Matt Geiger and Rick Bensignor – A Focus on Markets and Metals

September 4, 2021
Full Weekend Show

On this Weekend’s Show we feature Matt Geiger and Rick Bensignor, both weighing in on the markets and metals. We spend a couple of extended segments with both to dive into the big picture themes that all investors need to consider.

We appreciate you all tuning in this weekend and hope you have a great long weekend! You can email us at anytime at and

  • Segment 1 and 2 – Matt Geiger, Managing Partner at MJG Capital kicks off the show by sharing his thoughts on the reversal in the US Dollar and outlook for US markets, all related to investment demand for resource equities. We then discuss the recent M&A in the nickel sector and a flurry of royalty deals in the past 2 weeks. Click here to visit the MJG Capital website to learn more about Matt’s fund.
  • Segment 3 and 4 – Rick Bensignor, President of Bensignor Investment Strategies wraps up the final two segments with a long term look at the US markets, gold, and cryptocurrencies. We discuss the key catalysts for markets and if Rick thinks a major crash is around the corner. We then move to the bond market, which is he bearish on, and where the investment capital will flow. Click here to learn more about Rick’s newsletters.

Exclusive Company Interviews This Week

Matt Geiger
Rick Bensignor
    Sep 04, 2021 04:25 AM

    Well, once again, another solid close on a Friday for Gold to end the week, just like last Friday.

    The poor jobs report numbers and weak dollar vaulted Gold up on Friday to the first overhead resistance in the mid $1830’s to close the week, so it will be interesting to see if it can break above this level next week after the long holiday weekend, or if it gets swatted down from this level of resistance.

    Gold did close on Friday above the 200 day SMA, 100 day SMA, and 50 day SMA, on the daily chart, so that is bullish and encouraging.

      Sep 04, 2021 04:28 AM

      As previously mentioned, the longer term bullish trend of higher lows remains in place, as does the longer term bull market in the yellow metal.

      Those that were expecting the March double-bottom lows to break down further to the low $1600’s to mid $1500’s will just have to keep waiting it seems.

      >> It’s important to note, that thus far… the lows for this year were now 5 1/2 months ago at $1673.30. That double-bottom in March has continued to hold strong since then, and has not been pierced to the downside.

      A few weeks ago, there was that flash crash down in gold in overnight trading, where sell stops were triggered, and price cascaded down to test that March double-bottom for a 3rd time. It held. Pricing on the chart ended up making another “higher low” at $1675.90, and then has clawed it’s way back up over $150 since then.

      So far so good on the move off that recent higher low from a few weeks back, but the yellow metal still has much more work in front of it, to repair the chart damage inflicted. Most technicians still want to see Gold get up over $1850, and then close there on a weekly basis, to get a bit more positive momentum going. If a close above $1851 is achieved, then the next resistance is $1900, then $1919-$1921, then $1962-$1966, and then the all-time high of $2089.

        Sep 04, 2021 04:29 AM

        It is also significant and bullish, on the weekly chart, that Gold closed Friday at $1833.70, which was decisively above the 50 week SMA at $1824.45.

    Sep 04, 2021 04:50 AM

    The ‘X factor’ Lifting Uranium Stocks

    Michael McCrae – Friday September 03, 2021

    “Bellwether Cameco is up 18% for the week to $21.39 a share.”

    “Juniors and developers are up sharply, too. In the past five days Denison Mines is up 21%, Uranium Energy gained 22% and NexGen Energy has grown 27%.”

    “Renewed financial interest to invest in physical uranium, aided by the Sprott uranium trust, has recently pushed spot prices higher and is an X factor in our price forecast,” wrote analysts from RBC, who published their note yesterday.

      Sep 04, 2021 04:52 AM

      Uranium Stocks are Moving – Juniors Dusting off the Basin

      David A. Talbot – MD, Mining Analyst – Red Cloud Securities

        Sep 04, 2021 04:02 AM

        SilverChartist @SilverChartist 1:09 PM · Sep 3, 2021· Twitter Web App

        #URANIUM WRAP:

        Many #U3O8 Miners up 25+% this week alone…


          Sep 04, 2021 04:10 AM

          Uranium Market Insights with Justin Huhn of Uranium Insider

          Mining Stock Education – Aug 31, 2021

          0:00 Introduction
          0:30 Uranium investor sentiment
          2:50 Sprott physical uranium trust price action
          8:06 Any political movement have you concerned as a Uranium investor?
          10:04 Disconnect between EVs and nuclear energy generation
          12:00 What nations are promoting nuclear energy the most?
          14:13 What to look at for a rising uranium price
          17:59 What is your exit strategy?

    Sep 04, 2021 04:56 AM

    In the discussion with Matt Geiger, on this weekend show, we dug into the nickel sector. It seemed worthwhile to repost this article again from earlier this week.


    Nickel Price Soars To Record In Shanghai On Strong Demand, Low Stocks – August 31, 2021

    “The most-traded October nickel contract on the Shanghai Futures Exchange hit a record 149,870 yuan ($23,197) a tonne, up 21% year-to-date. Three-month nickel on the London Metal Exchange also touched its highest since July 30 at $19,810 a tonne, having risen 17% so far this year.”

    Sep 04, 2021 04:07 AM

    August Jobs Report is Concerning News for Fed

    Jeanna Smialek – 09/03/2021

      Sep 04, 2021 04:15 AM

      Hi Ex, I was seeing a lot of green last week on my picks, the fundamentals for the gold market look very good to me. My only concern is the conventional markets taking a swan dive sometime soon, other than that my gold and silver stocks are looking good. Did you see Pure Gold had a nice run on Friday, it’s about time, now if we could get Group Ten and a few others to start popping, I can really sit down and enjoy the show. Oh yes, and crack open a few craft beers, my favorite now is Amsterdam Blonde, I’ve gone off brunettes. LOL!

        Sep 04, 2021 04:28 AM

        Hi DT – yes, definitely lots of green on the screen last week in the mining stocks across the board, with the precious metals and energy metals getting a bid from investors once again.

        Many of the positions I had bought back 2 weeks ago, after having sold them for tax losses to wash out capital gains on the year in mid-July, just came roaring back to life this last week. Overall those were a great series of trades thus far, and it was the right approach to take tax losses early this year when the miners were capitulating in July; but then get right back in 30+ days later. There were many quality companies that were oversold, and the risk/reward set-up was incredibly attractive.

