Weekend Show – Sat 24 Jul, 2021

Markets and Metals – This Weekend’s Show is all about finding the right investments for resource stocks

Full Weekend Show – Market and Metals

Throughout the week we covered the early week volatility in markets and metals. By the end of the week we were back to slow summer trading. So we decided to focus this Weekend’s Show on active investing in resources stocks. Now is the time to re-evaluate all the stocks on your radar to determine if the companies are doing the right work to drive the stock.

Please keep the emails coming. We love hearing about the companies you like and any questions you have for us or management on those companies. Our email addresses are Fleck@kereport.com and Shad@lkereport.com.

  • Segment 1 and 2 – This is an extended interview with Matt Geiger, Managing Partner at MJG Capital. We discuss everything from Matt’s recent positioning of the fund in different resource sectors (and building cash), his thoughts on the prospect generator model, and where he sees the battery metal stocks going from here. Click here to read over Matt’s recent investment letter for MJG Capital.
  • Segment 3 – Richard Postma, AKA Doc joins us with a look into the gold and gold stock charts that have his attention. We discuss time frame for the next run in metals and the types of stocks Doc thinks will bounce back first.
  • Segment 4 – We end the show with a replay of the interview with Skeena Resources that was posted on Thursday. The Company released the Pre-Feasabilty Study on the Eskay Creek Project that had some very good numbers. Click here to listen to the full interview.

Exclusive Company Interviews This Week


Matt Geiger
Richard Postma – Doc
Skeena Resources – Listen to the full interview with supporting slides on the Thursday posting.

Comments:
  1. On July 24, 2021 at 3:27 am,
    bonzo says:

    Thanks, guys. Cosmo Kramer turns 72 today!

    • On July 24, 2021 at 5:03 am,
      Terry Huebert says:

      The last time I ever sat in front of a TV set and watched a network TV show regulary was in 1998 when Seinfeld ended. That was a great show.

      • On July 24, 2021 at 8:43 am,
        bonzo says:

        I wonder what schemes Cosmo is cooking up now? Did he make a fortune with Kramerica? Or is he a bum?

        • On July 24, 2021 at 10:27 am,
          bonzo says:

          At least I am sure that Cosmo has not taken the Bill Gates kill shot. His instincts were honed’ He knew about the mutant race of pig men and he refused to wear the AIDS ribbon.
          You can be sure George and Elaine took the shots as they are both liberal sheep. I am not sure about Jerry or Jackie Chiles.

          • On July 24, 2021 at 10:06 pm,
            Ozibatla says:

            The show about nothing had everything and Cosmo was the finishing touch. Correct me if im wrong but isnt he a Freemason?

        • On July 24, 2021 at 2:30 pm,
          Excelsior says:
      • On July 24, 2021 at 1:57 pm,
        blazesb says:

        Check out ‘The Deuce’ w/Maggie Gyllenhall. ‘Barry’ with Bill Hader and Henry Winkler–yes, Henry Winkler–is fun.

        • On July 25, 2021 at 2:00 pm,
          Excelsior says:

          blazesb – I’ve had a few people mention to me to check out “Barry”. Bill Hader does crack me up, and I love him in almost every SNL sketch he was in during his tenure.

          • On July 25, 2021 at 7:46 pm,
            blazesb says:

            Ex, yes Bill Hader is great. Him and Seth Rogan as cops schooling ‘McLovin’ in Superbad is a classic.

            The Deuce is about porn stars from 42nd street in 70s NYC climbing the ladder from the streets to success. Funny and poignant.

  2. On July 24, 2021 at 3:46 am,
    Thomas says:

    Cory/ex can I address the wish to get more interviews on other commodities?

    When I learned something from the PM self-off, than it is how important it is to be invested in other commodities

    • On July 24, 2021 at 9:00 am,
      Matthew says:

      Sector rotation is key to maximizing performance but that means overweighting the sector(s) that have the most favorable risk-reward picture. Diversification for the sake of diversification is quite a bit different. The former can keep your portfolio moving higher while the latter simply minimizes downside AND upside swings. It smooths out volatility.
      The gold-silver space is now in the opposite situation versus commodities (CRB) than it found itself in one year ago. Back then, it was time to fade gold-silver and move into commodities (and stocks) but now it is time to begin doing the opposite.
      (My opinion, not advice)

      Here’s commodities versus SILJ:
      https://stockcharts.com/h-sc/ui?s=%24CRB%3ASILJ&p=W&yr=3&mn=0&dy=0&id=p09471624334&a=997266405

      • On July 24, 2021 at 9:15 am,
        Matthew says:

        SILJ is deeply oversold vs AAPL and therefore a much more appealing choice. That’s from a daily chart perspective but the odds are very good that a weekly/intermediate low is also at hand.
        https://stockcharts.com/h-sc/ui?s=SILJ%3AAAPL&p=D&yr=1&mn=3&dy=0&id=p65673680971&a=991900660

      • On July 24, 2021 at 9:25 am,
        Thomas says:

        I am very selective on Lithium

        https://stockcharts.com/h-sc/ui?s=LIT:GDX

        From the chart it looks overbought – but from the fundamentals it just starts it’s bull run

        • On July 24, 2021 at 9:48 am,
          Matthew says:

          Your exact words applied equally to the gold space as it topped one year ago. Even the very best fundamentals will never overcome the natural need for markets to “breath” because sentiment always takes a “sure thing” way beyond currently justified valuations. Like everything else, markets are forever cyclical.
          There’s always big smart money ready to sell overvaluations or at least avoid buying them so dumb money induced price levels are unsustainable. The best bull markets have very sharp corrections to maintain their health. LIT could continue higher versus the dollar for awhile longer but looks already looks very risky versus SILJ.

