Hour 1 – Featuring Doc, Matt Geiger, and An Update From GR Silver – This hour is for the metals stock investor

July 25, 2020
Full First hour

Is was a strong close to the week for all things precious metals. Silver started the week off strong but gold stole the headlines by closing on Friday at $1,900. Since there are a lot of people focused on investing in precious metals stocks I dedicate most of this hour to investing strategies and stocks in the gold and silver sectors.

Please keep the emails coming to It was another busy week of Company update, check out the links (below) to keep up to date.

There is another KE Report webinar coming up next week! On Tuesday I will be joined by Maple Gold Mines for a comprehensive update on the exploration plans at the Douay Gold Project. Click here to register for free. Be sure to send in your questions before the webinar even if you cannot attend.

  • Segment 1 and 2 – Doc kicks off the first hour with his outlook for the US markets, near term moves in gold and silver, and shares some of the stocks he is investing in.
  • Segment 3 – Matt Geiger, Managing Partner of MJG Capital joins me for an assessment of junior resource stocks. He outlines what he is looking for in companies and how he trades warrants that are in the money.
  • Segment 4 – Marcio Fonseca, President and CEO of GR Silver Mining (TSX.V:GRSL & OTCQB:GRSLF) wraps up the first hour by recapping some more high grade silver drill results from the Plomosas Project. There was a new discovery in the recent news release called the San Juan Zone.

Exclusive Company Interviews This Week

Matt Geiger
Marcio Fonseca – GR Silver Mining
    Jul 25, 2020 25:32 AM

    Thanks, as usual.

      Jul 25, 2020 25:56 AM

      Yes thanks Cory, Big Al and all the KER contributors for another great week of daily editorials (lots of good comments on some of blogs from Thursday and Friday), and another great weekend show.

      Ever Upward!

        Jul 25, 2020 25:20 PM

        Especially the Book review…… lol 🙂

          Jul 25, 2020 25:22 PM

          Yes…. especially the book review…. haha!

          Silver breaking out above the 2016 was pretty cool though, and Gold making it up to it’s highest weekly close was also pretty neat.

    Jul 25, 2020 25:40 AM

    The Fed is locked into money creation until the dollar collapses, and then some. I am rotating out of regular stocks into precious metals and mining.
    Nice to hear Doc, again.

      Jul 25, 2020 25:57 AM

      Agreed. Good to hear Doc again and I always enjoy getting Matth Geiger’s thoughts.

    Jul 25, 2020 25:00 AM

    Gold Stages The Highest Weekly Closing Price On Record At $1900.30 An Ounce

    Jul 24, 2020 – Gary Wagner #TechnicalAnalysis #Chart #VIDEO

    “History was made today when gold pricing closed near the highest daily level since August 22, 2011. In fact, as of 5:50 PM EDT gold futures basis the most active August contract is currently settling at approximately $1900.30. On a weekly chart gold closed at a new record price for the highest weekly close.”

    Jul 25, 2020 25:03 AM

    Gold Prices Head Toward Record Past $1,900

    Dan Weijul 23, 2020

    “Gold prices are on a roll, moving close to their 2011 record, boosted by everything from the coronavirus pandemic to minuscule interest rates.”

    “The pandemic helps gold because it’s wreaking havoc with the global economy, and the precious metal is seen as a safe haven in times of economic and financial turmoil.”

    “Rising global political tensions also are aiding gold, again because of the safe haven effect.”

    “Lower interest rates can boost gold, because they lessen the attractiveness of fixed-income investments in comparison to gold. The precious metal, of course, doesn’t pay interest rates or dividends, though many gold mining stocks do pay dividends.”

      Jul 25, 2020 25:28 AM

      It’s pretty funny to see the Street or other mainstream financial media outlets discussing so matter-of-fact that Gold is safe haven…. (now that is freaking obvious to them).

      > Remember all the gobs of articles and ridiculous commentators the last few years claiming that Gold hadn’t been a safe haven in decades, and ridiculing people for mentioning it was still a safe haven?

      (…but now they openly admit it and discuss it is a Safe Haven asset. Too funny.)

      >> Remember just a few years back in the crypto craze all the new upstart millennial investors trying to school us older investors that Gold was no longer a safe haven, but their hundreds of cryptocurrencies were better than the old lifeless pet rock?

      (Newflash – most of those 100’s of altcoins and cryptos went the way of the Dodo Bird imploding to their intrinsic value of $0, and now many of those bagholders have come to realize the Precious Metals are Safe Havens and that tangible metals won’t disappear in a few years, but have been used as money and a store of value for thousands of years).

      >>> Remember when there belligerent posters her on the KER constantly attacking the “Gold Tards” even up to about 2018/2019 for being fossils with their blind devotion to a lifeless pet rock of a bygone era?

      (But now, after years of central bank interventions, where they’ve painted themselves in a corner and can’t raise interest rates without blowing up the world-shattering amounts of debt on their balance sheet, and real economic & global chaos with pandemics, business shut downs, and riots in many major cities….. Now, they admit as Gold has charged for 4 years from $1045.40 up to $1900 that God is Safe Haven.)

      Thank you to all the contributors here and different pundits that have come on the KE Report all these years that kept their sanity in the face of constant put downs, insults, doubters, and haters.

      Obviously, truth has won out in the end for all those that stayed the course and remembered that “Gold is Money. Everything else is credit.”

        Jul 25, 2020 25:33 AM


          Jul 25, 2020 25:37 AM

          Thanks IrishT .

          Jul 25, 2020 25:01 AM

          Ditto…….good Gold Tard comment……lol…. Good to have the last laugh….. 🙂
          Sound money, sound mind….. lol

            Jul 25, 2020 25:00 AM

            +1 Agreed OOTB.

            Jul 25, 2020 25:08 PM

            Here Here! Thank you Excelsior…..and also to Matthew…. and the KER family…..class acts as always….

            Jul 25, 2020 25:23 PM

            Thanks Whit.

        Jul 25, 2020 25:56 AM

        😂 nailed it…. yet again 👍

          Jul 25, 2020 25:10 AM

          Thanks Tad.

        Jul 25, 2020 25:52 AM

        The experience of the past twenty years has given no convincing evidence of the ability of central bankers and The Federal Reserve to diagnose the condition of the country’s business. There is no other problem for any country so pressing than business revival but the public doesn’t have the ability to see through their emotions and understand this. Now we are faced with the biggest problem of all, a currency that is worthless and backed only by reassuring words from our rulers. Depressions are a necessary part of the business cycle. You must have a currency backed by real value and if you think gold has gone up a lot, the biggest driver in the future will be going back to honest money. DT

          Jul 25, 2020 25:02 AM


          Jul 25, 2020 25:47 AM

          The Fed: I have always looked the Fed as having a different Agenda than what is assumed by the Public. If they are a private entity and owned by the private member banks, does their performance correspond with the interests of their owners and not the People. Quickly you can see that since inception they have been involved in the transfer of wealth to the few and the Government has always had to find a way to correct for their behavior while the Fed claims “we didn’t see that coming.

          The big Agenda supporter came when during the end of Clinton’s Administration, after years of trying…Robert Rubin (banker and Secretary of Treasury and internal WH advisor, etc) convinced Clinton to get rid of Glass Steagall and opened the door (along with Bush, Obama and Trump deregulation) wide open to transfer wealth from the US Treasury to the Private Banks. In order to make sure the thefts were not alarming to the Public the Government assisted The Fed by not auditing them or the Exchange Stabilization Fund. As the Treasury has been drained to private interests, Congress has adapted by running either no Budgets or “Unresrticted Budgets” and depleted valid authorizations for corrupt interests running unlimited debt approvals in the guise of Keynesian theory as a cover up.

          Once it is recognized that Transfer of Wealth is the objective, everything falls into place including Citizens United, Congressional Stalemates, False Narratives, Smoke Screens of Issues, Fascist interests, etc..It is all contrary to the Constitution and therefore rquires the dysfunctional nature of governing and pitting the People against one another.

          The Fed knows perfectly well what the Agenda is and is performing on all cylinders. The solution has…is and will continue to be Restoration of The Law that has been systematically undermined for many many years. It requires honest people with strong ethical character and not those with questionable mental issues which are, in general, uncorrectable.

          Know the Agenda and define the problem. There are no surprises to the Fed…only the People.

            Jul 25, 2020 25:27 PM

            “The Fed knows perfectly well what the Agenda is…” — Yes, they sure do, and something tells me it isn’t to help out the little guy in this world.

            Jul 26, 2020 26:12 AM

            Tavi Costa: Gold, Silver & Precious Metal Miners Are All Going A Lot Higher Because of The Fed

            WallStForMainSt – Jul 24, 2020


        Jul 25, 2020 25:15 AM

        Now that “we” (me) are the old farts… haha!;-D


        1. Don’t underestimate the amount of new investors in the stock markets with gov. cheques coming in. The pm market is like an emerging market to them.

        2. Check the charts constantly but be prepared for the ridiculous.

        3. Watch out for the end of the month nonsense.

        4. Don’t be afraid to short (Inverse ETFs) an overbought market.

        5. Re-balance when prudent.

          Jul 25, 2020 25:59 AM

          5 solid points Dan.

          An addendum to point (1). Watch out for bands of roving Robinhood Investors that may pile disproportionately into one of the stocks you own, pushing it up hundreds of percent. If they mob a stock you own, unload a bit to them, and then buy it back when they exit a few days later. 🙂

          Jul 25, 2020 25:55 AM

          Dan, I agree but #4 should come with the disclaimer “IF you know what you are doing.” Overbought markets can remain overbought and even become significantly more overbought so one has to have great skills to play the short side and should do so on factors beyond just overbought readings.

          Regarding the Robinherd, I’m not convinced it carries any significance aside from the fact that we can track it. It seems to me that it is just a proxy for the retail crowd in general and probably has a similar distribution of smart and dumb money participants.
          I do like the fact that SLV has about 15x the RH holders as SILJ. I believe that spread will shrink significantly in coming months since participation in SILJ is growing at well over twice the rate since the March low (250%+ vs 100%+).

            Jul 25, 2020 25:35 PM

            About 3 weeks back out of nowhere Sierra Metals (SMTS) took off and increased about 250% out of nowhere, and there was no discernible reason for the crazy outperformance suddenly from a newsflow or technical basis, so I sold a big chunk.
            Then other investors over at were posting about all these new Robinhood investors that suddenly swarmed Sierra Metals with hundreds of new investors piling in for about 2-3 days. The stock went up parabolic out of nowhere, and then crashed back down to right above where it was before they came in, and I bought the stock back.

            There are other stocks in the miners and various other sectors tech, biotech, cryptos, cannabis, even rental car companies and airlines that had similar pop n’ drops due to Robinhood herd behavior. In the miners, they are particularly targeting the dual listed stocks with US primary exchange listings. I’d like them to swarm a few more stocks I hold so I can sell to them into the frenzy, and then buy back in after it subsides.

            Jul 25, 2020 25:36 PM

            I’m at a loss as to why you wouldn’t credit the news of June 18th in which a very mining-friendly fat 17.45 meters of 428 g/t silver (464 g/t silver equivalent) was hit. The discovery of such a new high grade vein system surely played a part in the rise the next day.
            This wasn’t the run-of-the-mill .83 meters “discovered” three feet away form an earlier hole.

            Jul 25, 2020 25:45 PM

            Also, it did not “crash back down to right above where it was…” It found a brief spike low that was still 50% above the starting point of the move.

            In addition, there WAS a technical basis for the easy rise as well since all it has done so far is retrace the covid collapse just like nearly 100% of its peers. It is logical that this base-metals-heavy junior needed a silver or gold related catalyst to join the rest of the silver/gold juniors and it got it.

