron
    2021-01-25 07:46 ET – News Release
    Mr. Victor Cantore reports
    AMEX ANNOUNCES DISCOVERY OF NEW HIGH GRADE GOLD STRUCTURE RETURNING 31.87 G/T AU OVER 5.10 M ON PERRON

  21. On January 25, 2021 at 6:30 am,
    CFS says:

    Turmalina drills 72 m of 5% CuEq at San Francisco
    2021-01-25 07:16 ET – News Release
    Dr. Rohan Wolfe reports
    TURMALINA INTERSECTION OF 72M AT 3.47% COPPER, 100 G/T SILVER AND 0.71 G/T GOLD (5.0% CUEQ) EXTENDS KNOWN MINERALISATION AT SFDLA 300M BELOW PREVIOUS DRILLING IN EASTERN LOBE

  22. On January 25, 2021 at 6:33 am,
    CFS says:

    Oceanagold drills 3.1 m of 169 g/t Au at WKP
    2021-01-25 02:26 ET – News Release
    Mr. Michael Holmes reports
    OCEANAGOLD INTERSECTS ADDITIONAL HIGH-GRADE GOLD MINERALISATION AT WKP IN NEW ZEALAND

  23. On January 25, 2021 at 6:35 am,
    CFS says:

    Aya drills 1.5 m of 3,914 g/t Ag at Zgounder
    2021-01-25 02:10 ET – News Release
    Mr. Benoit La Salle reports
    AYA GOLD & SILVER: ZGOUNDER EXPLORATION CONFIRMS HIGH-GRADE SILVER EXTENSION OF EASTERN ZONE
    Aya Gold & Silver Inc. has released additional high-grade diamond drill hole (DDH) results from its 2020 drill program at the Zgounder silver mine in the Kingdom of Morocco.

  24. On January 25, 2021 at 6:37 am,
    CFS says:

    Chakana drills 120.4 m of 1.46% CuEq at Soledad
    2021-01-25 06:38 ET – News Release
    Mr. David Kelley reports
    CHAKANA COPPER INTERSECTS 120.4M OF 0.51 G/T AU, 0.83% CU, AND 34.6 G/T AG (1.46% CU-EQ; 3.71 G/T AU-EQ) FROM 101.3M AT HUANCARAMA, SOLEDAD PROJECT, PERU

  25. On January 25, 2021 at 7:05 am,
    David says:

    Alternating days/alternating days is still the plan on my miners. Overall down still the 6 month plan.

    • On January 25, 2021 at 7:08 am,
      David says:

      Alternating days/alternating stocks….