          If I owned LIT, I would be aggressively selling now to buy SILJ and GDXJ (both of which will beat the heck out of GDX in the coming move).

          Weekly SILJ:LIT
          https://stockcharts.com/h-sc/ui?s=SILJ%3ALIT&p=W&yr=3&mn=3&dy=0&id=p28841524822&a=997294166

          • On July 24, 2021 at 9:51 am,
            Matthew says:
          • On July 24, 2021 at 10:08 am,
            Thomas says:

            From a chart perspective I agree. In general you are right, but there is so much push into batteries that it doesn’t work here. The battery market will be larger than the Gold market with fewer lithium companies than silver companies

          • On July 24, 2021 at 10:10 am,
            Thomas says:

            If you sell lithium now, you will miss a lifetime opportunity 🙃

          • On July 24, 2021 at 10:39 am,
            Matthew says:

            Risk-reward should not be ignored. Let’s revisit LIT and SILJ around Christmas. 🥱

          • On July 24, 2021 at 10:53 am,
            Thomas says:

            Good idea – what year ?

            I think the battery bull market will last for many years. There will be setbacks for sure.

            For me lithium is like uranium in the 90s, when Rick Rule made his hundred bagger, only without Rick

          • On July 24, 2021 at 11:51 am,
            Matthew says:

            Write down the dollar price of LIT and SILJ and check them this December, 2021.
            It is immaterial whether or not LIT has years left to rise since multi-month deep declines are normal in a bull market, especially in natural resources.

      • On July 24, 2021 at 9:38 am,
        Thomas says:

        Lithium vs Apple 😂

        https://stockcharts.com/h-sc/ui?s=LIT:GDX

        I think sometimes the fundamentals are most important

        • On July 24, 2021 at 9:47 am,
          Thomas says:

          Sorry – wrong chart https://schrts.co/PjzKKMyQ

        • On July 24, 2021 at 9:50 am,
          Matthew says:

          Technicals ARE fundamentals.

          • On July 25, 2021 at 11:31 am,
            David says:

            Good point….

    • On July 24, 2021 at 9:12 am,
      Thomas says:

      Agreed Matthew, risk/reward looks compelling for PM now

      But the battery metals boom is just starting and could be much stronger

      • On July 24, 2021 at 11:58 am,
        Excelsior says:

        Sure Thomas. We have interviewed companies and pundits that cover other commodities like Copper, Nickel, Platinum/Palladium, Uranium, etc… and will be doing more of them in the future. We have both Copper and PGM companies cued up for early next week.

        If you listened to Matt Geiger on this weekend show above he not only opined on Copper, but also Vanadium and Uranium and the Battery Metals space as a whole.

        • On July 24, 2021 at 12:03 pm,
          Excelsior says:

          As for Lithium, we’ve had a few companies on already, with very little feedback from anyone on them, and plan to have a few more on. As for pundits that cover the Lithium space, most are generalist commodities commentators that really don’t know the Lithium space well, and as someone who has tracked the space for over a decade and who has investments in Lithium companies and picked off most of the winners that went into production or in advanced development, it irks when we people come on and spout off on a sector that they clearly don’t understand or even know who the key players are, so we don’t normally get into Lithium with most folks.

          There are only a few folks that really understand the Lithium sector and you had mentioned Peter Epstein, who I’ve chatted with in the past over at ceo.ca and will reach out to him to see if he wants to come onto the show. I would also submit that both Chris Berry and, in particular, Matt Bohlsen know the Lithium sector well, so I may try getting in touch with them as well for some comments.

          • On July 24, 2021 at 12:09 pm,
            Excelsior says:

            Personally, I follow Matt the most in the Lithium and EV space because he actually knows it better than most pundits and knows who the key players are. This recent piece he put out on Seeking Alpha is very well done for those following the Lithium sector and the key miners within it.

            ______________________________________________________________________________

            Top Ten Lithium Producers As IEA Forecasts A 13 To 42x Increase In Lithium Demand From 2020 To 2040

            Jul. 22, 2021 – Matt Bohlsen – Seeking Alpha

            A summary table by market cap of the top ten lithium producers:

            Albemarle US$22.2b
            Sociedad Quimica y Minera [SQM] US$13.41b
            Ganfeng Lithium US$41.57b
            Tianqi Lithium US$18.4b
            Livent Corp. US$3.16b
            Mineral Resources US$8.4b
            Pilbara Minerals US$3.28b
            Orocobre US$1.79b
            Galaxy Resources US$1.47b
            Advanced Metallurgical Group [AMG] US$1.04b

            Lithium ETFs (not pure plays as hold some battery companies and EV stocks):

            Global X Lithium & Battery Tech ETF (LIT)
            Amplify Lithium & Battery Technology ETF (BATT)

            Orocobre (ORE.AX) (ORL) (OROCF)/Galaxy Resources (GXY.AX) (GALXF) – Orocobre and Galaxy intend to do a friendly merger (if approved by shareholders).

            If successful the combined entity would likely soon become a future top 5 lithium producer. Orocobre is building the Naraha lithium hydroxide plant (ORE share is 75%) and expanding production at their 66.5% owned Olaroz Mine (Argentina). Galaxy Resources 100% owns the Mt Cattlin lithium mine (Australia), and the advanced stage Sal de Vida Project (Argentina), as well as the James Bay Project (Canada).”

            https://seekingalpha.com/article/4440600-top-ten-lithium-producers-as-iea-forecasts-a-13-to-42x-increase-in-lithium-demand-from-2020-to-2040?mail_subject=matt-bohlsen-top-ten-lithium-producers-as-iea-forecasts-a-13-to-42x-increase-in-lithium-demand-from-2020-to-2040&utm_campaign=rta-author-article&utm_content=link-1&utm_medium=email&utm_source=seeking_alpha

          • On July 24, 2021 at 2:56 pm,
            Thomas says:

            Joe Lowry, a former Livent director, is very knowledgeable and a good independent source. He does a regular podcast

            https://www.globallithium.net/podcast

    • On July 24, 2021 at 9:13 am,
      Cory댊 says:

      Noted Thomas! We will bring up other commodities to our guests pre-call to see if they have comments.