        Yes, Pure Gold that you mentioned was one of over 20 stocks I did that with, because they have the goods in the ground, have worked through their production ramp up issues, and they are continuing to have success drilling at depth.

        As we covered in great detail on Wednesday, there is a lot to be bullish about with Group Ten as they are working on releasing their maiden resource estimate at Stillwater West, and it will outline the impressive palladium, platinum, rhodium, nickel, copper, cobalt, gold deposit that they are growing. The exploration team at (PGE) is also underway with their 10,000 meter drill program (the largest one to date from the company) and those results should start coming back in a month or so and will be growth to their resources above and beyond the maisen resource out in a few weeks, and will add to the update that is planned for 2022. I’m sure Sibanye will be watching all of that with keen interest, just like we investors will be. As mentioned above in the comment to Thomas, there aren’t that many impressive Nickel deposits out there and much of the value in Stillwater West will be derived from the Nickel component of the resource.

    Sep 04, 2021 04:01 AM

    If gold can keep momentum next week, I think, well hope, the miners will start a comeback again

      Sep 04, 2021 04:22 PM

      Hi Ulf the Wolf. There were some nice green shoots this week in many of the miners, so yes, fingers crossed that we see some follow through in the weeks to come.

      September is seasonally one of the strongest months in gold, and we seem to be having a more typically year in those regards, where we are leaving the summer doldrums and heading into the strong autumn period.

    Sep 04, 2021 04:44 AM

    After reading Kuppy’s post on Sprott Physical Uranium Trust at his site: “Adventures in Capitalism” and how it was uniquely suited to was to “alter” the Uranium marketplace I decided to start a small position in U-UN.TO

    Let’s see what happens –

      Sep 04, 2021 04:25 PM

      Hey there Mike. Thanks for bringing that piece from “Adventures in Capitalism” to our attention earlier in the week, and yes, there has been a lot of trading action in the Uranium space, and this week was stellar, as noted above in some of the posts on returns in the U stocks.

    Sep 04, 2021 04:30 AM

    From First-time commentor, Long-time appreciative reader of the KER: How does a commodities investor reconcile the recent few weeks’ positive return in commodities with the uncertainty in the US Money Supply that was expertly described by Trader Vic Sperandeo on the August 7 Weekend Show. As I interpreted Trader Vic, he explained that the significant daily US Federal Reserve’s Reverse Repo Operations are clearly draining liquidity & money supply from the US Economy. Several months ago, Doc also expressed his concern about these daily Reverse Repos. For the last few weeks, this Reverse Repo Operation continues to be over a trillion $ daily. I would appreciate comments here.

      Sep 04, 2021 04:17 PM

      Hi Concerned Grandpa – Welcome to the KE Report and it is great to hear from new contributors, and we appreciate you being a long-time listener and reader here.

      Yes, Trader Vic had a fantastic segment a few weeks back, discussing on the inflationary pressures created by all the new money supply and now finally coupled with an increasing velocity of money, but counter-balanced with the reverse repos draining some of the liquidity from the market plumbing, that otherwise could have gone into the markets.

      It’s possible the result will something more akin to the 1970s Stagflation environment where we see inflation stay sticky (and not transitory), as Trader Vic eluded to, but that the economy starts to slow and stagnate. The Fed has already indicated that they don’t plan on hiking or tightening rates until 2023, so we are going to be stuck in a range of lower rates for for the foreseeable future, and that means with inflation staying more elevated than in the previous decade, that we’ll continue to see negative real rates in the US. We are seeing the same thing in many other countries abroad, and the even though some central banks are ahead of the Fed in tightening, they haven’t done much yet, and some are also at risk of needing reverse course down the road if things go off the tracks.

      All of this should continue underpin a bid for gold, possibly the cryptos, and a continued piling into the general markets high flying mania stocks, as there will less and less incentive to be holding onto US treasuries with negative real rates, and the erosion of purchasing power through inflation.

      There are some that are concerned about shorter-term potential deflationary pressures, and I believe Doc eluded to that in our most recent discussion with him, but he is also still bullish on the PMs in the medium to longer term, as being a recipient of investor capital, once we get through any more potential shorter term weakness. Hopefully he can correct or elaborate on any of that if he sees this comment.

      Regardless, welcome aboard and thanks for your post.

      Sep 04, 2021 04:39 PM

      Concerned Grandpa, I think you should read the 8/26/21 “Measuring Taper” here:

    Sep 04, 2021 04:32 PM

    Hey Ex, anyway, you said to voice our concerns in so many words. I have absolutely no complaints. Just want to substantiate that before I address some of the matters I deem to be important to continue contributing. Furthermore, I understand that the world does not evolve around me. Just want to make that clear. There is absolutely no demands here whatsoever. Things can get misconstrued and misunderstandings can snowball out of control.

    With that being said, I have pretty much wrapped up contributing including commenting on the politics blog. I’m not saying there’s anything wrong with it however it’s really on going repetitions with just a few subjects and few contributors. Consequently and personally I find it very difficult to maintain any interest. That’s just from my point of view of course.

    Moving forward, I know there’s a significant concern regarding keeping a lot of the outside political toxic policies and some of the dire consequences this nation faces in the future off these trading blogs. Maybe not entirely however you can’t be constantly be reading all these other concerns in the middle of trading strategy setups.

    Nonetheless, I believe that you’re fully aware of all these circumstances that I’m referring to in the paragraph above. Just a suggestion and maybe I’m missing here by a long shot ? Maybe a separate editorial with the subjects and then of course the blog down below for comments. The reason is, hoping we get a new influx of new contributors and more of diverse dialogue with more areas of other circumstances and consequences that are facing this nation. Not that I’m going to entirely cease and desist on posting on these investment blogs however things are very limited because I pretty much expressed a lot of important information leading to gold fever and a gold rush.

    Wrapping things up, maybe there’s a chance with your expertise and creativity to mix it up a little bit on individual editorials as I mentioned above with the comments below, not affecting the investment blogs negatively. Ha Ha if I don’t hear from you that means it’s off the chopping block and completely out of the question lol. Anyway, take your sweet time mulling it over and it may be a quick decision lol. By the way, thanks in advance for your considerations and listening to this, maybe it’s a rant, not really though.

      Sep 04, 2021 04:55 PM

      Hi Holy Grail and thanks for your comments, questions, and suggestions and they are appreciated.