            Jul 25, 2020 25:49 PM

            One more thing; if it was really a dumb-money move, it would return to its starting point and then go lower (as the Robinherd sobers-up and flees). That looks very unlikely to me.

            Jul 25, 2020 25:37 PM

            Yes, I agree that the good news in Sierra Metals helped, and didn’t mean to imply the only investors buying were Robinhooders, but when it surged up that high on massive volume out of nowhere, I went into a private chat forum over at ceo with about 40 of us in there and the guys were all sharing the robinhood stats on Sierra Metals and I’d never heard any of them discussing it before. I often feel like the only trader in SMTS on every board I go to because nobody seems interested in it. I saw the massive volumes those days and they were posting charts of the analytics off Robinhood (which I’m going to need to look into how they are pulling those) and it really was startling how many piled in after that news.

            From what I’ve heard (and this is only anecdotal), there are social media sites (mostly Twitter but some other ones I’m not a familiar with) and the actual Robinhood app itself where there whole packs of investors that stalk a certain stock, and then leave to move onto the next one. I first became aware of this when they were swarming Hertz car rentals, and American Airlines a few months back. Apparently there are a few groups that have been targeting the miners since May and they don’t appear to be buy and hold investors, but rather momo investors that come in, drive a stock up for a short window of time, and then pull out.

            With SMTS they came in on the huge volume, which likely coincided with other institutions or PM investors impresses with the Silver exploration news at Cusi, but the volume did come back down dramatically a few days later, along with the shareprice action, and that is where I started rebuying. It continued trailing down the week after that as well, so I bought more. Since then it has been trading more in line with other mid-tier producers, but I’ve not see the volume or crazy price action like that again since those 2-3 days.

            Jul 25, 2020 25:11 PM

            I still don’t think it’s all that people are saying it is. SILJ, GDXJ, AXU, THM, USAS, you name it, all show typical bull market rising participation that I’d wager would look very similar if we tracked any of the other brokers. What the RH stats do not show is some kind of monolithic group behavior, far from it. For example, SILJ has tripled since March and the number of RH users holding it has roughly tripled as well — to a whopping 1479 or 0.01479% of its 10 million users. That’s almost 1.5 one-hundredths of 1% (and probably much lower since that 10 million number is 7 months old).

            I could be missing something, no doubt, but it looks like much ado about nothing. If anything, it’s the lack of participation that’s exciting. SILJ just tripled and attracted a measly 1,000 new RH holders in the process. That vertical rise in new holders should impress us for its tininess, not for its percentage increase.

            GDX has ten times as many holders at 14,000 but that’s still about 2.5% of the number of RH users holding bubble stock TSLA and just 1.5% of users holding F.

            So those who sell into these spikes in RH user holdings spikes aren’t going to feel very smart for long unless their selling is just opportunistic trimming.

            Jul 25, 2020 25:37 PM

            Good points about the small number of RH investors in SILJ or GDX comparatively. There seems to be more of factor when they swarm into a more thinly trading single issue. Again, this was first pointed out by a number of articles noting the bizarre trading in Hertz rental cars and American Airlines over a few days.

            To your point, it may just be that we are more aware of the stats through R.H. and that we’d see the same kinds of actions if we had the data on all the other platforms as well. There definitely are increases in the amount of new accounts opened in other platforms as well like Schwab, TD Ameritrade, Interactive Brokers, etc… since so many were stuck at home during the pandemic or lost jobs and are trying their hand at day trading.

            Yes in the example of SMTS, it was just trimming into the spike (I sold about half my position over those 2 days), but then bought back days later at a much lower cost when the volume dried back up and the mania subsided, and even more the following week. I didn’t mean to imply just selling out completely to them, as I believe that down the road in this bull looking back that would be a very near-sighted thing to do.

            It may be much to do about nothing, but one unique thing is that the RH investors interest in miners has been mostly confined to the dual listed US stocks, but those have much more volume, and so they aren’t going to make much of a dent in Franco Nevada or First Majestic. Sierra Metals just stuck out to me because it just doesn’t normally get that much volume, and then kaboom up about 250% at one point intraday. That seemed like a stretched move even with the good exploration news, so the RH investor swarm thesis made sense to me when I saw others posting the data on it. Who knows how much it was a factor, but I’m just happy there is a resurgence of generalist investors starting new trading accounts. Thanks.

            Jul 26, 2020 26:22 AM

            Here is a perfect example of Robinherd, btw, some of my ancestors are from and still live in Nottingham.


            I bought this at 20.5 cents and forgot to follow it for the next few days, it promptly doubled to 40 cents then dropped like a deflated balloon before I even noticed it. It ended at 10 cents. I bought more at 12.5 cents and hope to ride it back higher. The only news was them saying they had no idea way the stock took off.

            Jul 26, 2020 26:36 AM

            BTW Matthew, I agree that extreme caution should be used with an inverse etf during a bull market. I have been scared out of my positions several times because I didn’t watch the charts close enough. Buy on extremely overbought conditions only IMHO.


            Jul 26, 2020 26:42 AM

            Yeah Dan, that volume and price spike in CFW illustrates the Ribinhood effect quite well, and there are others pointing this out in various sectors. I just hope one of these generalist investor swarms finds a few more of the stocks I hold soon. 🤑🤑

            Jul 26, 2020 26:35 PM

            TSX-listed stocks can be traded on RH?

            Jul 26, 2020 26:37 PM

            Dan, what is the symbol for the stock you referred to at 9:22? Your chart just shows the Dow. Thanks.

            Jul 26, 2020 26:43 PM

            Calfrac Well Services


            Yah, I haven’t done that with stockcharts for awhile and screwed both posts up, haha. The one with the link to is the one for the ETF I was talking about.

            Jul 26, 2020 26:00 PM

            No I don’t think the actual Robinhood platform can trade TSX stocks, but like we were discussing we’d likely see this same large influx of new millennial investors or new working at home day traders on all the trading platforms if we had the stats on them, and those new generalist investors could swarm a TSX or ASX or AIM listed stock.

            Jul 26, 2020 26:02 PM

            Thanks again. I should have realized your next comment addressed it.
            That ETF will come in handy!

            Jul 26, 2020 26:04 PM

            It’s incredible that RH already has about as many users as TD Ameritrade.

            Jul 26, 2020 26:12 PM

            It really is quite a phenomenon, and part of it’s appeal is apparently their interactive smartphone app that issues animations and noises and people have described it as “like playing a game” which in a way is a good analogy, only the stakes are real.

            I know he isn’t your favorite, but Lobo Tigre addressed the Robinhood phenomenon on the interview with INN I posted near the bottom of this blog, and he just sees this trend of new generalist accounts as a positive thing in that it is a strong show of force from the next generation of investors. He also makes the point that many younger investors were awakening to issues with fiat currencies through the crypto-craze peaking in 2017, but that some of them are finding the PMs and miners. (Lobo highlights some of what you had recently about the small percentages on relative basis in GLD or GDX but that on an increasing percentage in the Robinhood stats it is moving up in a big way. I see that as good thing overall, and it clearly isn’t at a mania level yet.

            Jul 26, 2020 26:26 PM

            Oh I agree that this is all positive/bullish. This is the first gold/gold mining bull market in which the internet is a household appliance, almost a necessity and not a novelty. All of us probably know someone who uses it regularly now but wouldn’t touch a computer 10-15 years ago, much less a smart phone. Remember when it was the domain of geeks? Now the market is well saturated and accepted by nearly everyone.

            So, I think we are in for a pleasant surprise and a wild ride. The trick for most early gold bulls is to mentally leave the brutal bear market behind. Every big trend conditions all of us and the sooner we can adapt to and embrace our new reality, the better. We are now in for years of the exact opposite action: relentless upside surprises across all time frames. For years. The buy-and-hold approach will finally be rewarded rather than punished.

            Jul 26, 2020 26:04 PM

            Agreed. After such a long wait I’m looking forward to the new paradigm of “relentless upside surprises across all time frames. For years.” Locked and loaded.

    Jul 25, 2020 25:06 AM

    This was posted on yesterday’s blogs, but for those that missed this it is worth the listen:

    #Sprott Money News Weekly Wrap-up

    7.24.20 w/ Craig Hemke & Eric Sprott #AudioInterview

    > Their comments on the $SILVER market have me sitting on the edge of my seat!

    They discuss the following companies $DSV $JAG $SPA $FVL $PGM $MAG $TUO $BRC $KORE $AMX $WM

      Jul 25, 2020 25:08 AM

      (DSV) (DSVMF) Discovery Metals Announces $35 Million Private Placement with $15 Million Investment from Eric Sprott

      July 24, 2020

      “Mr. Eric Sprott has agreed to invest C$15,000,000 in the Private Placement, on the acquisition of 11,111,111 Units. This investment will result in Mr. Sprott holding approximately 27.1% of Discovery’s issued and outstanding Common Shares, post-closing on an undiluted basis.”

        Jul 25, 2020 25:15 AM

        Eric Sprott mentioned on the weekly wrap up above, like he has in the past, that Discovery Metals is his favorite Silver stock due to the optionality on such a huge deposit. He was laying out his rationale using models which value their ounces in the ground many times higher than where they are currently valued.

        He is also putting up a strong show of support with 27.1% stake in DSV, and it is impressive to see. This wasn’t just one of the other $1-$2 million dollar investments hes put in about 60 other companies, but was more up there with the huge stake of 48.9% of JAG Jaguar Mining.

        Obviously, the DSV shares soared on Friday when this news came out; closing up 27%

          Jul 25, 2020 25:18 AM

          (DSV) (DSVMF) Discovery Metals – Corporate Presentation – July 2020

          Jul 25, 2020 25:21 AM

          (JAG) (JAGGF) Jaguar Mining – Corporate Presentation – July 2020

            Jul 25, 2020 25:35 AM

            Many thanks also to you Excelsior, for a well balanced view and loads of information and , i don’t know how you manage it all, with all the posting and trading, also all the others who share and contibute here are much appreciated,

            Jul 25, 2020 25:39 AM

            Thanks for kind words Rene. I agree there is a good crew here at the KER sharing ideas, insights, news, charts, editorials, analysis, and a little merry-making.

            May your investments be very prosperous.

            Jul 25, 2020 25:21 AM

            IMHO the GS ratio will correct up for a bit but that may not mean the sector is going down, just that gold will be more attractive to newbies. Although I am not betting against this market very strongly at all. I have missed some profits by being puck shy.


            Jul 25, 2020 25:56 AM

            Good thoughts Dan, and yes it does make sense for the G.S.R to correct up for a bit.

          Jul 25, 2020 25:33 AM

          Well, Ex; I missed the early boat on Discovery but will take a position soon. I hold a boat load of Jaguar at $.13 so that’s comforting.

            Jul 25, 2020 25:45 AM

            Hey Doc. Good segments this weekend, and I always appreciate your insights.

            Yeah, I was lucky to be on the early boat in both Discovery and Jaguar prior to Sprott getting involved, and had pointed out the same thing about how undervalued both were compared to their peers for their resources in the ground, optionality to rising prices, and for Jaguar their production profile and improving costs.

            Many may forget that Jaguar still has a 3rd mining complex on care and maintenance at present, that was active in the last metals cycles, and I’m curious if down the road if they’ll kick that on for increased production capacity now that Gold is climbing to a higher range, and likely will head even higher the next 2 years.

            Looking forward to seeing future success with both DSV and JAG. Cheers!

            Jul 25, 2020 25:01 AM

            Yes thank you Eric. Another double allowed me to sell 1/2 and own the other 1/2 for free ….and get me some lion one to boot. …and the fun has only begun

            Jul 25, 2020 25:48 PM

            Looking forward for more fun in these mining shares!