  3. On July 24, 2021 at 3:49 am,
    Thomas says:

    Mercedes goes ALL IN for EV

    https://media.mercedes-benz.com/article/510541fb-d8fc-433f-a4c2-0c09e3d16ce7

    50% EV in 2025 (less than four years)
    100% EV in 2030

    That is more aggressive than Volkswagen

  4. On July 24, 2021 at 6:58 am,
    David says:

    The more it appears that future demand is increasing beyond the metals miners ability to meet those future requirements, the more price controls by those outside of the production process (bullion banks, Regulators) appear to result in counter intuitive prices in view of fundamentals and technicals. Pretty much a corrupt and criminal activity allowed to persist. Not important if you chase every diversion out there designed to direct attention away from financial criminals.

  5. On July 24, 2021 at 7:03 am,
    Mike in Albuquerque says:

    Something to see and the reason I subscribe to RealVision (starts at 5:25 minutes):
    https://www.youtube.com/watch?v=0avcK2YBjUU

    Enjoy!

    One question – when folks talk about the E-Mini S&P what symbol are they actually talking about?

    Thanks to all –

  6. On July 24, 2021 at 7:23 am,
    Thomas says:

    IAMGOLD is a good example, what poor management can do with a good company

    https://seekingalpha.com/article/4440854-iamgold-remains-uninvestable

    They selling now close to cash and are probably still not a buy

    • On July 24, 2021 at 8:04 am,
      Poppie says:

      Will they follow the gold n silver stocks down

    • On July 24, 2021 at 8:25 am,
      Thomas says:

      They going down even faster 😃

      Last week from $2.80 to $2.40

      https://finance.yahoo.com/chart/iag

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

      Thomas, I would tend to agree and have never been that impressed with IAMGold overall and they mostly have traded in a the $3-$5.50 range for most of the epic move higher in the PMs in 2019 and 2020, with exception of the 2 blips where they dipped to $2.00 during the pandemic crash, and then shot up to $7 on the surge last summer.

      Mostly (IMG) just hangs in that $3 – $5.50 channel though and doesn’t have as much torque as many of the other producers, so I see better options for investors that want leverage to the metals prices. At present levels though, back to the bottom of the range at $3, then it could be an easy double if the PM sector gets going again, or maybe a triple if the PM sector really takes off from here, but that is true of almost any Gold producer.

      https://schrts.co/TJXdkffn

  7. On July 24, 2021 at 8:02 am,
    Poppie says:

    HELLO DOC..What is happening with the uranium stocks??.Sincerely. Poppie *

    • On July 24, 2021 at 9:32 am,
      RICHARD/DOC says:

      Poppie, the spot price of uranium is holding its’ own and the stocks may be signalling a coming corrective move down in the spot price. I have only one uranium stock in my portfolio currently having sold the rest for a nice profit. I’ll wait until I’m sure the sector has bottomed and will purchase back into the stocks.

      • On July 24, 2021 at 12:34 pm,
        Excelsior says:

        Poppie & Doc – I’d submit that the Uranium stocks are simply correcting from very overbought conditions after most U stocks already put in a 300%-1000% moves from the end of last year into early 2021. That was some of the easiest money made in the resource space over the last year for anyone that was appropriately positioned.

        I’d echo similar comments to those that Matt Geiger mentioned towards the end of his segment on this weekend show. He took profits earlier in the year on his big winners in the Uranium space after they got ahead of themselves relative to the spot pricing, and will wait for a further pullback in the Uranium stocks before adding to positions. I’m in the same boat and had fantastic gains in the 7 Uranium stocks I held from last year to earlier this year (Energy Fuels, Ur-Energy, Denison Mines, NexGen Energy, Uranium Energy Corp, Azarga Uranium, Standard Uranium), and elected to pull profits in most of them in both January and March/April.

        There were some other notable companies that also had big upside moves from 2020 to 2021 like enCore Energy, Global Atomic, Deep Yellow, Boss Energy, UEX, ALX Uranium, Purepoint, IsoEnergy, Laramide, and many others (even Paladin came back to life). There were also many zombie companies with no real prospects of getting back into production in the next cycle or 2 that had big 3x-10x moves, so it really was a rising tide lifting all boats environment where even 2 dozen other turds started to float.

        For now, the easiest money has already been made in the Uranium sector coming out of the late 2016 bottom with Uranium hit $17-$18, (followed by an epic move higher from late 2016 to early 2017), and then a test of the spot lows again in late 2017 at $17-$18 followed by another surge in the miners from late 2017 to Q1 2018.

        Since that large double bottom in the Uranium space was put in from late 2016 to late 2017, most miners are up multiple-fold, and then they got supercharged from the 2020 pandemic crash last March through March of this year. That was the easy money that people interested in the Uranium space should have ALREADY BEEN POSITIONED for as there was plenty of time to build positions.

        At this point, I don’t see the Uranium spot pricing dropping much, but the miners need to pull back to work off the oversold positions and wait for the metals price to catch up to some of their valuations.