      As for you ceasing to post on the politics blog, I can understand, and most people are fatigued from years of political division that has only escalated over the last 2 years to a fever pitch. I don’t follow all the comments there as closely, but like and enjoy the folks that share ideas there.

      Those kinds of political or religious topics can be very polarizing, emotional, and as you described it “toxic” topics for many readers, and that is why the sections were separated years ago. This provides the outlet and content on those blogs for folks that are interested in those topics. This also keeps the investment blog free of those comments and more focused on investing and inviting for the new people, that you mentioned we want to keep attracting to share their ideas and hear from.

      The KE Report brand out in the marketplace of economics is what drives the lion’s share of the site traffic, which is what brings over site sponsors and the multitude of solid company interviews, and then that is what attracts our large group of generalist economic contributors. All of that is then what also creates a robust community of folks here on the blog sharing insights with one another.

      Over the last 12-18 months the site is averaging upwards of 20,000 unique visitors per month, and many of the interviews get hundreds or even thousands of listens directly off our site, not including all the podcast downloads, or viral sharing. This means we’ve got a fantastic audience here tuning into the daily editorials and weekend show (which still airs on 25 radio stations). Obviously, not everyone reads the blog, just like on any outlet, but we want to encourage as much participation as possible. Prior to this post we just had a new contributor up above join in to share ideas, which is very nice to see.

      Overall things are going very well for the site and we are always open to getting feedback from everyone. I’m not sure I completely understood this part above where you wrote:

      “Maybe a separate editorial with the subjects and then of course the blog down below for comments. The reason is, hoping we get a new influx of new contributors and more of diverse dialogue with more areas of other circumstances and consequences that are facing this nation.”

      Maybe you could expand on that idea a bit further to clarify what you mean. Much appreciated.

        Sep 04, 2021 04:16 PM

        Hi Ex, I know you’re busy I think you quickly read my comments and that’s fine as I do the same.

        It’s not the toxic policies and the dire consequences that I’m exhausted with. We’ll ya, however we’re stuck with them no matter how you slice it or dice it.

        My point was, that there’s a limited participation with just a few posters on the politics blog with only a couple subjects really being covered and it’s extremely repetitive.

        As I suggested in my comments above hoping with your help a new editorial with the subjects regarding all the dire consequences and toxic policies and then the comments down below hoping for a more diverse covering of all the dire consequences facing this nation and a new influx of new contributors. Anyway, that may not be possible because everyone might end up over here now, I don’t know. That’s fine, however we need a new influx of new contributors it’s just a few people over there on the politics blog that’s my point. It’s always the same subjects that are being constantly debated and there’s only two main ones. That’s all the interest is and there’s only a couple posters there. Not really, but almost.

        You have to reread my original post because I don’t want any misunderstandings and things can still snowball to control I don’t want that. So before anyone fires off any comments please at least read the very top paragraph of that original post. There’s no demands here or frustrations because it’s just a suggestion and there’s no complaints.

          Sep 04, 2021 04:28 PM

          Thanks for clarifying what you meant Holy Grail and again thanks for the comments and questions.

          I don’t really have any comments on the political blog, as I don’t have any input in it, but believe there are a lot of sharp individuals doing what they can to help share info that they feel is important.

          Cory & I are simply working hard on the economics discussions, company interviews, and keeping a steady stream show guests that we bring onto the KE Report day in and day out. Neither of us has any interest in tackling the other topics outside of that, as it is not our focus.

          If you have some topics on economics that would be relevant to investors, then we’re more than happy to get those suggestions. If there are speakers, different investment sectors, or companies you feel should be reviewed, we are always open to those kinds of suggestions and reviewing them as they come in.

          As mentioned previously, what drives the vast majority of the site traffic, companies, fund managers, newsletter writers, technical analysts, and thought leaders to the site is the economics focus, and that’s the direction we’ll keep pursuing to attract new individuals to the site. Hopefully once they start following the interviews, they’ll also feel like participating on the blogs as well with the great community here.


            Sep 04, 2021 04:39 PM

            Ex, I understand there’s more interest in the investment side of things. Other editorials with the subjects of some of the dire consequences this nation faces being posted on this investment site with comments down below isn’t of any interest. In other words, it’s not going to help drive the traffic to this site. If I understand that correctly. Again though, this has nothing to do with the politics side of things on the other site. Anyway, I get it if that’s how I understand it. No big deal. Only a suggestion and it’s not going to help the financial side of things for the site.

            Sep 04, 2021 04:03 PM

            Yes, it’s more a matter of focus, and that is on the economics side of things.

            In the banner for the Korelin Economics Report at the top of this page it mentions the brand of “The Original Radio Program Dealing Exclusively With Asset-Based Investing”.

            Cory & I have widened the net to include discussions from many generalists and economic thinkers beyond just asset-based investing, and we cover the general equity markets, tech, biotech, growth & value sectors, commodities, currencies, cryptos, bonds, emerging markets, technical analysis, and many more economic topics and that is PLENTY to try to keep up with. That’s the focus here from us, and there is a huge weighting of coverage to the resource sector, but we are also open to expanding in small cap investing in general.

            There are plenty of other sites that cover the other sectors or other topics (such as consequences facing the US or any country) in a different way, and we aren’t trying to be that. We also have a diverse make up of listeners with about 55% being from the US, 30% being Canadian, and the balance being European, Australian, and Asian demographics, so we don’t want to get overly US myopic either.

            Thanks Holy Grail and again, if you feel there are topics in those economic areas you’d like to hear more about then we are open to reviewing that kind of feedback from the KER crew.

            Sep 04, 2021 04:06 PM

            EX….. you better deepen you staff…….. 🙂

            Sep 04, 2021 04:07 PM

            That is a lot of ground to cover…..

            Sep 04, 2021 04:10 PM

            Haha! Tell me about OOTB. 🙂

            That is why we work on bringing on the thought leaders, to get their perspectives in their respective areas of focus. It’s a team approach.

            “If you build it, they will come.”

            Ever Upward!

            Sep 04, 2021 04:16 PM

            Thanks Ex, it was just a quick thought and an alternative. Didn’t expect anything out of it.

            HEY EX, IF YOU DON’T ASK, YOU DON’T GET !!!!!

            Sep 04, 2021 04:55 PM

            Absolutely Holy Grail, and thanks for asking and participating here on the KER.

            We can all learn a great deal from one another and appreciate all the different points of view.