          Jul 25, 2020 25:43 AM

          Eric Sprott did a very similar investment last Thursday with Erdene Metals. Out of an allotment of $20 miillion for their PP he took $15 million. I believe Erdene has discovered a new and potential world class high grade gold deposit in Mongolia, a country known for mineral wealth. DT

            Jul 25, 2020 25:54 AM

            Hi DT. Yeah I saw that new on Erdene and appreciated your posts on it earlier this week. It looks like they may be onto something in Mongolia.

            For clarity, that $15 Million Eric Sprott just invested in Discovery was simply to add 3% more to his existing stake. He had previously taken out 24% of the company and this recent raise just took him to 27%. Overall, his position in Discovery is one of the larger positions I’ve seen him take in a Silver company. He did do significant investment with Americas Gold & Silver as well.

            Jul 25, 2020 25:20 AM

            I also like Chesapeake Gold Corp. SYL-CKG. They have 17.8 million in the bank, and turned down Eric Sprott’s offer of money. With 18.5 million ounces of gold, 528 million ounces of silver, (makes their deposit larger than Discovery’s), and 4 billion lbs. of zinc, and 50 million shares outstanding gives them a market cap of $250 million. They also own 75% of gun exploration which holds their exploration property’s, one in particular is surrounded by Pan America which has an operating mine in Guatemala, but is now closed due to disputes with the indigenous people. Most investors don’t like stocks that are listed at $5, they would rather buy 10,000 shares at 50 cents than 1000 shares for $5.00.

            Jul 25, 2020 25:27 PM

            Yes Chesapeake Gold has substantial resource, and they are in an interesting position as a developer. They seem like a good takeover candidate for a larger producer to come in and scoop up.

    Jul 25, 2020 25:01 AM

    Gold, Silver Very Overbought

    Adam Hamilton – Jul 24, 2020

    “Both gold and silver surged dramatically higher this past week, propelled by torrents of investment capital deluging in. The resulting major new highs are really exciting, unleashing widespread fear-of-missing-out buying. But the precious metals’ blistering jumps have left them very overbought. They have come so far so fast they are at and above technical extremes that have proven unsustainable. So caution is in order here.”

      Jul 25, 2020 25:18 AM

      What a fun week we’ve had!
      Friday, July 24, 2020 By T.F. (Craig Hemke)

      “It has been a tremendous week in the Comex metals with all of our July goals being attained…and then some! We are poised to paint some magnificent green candles onto the weekly charts and the ongoing strength perhaps lends optimism toward even further gains in the days ahead.”

      “Of course, there will be pullbacks. We’ve discussed this all week and, with persisting overbought conditions and so many potential negatives coming next week, we’re likely to see some consolidation in the near future. However… and for a Friday …it is sure fun to see more gains today…”

    Jul 25, 2020 25:19 AM

    I am sure there are many on here who will enjoy reading this article.

      Jul 25, 2020 25:35 AM

      Thanks irishtony. This passage nailed it.

      “This is what is called running on empty. US debt creation has nothing to do with investing in productive assets. With the debt to GDP ratio doubling in 14 years it is clear evidence that all the printed money is not going into the real economy but is supporting a bankrupt financial system which has kept the money to prop up their own insolvent balance sheets and to remunerate the top executives with fantasy money.”


      “The printed money has also gone to inefficient mega-corporations which have leveraged their balance sheets with total borrowings going from $3t in 2006 to $7t today. During the same period, US companies have spent in excess of $6t in share buybacks. So instead of investing in the business, companies have borrowed money in order to buy back their own shares with the purpose of inflating the share price and executive remuneration in options and stocks.”

      — Bingo.

        Jul 25, 2020 25:59 AM

        Ex, all the more reason to allow the system to crash so the public realizes that money needs to be spent on good roads, bridges, hospitals, schools, and infrastructure build out instead of the military and entitlement programs that mostly benefit the rich. We have entered a new era one that will need fewer cars and much more mass transit. DT

          Jul 25, 2020 25:23 AM

          Good points DT. I have little doubt that system is going to eventually crash. The deep state cabal in Davos this year is discussing “The Great Reset” after all, so they can use the collapse to cram through a bunch of Agenda 21 and Agenda 2030 policies on the planet.

          I’m all for the large infrastructure projects though and feel that is an area most sides can all agree on. Did you see the large dam that collapsed in China? They have over 250 old dams that need to be refortified. The emerging markets need Copper and Silver as they work to electrified. Bring it on!! 🙂

            Jul 25, 2020 25:22 PM

            There are over 10,000 bridges in The US that are in need of replacement, Uncle Sam is getting long of the tooth. Many of the defective bridges were probably built in the 1930’s as part of the new deal, 80 to 90 years ago.

            Jul 26, 2020 26:29 PM

            Simon & Garfunkel – Bridge Over Troubled Water


    Jul 25, 2020 25:59 AM

    Doc, Cory thinks you own a lot of mining companies. I just counted 44 mining companies ,
    not including my Royal Oak and Allied Nevada shares in limbo, in my holdings. How many do you have? I wonder how many Matthew, Excelsior, Irish Tony, and Jerry have?

      Jul 25, 2020 25:23 AM


      Jul 25, 2020 25:33 AM

      bonzo – Here are the Silver and Gold and Royalty stocks I hold. (obviously subject to change as I regularly rebalance my personal Silver and Gold ETFs). 🙂

       Silver Producers:
      Coeur Mining
      Silvercorp Metals
      Americas Silver Corp
      Endeavour Silver
      Impact Silver Corp
      Santacruz Silver
      Excellon Resources
      Avino Silver & Gold Mines

       Silver Developers
      Alexco Resource Corp
      Aurcana Corp
      Bayhorse Silver
      Discovery Metals Corp
      Kootenay Silver Inc
      Southern Silver
      Dolly Varden Silver

       Silver Advanced Explorers
      Metallic Minerals
      Vizsla Resources Corp
      Brixton Metals
      Orex Minerals Inc
      Defiance Silver

       Gold Producers
      Argonaut Gold
      Roxgold Inc
      Jaguar Mining
      Northern Vertex
      Galiano Gold
      Gold Resource Corp
      Mandalay Resources
      McEwen Mining
      Hummingbird Resources
      Superior Gold Inc
      Anaconda Mining
      Wiluna Mining Corp
      Harte Gold
      Inca One Gold
      Mexus Gold

       Gold Developers
      Pure Gold Mining
      Minera Alamos
      Orezone Gold
      Monarques Gold
      Lion One Metals
      Sabina Gold and Silver
      Treasury Metals
      Triumph Gold
      Scorpio Gold
      West Vault Mining
      Bonterra Resources
      O3 Mining Inc
      Falco Resources

       Gold Explorers
      HighGold Resources
      Orefinders Resources
      Precipitate Gold
      Northern Shield
      Sarama Resources
      Azimut Exploration
      Goldon Resources
      Goliath Resources Ltd
      Sokoman Minerals Corp
      QMX Gold Corp
      Compass Gold Corp
      Osprey Gold

       Precious Metals Royalty Companies
      Metalla Royalty & Streaming
      Maverix Metals
      Sailfish Royalty
      Golden Valley Mines

        Jul 25, 2020 25:35 AM

        Correction: I sold out of Endeavour Silver and Superior Gold this week, and about 3/4 of my Avino Silver & Gold.

          Jul 25, 2020 25:09 AM

          Wow, thanks. This is going to help me a lot. I have been trying to figure out where we differ on holdings as I experience greater swings than you do. First of all, I am not complaining as since the low point earlier in the year, my account is up 200%. But, here is some “for what it is worth info” comparing last Thurs and Fri.
          Thursday: Down -4.61%. Friday: Up +2.39%.
          Thursday: 52 of 61 stocks negative. The 9 positive had 4 Australian.
          Friday: 27 of 61 negative. 21 of those negative both days. Of 28 negative on Fri, only 7 positive Thurs and negative Fiday.
          So I would have to conclude that those Negative both days may be a problem, but…
          Negative both days were:
          West Red Lake
          Silver Grail
          Etc (you get the idea)

          So I looked at of those 28 to see which one were not posiitve in gains until this time and came up with only: Mawson, Condor, Goldon, Orex and Silver Bear. All but Silver Bear were realtively new holdings although I have held Mawson and Orex before. That leaves Silver Bear as a problem. I have held a few shares for several years and they were beat into 33% of purchase price. However they have recently doubled.
          So, I am left thinking it is blanket algo/hedge fund activity or maybe exchange differences US/Canada/Australian, or maybe something like when the Market Makers go after a daily finish they go after those that have performed best to date to have the greatest impact. Then as Ex has mentioned many times, people take profits and move along. Maybe this info means more or maybe less. So I will be moving along, but I will be looking at Ex’s list a lot closer.

            Jul 25, 2020 25:18 AM

            David – Wow right back at ya man! That is really interesting analysis on the down up days and and I try to look at the top gainers and top losers daily in my portfolio, and if I see a company continually on either list or having outsized moves in the double digits then I usually go inspect things more closely.

            I’m more heavily weighted to the Silver and Gold Producers and Developers, and the positions in the Explorers and some of the Developers are smaller-sized positions.

            I”ve always been curious on where we overlapped as well, and am familiar with the ones on your list I don’t have and think those are good choices as well. Except Im not that familiar with Condor so I’ll have to look into that one.


      Jul 25, 2020 25:53 AM

      Trivia Part II:

      My biggest weakness is that I am lacking gold Producers. Here is how a comparison of your categories with my holdings match up:
      Silver Producers: 3 of 8 (Mine to Yours)
      Silver Developers: 5 of 7
      Silver Advanced Explorers: 4 of 5
      Gold Producers: “1 of 15” whoops
      Gold Developers: 7 of 13
      Gold Explorers: 4 of 12
      Royalty: 0 of 4 ( Had 2 but I use as banks. Only have Ely and part of EMX left. Bought back Erdene and Amex.

      OK. This is why we don’t have the same day to day performance. Here are stocks I have that you don’t. There may be errors as I didn’t spend a bunch of time on this. But, here is where we differ at the moment as you and I both play dodge ball with these things:

      Aston Bay
      West Red Lake
      Silver Grail
      MAKO although I thought you had some
      Riverside Resources
      Ely Gold
      Abraplata (know you had this one)
      Silver Bull
      Group Ten
      Maritime Res
      Great Bear
      GR Silver
      Blackrock Gold
      Dooesn’t matchup on my 61 but it is close. I know we have talked about some or all of these, but with these many differences, our day to day life will not match. I get to throw things at the wall and bang my head and you walk around with a smile. But some days…:)
      Again, thanks for putting yourself up there as it will help me in future decisions. I appear to be holding too much risk and knowing that can redirect my considerations in the future. There is a future isn’t there?

        Jul 25, 2020 25:56 PM

        David thanks for putting yourself out there as well with some of the 61 stocks in your portfolio. I used to have positions in Silvercrest, Mako, EMX, Kairos, Maritime, Balmoral (that merged with Wallbridge), and Abraplata but sold out of those positions.

        Sprott has about 60 positions as well, so and while he puts up more money and gets good private placements, he still is diversified in his producers, developers, explorers, and prospect generators.

        There are some with only 3-5 mining exploration stocks that are taking huge risks in companies that are more likely not to find an economic deposit and not have runs for years and years, and that concentrated approach in risky Jr miners is not something I’d be comfortable with at all.

        Good luck to everyone, whatever someone’s investment style and strategy is.

          Jul 25, 2020 25:42 PM

          I also have Group Ten, but I consider that a PGM stock, and not gold/silver stock.