        As Matt Geiger also mentioned on this weekend editorial, I agree that there is much less of a need for Uranium explorers, as there are plenty of “pounds in the ground” that have been discovered over decades now. I only have one explorer at present (Standard Uranium) mostly because I like their land position and team of ex-NexGen pros that helped find the Arrow deposit. Overall my, like Matt Geiger, I’m much more focused on the Developers and prior Producers that can actually play ball in the coming Uranium contracting cycle. Over time, it will become more clear to those investing in the Uranium sector, that most companies don’t have a wing or a prayer of making it into production in this next cycle, but there are about a dozen companies with real prospects that will be the companies to be involved with.

        • On July 24, 2021 at 12:38 pm,
          Excelsior says:

          Correction that was supposed to say “the miners need to pull back to work off their Overbought conditions” (not oversold).

          • On July 24, 2021 at 12:46 pm,
            Excelsior says:

            I was also listening to Justin Huhn interview recently either on Steve Penny’s (SilverChartist) channel or on Jake Ducey’s channel, and he was making a similar point that he feels after the run we’ve had in the Uranium stocks since late 2016, but especially over the last year, that the easiest money has now been made in the Uranium stocks. There is still upside of course for when spot, and more importantly term pricing, goes up to the $50’s and $60’s, but many miners are so forward looking that they got priced like that is where things already are. Also, based on the massive volume inflows over the last 6-9 months, it is clear that large institutions have not gotten positioned in the Uranium stocks for the remainder of the journey.

            Some of the biggest news over the last year has been all the non-producing Uranium mining stocks (like Denison, UEC, Boss, Encore, Uranium Royalty Corp, etc…) buying strategic stockpiles of Uranium forward deliver contracts out of the spot markets. The other big news is that Sprott has taken over the Uranium Participation Fund, and will also be a buyer in the spot markets, just like Cameco and Ur-Energy have been as producing companies over the last 2 years. This has the effect of mopping up the rest of the supply on the spot markets, and now the utility companies are going to have to clean the birdcrap off their glasses and start seeing clearly that they are going to have to start the longer term off-take contracting cycle in the next 12-18 months. That is ultimately what will move the term pricing higher (which is far more important than the spot pricing anyway).

            Ever Upward!

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

            Dang. I will SO GLAD when we have the edit feature on this blog soon.

            That was supposed to say “it is clear that the large institutions HAVE gotten positioned in the Uranium stocks for the remainder of the journey.”

            The massive volume inflows from last year into this year that were many multiples higher than historic inflows for the last decade were a tipoff that many noted from John Quakes to Justin Huhn to company executives, and to anyone paying attention that has been in the Uranium sector for any length of time.

  8. On July 24, 2021 at 9:06 am,
    b says:

    Lightning Lap Dances? Vegas Strip Club Now Accepts Bitcoin Payments
    teaser image

    “With the new stadium officially opening just steps away from our front door, this new crypto power move allows us to give all of our customers more purchasing power!”

    FRI JUL 23, AT 9:20 PM

    https://www.zerohedge.com/crypto/lightning-lap-dances-vegas-strip-now-accepts-bitcoin-payments

    Notice “give our customers more purchasing power” in other words the dollar is junk.
    Thats how hyperinflation happens, people realize the currency is worthless.

    How long will it take if the idea of more purchasing power of crypto catches on?

    • On July 24, 2021 at 9:11 am,
      b says:

      People may begin to prefer crypto over metal, its already happening to some extent.
      I guess we find out beginning September.

      • On July 24, 2021 at 10:24 am,
        Matthew says:

        I doubt that any serious BC holders ever considered the metals at all so there’s probably been little money diverted from the metals to the cryptos. Crypto buyers are buying to hit the lottery while metals buyers are buying for hedging purposes. The two groups couldn’t be more different.
        If cryptos had anything to do with inflation or the flaws in the dollar, it would not go up the way that it does and then come down just as dramatically while the dollar does virtually nothing by any measure. BC fell 85% in 2018 and is also comparatively illiquid. Gold is extremely unlikely to fall 85% unless the real purchasing power of the dollar more than doubled. It is essentially in a three-way tie with US Treasuries and the S&P 500 when it comes to liquidity (based on the dollar value of daily volume). Those are the top three assets in the world while BC didn’t even make the top ten despite its astronomical price.
        It’s funny how the bankster media likes to lie by telling us that gold is a tiny market but it never warns of the same about BC where it is actually true. All the gold ever mined is currently worth roughly 15 times more than all the BC currently in existence.

  9. On July 24, 2021 at 10:19 am,
    b says:

    This Silver Target Is $400+ Plus A Stunning Look At Gold And Hard Assets @kwn

    Have they been talking to Keiser?.
    Recall Keiser dropped the $500 if you want it, (did he sell what he had?)
    For bitcoin.

    $400 silver sounds great, except for one tiny detail.

    Jul 24 Society is right on track for a global collapse, new study of infamous 1970s report finds LiveScience

    Our way of life looks like it will be toast by the 2040s.

    Silver Target Is $400+ This Decade @kwn

    If a person has money, it could be time to spend and enjoy it, especially if the anti vaxer “nuters” are correct.

    • On July 24, 2021 at 10:37 am,
      Matthew says:

      Our way of life is already toast because so many true nutters continue to believe psychopathic central planners instead of thousands of scientists and doctors around the world risking their careers and more to get the truth out.
      The masses are complete dopes if they can’t figure out which of the two groups is more believable. One is motivated by power and its members are completely capable of conspiring while the other isn’t a group at all but is made of individuals who have no way to conspire and did not previously know of each other’s existence and mostly still don’t.

      The former refuses to debate the latter and knows it must do everything it can to shut down free speech because the truth is the mortal enemy of their big lie.