            Sep 04, 2021 04:49 PM

            👍 catch you later and take a very good care. Thank you for your high professionalism and your attentiveness.

            And Go Gold !!!! Nothing like a gold rush.

    Sep 04, 2021 04:52 PM

    Ex, Thanks for your comments.

      Sep 04, 2021 04:56 PM

      Sure thing and glad to have you here.

    Sep 04, 2021 04:05 PM

    I would say something in defense of the ORPHAN SECTION, but, ….

      Sep 04, 2021 04:14 PM

      Haha! Hi OOTB, there was no offense intended to the political section, and you know we all appreciate your contributions sir. I was merely outlining the reasons why the blogs and weekend shows were split years ago, to keep both areas much more focused and relevant.

      As for Holy Grail’s fatigue with politics – who can really blame anyone these days for feeling overwhelmed, upset, or just burnt out after such a wild last few years in the US and abroad globally. Keep up the good work over in the “Orphan Section” my friend.


      Here’s something to cheer everyone up:

      Little Orphan Annie with “Tomorrow”

        Sep 04, 2021 04:20 PM


          Sep 04, 2021 04:21 PM

          Oh,…. and Thanks… 🙂 for the kind words…

            Sep 04, 2021 04:30 PM

            Absolutely OOTB. You’ve been a solid contributor here longer than most of us, and your thoughts and info shared is great appreciated by many.

            Hoping you have a great holiday weekend.

            Sep 04, 2021 04:38 PM

            Ditto …….. and thanks….
            I am having a great one…. … years are passing faster than greased lighting…. 🙂

      Sep 04, 2021 04:20 PM

      Jerry, there’s no defense, because there’s no complaints. Read the very first paragraph of the original post and that defines everything being said. There’s no offense here whatsoever in any shape or form. All the very best. I’m not saying anything bad about it it’s just my own personal choices that’s all whether it’s right or wrong it may be all wrong lol however, I was not trying to offend anyone

        Sep 04, 2021 04:23 PM

        No problem here…. 🙂

          Sep 04, 2021 04:25 PM

          If there is, just be honest lol

          Others might be offended however I’m not.

            Sep 04, 2021 04:39 PM

            You should know, I hold very little back… 🙂

            Sep 04, 2021 04:42 PM

            How would I know ? I just met you lol

            Sep 04, 2021 04:50 PM

            LOL……. you should do a review… the last several years… lol. … 🙂
            HH, GH… 🙂

    Sep 04, 2021 04:52 PM

    I have no idea what you’re talking about ????

    Jerry, I was just joking about it that I just met you.


      Sep 04, 2021 04:02 PM

      Ok…. good joke… 🙂

        Sep 04, 2021 04:04 PM

        Hard to write comments sometimes , that come off correctly as intended…. So, OK…
        No problem here, again…. 🙂

          Sep 04, 2021 04:11 PM

          I forgive you !!! lol

          I didn’t think the joke was too bad though lol

          Anyway, we all have circumstances and distractions when we’re posting and sometimes we’re just not thinking.

          Hey, I get confused easily 🙃 lol there’s a time to be joking around and then there isn’t a time to be joking around and maybe that wasn’t the right time a senior moment lol

            Sep 04, 2021 04:17 PM

            I was going back and forth….. I just posted some great info IN THE ORPHAN SECTION
            Covid… and David Steele Passing…. the PRESS IS ON BIG TIME….

            Sep 04, 2021 04:26 PM

            Very interesting times indeed. I just don’t follow it anymore because things change everyday.
            It never ends all that stuff. We know where all this is headed anyway and the end result.

            Sep 04, 2021 04:39 PM

            By the way, I was little late. I did post a couple messages to you on David Erfle blog. It’s been a few days ago I think. Anyway, maybe you didn’t get them but I just wanted to let you know.

            Sep 04, 2021 04:50 PM

            Ok,…. thanks… I think I read most of them, …

            Sep 04, 2021 04:57 PM

            👍okay, catch you on the rebound. Sometime, somewhere… take very good care.

            Sep 04, 2021 04:07 PM

            Ditto… 🙂

            Sep 04, 2021 04:10 PM


    Sep 04, 2021 04:52 PM

    Otavio (Tavi) Costa @TaviCosta 6:56 PM · Sep 3, 2021· Twitter

    #Silver. “One of the best opportunities in today’s macro environment.”

    “Now bouncing at the lower bound of an upward channel.”
    “I think we’re headed much higher from here.”

      Sep 04, 2021 04:40 PM

      Crescat gets activist about gold and silver. This a great video where Crescat with Tavi Costa and Quinton Hennigh have come together to talk about 6 or 7 exploration plays that have the potential to become monsters. The big exploration finds is where the investors can really roll up profits. Quinton does all of the talking as he has the background to discuss the geology behind these plays. It is well worth the listen, I was following Red Pine exploration when they came out with their drill results on Friday, as investors it takes a while to find new companies with potential; here are some interesting plays.

    Sep 04, 2021 04:02 PM

    Richard/Doc, in the past, I know you’ve expressed concern about the current significant Federal Reserve Reverse Repo. Operations. Would you become more aggressive in your nibbling of resource stocks, if the Fed significantly reduced these daily Reverse Repos., and still maintained QE at current levels & interest rates at current low levels? Thanks

    Sep 04, 2021 04:34 PM

    Personally, I’m very hesitant to increase nibbling on resource Stocks until these Reverse Repo. Operations are reduced or stopped altogether. With them in place at current levels, I’m concerned we could suffer more overnight shellackings in Resource & Resource Stock prices.

    Sep 04, 2021 04:09 PM

    Concerned; I would certainly feel better about it. Regardless; there’s a good chance that the economy is starting to slow and we should see it in the data in the near future. I believe that most of the PM stocks should see one more move down over the next few weeks and then the carnage should be mostly over. Most of these stocks appear to be double bottoming off the March 2020 lows. We have yet to have a month where pricing of gold closes below the 20 month MA of the Bollinger Bands on the monthly charts but that should happen either this month or next.

    Sep 04, 2021 04:16 PM

    Thanks for your timely response, Doc.

    Sep 04, 2021 04:37 PM

    QQQ is at two fork resistances but it wouldn’t surprise me if it breaks through them soon.

    Sep 04, 2021 04:48 PM

    Do or die time for the silver bears (I believe they will die)…

    Sep 04, 2021 04:11 PM

    If the coming week is positive for gold, it’s lights out for the bears.