          As for Mako Mining, it was one of better performers over the long haul, but it’s complicated. I initially was big on Marlin Gold, and did quite well in late 2016 and 2017 and I think in 2017 they spun out Sailfish Royalty and I got shares in that as a result, but opted for selling out of Marlin for a nice profit and rotating those funds over to Sailfish to fortify it and moved some to other stocks. Then they announced the merger of Marlin to Golden Reign, and the changes to the San Albino streaming deal with Sailfish, I sold some Sailfish to buy Marlin during the merger period at an arbitrage discount and ended up with Mako Mining shares. I added to those shares and had made a lot of money with it for more than a year, but sold it late Feb on the 24th & 25th, because a poster over at convinced me Nicaragua was riskier than I realized. I figure I still have nice exposure to Mako mining now through the NSR that Sailfish holds at San Albino.

          Anyway it was a long journey from Marlin, to Sailfish, to Marlin/Golden Reign into Mako, which retaining some of the Sailfish. I also traded Marlin and Mako a few times each so it’s hard to unwind all the activity in just those 3 interconnected stocks over the last few years.

            Jul 25, 2020 25:42 PM

            Ex, just a few comments—1. After reading the above paragraph I would swear you were “fishing” instead of trading stocks. 2. You deserve all you make because of your indepth analysis and work.

            Jul 25, 2020 25:41 PM

            Haha! (Marlin, Mako, and Sailfish… oh my…)

            Thanks Doc. Yes, at times it does feel like fishing for gains… 🙂

        Jul 25, 2020 25:00 PM

        David, I was looking back over the comparisons you made in our portfolios and that is interesting that you had so few gold producers. The Gold and Silver producers are where I have most of my weighting in the portfolio, and as mentioned I have some larger positions in some of selected the Developers as well. I looks like we were closest on the number of developers we held in both Silver & Gold, but I also hold more Gold explorers. I mentioned somewhere that some of those are just medium-term swing trades based on drill programs this year, and I’ll likely sell all or most of many of those once their news hits and is digested by the markets. I’ll take those funds and beef up some of the more key producers or best developers after closing those trades. Very interesting though, so thanks for sharing.

          Jul 25, 2020 25:16 PM

          David – rather than taking up any more space on this blog, and since you are the only one sharing your list of stocks, then just hit me up on Direct Message over at if you want to keep dissecting these portfolios further. Cheers!

            Jul 25, 2020 25:44 PM

            I think we beat this in the ground. Will do.

            Jul 26, 2020 26:09 AM

            I enjoyed all the info………thanks to both you guys……all good thoughts….. 🙂

    Jul 25, 2020 25:06 AM

    Hi bonzo…Believe it or not ….I do not own a single share in anything.

    Jul 25, 2020 25:32 PM

    Holding a million miners (more than 20-ish max) is just detrimental to performance unless you are incapable of picking worthy stocks.

    It is impossible to beat the market if you ARE the market. This matters plenty during a bull but is more important during a bear. With fewer positions and some trading, it is very possible to buck a bear trend.

    It is far preferable to trade the well-diversified, liquid, low-commission ETFs than to hold a mountain of subpar juniors and the ETFs are marginable to make up for any real or imagined lack of leverage.

    Cheap TSX-V listed stocks cost a relative fortune to trade even with Interactive Brokers which ranks #1…

      Jul 25, 2020 25:38 PM

      I would have to agree….

        Jul 25, 2020 25:09 PM

        The SILJ has about 40 stocks in it, as does the GDXJ. I just like my allocations & weightings and ability to scalp profits and rebalance better than buying the ETFs.

          Jul 25, 2020 25:00 PM

          I am also not just sitting there like a bump on a log as passive investor in all of those, and shift the weighting around based on performance, fundamentals, and technical set ups. It takes a lot of work, and babysitting though, so there are times I’ve considered just dumping a larger portion in SILJ or GOEX or GDXJ and not having to follow so many, but I like scalping the moves as different miners run at different times and the rebalancing and I look at how I’m doing versus the ETFs and have consistently outperformed for years. To each their own….

          Jul 25, 2020 25:29 PM

          SILJ has 48 stocks which is why I brought it up. If I’m going to play the whole market as you are doing with your 70+/- positions, I’d rather do it using an ETF so I can move in and out cheaply and in size. It’s nice to be able to push $100k in one trade and hardly move the market (more if we’re talking about GDX). Yes, a few juniors can handle that on a good day but it’s rare among tiny caps.
          With quarterly rebalancing and an annual turnover of 34%, SILJ managers aren’t exactly just sitting there either. They have rules and objectives.

          Last but not at all least is that SILJ has proven itself to be a consistent great performer. It is currently up more than 3-fold since the March low which is already hard to beat with even a good group of well-chosen juniors but that performance could be doubled with the use of margin.

          YOY it is up 55% while the popular AXU is up 64% and USAS is up 21%. Again, margin would easily double it while the fact that it is an ETF makes it much less risky and psychologically much easier to trade objectively and with discipline (since we are less likely to “marry” it based on a story).

          Too bad the CDNX includes all Venture listed stocks and not just the gold and silver related one. It would be interesting to know where the group stands since the march low. I’m sure it’s good since all most everything has done well but it would still be nice to have it.

            Jul 25, 2020 25:31 PM

            I think SILJ should pay me for the promotion (I don’t even own it at the moment).

            Jul 25, 2020 25:03 PM

            Matthew – you make some good points there about using the margin along with SILJ, and being able to consolidate larger amounts of capital into 1 security, versus fanning it out into many.

            I like using margin during the right kinds of moves and on most of the larger dual listed stocks on the US big boards, I am using margin with them, but I believe the percentages allowed are different on ETFs so that’s a good point to consider as well.

            Also, it would be FAR less info to keep up with and keep things laser focused on the sector moves as opposed to each companies individual fundamental quirks and technical movements. However, the upside to following each stocks individually is that I can scalp gains when they have an out-sized gain of 15-30%, wait for them to pull right back down, and buy them back, which I look for daily. I did about 10-12 sells and buys each day this last week for example.

            As an example, most of the money I’ve made in Silvercorp or Coeur or Sierra Metals the last few months has been by trading into and out of them over and over again. They’ve had great moves out of the March lows, but I’ve about tripled the returns I would have made by actively trading them every other day or so, rather than just buying and holding.

            On the other side of the spectrum, I like to watch for very large pops in the Junior explorers on great drill news or some other driver the send them up 20-40% in a day, and sell a portion, and normally can get those shares back a few days later for close to where they were trading before the pop. So I scalp a lot of profits in smaller stocks not featured in the SILJ or GDXJ by using that strategy.

            I have considered letting a number of the companies I own pop, sell them, and just keep rolling the profits into a larger and larger position in SILJ, and was just mulling this over again a week or so back as a strategy so I appreciate pointing out the ease of use, focus, and utility in at least condensing down a big part of the portfolio into 1-2 ETFs. In a panic sell, it would also be way easier to liquidate that dozens of smaller positions, which really came to light for me when things were selling off hard starting at the very end of February. Definitely food for for thought….

            Jul 25, 2020 25:26 PM

            I see the allure of attempting to capture the next 100 bagger but I would hate being unable to sell big gaps like we had on Tuesday. Time is sometimes very short so even selling a few stocks quickly can be a challenge if not impossible. The same is of course true when trying to buy sharp dips and gaps down.

            Jul 25, 2020 25:47 PM

            Yes, good point. I realized this last week how it was hard competing with everyone else to try and sell some stocks when the pricing moved quickly up and many started trying to pull profits at the same time, and in an ETF it wouldn’t have been as much of an issue.

            Also, on Feb 28th when things started selling off and then this acclerated into early March, I did have challenges trying to lighten up positions on so many stocks all at the same time, and was placing many limit orders and then moving onto the next stock and when I came back around to check on the orders they weren’t getting filled because everyone running for the exits at once kept driving things further and further down, and I ended up getting trapped in some positions I wanted to lighten up because they had moved too far down at that point, and I had to switch to averaging down in them. I see the benefit of the larger liquidity in the ETF would have allowed me to sell just one equity, not be distracted with so many stocks to keep tabs on, and it would have been much less stressful, and I would have been more effective at limiting the losses. It is a concept that makes a lot of sense and may be the direction I move over time as I sell out of some of the companies in my portfolio. I appreciate you feedback on this topic this weekend and this really has me thinking this whole concept over in my mind.

      Jul 25, 2020 25:46 PM

      Thanks Matthew. I have been thinking that myself. The risk is too great waiting for that next drill hole. That is why I was curious about where I differed from Ex and it was in too many “unknowns” and not enough producers. When you mentioned your concentration in BBB that also triggered some thoughts about consolidation. There is no question I could move some risk to puck up a KL or AG Or even a Franco. If somebody “hits”, then go there. I am trying to get that low speculation price too soon. Your words are wise.

        Jul 25, 2020 25:05 PM

        Commissions: I was with USAA who sold out to Schwab. I think I was originally paying $8.95 a trade except for a few Australian or Grey Market stocks where they would charge as much as $70. Then they reduced to 0 except for a Few @ $50. Schwab has pretty much been free trades except for Australian stocks like DeGrey do I limit sales of it to taking profits in larger amounts anticipating the $50 fee. What the lack of fees has done is step up my trades as for the most part there are no expenses with the trades. Taxes now become the issue as I have very few Long Term holdings other than Great Bear, Silvercrest Novo and Pure Gold. Taking less risk should result in more long term holdings.

          Jul 25, 2020 25:24 PM

          Yeah, I don’t disagree that having some more concentrated positions may help, but I do in the larger Producers and my largest positions in Developer.

          Regardless, I’ve been able to actively manage my personal Silver and Gold “ETFs” and still out perform the GDXJ and SILJ fairly regularly, and I scalp profits as certain miners pop, like kernels of pop corn and then reduce the positions, when they do so letting their thesis play through.

          To each their own…

            Jul 25, 2020 25:57 PM

            It’s more fun too. If I hadn’t had failed shoulder replacement surgery about 4 years ago, I’d be playing golf instead of trading stocks. Can’t just be quarantined without something to do.

            Jul 25, 2020 25:08 PM

            I agree David – it is legitimately fun for me to look for strategies and stocks to outperform the peer group and I have a blast trading. I enjoy researching and comparison analytics.

            My account is up about 250% from where it was during the March lows and has almost doubled from where it was at the beginning of the year, up to its highest level ever, so my process is working just fine for me based on my goals.

            Jul 25, 2020 25:11 PM

            I should also mention the PM have done better than that, because that is all in on my portforlio which would also include my Copper, Zinc, Platinum, Uranium, and Lithium stocks as well, that haven’t done as well as the Gold or Silver Stocks. I rarely just isolate out the Gold and Silver stocks but collectively all those trades placed are likely up over 300% off the March lows and about 200% year to date, as the base metals and Lithium and PGM stocks have lagged so far this year and not fully recovered from the March selloff yet.

            Jul 25, 2020 25:27 PM

            I’m not sure if that made sense after re-reading it, but I’m counting the gains I had in the PMs cumulatively, as I am trimming and rebalancing all the time. For example I’ve traded Alexco, Americas Gold & Silver, Endeavour Silver, Silvercorp, etc…. dozens of times this year and every year, and there are no fees to trade those. I also sometimes uses OTC listings if I don’t want to deal with foreign securities. I make far more trading the most active stocks, rather than just sitting in them. Those profits are then rolled into the next position and I’m looking at daily peformance versus the ETFs or montly, quarterly, annually, etc… Hopefully that makes sense.