      • On July 24, 2021 at 10:55 am,
        b says:

        I agree with you Mathew, but I think you are overlooking people think like a bag of hammers.

        They could see “give our customers more purchasing power” and figure they have it figured out.

        I have had more than one young fellow call me boomer, meaning a new day has dawned and Im in quicksand.

        • On July 24, 2021 at 11:15 am,
          Matthew says:

          It’s ok to be called a boomer since those who dismiss you that way are invariably inexperienced and usually full of even more unsound ideas than their elders. They will learn the hard way that the truth remains the truth even if not one amongst them believes it.

          • On July 24, 2021 at 11:55 am,
            OOTB Jerry says:

            Ditto SPOT ON MATT……………

          • On July 24, 2021 at 11:57 am,
            OOTB Jerry says:

            And SPOT ON…… on the other comment as well……….

      • On July 24, 2021 at 11:18 am,
        Charles says:

        Sad there is no way out of this mess.

        • On July 24, 2021 at 2:28 pm,
          Matthew says:

          Aristotle understood what very few do today:

          “Masculine republics give way to feminine democracies, and feminine democracies give way to tyranny.”
          — — —

          If anything can compress the cycle that we are now going through, it’s the decentralized control over the flow of information that has been impossible throughout history, until now. The powers that be obviously know that.

  10. On July 24, 2021 at 10:47 am,
    b says:

    https://www.kitco.com/news/2021-07-22/U-S-headed-towards-bankruptcy-Gold-will-protect-you-everything-else-will-get-crushed.html

    https://youtu.be/lVREExhWjL4

    Yaron Brook, managing partner of BHZ Capital.

    This fellow seems to agree with you Mathew, I agreed with him so I thought it was a pretty good interview.

  11. On July 24, 2021 at 10:48 am,
    b says:

    Yaron Brook, managing partner of BHZ Capital.

    https://youtu.be/lVREExhWjL4

    Yaron Brook, managing partner of BHZ Capital.

    This fellow seems to agree with you Mathew, I agreed with him so I thought it was a pretty good interview.

    I made a mistake and pasted 2 links.

    • On July 24, 2021 at 12:01 pm,
      Matthew says:

      Thanks, great interview. Yaron gets it and the interviewer is much better and more knowledgeable than Daniella and probably the rest at Kitco.

      • On July 25, 2021 at 3:51 am,
        DariusPL says:

        Smartest money and gold predicted stagflation scenario in 2015. For me it’s been clear for many years that US/EU will need to inflate away their debt. Actually for us PM investors Covid is a blessing – it added a lot to government deficits, crushed any healthy recovery and ensured economic crisis like we have never seen before ( at 4 – 5 % LT rates 40% of companies in US/EU are unprofitable). Pre covid I had my doubts about PM bull market – now while heavy invested i sleep like a baby 🙂

        • On July 25, 2021 at 9:25 am,
          Matthew says:

          Inflating away the debt has always been the only plan. I decided the deflationists were completely confused over 15 years ago.
          Covid gave cover for their actions but they were going to inflate no matter what. The pretext for doing so could have been a number of things and the masses wouldn’t have cared.

          • On July 25, 2021 at 10:24 am,
            DariusPL says:

            True time-wise it does not change anything – but higher debt to gdp ratios mean gold will also top at higher levels. But US does not really have a choice – they inflate away to have room for additional financing (needed to move strategic production from china and for military spending). They know China needs to be dealt with in this decade – in 20 years its probably going to be too late.

          • On July 25, 2021 at 10:43 am,
            Matthew says:

            That’s true, the dishonest default (inflation) is the only choice politically. If they knock the dollar down 90%, debt to gdp would become manageable even though nominal gdp would not simultaneously go up anywhere near the implied 10 times. It would be a big win for the balance sheet of USA, Inc. but would be very destructive to the vast majority of Americans’ standard of living. Retired people with assets will be hit the hardest on a percentage basis since virtually none will understand what’s happening and hedge for it in any way. Those who went to bonds to avoid the stock market bear of the 1970s were decimated in real terms and it will be the same this time.

          • On July 25, 2021 at 11:31 am,
            DariusPL says:

            Well everyone has to pay for poor political choices/corruption from the last decades. At least now dollar destruction is controlled and dollar is still the reserve currency. The real fun may come in 10 – 15 years when europe closes economic ties with china with india as a new cheap labour force supply. US would be done just like post colonial UK and without a single shot fired.

          • On July 25, 2021 at 11:59 am,
            Matthew says:

            Not “everyone” should have to pay. Savers who’ve shunned debt and instant gratification have been forced to bear the majority of burden caused by the most irresponsible dirtballs’ actions for decades and their destruction is accelerating. When collectivists rule, everything is turned on its head. In a nutshell, evil becomes good, vice becomes virtue.
            Dollar destruction is less controlled now than at any other time in the last four decades. Purchasing power is what counts, not performance relative to other currencies which are also being inflated away.

          • On July 25, 2021 at 1:04 pm,
            DariusPL says:

            Relax Matthew this is still not the real socialism in US/EU 😉 We are not done yet as comrade Lenin used to say. We still need:
            SM sharp correction > YCC >bounce >SM sharp correction >FED/ECB buying stocks>bounce >SM sharp correction >1k usd/eur /month guaranteed income >bounce
            The rest of wealth will be mismanaged in 20 years by people who are students now – the same who are debating whether we have 101 or 103 genders and arguing whose lives matter most. What I am trying to say is we are not going to change this cycle- dollar will loose its reserve status just like italian republics>portugal>spain>holland>france>uk and its going to be painful. We are in the business of forecasting and investing not in deciding whats fair or not. If I lived 300 years ago in spain I would cursed at my king 3 times and moved to Amsterdam to be in the center of economic life instead of wasting time in falling Madrid. Good trading next week 😉

          • On July 25, 2021 at 1:09 pm,
            Matthew says:

            I am perfectly relaxed and your assertion that “this is not the real socialism in US/EU” is misguided.
            “😉”

      • On July 25, 2021 at 5:27 am,
        RICHARD/DOC says:

        Daniella is no longer at Kitco and hasn’t for some time.