      Sep 05, 2021 05:34 PM

      “Lights out for the bears”, winter coming and they’re getting ready to hibernate.

    Sep 04, 2021 04:31 PM

    Glad to hear Doc is at least somewhat less bearish on miners. My portfolio had a nice spike Friday & looks to be back in the saddle

    Sep 04, 2021 04:37 PM
      Sep 04, 2021 04:13 PM

      IPT looks good. It’s a producer making money.

      Sep 04, 2021 04:31 PM

      Ordinarily I’d look at something like HL, sell at the money or slightly in the money short term puts on it and start out like that. But I might have a go at IPT, also. Hecla is pricey right now.

        Sep 04, 2021 04:49 PM

        IPT is a whole different animal than HL but I like it a lot for what it is and have been trading it since 2007. I have not been completely out of it in that time but my position has varied from under 50,000 shares to over a million.
        I’m covering it today because it is a bit of a bellwether and has been for years.

        IPT vs HL is a buy and looks like it will soon break out of a four month base…

          Sep 04, 2021 04:58 PM

          I’ve got a bigger position in IPT than HL, after adding to IPT on Aug 23rd and 31st buying back in after a tax loss sale in July, but I’ve got a nice weighting to both for the next leg higher in the PMs. I’d anticipate IPT outperforming HL from here, but both will likely get a solid bid. What I like most about Impact Silver is it’s potential to make another great discovery with the drill bit that will move their needle, more than in HL, and there are a couple different targets that Fred outlined for this years exploration that I’m still watching to see what came of those drill assays.

          Impact Silver is one of those “holy grail” setups that Jordan Roy-Byrne referenced where one finds a growth-oriented producer with the potential for big exploration upside. It is typically one of my larger weighted Silver stocks when I feel a turn is in place in the PMs, and it looks like we may have started one all of last week.

            Sep 04, 2021 04:18 PM

            Thanks both you guys on the IPT story. I’ve been in and out of SLV most of this year trading options but now want something with more torque. But I like the broker depositing money into my account every week with the option trades so probably take both IPT and HL.

    Sep 04, 2021 04:49 PM

    I see little chance of gold closing a month below its 20 month MA and it is worth noting that such only happened once during the entire move between late 2001 and early 2012 and that one time was October, 2008 during the peak of the great panic.

      Sep 05, 2021 05:35 AM

      Hi Mathew:
      I read the book you posted about cycles, “The Fourth Turning” I believe that this book is very pertinent to what we have going on now in our financial system.
      If you add 100 years to 1929-1930 you come up with 2030 which would put us in the “4th ” and last cycle. Although history doesn’t necessarily repeat it does rhyme at times. Which brings me to an interview I caught on Kitco with Lobbo Tiggre. He said that the historic Gold / Silver ratio was no longer reliable as a basis for the future price of Silver. He gave me pause when he said that he saw the financial system goung to a blockchain based gold backed system that would not necessitate the use of Silver as a financial instrument and it would be relegated to purely an industrial metal with no more use as a financial instrument because the blockchain would let you break down the price of Gold where as in past history this was relegated to Silver.
      I was wondering what your thoughts are on this.

        Sep 05, 2021 05:01 AM

        It’s an interesting projection from Lobo Tigre of Silver being dethroned as money, where the name for Silver is synonymous with “money” in a number of countries and cultures; however, even if a gold-backed digital currency is eventually introduced that relegates Ag to only industrial use, then here are a few considerations to mull over:

        1) It hasn’t happened yet, and isn’t close to be implemented for years.

        So for this metals cycle still playing out over the next few years, Silver will still run in tandem with Gold, and will eventually outperform the yellow metal on percentage basis (like we just saw on Friday about 3:1) Gold was up 1.04% on the day, whereas Silver was up 3.68%

        2) The Silver industrial demand is only continuing to grow with the transition over to EVs (which is also going to take longer than many projected), with the increase in Solar panels worldwide, and with the increase of technological gadgets. Keith Neumeyer has pointed out several times how much more silver is required for EVs for example, than ICE’s, but think about computers, smart phones & tablets, drones, electric forklifts, eBikes, eBuses, etc…. Silver is a fantastic conductor of electricity and is used in small amounts that won’t cause substitution risk in most electronics even it shot up to $50+, while overall demand continues to grow. There are also growing uses for Silver as anti-bacterial agent in medicinal creams, woven into clothing, and in water filtration that are sucking even more silver out of the marketplace.

        3) We’ve heard for 2 decades that SDRs are going to replace the dollar, or for the last decade that digital gold or gold-backed cryptos are going to change everything, and so far that hasn’t happened. We’ve also heard that Gold is over due to cryptos, and while it has taken the shine of Gold for many speculative punters, the whole “drop gold” ad campaign a few years ago ended with a 70% decline in Bitcoin and Gold packing on a few hundred dollars in nominal valuation.

        So….. while we are all waiting….. Silver will continue to run higher, and it is likely to break it’s all time high of $49 in this metals cycle, with many eyeing triple digit Silver before it peaks. That would be a much better point to cash in on one’s silver stack and convert to whatever digital currency is finally accepted in a few years. The adoption period for a new global currency like that would take quite some time to implement, and we are nowhere close to that at this point in the cycle, but “The Great Reset” is coming, with a target of 2030, which synch’s up well with your point about the 4th Turning.

        4) What would happen to the Silver mining stocks if the metals prices just got up into the $30’s or $40? That seems incredibly reasonable and likely from where Silver has been hovering this year in the $22 – $28 range in 2021.

        Just a few thoughts to mull over.

        Sep 05, 2021 05:40 PM

        Hi John, I disagree with Lobo. First, I’m not sure the GSR was ever “reliable as a basis for the future price of silver” with any precision. The ratio was fixed by government fiat, not market forces prior to the last century so those who assume that 15 or 16 to 1 is the correct ratio have been on shaky ground all along.

        Second, silver gets its “moneyness” from nature, not by government permission or schemes. Government approved economists (quacks; lackeys) of 50 years ago thought that gold would fall to $8 or lower once it lost its dollar backing because of Nixon. You read that right. Those idiots turned the truth completely on its head just as the current crop of psychopathic collectivists now do on a daily basis. Way too many current “experts” think that silver’s industrial uses matter to the silver price and they are wrong. Despite its thousands of industrial applications, silver remains a financial asset and only a financial asset from the standpoint of the investor. Those who don’t grasp that are at a disadvantage. It is and always has been the world’s number two money because its properties are inferior to those of gold’s for use as money. That is why its price moves are highly correlated to those of gold’s yet inferior (inferior because it lags gold in the big picture and has wild volatility, relatively speaking). It is not number two because of its industrial uses.