          Jul 25, 2020 25:20 PM

          Looking at those in the red: 3 Pilbara stocks that were bought on the original Novo run. Novo and DeGrey profits more than covered costs of the otbet 3. Theralase, a cancer treatment stock that is in Phase II human testing. An oil stock in Mexico which dropped when the price of oil declined. Then Mawson, EMX, Condor, Goldon, Orex, & Silver Bear (Russia) are red, but not much.. The others are all green. Taxable gains are high 5 figure and unrealized gains for portfolio just under 50%. That has to be acceptable somewhere. Mixed emotions right now.

            Jul 25, 2020 25:32 PM

            That still seems like a winning strategy to me David and far better than just parking money in generalist mutual funds etc… Sure if you had gone all in on just 1 stock like Great Bear or Freegold Ventures as it ran, one could make far more, but that is insanely more risky. I’m sure the ideal number is likely 20 or 30. Ironically my initial investing goal many years ago was just to have a dirty dozen Silver stocks and dirty dozen Gold stocks (with 4 producers, 4 developers, and 4 explorers in each) and I did have that set up for a while, but as I’ve trimmed profits I’ve just accumulated more and more positions over time and also just started a number of new positions in the last few months where I liked the fundamental or technical setup, but I likely won’t hang onto longer term – they are just medium term swing trades.

            Jul 25, 2020 25:59 PM

            Yes, the taxable gains are going to be something to contend with this year, but I work hard to make sure I’m making enough gains on short duration trades, that it is worth the candle to pay the higher tax bracket (on stocks held less than 2 years). Heck, I have a hard time holding for more than 2 weeks. (lol)

            My buddy always tells me he wants to pay millions in taxable gains every year, because it means he had a pretty good year of profits. 😉

    Jul 25, 2020 25:17 PM

    Thank, doc. Long time. It’s always great to hear your commentary. It’s great to finally reap the rewards of so much patience. Only thing I am concerned with are some laggard explorers that only just starting to rise from the red for me. Do you think they will finally have their day?

      Jul 25, 2020 25:26 PM

      CMC;yes, I do—–especially in the last days of this bull market when mania seeps in. At that time you’ll probably know it’s time to reap the benefits and leave this bull market. We’ll have bumps along the way but we’re a far way from the end of this thing.

    Jul 25, 2020 25:50 PM

    The champagne is in the freezer for a little pre-chill – ready to party – enjoy while you can, cuz next week we may go to war who knows (well, “they” know) – given the hysteria they have generated among the lemmings with the plan-demic, imagine what they can do with full-bore war propaganda!

    Kind of like what Bill Holter wrote as these kommie riots spun up – “. . . and they are not even starving yet!”

    Jul 25, 2020 25:21 PM

    Lack of producers is something that I wasn’t tracking. Back before the 2011 peak, I owned First Majestic, EXK, HL, CDE, Yamana, GORO, KL, Avino, and others I don’t remember, and over time I did 100 shs here and there going to explorers and other new ideas. As I dwindled the higher share price holdings, I began resisting the higher priced established producers. I currently hold some with good profits and instead of looking for the next good drill result, will look to balance things more….that, of course, requires continuation of the bull.

      Jul 25, 2020 25:16 PM

      One of the analogies we’ve used here for a long time is the bullwhip analogy, where at the beginning of larger bull moves, the largest producers move first, then the mid-tiers (many of those stocks are also the ones in the ETFs), and then the smaller producers and developers move next, and then the money moves down the food chain into the more speculative Jr explorers and they explode higher at the tip of the whip.

      As a result, I loaded up heavier back in Aug-Dec 2018 on the producers (but always had a mix of different stage companies), but in 2019’s surge higher I added to the amount of Developers I had and then this year I’ve really beefed up the amount of explorers I have for this year’s drill season which is well underway now.

      I find larger Producers like Coeur, First Majestic (which I’ve owned off and on dozens of times), Silvercorp, Endeavour Silver etc… to be really easy and liquid to plop money into and pull money out of almost any day and the bid/ask spreads to be much tighter than the more thinly traded Jr explorers for example. I also am a more conservative investment, and I don’t want all my capital tied up in far more risky speculations, that could do swan dives at any moment on the wrong exploration results (or often just the market perceptions of the drill results), so I am comfortable outperforming the moves in the metals with the producers, but knowing they have legitimate resources in place, real operations and revenues and cashflows, etc… [like you said the producers and even more advanced developers are not always looking for the next great drill result, as they have proved up their ounces in the ground]. Good thoughts as always. Thanks David!

    Jul 25, 2020 25:22 PM

    Matthew, I may own 44 different companies but have very small positions in 12.
    Excelsior and Doc, please list the number of shares and cost basis you have in each of your companies. And your social security numbers. I may hire Irish Tony to run my portfolio.

      Jul 25, 2020 25:01 PM

      yeah I collect social security numbers – but some can be hard-to-get – hard-to-get like a lot of high-school girls (and some 50+ around here still act like they are in high school – maybe a fantasy they did not get to live in high school, so they are hell-bent on realizing it even now at this late stage – but I don’t play the game – I ask them – so you expect funds from me? what have you been doing for 50 years, that you have none of your own?) – I wish people were more forthcoming with those numbers

      Jul 25, 2020 25:06 PM

      Bonzo – just saw your comment. Haha! 😉

    Jul 25, 2020 25:25 PM

    (MQR) (MRQRF) Monarch Gold Intersects 13.95 G/T Au Over 14.35 Metres (47.1 Feet) At Mckenzie Break
    July 23, 2020

      Jul 25, 2020 25:29 PM

      The Abitibi Greenstone Belt: One of the World’s Richest Gold Regions

      July 25, 2020 – Phil Gracin

      “For investors who like to participate in the mining sector, and junior mining in particular, familiarity with the Abitibi Greenstone Belt in Canada is essential. The Abitibi is the world’s largest mineral-rich greenstone geological belt, hosting many major gold and base metal deposits. It is a 450 km long by 150 km wide geological structure that runs through the Canadian Shield, from west of Timmins, Ontario, then eastward to Chibougamau, Quebec. ”

    Jul 26, 2020 26:55 AM

    The community here is amazing! Been stocking for a while. RV member, member of DD”s site, majored in Finance and Real Estate Investment, but not at the level of some of you guys here. Have 28 miners. Heavily silver. Appreciate you guys from Texas! Thank you. Started investing in me nets late 2016 I believe.

      Jul 26, 2020 26:46 AM

      Do technicals or sentiment rule the PMs next week? I suggest perhaps that a correction strikes sometime next week but who knows for certain?

      Jul 26, 2020 26:06 AM

      Growing Trees – Welcome aboard the KE Report!

      Glad to have your input with your finance background, interest in Real Vision (Raoul & Grant are very sharp guys), and experience with 28 mining stocks you’ve acquired since 2016.

        Jul 26, 2020 26:09 AM

        GrowingTrees – By DD’s site, do you mean Don Durrett?

        If so, he is also a sharp guy, and if not who did you mean?

          Jul 26, 2020 26:35 AM

          Ex it is Don Durrett…. New you would know since your so sharp.

            Jul 26, 2020 26:59 AM

            Ha! I don’t know about that, but thanks for the kind words. This recent interview with Don Durrett was pretty good:


            Silver Chart Showing Massive Upside says Don Durrett

            MiningStockEducation – July 16, 2020

            “Professional mining stock investor Don Durrett of returns to the show to discuss the current precious metals market and share his thoughts on today’s junior gold sector. Don’s technical analysis of the silver chart concludes that “the silver chart is actually stronger than the gold chart” in regards to its potential upside. Don has been investing in mining stocks since the early 1990’s. He is the author of “How to Invest in Gold and Silver: A Complete Guide with a Focus on Mining Stocks” which conveys Don’s well-thought out and tried approach to mining stock investing.”

            0:00 Introduction
            1:30 Silver chart massive upside
            4:32 When to sell silver stocks
            9:27 Gold goes up whether economy goes up or down?
            12:20 Ideal merger or acquisition
            15:33 Kirkland Lake Gold’s share repurchase program
            19:05 Market rewards free cash flow
            21:25 Large bulk-tonnage deposits
            23:49 Feedback from subscribers


            Jul 26, 2020 26:03 AM

            Knew* (I never liked words or spellin)

            It was a good interview. He is very down to earth / humble. IMHO very conservative with his analysis. Also, love he is a numbers guy.

      Jul 26, 2020 26:36 AM

      Hi Growing Trees, who are the guys from Texas? I thought I was the only one here. Gen. R.E. Lee always spoke highly of his Texans. I first bought gold at $100/oz when Gerald Ford was president and have been a gold and silver bug ever since. Welcome to our peanut gallery.
      Have you seen LPG?

        Jul 26, 2020 26:32 PM

        Live in the North Texas area. Own land on the Brazos River. Family ranch is Stephenville Area. Don’t know what LPG is? 😔 I wish I bought gold at $100 but got in on Silver at overall $17.89 weight with premium. Need to buy 1,0000 acres .

          Jul 26, 2020 26:32 PM

          Growing Trees, I live in Harris Co. and grow trees too,60 maple trees. LPG is a Frenchman who used to appear here but has been absent over a year. I sold that gold I bought@$100 for $200, only to watch it soar to $875. So I won’t be so quick to sell after gold doubles from 1050 this time, knowing it might go much, much higher. Can you sing, “Ain’t No Cane on the Brazos”?

            Jul 26, 2020 26:59 PM

            We have a fruit orchard and a pecan orchard. Do you tap your trees? And… I can’t sing … Smh. Also, growing trees takes time and patience…. Great investments do too.

            Jul 26, 2020 26:02 PM

            Haven’t spent a a lot of time in your next woods. I bet you love the humidity:). Y’all get a lot of rain from the hurricane?

            Jul 26, 2020 26:01 PM

            No, I don’t tap my maples. I don’t know if Drummond red maples and swamp maples make syrup like sugar maples up north. I wish I had planted some lemon and lime trees long ago.
            Humidity does not bother me as I am used to it. At least my lips don’t chap and my guitars do not crack as they would in dry Colorado or New Mexico or AZ.

            Jul 26, 2020 26:47 PM


    Jul 26, 2020 26:17 AM

    Always been a fan of Grant Williams. Such a sound mind. Worth your time or a great reminder if it’s been a while:

      Jul 26, 2020 26:07 AM

      I have known Grant for a long time and I can tell you that he is a good man!

        Jul 26, 2020 26:26 PM

        I wish I could say I knew Grant for a long time!

          Jul 26, 2020 26:30 PM

          He is truly one of the smartest men who I know.

            Jul 27, 2020 27:41 AM

            How do I make an account BIg Al? I cannot find the information anywhere on how to. TY

    Jul 26, 2020 26:08 AM

    The Trudeau government is coming under increasing opposition for allowing the sale of TMAC Resources to Shandong Mining. The opposition parties believe China has a hidden agenda and want a foothold in Canada’s mineral rich north. Trudeau has a minority government and the opposing parties are fed up with his scandal ridden government, you might see this deal get rescinded. If that happens China will retaliate, that could mean a CDN miner like Minco operating in China will get nationalized. Tit for tat politics, these days you can never be certain, a lot of animosity out there. DT

      Jul 26, 2020 26:14 AM

      Interesting update DT.

      A number of folks over at postulated that there may actually be pushback on the TMAC deal since it was a Chinese miner (Shandong Mining) that was trying to scoop up yet another Canadian asset. Maybe since Silvercorp can make a counter offer since they didn’t get Guyana Goldfields, and they are a Canadian based company, simply operating in China. Never a dull moment.

    Jul 26, 2020 26:23 AM

    Nice to hear the topic of warrants being discussed….however I think it should also be pointed out that buying warrants that trade in the open markets are a great way of increasing your leverage. My 2 biggest gainers this year (7 and 6 bagger) were by buying out of the money warrants in stocks that were breaking to the up side….also my biggest missed trade of the year was in a warrant that was a 35 bagger that I didn’t like the lack of time left before expire……obviously its higher risk due to the expiration of the warrants but in case like orezone the warrants don’t expire til January 2023 and I expect them to be taken over before that.