        • On July 25, 2021 at 9:26 am,
          Matthew says:

          Yes, she’s been at Stansberry for awhile.

          • On July 25, 2021 at 11:35 am,
            David says:

            Daniella: I think her interviews have gotten better over time.

          • On July 25, 2021 at 1:18 pm,
            Excelsior says:

            I’d agree David. I’ve actually always enjoyed Daniella’s interviews, but feel they have gotten even better over at Stansberry.

    • On July 24, 2021 at 10:56 am,
      b says:

      My posts went to the wrong places. sry.

  12. On July 24, 2021 at 1:23 pm,
    Silverdollar says:

    For those who believe PMs will forever go down, here’s a narrative that challenges that view: https://palisadesradio.ca/ DAVID HUNTER

  13. On July 24, 2021 at 2:22 pm,
    Daniel Schaffer says:

    Skeena has delivered a magnificent PFS and the market just yawned… believe this is another sign that PM Jr. explorer/developer sector is bottoming for the next run higher!

    • On July 24, 2021 at 2:37 pm,
      Excelsior says:

      Skeena has one of the best undeveloped gold deposits on the planet with nearly 5 million ounces of high-grade gold at Eskay, and that isn’t including Snip or Albino Lake. SKE has also already had an epic run higher in shareprice over the last few years, and has held onto those gains (unlike most companies). As they go from 5 million ounces to 7 million ounces over the next year or 2 and get ready to go into production they still have more room to run, and I just hope this PFS doesn’t cause any of the big boys to take them over quite yet.

      • On July 24, 2021 at 2:56 pm,
        Excelsior says:

        Here’s the new Skeena Corporate Presentation featured on Thursday’s interview:

        http://www.kereport.com/wp-content/uploads/Skeena-PFS-Update-Presentation_July-22-2021_KE-Report.pdf

        • On July 24, 2021 at 3:00 pm,
          Excelsior says:

          It is significant to note that if Eskay Creek were to be in production today at the projected production metrics, it would be in 3rd position in Canada, only behind the massive Malartic and Detour Lake mines. (see page 12 of the presentation)

          Just something to consider as to where this story is headed medium to longer term.

          • On July 24, 2021 at 5:27 pm,
            Charles says:

            Do you own it Ex?

          • On July 24, 2021 at 9:22 pm,
            Excelsior says:

            Yes I have a position in Skeena Charles.

        • On July 25, 2021 at 7:31 am,
          Mike in Albuquerque says:

          Ex – I have a small position I bough years ago and have considered buying more –

          Do you think it is a buy at the recent low of $11.13 (US)?

          When you buy something as a penny stock it is hard to come back and buy it at these levels.

          Thanks –

          Mike

          • On July 25, 2021 at 10:45 am,
            bonzo says:

            As QH thinks that ESKYF may have several Skeena deposits on its property I think ESK has more upside than Skeena. We should find out this fall. But Skeena has less downside risk.

          • On July 25, 2021 at 1:03 pm,
            Excelsior says:

            Hi Mike. I believe Skeena fairly valued at current levels based on $1800 gold, it’s ounces in the ground, and it’s current development stage at the PFS level. Having said that, I do believe their valuation has more upside with higher gold prices, and more importantly, if they can take their resource and grow it from 5.6 million ounces to 7 million ounces. Also, as they move closer to a construction decision next year, then that could be another catalyst. There is also that potential for a takeover from a Senior at a 30%-50% premium that would be another catalyst if/when that is ever announced.

            It really comes down to someone’s reason for buying, holding, or selling an individual stock as to the decisions they should individually make about adding, holding, or trimming a stock. The vast majority of the Gold or Silver stocks will have more room to run higher if the metals prices run higher, or when sentiment shifts back to a more bullish posture, but the moves higher will be vastly different based on where the stocks are on the risk curve, how much unforeseen value can be created, and to a degree how much traction a story is getting with the investor community and institutional communities.

            Some stocks like early-stage explorers are really geared towards the disproportionate rewards they can have in share price appreciation if they make a discovery, or for advanced explorers if they can expand on a discovery. If someone wants the most explosive moves higher in a resource stock, then the explorers can definitely offer those, but it comes with a very high risk, as most companies will fail to deliver an economic deposit, and most of the pops in explorers are based on hope and narrative of how large it could get, but then they drop when reality sets in that the company doesn’t have enough to make an economic deposit, or their may be logistic challenges/socio-environmental pushback/metallurgical issues/or dilution concerns as they perpetually raise money. Many explorers will be nothing more than short term parabolas that go up on initial enthusiasm, and then go back down just as quick when gravity returns.

            For development stage companies like Skeena or Silvercrest, they’ve already had a lot of valuation creation from the drill bit, and have rewarded those in at lower levels as they’ve been some of the winners at the exploration game. These companies have larger valuations, but they are still expanding their resources and preparing for the path to production, and after their orphan phases most development stage companies tend to have a doubling in value as they hit their “golden runway” window on the final stretch from a construction decision to first pour.

            We saw that with companies the moved successfully from exploration to development and then into production like Atlantic Gold, K92, Pure Gold, Northern Vertex, Steppe Gold, etc…. When the market locks on to a explorer making a move towards production, it can still be an exciting ride in the company during that phase. I believe Skeena is still in that phase.