        Third, Lobo is really asserting the most dangerous words in investing (and maybe he even knows it): “This time is different.”
        I can see why it might be tempting currently (and at other times in the past) to conclude that this time really IS different but Lobo’s outlook is baseless in my opinion. It’s not just unlikely, it is extremely unlikely.

        The GSR had a once-in-a-lifetime blow-off 18 months ago as it hit a level that was 30 percent above the highest level reached during the 1930s. In fact, it was probably the highest level reached in history. Lobo’s view is consistent with such a bubble top in the GSR/record ALL-time low in silver vs gold.

          Sep 05, 2021 05:17 PM

          It is interesting that silver bottomed about 4 years after gold just like it did 20 years ago. By many of my indicators, the bull market is now on the cusp of going primetime (the whole sector, not just silver).

          My Kootenay Silver has a nice weekly bull hammer:

            Sep 05, 2021 05:45 PM

            I just added back my KTN position on Aug 23rd, and had posted this interview on last weekend’s blog, but since you mentioned Kootenay, it’s worth reposting this here.


            (KTN) Kootenay Silver CEO- On Price Cycles, M&A, and A.I. In Mining

            Kitco News – Aug 26, 2021

            “Jim McDonald, CEO of Kootenay Silver, discusses with David Lin, anchor for Kitco News, the next upside targets for silver, as well as future advancements in mining technology, the sentiment in financing, and mergers and acquisitions activity. ”

            0:00 – Silver price outlook
            8:50 – Kootenay Silver drill results
            10:10 – Kootenay’s long-term plans
            13:27 – Silver grades
            15:50 – Brownfield vs Greenfield
            17:40 – AI in mining


    Sep 05, 2021 05:52 AM

    It’s owning something in your hand versus it be in someone else’s possession or control (electronic fiction).

      Sep 05, 2021 05:12 AM

      Or a derivative (fiat currencies) of something of value with no independent value like silver.

      Sep 05, 2021 05:23 AM

      That’s literally a “solid” point David. Haha!

      There is little doubt that the blockchain is a fantastic innovation and here to stay, and it is very likely that down the road the world will change it’s view of money to digital currencies and we’ll all be using digital wallets, but that isn’t going to happen overnight and will take time, and the pecking order may still change a number of times in that process amongst which new “Global Coin” is accepted.

      Bitcoin maximalists believe it is the true way in a religious fervor, but regulation could still change that, and is still a big unknown.

      Some believe a Digital SDR basket of goods, like what China is proposing, where there are world currencies and commodities like gold & oil included is the wave of the future.

      Others believe that central banks and nations will just create their own digital currencies and replace physical cash fiat with digital fiat.

      We’ll see how it all develops, but in the here and now, Silver is still a monetary metal, as evidenced by record demand for coins, bars, bullion, and jewelry as stores of value.

      Even if Silver was dethroned as a monetary metal, to the points made above, there is still PLENTY of industrial demand coming and plenty of need to find more economic deposits. Look at how well industrial metals like Copper, Nickel, Zinc, Lead, Palladium, Platinum, Tin, Aluminum, etc… have done over the last year or so. The commodity complex is still at a very low point historically compared to the nosebleed levels of the general stock markets. With inflation heating up, and the Dollar at risk of more downside over the medium term, then it is ripe environment for commodities to keep climbing in valuation to the falling fiat currencies.

    Sep 05, 2021 05:10 AM

    Hi Matt,what are your thoughts on Galleon as we head towards the PEA?
    I am locked and loaded!!

      Sep 05, 2021 05:46 PM

      Hi Poko, my thoughts on Galleon haven’t changed and I wouldn’t worry one bit about its lack of movement over the last two weeks. Such action is absolutely typical among such explorers early in a big market turn. Once the market becomes comfortable with the fact that gold has turned up for an intermediate move, big bids will appear for the explorers as investors look for leverage to “a sure thing.”

    Sep 05, 2021 05:22 PM


    I am near completion of the STATS presentation. Do you think this legend material is clear/concise enough? “Precious Metals” to show all 4, “Abbreviated” 2-4, and “Related” 3-4.

    1. Power: Empty colored cells (same day strength).
    2. Carryover Power: Empty dark cells (continuation).
    3. Qualified Saturation: Numbered Levels (7 maximum).
    4. Shaded Date: Currently Active.

    Price Quality:


    P.S. Comments from anyone here are greatly appreciated!

      Sep 05, 2021 05:54 PM

      Hi BDC. You’ve really done a great job of adding more clarity around your STATS process, and have continued to add more data to the tables that is relevant. I like the distinction between the empty colored cells, the dark cell continuations {looks like that is new} and the numbered saturation cells being in a calendarized table format for ease of viewing.

      I see it as being useful for looking for oversold/overbought levels, potential directional turns in the ETFs or stocks covered, and when a trend is sustaining with the carryover power blocks. Nicely done sir!

        Sep 05, 2021 05:17 PM

        EX: Thank you for the encouragement!

        Yes, the original project to delineate significant turns, or at least those levels where turns begin to be qualified, is close to completion. Although initially focused upon short term swings, it is possible that the intermediate term, or even longer, can be added in the future; but that is for another time.

        Off… to add legends.

    Sep 05, 2021 05:44 PM

    i did not know that putin and xi agreed with the great reset.

      Sep 05, 2021 05:19 PM

      Both are subservient to the same families that rule the U.S. and own the central banks.

        Sep 05, 2021 05:30 PM

        ditto Matthew ….

        Sep 05, 2021 05:39 PM

        Agreed. They are simply heads of state and merely puppets and PR front-men for the real puppet masters.

          Sep 05, 2021 05:36 PM

          I would like to see evidence that Putin and XI are subserviant to these “famlies”.

          Not saying it is not true, I have had suspicions, I would love evidence that points to that.

          I have not been able to confirm that to myself.

            Sep 06, 2021 06:40 AM

            China Goes to War With The Liberal World Order
            September 6, 202103
            by Chris Menahan, Information Liberation:

            Chinese President Xi Jinping is cracking down on every element of the liberal world order used to subvert our societies and forming the most “intensely nationalistic” country in the world.

            There’s a reason George Soros just weeks ago once again labeled Xi “the most dangerous enemy of open societies in the world.”

            This might be relevant to the discussion.

      Sep 05, 2021 05:17 PM

      The ‘financial reset’ began during March 2020.

        Sep 05, 2021 05:20 PM

        Financial reset begin with 9/11…….. when Rummie stole $2.3 Trillion , and nobody cared… .. lol… now the Pentagon has stole over $140 TRILLION… and nobody asking…

          Sep 05, 2021 05:05 PM

          The current one. For deeper origins, the Fed creation is a better beginning.

            Sep 06, 2021 06:24 AM

            For even deeper origins, we could gold back to the money changers at the temple,
            or even the House of Roth, 🙂

            Sep 06, 2021 06:56 AM

            Good one…lol.

    Sep 05, 2021 05:55 PM

    Thanks to both Mathew and Ex for the comments.
    Another catalyst that is coming which I believe will draw a substantial amount of new money to the mining sector, on September 28th SEC Rule 15c2-11 will take effect.
    This is the new rule concerning OTC stocks not in financial compliance.
    TD Ameritrade gave me the list of Restricted Securities. All 54 pages of them.
    I believe we are about to a significant flow of new money into the penny mining companies. Including myself.

    Sep 05, 2021 05:56 PM

    see a significant

    Sep 05, 2021 05:15 PM

    When to sell will be a big problem facing many PM investors if/when this next leg up materialises. I bought SBUX for $12-15 in 2004 when it was having a stutter step, before the great China expansion, sold way too early and never got back in. I could give many examples like that…seldom got it right on the selling part. Maybe that’s why I like options, where the selling seems simpler.

    Sep 06, 2021 06:57 AM

    Do we need humans for that job, automation booms after Covid. At some point the machines will see humans as a hindrance they no longer want to support.

    Sep 06, 2021 06:43 AM

    24 hours Left! Labor Day Weekend Sales Are Here – Snag 2021 Silver Eagles And Silver Bars!

    Bullion Exchanges <

    No shortage anyway.

    Sep 06, 2021 06:42 PM

    September 6th, 2021
    Precious Metals and Diamond Digest

    Kirkland Lake adds 10moz of gold to Detour Lake resources
    Measured and indicated resources are now 572 million tonnes grading 0.80 g/t gold, totalling 14.7 million contained ounces.

    Sep 06, 2021 06:19 PM

    El Salvador will make history on Tuesday, 7 September, when it becomes the first country in the world where cryptocurrency is officially legal tender and can be used to buy a house or a car or even to pay your taxes.

    Sep 06, 2021 06:25 PM

    Some might be interested to know that the valuation difference between silver and copper is greater than that of gold and silver. Based on Friday’s closing prices, the silver-copper ratio is 83.53 while the gold-silver ratio is 73.93. So, silver is about 13% more expensive relative to copper than gold is relative to silver.
    However, the best evidence that silver should be seen as a financial asset and only a financial asset is the fact that its mean stock-to-flow ratio over the last 100+ years is very similar to that of gold’s with both having around 70 times more above ground supply than is mined globally in a year. Above ground copper, on the other hand, doesn’t equal 1 year or often even 1 month since annual consumption is greater than annual production (recycling more than makes up for the difference).

    Those who don’t understand money would obviously be more prone to assuming that gold and silver are perpetually overpriced.

      Sep 06, 2021 06:02 PM

      So a gram of silver is a Canadian buck and a gram of copper is a rupee.

    Sep 06, 2021 06:47 PM

    I’d like one of yous to explain how you’re gonna hold a stock you paid maybe $.20 all the way to $2.00 or more for a 10 bagger. Anybody whose done it, could you tell the story?

    Sep 06, 2021 06:45 PM

    Looks like a normal Sunday evening.

      Sep 07, 2021 07:35 AM

      Looks like those traders that have been on vacation for a month or two did not work on some new algos. Same old start to the day.

        Sep 07, 2021 07:00 AM

        yes David, deja vu all over again. Perhaps a triple top at 1830. Best to sit and watch, as hope springs eternal for the bulls with virtually guaranteed rally with multiple rationalizations.
        Don’t understand all the premature Friday posts flogging the same gold hype of pitchforks, how silver will rocket, etc etc for months now with the same result. .Eventually gold will rally but that won’t prove these pundits correct. after repeated false calls. But I’m sure sometime into the future there will be exalted claims of, I told you so,

          Sep 07, 2021 07:06 AM

          Now if we do happen to have a quick reversal of today’s selloff above past 1830 or so resistance, could be a different story as September has history of being kind to gold. I also don’t expect new lows of recent past, just more misery until proven otherwise and not conjectured.

            Sep 07, 2021 07:38 AM

            Sep 07 Gold: A Pitstop At $1750? Stewart Thomson 321gold

          Sep 07, 2021 07:34 AM

          At least you’re honest about the fact that you don’t understand pitchforks but the “hype” you perceive exists between your ears. For example, I said the following on Saturday: “If the coming week is positive for gold, it’s lights out for the bears.” Do you know what “if” means? In addition, is it “hype” to post a bunch of charts and then point out factual observations about them? The answer is no.
          This sector is clearly not for you if you can’t see that nothing has changed since Friday with respect to the reasons for my bullish outlook. SILJ went up 15.38% since 8/19 and has now pulled back 3.6% to fill Friday’s gap after running into falling 50 day MAs and you think the sky is falling. Funny stuff.

          Sep 07, 2021 07:55 AM

          I mentioned at the very top of this blog the solid day on Friday closing above some key moving averages, and the solid weekly close, but also brought up the fact that mid $1830’s was resistance, and that we’d need to see if it swatted gold back down from there, which it looks like it did. That hardly qualifies as gold hype, and it accounted for the fact that resistance does exactly what it just has…. that’s why they call it resistance.

          If people can’t see that it was technically a bullish move for Gold to close where it did on Friday, after the poor jobs report, versus selling off on that news, then there is little help for them.

          Since that resistance zone has now been tested 3 times, then if the PMs can rally a bit more later in the week or throughout September, and break solidly above that mid $1830’s resistance zone and move towards next resistance at $1851, then that will be a solid measured move higher.

    Sep 07, 2021 07:05 AM

    Uranium continues flight (see ‘Related’) :

    Sep 07, 2021 07:13 AM

    Bitcoin became legal tender in El Salvador today, gold takes a $30? hit.

      Sep 07, 2021 07:00 AM

      Hi Charles. I’ve only got a small position in Golden Valley that I’ve been holding for some time, and may just liquidate the position on this news of the merger with Gold Royalty corp, but am still mulling it over, as now that my Ely Gold royalties were absorbed by them 2 months back, maybe the new combined entity will be worth holding onto. When in these positions with a larger position, then I sell half and keep half to merge into the new entity, but I’ll likely just liquidate the position, as I have plenty of other royalty positions that I like better in my portfolio (like Sandstorm, Maverix, Metalla, Nomad, Vox, Elemental).

        Sep 07, 2021 07:50 AM

        Yeah I was thinking the same thing, but it seems like the share price might go a little higher in the short term based on the premium paid, but agreed I was thinking of liquidating the position I have. I don’t have a big position either.

          Sep 07, 2021 07:30 PM

          Yep, I ended up liquidating Golden Valley today, and can always buy back into Gold Royalty Corp later on. As mentioned I’m still fully stocked on royalty companies with 6 other solid PM royalty positions( Sandstorm, Maverix, Metalla, Nomad, Vox, Elemental) , and 2 base metals/battery metals royalty positions in Nova and Electric Royalties.

          I rotated the funds into buying back a first tranche of my Galiano Gold (GAU) position back that I had sold over a month ago, as they’ve been completely beaten down as mid-tier producer in West Africa. I believe GAU represents an attractive risk/reward set up at their present lower valuation, especially with the higher gold prices we continue to see around the high $1700s to low $1800s, and with an improvement in operations expected for Q3 and Q4 of this year, and a better 2022 on tap for further growth to come.

            Sep 07, 2021 07:32 PM

            Oops. Actually I have a 7th PM royalty company in Sailfish, and I was actually hoping that Gold Royalty Corp was getting ready to purchase them instead of Golden Valley and Abitibi, but now I’m concerned nobody will buy out FISH. Hmmm… what to do…

            Sep 07, 2021 07:20 PM

            I ended up selling out of Gold n Valley at the end of the day and took a starter position in Vox Royalty. I saw an interview here and another site with the CEO and like the database they developed which seems like a nice competitive advantage. I also like their concentration in Australia where I know less about the area plays. Seems like a good offset to my large Metalla royalty position that is Americas based portfolio. I also own SAND and Sailfish Royalty that I still think has a good chance of being taken over by someone. I wouldn’t be surprised if Metalla took a swipe at them.

            Sep 07, 2021 07:05 PM

            Sounds good Charles, and yes, I believe Vox has a potential to move up more than a number of royalty companies as they have moved from 1 producing to asset to 5 producing assets so far this year, and project 10 producing assets by the end of 2022, so they should see a marked improvement in their revenues, and already have seen that with their 2nd quarter operations update.

            Elemental is another that seems really undervalued based on their number of producing assets and potential for increased revenues. Nomad too.

            Yes, I like Sandstorm quite a bit, and out of the group of larger Billion dollar royalty companies they seem the most beaten down in valuation, and most likely to outperform their peers like Franco, Royal Gold, Wheaton, Osisko, etc… in the medium term.

            Yes, it would be nice to see Sailfish get taken out, as they’ve expressed in prior interviews that this is the plan, but that they aren’t in a hurry and don’t need to make a deal happen in an urgent way. If Metalla scooped them up that would be fine with me.

    Sep 07, 2021 07:41 AM

    well let’s see if we get another customary mid morning low in gold, a recovery of sorts above 1800 and then watch it flounder for the rest of the day.

    Sep 07, 2021 07:37 AM

    My Scorpio Gold is up 14.3%…


      Sep 07, 2021 07:49 AM

      Nice hit.

      Sep 07, 2021 07:44 PM

      Yes, that is a nice wide and high-grade drill hit today on Scorpio Gold.

      It’s getting a little market love on the results, but not as much as if they had put these out in Newfoundland (haha!) Only kidding, as Nevada is one of the best jurisdictions for gold mining on the planet. Way to go SGN!

    Sep 07, 2021 07:59 AM

    Yes Matthew, I am honest with what I say. Particular not relying pitchforks or touting and doubling down on other surgically precise market indicators for months where the outcome of these has been a complete bust for months.
    I find the hype around silver by you and many others interesting where a look at kitco as I write tells the story,
    Over the following timeframes 6mos 1yr. 5yrs
    Gold Is +5.71% -6.81% +33.6%
    Silver is -89% -2.45% +23..1%
    The basic argument is that silver’s underperformance of the past is so bad it has to get better in the future, shows no sign at present, even on the most recent measure. Doesn’t mean it can’t happen, so is the collapse in the spx, touted as inevitable for months.

    Sep 07, 2021 07:41 AM

    I can confidently double down on the fact that you don’t understand pitchforks at all much less technical analysis in general.
    In addition, the “basic argument” regarding silver is not what you assert. Try again.

    Sep 07, 2021 07:33 AM

    Matthew only technical worth considering now is for gold reversing and closing back up over 1830 for more than a nano second, and with producers outperforming the metal. Hopefully with some conviction. Irrespective of what pitchforks and the rest of the spouted garble.
    Next point of consideration if this goes down into 1750 area, a reversal there would also work even with a one off undercut.
    In the meantime Matthew that’s all the technicals I need, been in the market for years and heard it all. Common sense is far superior to leaning on a rubber crutch embraced by the sheeple (to use your term). For me it’s a time to watch the paint dry, as has been the case for many weeks, rather than touting the success of doubling down.

      Sep 07, 2021 07:16 PM

      The “only technical” you find worth considering shows your blindness to other methods and factors (like strength/momentum). It’s your opinion and is greatly lacking.
      What are you doing here if you have all the technicals you need as well as far superior common sense? You’ve heard it all but learned little which is why you are stressed by the action.

    Sep 07, 2021 07:44 PM

    Yes Matthew, It’s been a barn burner, predicted repeatedly by age-old technicals. While I sat, watched and stressed by the action I keep missing.

      Sep 07, 2021 07:08 PM

      You’re imagining my predictions. I rightly identified areas of lows but it’s up to you to manage what comes after that. The two lows in March were well worth buying yet you didn’t bother because you don’t know what you’re doing.
      You really should work on your reading instead of pretending that I’ve made a variety of calls which make you feel better about being a loser.