      Jul 26, 2020 26:29 AM

      Wolfster – I went looking for the Orezone warrants trading on the public markets. What do they trade under?

        Jul 26, 2020 26:52 AM

        They trade on the venture exchange under ore.wt ……right now they are trading at .50 with an exercise price of .80..they traded up nicely on Friday so the value isn’t that great now. I got them at .07 when there was little to no interest in them. Even when orezone got over a buck recently the warrants were sometimes still trading at .40.You really have to get lucky and get them when the value is there

          Jul 26, 2020 26:04 AM

          Ah – I see now. Thanks Wolfster.

    Jul 26, 2020 26:30 AM

    Chris Vermeulen: Caution Advised Before Gold Targets $5000 and Silver Targets $100+

    Palisade Radio – July 24, 2020 #AudioInterview

      Jul 26, 2020 26:40 AM

      That was particularly good interview w/ Chris V. recapping the technicals in Gold, Silver, the Dollar, Oil, and general US equities.

    Jul 26, 2020 26:35 AM

    Despite the bullish title, this is actually quite a bullish editorial out today from Goldfinger:

    Massive Top In Precious Metals Looms Over The Horizon….

    by @Goldfinger on 26 Jul 2020

    “In the last week there has been a lot of talk about a top in mining stocks and precious metals. After all, the Daily Sentiment Index for gold and silver have both moved above 90 in recent days – a level which can often indicate euphoria and that a short-term peak is close at hand.”

    “While it’s likely that we are due for a pullback/correction in the precious metals space at some point over the coming days/weeks, if we are too fearful of a short term drawdown we may miss out on much larger gains over the long term. ”

    “Turning to the gold weekly chart we can see that Relative Strength is no where near extreme overheated levels which coincided with major tradable tops in 2006, 2008, and 2011”

    “Bull markets are built on so called “bearish RSI divergences” (price moving higher even as RSI does not reach new highs on a given time frame) and I actually prefer to see the weekly-RSI(14) for gold a shade under the 70 level as price approaches all-time high levels. While anything can happen in markets in a given day or week, the gold chart does not look like one that it is about to roll-over and die.”

    “In fact, quite the opposite.”

    “The factors contributing to the gold price rally in 2020 (negative and falling real rates, rising geopolitical tensions, and a declining US dollar, etc.) show no signs of abating anytime soon. The prospect of a contentious US election season and accelerating political profligacy will only serve to keep a firm bid under gold and silver over the coming months. ”

      Jul 26, 2020 26:50 AM

      That should have said “Despite the (bearish) title, this is actually quite a bullish editorial.

        Jul 26, 2020 26:54 AM

        Lol….got me to read it twice before going to the article….amazing how one doubts oneself and think you’ve read it wrong.

          Jul 26, 2020 26:59 AM

          Haha! Sorry about that mistype. Yes, he made the title bearish to get people’s attention, and then went on to outline the bullish case.

        Jul 27, 2020 27:18 AM

        Well I certainly have not been one to make calls for how high gold or silver will get. I’ve left that to the expert TA individuals we have here on the site. Even the most bullish near term(Glenfidish I believe) may have underestimated things but who’s…..I will say I did make a comment not too long ago where I wondered when we would finally see that day where there was a big move……of course in my mind that was going to be a signal for a top……I’m not so sure now

      Jul 26, 2020 26:01 PM

      Jul 23 Never Confuse Brains with a Bull Market Bob Moriarty 321gold

      Is it just me or has Bob changed his thinking?

    Jul 26, 2020 26:00 AM

    Keith Neumeyer is still bullish, but no surprise there….

    Tight Silver Market Is Only Going To Get Worse – First Majestic Silver CEO

    Kitco News – July 23, 2020 #VIDEO

    “Demand from green technology manufacturers, precious metal investors, as well as hampered production due to COVID-19 mine suspensions are all aiding silver.”

    “I know the tightness of the market. It’s only gonna get worse as we go green,” said Keith Neumeyer, founder and CEO of First Majestic Silver (NYSE:AG, TSX:FR), who spoke to Kitco on Wednesday.

    Jul 26, 2020 26:17 AM

    Gold’s massive rally to $1,900, silver’s surprise surge to $23: Weekly Rundown

    Kitco News – July 24, 2020 #VIDEO

    Jul 26, 2020 26:53 AM

    Lobo Tiggre: Gold’s Last All-time High Was a Flash, Now it’s Different

    Investing News Network – This interview was filmed on July 22, 2020.

    “Gold has rocketed higher this week, drawing ever closer to its previous all-time high and exciting market participants who have been eagerly waiting for it to breach that level. ”

    “Lobo Tiggre, founder and editor of Independent Speculator, is optimistic and wouldn’t be surprised to see the gold price double in the future. But he also offered words of caution. ”

    0:00 – Intro
    0:19 – “This is really all about the money printing”
    4:36 – Factors driving gold and silver this week
    6:13 – Is gold’s price level sustainable?
    10:49 – Silver hasn’t gone bananas — yet
    13:32 – Sentiment among Lobo’s subscribers
    18:01 – What the influx of “Robinhood traders” means
    21:08 – Contrarian investments with upside potential
    24:09 – Outro

    Jul 26, 2020 26:24 AM

    AMPL — The BTC killer that really really really looks like a Ponzi,…

    Jul 26, 2020 26:16 PM

    For those that are not familiar with the Council of Nine, We are going to a gold backed through #crypto currencies AI financial system in a little over two years..

    At 14 minutes Marina is channeling through the Council of Nine and they mention through her, the success of cryptos. They warn some will have back doors to steal your funds.

    Jul 26, 2020 26:01 PM

    Pyrite – I finally noticed and answered your question.

    Jul 26, 2020 26:21 PM

    Depending on what happens in the overnight gold markets , we could take out the all time high in gold , by wednesday.

      Jul 26, 2020 26:14 PM

      Or Monday. 🧐🍻

        Jul 26, 2020 26:33 PM

        It’s off to a good start as the futures are active again and show Gold at $1908:

        Jul 26, 2020 26:40 PM

        Hi Mathew:
        I have a question that has been bugging me for some time and I don’t know the answer.
        Last week you said you saw distribution in NULGF, I trade penny stocks quite often and what I was wondering is how can a company that trades 5-6 times normal volume with no news do this? Where does the demand come from? Is this a function of the algos that I don’t understand? What am I missing?

          Jul 26, 2020 26:53 PM

          John, the demand comes mostly from a rising price. Small money, big money most money is dumb money and is motivated mostly by the fear of missing out (FOMO). Rising volume in an uptrend is bullish but an exponentially increasing volume in a mature uptrend is similar to boiling water turning into steam, liquid into gas. The market changes states. It’s enthusiastic money turning euphoric and feeling like it can’t lose, the opposite of capitulation during a downtrend. Volume spikes mostly on dumb money activity. Tops and bottoms form when dumb money is exhaust. Smart money only accommodates dumb money.
          NULGF had a capitulation in June last year and a distribution spike at the May 2020 high (that resulted in three lower weekly closes).
          Taking another look at the charts, NULGF could go much higher before we see another even bigger distribution in the next week or three. It does not look weak by any means on the weekly chart and even the daily MACD has avoided a sell signal. Moves like the one we are in will make dumb money out of a lot of previously smart money just like the 2016 move did. No one is 100% smart money (although “connected” money looks like it is) so our job is to minimize our dumbness.

            Jul 26, 2020 26:26 PM

            thanks Mathew:
            I trade some sub penny stuff and the moves are crazy. In one day a company had a move of 5x volume and the percentage gain that day went from +80% gain to a -20% loss on no news.
            I’m thinking it possibly was a raid by a chat room or market makers playing games but I’m not sure.
            Sometimes I know I still have no clue when it comes to these sub penny stocks.
            thanks again

            Jul 27, 2020 27:31 AM

            Matthew, I was part of the dumb money who bought NULGF last week. I almost bought LOMLF@1.22 but decided to buy NULGF instead. LOMLF touched $2 today. I am Barzini, Lord of the Idiots.

            Jul 27, 2020 27:00 AM

            Been there, done that, Bonzo!

    Jul 26, 2020 26:24 PM

    Matthew….You naughty boy , stop trying to steal my thunder………………LOL..HaHa.

    Jul 26, 2020 26:34 PM

    Was that GOLD on kitco………..$1943.80……….

      Jul 26, 2020 26:35 PM

      Better check quick…. 🙂

        Jul 26, 2020 26:36 PM

        Yeah, someone posted Gold opened at $1940ish and was immediately taken down to the low $1900s. Gold futures currently at $1907.

          Jul 26, 2020 26:38 PM

          Well, as far as I am concerned………..$1923……just got breached…… 🙂

            Jul 26, 2020 26:40 PM

            Like a beach ball……..breaching the surface……like in your face….sir.. lol

            Jul 26, 2020 26:16 PM

            It’s encouraging for sure, but we need to see a close above $1923 in the regular markets, and also preferably on a weekly closing basis. What is also wild is we are about to have a monthly close on Friday. Gold has been looking good… 🙂

            Jul 26, 2020 26:23 PM

            ……and silver looks better. 😁

            Jul 26, 2020 26:23 PM

            Silver futures price is doing good as well kicking off the week at $23.30.


            Jul 26, 2020 26:24 PM

            Ha! Ditto. You beat me to the punch Wolfster. Well done sir!

            Jul 26, 2020 26:31 PM

            OOTB – Gold spot prices did just make it over $1923 briefly… currently back down to $1922.


            Jul 26, 2020 26:43 PM

            So while I’ll admit I was wrong in expecting Gold to correct and pullback before testing the all time highs, I wasn’t wrong about it making it there in 2020.

            It still needs to close at these levels on the futures markets (currently at $1921), but Gold is at $1924 on the spot markets. We’ll see if Gold can hang onto these levels tomorrow, but we haven’t seen these prices since the Sept 2011 highs.


            Jul 26, 2020 26:46 PM

            Should be interesting…..Monday…….in NY….
            Bumping $1924.80…..right now……interesting….

      Jul 26, 2020 26:23 PM

      Jerry…Not sure where Kitco get their price from .Me i base the price on spot , not the futures price……..kitco have been wacko for years.

      Jul 26, 2020 26:30 PM

      Check the high and low price at kitco……it will show…..$1943.80….., that is why I said check quick…..

        Jul 26, 2020 26:48 PM

        Yeah, but I think that was a glitch on Kitco’s charts, as IrishT was noting above about them being wacko from time to time.

        However on they show the high in the spot market has made it up to $1927 already, (currently spot is around $1926), so any way you slice it Gold has made it higher in price than the $1923 peak in 2011, but we’ll need to see how things close tomorrow in the futures markets.

        Interestingly spot is leading the futures at present, and the futures are only around $1922.

        If Gold can hang onto these gains tomorrow it is reason to celebrate. (I’ll confess to already celebrating and raising a glass to new all time highs in Gold prices). 🙂

          Jul 26, 2020 26:50 PM

          Cheers to all those who believed Gold was not going to $900 or $600 but knew it would eventually make all time highs once again.

          Jul 26, 2020 26:50 PM

          $1927…….right now…. 🙂

          Jul 26, 2020 26:52 PM

          I think , one person is chasing his turtle about the yard….. 🙂

            Jul 26, 2020 26:54 PM

            Remember………Be your own Banker first………Phyz….for crazy times…. 🙂

            Jul 26, 2020 26:56 PM

            Haha! Good one OOTB. Yeah there is a certain Birdman/FarmerT still chasing that turtle around his yard.