            Then there is a point at the commissioning of production where where most companies have some initial startup issues and growing pains (like what we’ve seen more recently with Pure Gold, Harte Gold, Northern Vertex, Steppe Gold, or almost every mine McEwen Mining has brought online, or like the continued challenges that Americas Gold & Silver have had with Relief Canyon. We also saw it in Pretium when it came online as a larger mine). For this reason, I generally lighten up some on a company near first pour (like I did with Pure Gold last December), then wait for the typical pullback, and then buy the company back 6 months later as it corrects(like I also did in Pure Gold last month and am considering on Steppe Gold).

            There are the very rare exceptions like Atlantic Gold or K92 that just keep plowing higher even after commissioning of commercial production, but those are incredibly rare birds. In the case of Atlantic Gold their success led to a takeover, for a final premium and final move higher. In the case of K92 they’ve had several years of upward trajectory since going into production and have been one of the standout success stories.

            So, Skeena is still in the golden runway in the move towards production, which is generally a good period for a company, and then as it moves toward production maybe it has the typical issues and challenges that many companies face at production or maybe they keep on sailing higher like Atlantic Gold and K92. Those kind of outcomes could be the path that Skeena takes in a best-case scenario, and that would imply much more upside, but nobody knows how it will go until we see the next 2-3 years play out.

            We also don’t know what will happen to metals prices over that same time period, or whether we crater into a full on bear market, or break out to new highs in PMs as the monetary madness continues. There are too many variables to know how any stock will be valued in the next few years, and all we can do it make educated guesses today based on the risk/reward setup and act accordingly. I see 5.6 million ounces of value underpinning Skeena today, in the prolific Golden Triangle, and the company initiative to grow that 7 million. Since they’ve been successful up until this point, I’m happy to hold SKE and add on any future weakness, as I believe they’ll keep delivering on their initiatives. I also personally believe metals prices will be higher in 2 years than they are today, and believe Eskay Creek will be the 3rd largest mine in Canada in 3-4 years.

            In my portfolio I’ve also got many smaller exploration stocks for the potential for outsized gains, and plenty of smaller and medium-sized producers that are cashflowing and growing at current metals prices. I believe both the explorers and producers offer more immediate upside than the developers. With the developers, like Skeena, I hold them for optionality on rising metals prices that make their economics far more attractive, for the gradual gains that can happen on their moves towards production, and for the greater potential of being taken over by one of the big boys as an exit strategy. If people want big immediate gains then the developers or royalty companies are not the best options, as they are more slow and steady gainers. The explorers offer the most immediate upside (providing that they hit extraordinary drill hits that surprise the market), and producers that can expand production and reduce costs can offer a similar surprise on any of their quarterly operational reports, and can also immediately monetize any rises in the metals prices. I’m a fan of having a mix of all of those types of companies in my portfolio.

  14. On July 25, 2021 at 3:18 am,
    Thomas says:
    • On July 25, 2021 at 1:07 pm,
      Excelsior says:

      Yeah, I saw that and thought “Great, just what the world needs…. another royalty company.” 🙂

      We just saw Ely Gold admit it was getting too competitive to keep growing and making deals happen, when they decided to combine with Gold Royalty Corp (yet another newer royalty company). We actually need to keep seeing that kind of merging of royalty companies into larger entities, much more so than the creation of even more new ones, just like that Empress Royalty mentioned in the Seeking Alpha piece by Peter you linked.

  15. On July 25, 2021 at 5:51 am,
    irishtony says:

    Not a very pritty picture for Silver.
    https://i.redd.it/9xt42mve6cd71.jpg

  16. On July 25, 2021 at 7:13 am,
    Wolfster says:

    Well I certainly should entertain the sell in may and go away …….not cuz of the stock prices themselves but based on my time as I don’t think I am following things to the extent I should be….based on what I’ve been looking through here I would agree on the PM side of things with Matthew.
    On the uranium front, I agree the pullback was necessary after that huge run up but I’d prefer to be early getting back in so have my full fill of uranium royalty
    As far as lithium goes I guess to each his own. I agree Thomas that long term there can be money made in the lithium sector but I still am of the belief that the real money will be made in the battery technology, copper,charging station and even nickel sector in the coming years.
    The market as a whole seems scary and ready for a sell off but every time I think that it charges higher instead. Eventually a true correction has to happen and it will pull everything down with it initially as margin calls are usually covered with winners by the uneducated investors who hold on to the losers instead

    Good luck all and keep the great exchange of ideas going.

    • On July 25, 2021 at 1:09 pm,
      Excelsior says:

      Good thoughts as per usual Wolfster, and thanks for sharing your take on the different markets.

  17. On July 25, 2021 at 1:23 pm,
    irishtony says:

    Aven a pig can be wise at times.
    https://i.redd.it/jy14bnjpydd71.jpg

  18. On July 25, 2021 at 1:32 pm,
    Matthew says:

    I’m guessing that this week will begin with another dip that will keep hope in check (but shouldn’t).
    https://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=3&mn=11&dy=0&id=p70640831481&a=997817283

  19. On July 25, 2021 at 5:15 pm,
    Ozibatla says:

    Havnt heard much from Clive Maund since his doom n gloom theory posted back in March about a mass population wipeout by the elites via the vaccine. Did he get vaccinated?… ha! Certainly didnt agree with everything he said but enjoyed his analysis nonetheless.

    • On July 25, 2021 at 5:31 pm,
      Matthew says:

      Others making that depopulation claim say it will take two years.
      Clives site shows an article today but it appears to be for subscribers only.