            I’ve heard he has recruited help and Harry Dent is now helping him try to chase that Turtle.

            Jul 26, 2020 26:00 PM

            Africa is such a lovely place for a Dented Turtle Farm…….

            Jul 26, 2020 26:02 PM
            Jul 26, 2020 26:05 PM

            🙂 great song…..

    Jul 26, 2020 26:50 PM

    Matthew……..Dont you dare come back at me ….Haha……Silver by friday $ 24 .80

      Jul 26, 2020 26:58 PM

      There. Your thunder is intact.

    Jul 26, 2020 26:18 PM


    Jul 26, 2020 26:28 PM

    Silver is looking good……up $1.39………

    Jul 26, 2020 26:50 PM

    Where’s Bubba?

    Jul 26, 2020 26:09 PM

    Big Change in Silver: New Bull Market (upside target of $27.50)

    SRSrocco Report – Jul 26, 2020

      Jul 26, 2020 26:43 PM

      The blue fork resistance on the following chart is about 27.05 for the coming week:

        Jul 26, 2020 26:53 PM

        I’m still curious to see if this $26 – $26.50 level from the prior troughs in 2011 & 2012, and the level where the bottom fell out in 2013 is going to prove to be overhead resistance.

          Jul 26, 2020 26:06 PM

          This market has quickly made me rethink my earlier view that 26.50 might be the maximum for this year but now I very much doubt it. Gold just made a new high about 3 weeks ahead of my expectation and silver is bullish beyond belief. I am surprised but luckily my bullishness has been “extreme” enough to keep aggressive and currently about 98.5% invested.
          26.00 to 26.50 is sure to cause some kind of reaction but I no longer think it will be the high for this year, or even close to it.

            Jul 26, 2020 26:12 PM

            Yeah, I agree that both Gold and Silver have been much stronger than I expected the last few weeks, and took out levels where I expected much more resistance.

            I’m not saying $26-$26.50 will be the high for the year, just that it could be strong resistance that deflects Silver back down into a corrective move before heading higher. I can also see the case for the $27.05 fork resistance on that top prong, and the $27.50 level shown in that SRSrocco report, and roughly around that level on the Gary Wagner video up at the top of this blog from Kitco where he discussed Silver. At the current rate these metals are going up though, hell it may be there by the end of the week. 🙂

    Jul 26, 2020 26:41 PM

    The P&F price objective for silver is now $45.

      Jul 26, 2020 26:56 PM

      I could see $45 Silver by the end of next year.

        Jul 26, 2020 26:09 PM

        Yeah, everyone should be aware that the P&F price objectives do not indicate a time frame in any way. IPT has had a price objective of 3.50 for many years but is only now coming into view.

          Jul 26, 2020 26:15 PM

          Understood. It’s just a price level projection on the P&F.

          I could see that level being a good 2021 target. I honestly would not be surprised to see Silver take out it’s all time high and break $50 next year.

            Jul 26, 2020 26:59 PM

            It was not long ago that I would have doubted a new all-time high for silver next year but now I think it’s probable. It is mind-blowing how bullish it looks on the big charts and versus virtually any other asset. The massive blow-off top in the gold-silver ratio was a much bigger deal than most realize. Forget the dollar price of silver; priced in real money, silver had never been cheaper so it makes sense that it has now erupted into this wild bull market. We are still on the ground floor of a massive move. Of course it will have pullbacks that will make most doubt that but they will end more quickly than we expect.
            The focus should be on riding the bull, not picking little tops. I still consider all solid down days to be buying opportunities.

          Jul 27, 2020 27:16 AM

          Thomas J Dorsey has written some excellent books on point and figure charting.
          Of all the investing books I’ve read, Mr Dorsey’s are some of the best.

    Jul 26, 2020 26:53 PM

    For those who might have the silly urge to listen to P. Radomski, here’s a flashback to 2016:

    The guy is so bad that you could probably make a fortune by doing the opposite of everything he says. Beware if he says to buy silver with leverage!

      Jul 27, 2020 27:49 AM

      Holy-Moly…..Just checked the g/s prices…gold$1940…silver $24….somebody must have cut the handbrake.

        Jul 27, 2020 27:53 AM

        LOL………Irish…..I said the number was …… 🙂

    Jul 27, 2020 27:33 AM

    Wow. Nothing like writing a long comment and coming back an hour later and not seeing it.😞 . Anyways I didn’t make any calls. I left that to our TA experts. Even the most bullish(glenfidish) looks to have underestimated things short term and none of us are complaining. I did however recently comment that I was expecting a big move day. I must admit I thought it would be happening at the top. Not so sure of that now.

    Jul 27, 2020 27:51 AM

    Good morning folks!!

    Matt, Ex,

    Great discussion above and I’ve been on board since the beginning of course if some have forgotten as early as last week I mentioned again and again that I have not sold anything short or king term investment.

    All my targets have been hit including my target price objective of $1898-$1905 and have been surpassed on the daily. What remains to be seen is if the weekly or More importantly the monthly closes below my price target. If so I will be convinced that a correction is coming of which we would have to see at that time regarding 1/2 month period.

    So to recap glen has be consistent with prices going higher in gold continuously. I did mention that “gold” would not see an all time high this year and although technically speaking we have our in a daily high, it is yet to be determined if we have put in a monthly high of more importance. Regardless of this it looks to me now that gold is heading higher and that printing press is just not stopping and going at will!

    The miners are going to have a tremendous run this week. $30 silver by end of year is a given when many thought I was losing it lol.. I always knew silver was wayyy to far back and needing to catch up to golds height. Gold has peaked above its high and silver is way to far back which means $40-$50 will be a no brainer but next year and much higher from here by end of year.

    Stay the course. Correction will come but as Matt said it is for buying.

    I think the bigger question now becomes does the monthly candle for gold in August print red and does this months monthly candle top at the cycle top? August monthly candle can go higher for first two weeks and than turn on the top.. Or we print another green monthly candle. Let’s wait and see when we get there. The miners keep saying higher, no resistance at these levels.


      Jul 27, 2020 27:36 AM

      Good thoughts Glenfidish, and the strength and speed of the break higher in Gold and Silver has surpassed everyone’s forecasts. This has been incredibly strong action.

      A week ago when Silver finally took out the 2019 high of $19.75, there were zero people expecting Silver to be over $24 just two weeks later, (after ripping through the 2016 high of $21.23 and the fib extension of $21.17 that dozens and dozens of prominent technicians thought would be stiff resistance). In the same way that last week you adjusted your outlook based on new information, I’ll conceded that $30 seems more reachable now after plowing through many resistance levels.

      As for Gold, I’ve been very clear since you bet me in June that it wouldn’t make an all time high this year, that I did feel it was going to break it’s all time high of $1923 this year; I was just looking for a corrective move first in the mid to high $1800s that never came, folllowed by a run higher breaking $1923 with an initial target of $1935.

      Once again, Gold has now broken through all resistance levels including it’s all time high without even a pause, which is surprising to most everyone, but here we are where Gold futures pricing is at $1930 and spot pricing is at $1935.

      I agree that we need to see where today’s closing price is, and in particular where things end up on Friday for the weekly and monthly, but if things stay elevated like this, they are about to put on their highest weekly/monthly close ever.

      Fun times!

        Jul 27, 2020 27:41 AM

        As mentioned up above, I’m still curious to see if this $26 – $26.50 level in Silver from the prior troughs in 2011 & 2012, and the level where the bottom fell out in 2013 is going to prove to be overhead resistance. (not a high, but a place where Silver may get swatted back down in a corrective move)

        Jul 27, 2020 27:52 AM


        Thanks for your response! I agree with everything you have said except I should have been more clear when I made that friendly bet that gold would put an all time high on the monthly which it has yet to do. So on a daily yes it has surpassed that high. By the looks of things Matt is going to be tight with those higher targets he mentioned. I believe he said as high as or close to $2000 before correction.

        Maybe Matt you can give us an update as to price objective from here? I agree ex that times are amazing and I’m having the best year ever.

        My portfolio which consist of 9 companies

        5 year annual percentage return 17.8%
        3 year annual percentage return 53.4%
        12 month percentage 141%

        We know that not all times are always this good but man I will ride it as long as I can :).

        I know you guys are hopefully also killing it! We have like others mentioned the best team led by one of the best I have seen in Matt. Ex your work also does not go unnoticed including your targets.

          Jul 27, 2020 27:00 AM

          Thanks Glen and yes, it is definitely time to celebrate the amazing year most PM investors are having. As of this morning my account has doubled since where it started out the year, and I’m up 267% from where it was on the March lows. It feels like a Friday and we just got started this week! 🙂

          Last Monday and Tuesday were the 2 best trading days I’ve had ever, and today, has been solid (up a slightly smaller percentage amount, but a larger dollar amount as the overall account value has swelled so much). This is crazy!

            Jul 27, 2020 27:13 AM

            I normally trade with 2 screens and 2 computers, but I decided to bring in a larger flat screen TV into my office today hooked to my laptop, as I want to see these number biggie-sized!!

          Jul 27, 2020 27:52 AM

          Great comments……….We will see……….

    Jul 27, 2020 27:54 AM

    Wolf I have to admit that I’m still on the fence for the simple reason I want that monthly to print above my now exposed target lol.. rest assured I’m in Matt’s camp this is going higher regardless. So if anything I adjusted my stance with gold going higher this year and never sold my investments short term or long. And my silver targets, well what can I say 😀

    Can I get wolf wolf can I get a wolf wolf 😃

      Jul 27, 2020 27:00 AM

      Believe you’re getting more than just a wolf wolf. 😜

        Jul 27, 2020 27:56 AM

        😃thanks for all your contributions as well wolf I do enjoy your talk and like your warrant enthusiasm:). Something I hope to learn more about down the road.

    Jul 27, 2020 27:24 AM

    All I can say is sorry I missed this weekends back and forth. A lot of really good analysis and back and forth on the board as well as a great show. Matthews points on SILJ were some of the best thoughts I have heard on the board and might take that approach in the small retirement account I manage. Thanks everyone for an incredible board that is truly a hidden gem!

    Jul 27, 2020 27:37 AM

    One thing I would like to do is poll is how much cash or short term bonds folks are holding at this juncture (IMHO nearing an intermediate top in gold I believe with the general stock market close to a top). I was thinking about raising some cash today.

      Jul 27, 2020 27:14 AM

      After the buying I did last week, especially Friday, I’m at 1.7% cash. That buying mostly consisted of the repurchase of shares sold earlier in the week.

        Jul 27, 2020 27:58 AM

        Charles no cash zilch!

        I’m highly aggressive here with “note” to what you have mentioned.

      Jul 27, 2020 27:40 AM

      Charles I had trimmed some stocks back over the last few weeks and got up to 11% cash, but I have some miners bought on leverage. I’d say I’m about 90:10 at present.

      Jul 27, 2020 27:18 AM

      Thanks guys. I am pretty much at zilch too, but feeling like a more material pull back has to be coming soon.

    Jul 27, 2020 27:46 AM

    Go back to sleep…….nothing to see here……. 🙂

      Jul 27, 2020 27:48 AM

      Gold was $1975…, $1923………..the cup is filling up…. 🙂

        Jul 27, 2020 27:45 AM

        Futures have moved back up to $1935, and again, to have taken out the all time high without hardly a pause is incredibly bullish for Gold. Silver futures at $24.48.

        This move higher the last few weeks in PMs has been epic and blew past everyone’s short-term expectations. Ever Upward!

        Jul 27, 2020 27:59 AM


        I’ve added you to the can I get a cup cup can I get a cup cup 😝

          Jul 27, 2020 27:11 AM

          Glen……. my friend, you are welcome to a Cup anytime…….now, get busy on the handle… 🙂
          If, it closes to day above $1923…….the handle is UP…..

            Jul 27, 2020 27:13 AM

            Or could it, be,…….. the jig is up….. lol..

            Jul 27, 2020 27:18 AM

            OOTB – you may be correct, that the money men and dollar bulls in New York may have started to capitulate like a bunch of nancies; and as you mentioned…… the jig is up…..

            New York Girls – Finbar Furey


            Jul 27, 2020 27:21 AM

            We are going to find out……..If, there is any gold at FT.KNOX….. 🙂
            Knowing the Clan……they have already raided the treasury…..

        Jul 27, 2020 27:01 AM

        I’m loaded to the tits on Scorpio! Thanks for the post Matt could not feel any better..

        Called it two weeks ago wolf is my witness…Scorpio breakout targeting .29-.30 in short order..

          Jul 27, 2020 27:14 AM

          Lol yes jerry the handle will come from a higher up :).

          What was your target 1/4 from the 1923 top? Before handle

            Jul 27, 2020 27:15 AM


            Jul 27, 2020 27:18 AM

            Remember,……I said……..I read years ago…..about cup and handle, from IBD….and they noted a break out would be 1/8….that info was from the year 2000…..
            but, what the heck do I know…… 🙂

            Jul 27, 2020 27:31 AM

            GLEN………….now you can start working on the SILVER CUP…… 🙂

          Jul 27, 2020 27:54 AM

          Glen, imagine my surprise when SGN pulled back and allowed me to buy at .16 (just 55,000 shares)!

            Jul 27, 2020 27:58 AM

            Stung with the stinger………nice…..

        Jul 27, 2020 27:03 AM

        Simply amazing!

    Jul 27, 2020 27:10 AM

    Now this is a great gold intersect…

      Jul 27, 2020 27:38 AM

      That is a solid gold intercept for Scorpio – especially for Nevada which is typically much lower grade bulk tonnage deposits. Impressive!

        Jul 27, 2020 27:50 AM

        That high grade narrow gold intercept of 53.49 g/t and bonanza grade silver intercept of 3,960 g/t is particularly interesting. I’d like to seem them find a few more of those in the mix as those can really boost the overall grade and profitability in a hurry. Good stuff!

    Jul 27, 2020 27:21 AM

    Chris Vermuellen said we should not have more than 10 or 15% of our portfolios in precious metal stocks. I did some figuring and found that I had 83% in precious metals yesterday, and a lot more today. I wonder how that compares to Matthew, Doc, Excelsior, LPG, et al?

      Jul 27, 2020 27:27 AM

      That is just general information, for the general public……JMO

        Jul 27, 2020 27:33 AM

        Does that have anything to with a PERSON’S AGE……. ?…. Until retirement…, but, I been retire for 20 yrs….lol

          Jul 27, 2020 27:35 AM

          And retarded for 50….. lol

            Jul 28, 2020 28:46 PM

            Ain’t that the truth. Very retarded.

      Jul 27, 2020 27:30 AM

      Hi bonzo – I have a Retirement account with no Precious Metals, and then savings accounts in fiat dollars, some physical coins, some squirreled away in permanent life insurance, and the balance in real estate.

      As for my trading account it’s almost completely focused on resources and energy, and I don’t have an exact number, but it’s about 80:20 (80% Gold & Silver stocks : 20% Base Metals, PGMs, Uranium, Lithium, misc…)

        Jul 27, 2020 27:33 AM

        Admittedly, if I was 100% in PMs I’d have had better account returns the last few weeks, but who knew it was going to be this strong of a move? Also, I like being diversified and as this bull market runs (maybe in about a year or 2), then I’ll start moving more funds over to Copper, Zinc, Nickel, Uranium, Lithium, Specialty Metals.

          Jul 27, 2020 27:39 AM

          As for the Platinum/Palladium miners, I’m already starting to beef them up.

            Jul 27, 2020 27:46 AM

            Platinum…………way behind……..just interesting , that it is struggling so much….
            I am trying to decide, If, I even want to waist any more time on it….. just thinking…

            Jul 27, 2020 27:48 AM

            waist to waste..

            Jul 27, 2020 27:48 AM

            Yes, Platinum is way behind, which is exactly why I’m beefing up my positions now. It is steadily making progress again, and I believe Platinum can gain some ground on both Palladium and Gold at their current vaulted levels.

            Jul 27, 2020 27:56 AM

            I was adding last year, but, have stopped….for now, ….I am going to keep an eye on it.
            More, excited about silver……at this very moment……Because , I think it is just the next step… fire up….even higher…..$49… the target…..

            Jul 27, 2020 27:23 AM

            Yeah, me too. I’m FAR more heavily weighted in Silver miners than Platinum miners, but just thought I’d mention they are looking like a good value here, as is the metal.

            Jul 27, 2020 27:27 AM

            I agree,……..

        Jul 27, 2020 27:48 AM

        Excelsior, I forgot to add in my house to my portfolio. That would have brought precious metals down to just 64% yesterday, but they are way up today, so I have about 2/3 of my assets in precious metals. Sprott has over 80%. I assume Pierre Lassonde, Rob McEwen, Doc, and Big Al do too. Matthew probably has a million acre ranch stocked with herds of bison, elk, and rainbow trout.

          Jul 27, 2020 27:02 AM

          Bonzo, about the million acres, I wish.
          I am also over 80% but there are some smart guys I respect who think 30-40% should be the max. I’m fine with what I’m doing but it is definitely not a good idea for most people and not many are wired to handle the unavoidable huge swings in net worth.

            Jul 27, 2020 27:41 AM

            Matthew, I look forward to the day I sell my precious metals for untold millions and put the money in XOM and MO and BTI yielding 8% or more.

            Jul 27, 2020 27:52 AM

            By that time…..bonzo……….Inflation will outstrip 8%……..

            Jul 27, 2020 27:42 AM

            Sounds like a plan, Bonzo. XOM has been capped for many weeks by an important fork resistance:

            Jerry, maybe not. The “reset” will end at some point which is why our gold bull will end, at least for years if not decades.

            Jul 27, 2020 27:50 AM

            Ah, the RESET………., If, we do not have a CENTRAL BANK, included in the reset, maybe inflation will not exist….and then the 8 % dividend, will be in bonzo’s favor…..
            Then I will agree…. 🙂
            But, I do agree, with you on…the bull will end….this cycle….but, we may not need anymore cycles, because gold will be pegged….as before the FED……just thinking…

    Jul 27, 2020 27:13 AM

    Well….sitting on all my stuff still. EDR SCZ rocceting higher…listening to the top callers?
    Matt you got low cash levels….what to do….ride out a correction or blow ot out??
    Im lost at this point…cheers

      Jul 27, 2020 27:48 AM

      Bill, I raised cash last week and redeployed it last week. Today, I’ve been rebalancing. I will not blow anything out if a correction starts right now. There is simply nothing scary about this market other than the vertical move off the March low IF looked at wrong (as most seem to be doing).

    Jul 27, 2020 27:14 AM

    Guess I’ll take my foot out of my mouth on triumph. 😮

      Jul 27, 2020 27:32 AM

      Yep, TIG Triumph Gold was on the move last week, and is up about 31% today.
      (I just wish I had bought more 🙂 )

      I opted to buy more Lion One Metals and LIO is up over 26% today so I can’t complain.

      DSV Discovery up 28% today (I trimmed a bit)

      SCZ Santacruz Silver up 18% today

      AUN Aurcana up 17% today

      FISH Sailfish Royalty up 15% today

      REX Orex up 13% today

      DV Dolly Varden up 11% today.

      PRG Precipitate up 10.5% today.

      This is fun!!

        Jul 27, 2020 27:45 AM

        For a royalty company I’m very impressed with MTA Metalla up over 10% today. Nice!

          Jul 27, 2020 27:51 PM

          I bought some more Metalla early last week as it looked like it had corrected sideways long enough. Glad I did. I also bought a little sailfish a little while ago even though it had run some to keep my eye on it. Seems to want to keep going.

            Jul 27, 2020 27:07 PM

            You have yourself a breakout. I also bought it recently for a quick trade and am now out. My roving eye spotted something with a little more upside. Maybe. 😉

            Jul 27, 2020 27:03 PM

            Nice move Charles. I added to both Metalla and Sailfish last week as well, to store some of the profits from companies and trimmed back and was impressed with how hard Metalla has continued to chug higher the end of last week and into today.

            Fun times!!

            Jul 27, 2020 27:09 PM

            I’ve noticed most of the royalty companies have been ripping lately. I’ve been trying to get into EMX and it keeps surging higher. (up another 12% today).

    Jul 27, 2020 27:16 AM

    Also sitting in my hot tub perfect morning. Powell River best place on earth…tons of lakes stones throw from the ocean and only ferry access keeps us safe from a stupid world.

      Jul 27, 2020 27:21 AM

      I hear you. Was supposed to spend summer in sechelt to see what the job opportunities are like. I do home Reno’s mostly tiling and painting. COVID delayed things

        Jul 27, 2020 27:25 AM

        What kind of tiling……ceramic tile……..?

        Jul 27, 2020 27:32 AM

        Bummer Wolf. My families been builders for 3 generations.
        I see nothing but good things for these areas. Van Island too.
        More stupid the planet gets….its a safe as it can get here…cities are for the dogs.

    Jul 27, 2020 27:33 AM

    Just a note…………
    The theory, which gets technical, is explained here. The issue, in short, is that far more investors are opting to take physical delivery when contracts end, rather than roll them over. This chart from Longview Economics shows the number of contracts that are being converted into physical deliveries. Gold futures are a handy way to hedge financial risks. But they have never been used to buy bullion on this scale before:

    Jul 27, 2020 27:35 AM

    (AZM) Azimut Exploration Discloses Drilling Results from Gold Discovery on the Elmer Property, James Bay Region, Quebec Français

    Jul 27, 2020

    2.77 g/t Au over 90.20 m including 12.28 g/t Au over 14.2 m
    2.61 g/t Au over 72.15 m including 29.24 g/t Au over 4.95 m
    1.14 g/t Au over 103.15 m including 4.15 g/t over 12.0 m
    3.66 g/t Au over 22.75 m including 7.21 g/t Au over 10.65 m

      Jul 27, 2020 27:39 AM

      Azimut down 15% on the above drill results. Go figure.

        Jul 27, 2020 27:42 AM

        Yeah, the market doesn’t seem to like news because it wasn’t high enough grade, but it is lost on most that those are incredibly wide intercepts and very economical hits.
        > 90 meters at 2.77 g/t, 72 meters at 2.61 g/t, 103 meters at 1.14 g/t are all solid hits.

        > Also the 12.28 g/t over 14 meters and 29.24 g/t over 4.95 meters are excellent high grade hits.

          Jul 27, 2020 27:56 AM

          David – I added more AZM today. After mulling it over over more I like the drill results and feel the move down when the news was released today was an over-reaction to the downside, and their exploration team is proceeding precisely as they need to.

    Jul 27, 2020 27:41 AM

    Amex halted and un-halted within minutes. No explanation. Stock goes negative about 2% and now working way back.

    Jul 27, 2020 27:39 AM

    Cool thanks Matt. It will be interesting to see these stock if Silver reaches the old highs!!
    On July 27, 2020 at 10:48 am,
    Matthew says:
    Bill, I raised cash last week and redeployed it last week. Today, I’ve been rebalancing. I will not blow anything out if a correction starts right now. There is simply nothing scary about this market other than the vertical move off the March low IF looked at wrong (as most seem to be doing).