  20. On July 25, 2021 at 5:58 pm,
    Ozibatla says:

    I only read his articles that were posted on the goldseek site as they were free 2 read for anyone. Maybe I should check his own sit or any market updates.

    • On July 25, 2021 at 6:05 pm,
      Matthew says:

      I wouldn’t pay for Clive’s material myself. I would much rather give Brien Lundin a try based on what I know of him and his newsletter.

      • On July 25, 2021 at 11:36 pm,
        Excelsior says:

        Clive’s an interesting character, and when Bob M. posts his work over at 321gold then I have a look, but mostly for his medium-term take on technical analysis.

        As for Brien Lundin – he’s a solid guy and has a good fundamental grasp on the junior miners, and a good network that keeps him abreast of the latest companies, financings, and big news. Cory & I like bouncing company ideas off of Brien to see what he knows about them, as he stays well-informed.

  21. On July 25, 2021 at 6:23 pm,
    Ozibatla says:

    Just realised a typo sit:site, or:for. No I certainly wont pay for Clives material either. Im actually reticent to pay for anyones advice on-line. Have read several of Lundins pieces before and feel hes reasonably balanced. Unlike Clive whose quite biased in his constant gold to the moon sentiment, not to mention his repeated “moving of the goal posts” to suit his narrative. His analysis is interesting if nothing else.

    • On July 25, 2021 at 6:54 pm,
      Matthew says:

      Lundin interests me because of his experience in the kind of junior miners that I like. I wouldn’t necessarily trade as he might advise but I bet his assessments of companies would be worthwhile. Decades of experience and close connections with many other industry experts has to be worth something.

      • On July 25, 2021 at 11:39 pm,
        Excelsior says:

        Agreed Matthew. That sums things up with Brian’s experience very well.

        • On July 26, 2021 at 11:23 am,
          David says:

          I think he has a research staff also.

          • On July 26, 2021 at 2:07 pm,
            Excelsior says:

            Yes, I believe you are correct about that David, but will ask the next time we chat.

  22. On July 25, 2021 at 6:55 pm,
    cfs says:
  23. On July 26, 2021 at 12:31 am,
    Terry Huebert says:

    The tech sell off continues in Hong Kong today. On the brighter side Zijin Mining(2899:HK) was only down .38% and when the Chinese decide to get back into gold shares, Zijin will benefit.

  24. On July 26, 2021 at 3:08 am,
    visitor says:

    Crop report from Shelby, Montana

    https://www.youtube.com/watch?v=lia70ZxsAvU

  25. On July 26, 2021 at 5:04 am,
    Terry Huebert says:

    Sold forward to the Chinese.

  26. On July 26, 2021 at 7:14 am,
    Matthew says:

    Brixton Metals Discovers Visible Gold at Surface Above a Large Geophysical Feature at the Thorn Project’s Trapper Gold Target
    https://brixtonmetals.com/brixton-metals-discovers-visible-gold-at-surface-above-a-large-geophysical-feature-at-the-thorn-projects-trapper-gold-target/

  27. On July 26, 2021 at 7:18 am,
    Matthew says:

    This came out on Friday:
    Social Security benefits could get the biggest increase since 1983

    “Beneficiaries could see their benefits increase by 5.8% in January 2022…”

    https://news.yahoo.com/social-security-benefits-could-get-biggest-increase-since-1983-211702221.html

  28. On July 26, 2021 at 7:21 am,
    Matthew says:

    And this is from October 16th, 2008:

    Social Security payments getting 5.8% hike

    “Social Security benefits will rise 5.8% next year, the largest rate increase since 1982…”

    https://www.marketwatch.com/story/social-security-benefits-to-rise-58-in-2009

    History repeats.

  29. On July 26, 2021 at 7:26 am,
    David says:

    Dead Horse Report Monday:
    Alternating day scenario continues with Emerita”s day to go down. Friday up. All 40+ others cancel out for a wash.

    • On July 26, 2021 at 1:05 pm,
      David says:

      Cancelled out Fridays EMOTF gains. Looks like they are in the rotation now.

  30. On July 26, 2021 at 8:30 am,
    Matthew says:
    • On July 26, 2021 at 8:18 pm,
      OOTB Jerry says:

      I thought this was the mining section…. lol……. 🙂

      • On July 26, 2021 at 8:22 pm,
        OOTB Jerry says:

        Mandatory… is unconstitutional…. tell them to stick it in their ear….. 🙂

      • On July 27, 2021 at 7:26 am,
        Matthew says:

        We’re mining truth. 😉

        Yale Doctor Calls Out CDC for Committing Large Scale Medical Fraud and Hiding Covid Cases Among the Vaccinated
        https://humansarefree.com/2021/07/cdc-is-committing-large-scale-medical-fraud.html

        • On July 27, 2021 at 7:28 am,
          Matthew says:

          “The Centers for Disease Control (CDC) is engaged in one of the greatest medical frauds of our time, using disparate PCR cycle thresholds to artificially inflate covid-19 cases in the unvaccinated, while hiding covid cases in the fully vaccinated. This covid-19 testing fraud continues to obfuscate the American medical response, as the original aerosolized bioweapon evades detection, as the ongoing release of that spike protein continues through the “savior” vaccines.”

        • On July 27, 2021 at 7:30 am,
          Matthew says:

          AFLDS suit seeks to immediately revoke emergency COVID vaccine use based on disturbing new mortality data
          https://americasfrontlinedoctors.org/frontlinenews/aflds-suit-seeks-to-immediately-revoke-emergency-covid-vaccine-use-based-on-disturbing-new-mortality-data/

  31. On July 26, 2021 at 10:54 am,
    Matthew says: