Weekend Show – Markets and Metals – Featuring Jesse Felder and Rick Bensignor

November 20, 2021


On this Weekend’s Show we feature Jesse Felder and Rick Bensignor in two extended segments. We focus on the key financial data and markets moves that both of these very successful investors are watching.


Please keep in touch with Shad and I through email. We love hearing what you all think of the companies we interviewed this week and what you like in the markets. Our email addresses are and



  • Segment 1 and 2 – Jesse Felder, Founder of The Felder Report kicks off the show with a focus on the inflation data released this year. We go beyond the supply chain issues that we are all hearing about and discuss the demand component and business impact. 
  • Segment 3 and 4 – Rick Bensignor, President of Bensignor Investment Strategies wraps up the final two segments by sharing his views on the weak breadth in the markets. This leads to a larger discussion on how investment strategy has changed. We focus on US markets, the bond market, and US Dollar.


Exclusive Company Interviews This Week





Jesse Felder
Rick Bensignor
    Nov 20, 2021 20:33 AM

    Where are the tax loss selling opportunities this year?

    We should be in the mid of tax loss selling now. I don’t see many buying opportunities. Anybody has a candidate to buy low because of tax loss selling?

      Nov 20, 2021 20:57 AM

      We made the point multiple times in the summer, when the stocks got smashed, that tax loss selling came early this year.
      Personally I sold 2 dozen stocks in July and August, to wash out much of my capital gains from this year, and then bought many of those same companies back at an even lower cost basis after their 30 day wash periods were done in late August through September, and started some new positions that were also on summer clearance sale.
      Most of the PM miners have rallied quite nicely since late September at the end of Q3, when we saw the reversal in trends in sector. The gold and silver miners have rallied for all of October and November, so clearly tax loss selling hasn’t been a thing this Fall.
      I’ve raised some funds by trimming back some positions that have run in November, just in case we see any more weakness or year end pressure in the sector, but most stocks are still at higher levels than they were in the late summer. We did see some weakness show up Thursday & Friday last week though. If we see more follow-through selling, then there may still be some investors that capitulate on their positions over the next few weeks. We’ll see how it goes, but I’d be surprised to see miners go lower than where they got back in September, and for the last 6 years it has been wise to be mostly fully positioned by year-end, going into the Q1 Run.

        Nov 20, 2021 20:11 AM

        Junior Gold Stock Trains are Leaving the Station
        David Erfle – Friday November 19th, 2021

          Nov 20, 2021 20:16 AM

          Gold’s Following a Historical Path
          November 18, 2021 – Jordan Roy-Byrne CMT, MFTA
          “Two of my updated analogs show that Gold could break $1900 in March 2022 and begin its ascent shortly thereafter.”

            Nov 20, 2021 20:01 PM

            Gold settles at a more than 1-week low, but inflation remains ‘economic wind of a commodity wildfire’
            By Myra P. Saefong and Mark DeCambre – MarketWatch – Nov. 19, 2021
            “Gold futures settled at their lowest in more than a week on Friday, on the back of a sharp drop in oil prices and a rise in the U.S. dollar to around the highest level in about 16 months.”

            “The steep declines in crude oil spooked the raw commodity sector today, including the metals and gold,” Jim Wyckoff, senior analyst at, told MarketWatch. “Crude is the leader of the raw commodity sector, and now it looks like it has topped out, at least for the near term.”

            “A higher U.S. dollar index was also a ‘daily negative’ for the metals,” said Wyckoff. “A rising dollar can hurt demand for assets priced in the currency, making them more expensive for buyers using weaker monetary units. On top of that, the dollar tends to attract interest during times of uncertainty about the global economy, weighing on bullion and other commodities.”


            Nov 20, 2021 20:00 PM

            Daybreak in the Land of Precious Metals
            Michael Ballanger for Streetwise Reports (11/17/21)
            “From a technical perspective, I could not ask for a more enviable confluence of conditions and events. Firstly, the precious metals bucked the trend of yielding to U.S. dollar strength so to the degree that this decoupling marks a new paradigm of gold and silver drivers, it was a watershed week. Secondly… it was that silver outperformed gold and that the HUI outperformed both metals while the mightily gilded TSX Venture Exchange surpassed 1,000, symbolizing the return of “animal spirits” to the world of precious metals.”

            “To coin the Longfellowian phrase, it was as if the world of the hard asset disciple rolled into light; it was daybreak everywhere, and it was long overdue.”


      Nov 20, 2021 20:18 AM

      Novo Resources looks like a tax loss selling candidate to buy cheap?

        Nov 20, 2021 20:36 AM

        Yeah, there are a few companies that have been punished worse than others that are still on the clearance rack due to operational hiccups, like Novo Resources, or Pure Gold, or Americas Gold & Silver. Overall though, most of the producers have already been running for 6-7 weeks now.
        There are also some developers slow to wake up compared to their peers, or ones like Wallbridge Mining that put out a great 4 million ounce gold resource in just 3 years of drilling, and yet, the market had completely unrealistic expectations (as predicted and expanded upon 2 weeks back) and pie-in-the-sky retail hordes expected 5-10 million ounces, so it sold off hard when only a measly 4 million ounces of gold was there. Haha! I guess (WM), and developers like it with ounces in the ground in good jurisdictions that haven’t yet run are good candidates for picking up some tax loss deals.
        I’ve been considering adding to my Treasury Metals (TML) position as another good developer with 2 million ounces of gold in the ground and a solid PEA showing a 30%+ IRR as another one. I’ve also been nibbling recently to add more Newcore Gold (1.4 million ounces and 2/3 done with their 90,000 meter drill program), and just took out a new position in Montage Gold with over 3 million ounces of gold and 2/3 done with their 45,000 meter drill program), because they’ve been largely missed by the marketplace. Still, most of the developers have recently been ratcheting higher again, so the deals are getting harder to find.
        Having said all that, compared to where many believe the PM stocks will be trading next year, when the metals have a good probability of breaking out to new highs, then really most investors will look back to the latter part of 2021 and wish they had bought more of most gold or silver stocks.

        Nov 20, 2021 20:58 AM

        What about Hycroft Mining (former Allied Nevada, former Vista Gold)?

        11.9 million oz gold and 478 million oz silver (largest silver deposit in the US)

          Nov 20, 2021 20:02 AM

          Hmmm…. Haven’t looked at that one in while, and that Allied Nevada implosion left a bad taste in many investors mouths. When last I looked Hycroft still had a major debt problem that needed to be financed to keep them from getting flushed down the toilet…. did they get all that resolved and raise the funds? If so, then it could be an intriguing turn-around story with such a large metals endowment in the ground, but I’ve not checked in on them in some time to see if they have the funds to really move things forward or if they still have their hands out looking to raise.
          Their chart is really fugly, and with all those ounces in the ground to only have a market cap of 48 million shows there must be some really big red flags still. When I just did a quick search for it, an article showed up stating it could be a great meme stock due to the heavy short position, so maybe the reddit crowds will save it like they did GameStop, AMC, Hertz, and Avis.

      Nov 20, 2021 20:50 AM

      From a contrarian viewpoint, I’ve found nothing as oversold as GPL. Check out 3 yr. monthly and weekly charts. Sure seems like a candidate that could easily rebound 100-150% within a few months if PM’s take off. What are your thoughts?

        Nov 20, 2021 20:12 AM

        Ex might say another turnaround story

        Might be more interesting than USA, if tax loss selling comes in and you can buy below the $0,26 financing

          Nov 20, 2021 20:57 PM

          Great Panther has come up a number of times in the past and even over the last few months. Even though my portfolio is loaded with 2 dozen silver stocks, Great Panther has not been one that’s interested me.
          Even last month Ann had asked me if I liked it and I didn’t give a glowing report back, and the company dove down double digits even further since then (it was down 30% in one day just 2 weeks after we’d discussed it). Some of that was due to this dilutive financing, and some was because they decided to put a mine on care and maintenance, so I’d need to look under the hood a bit more to see what went wrong and how they plan to fix that operation.
          However. Thomas, as you point out, at this point it is so destroyed in share price and valuation, that it may actually be a good contrarian play and turn-around story. That’s an idea to marinate on…

            Nov 22, 2021 22:38 AM

            I spent a little time Sunday evening reviewing (GPL) (GPR) Great Panther to see if it was a turnaround candidate or a potential distressed producer that could be a takeover candidate for another larger or better producer. The latter looks more likely at this point, as they really have their work cut out for them to turn things around operationally and financially. It might be best if another company took them over and put them out of their misery, which could be an interesting investing angle.
            1) First of all they have really high All-In Sustaining Costs: $1,950 – $2,050 per Au oz sold, so their margins are not nearly as good as most other gold producers. A rising price environment would give them nice upside leverage as a result, but they are in the highest quartile in costs for existing producers.
            2) Their 3rd quarter operations and financial review was nothing to write home about, but here is what the President and CEO did write about on November 3rd.

            “The third quarter was challenging operationally, with lower than planned production, which led to greater than anticipated unit costs,” stated Rob Henderson , President & CEO of Great Panther. “We expect Q4 to be another challenging quarter due to the previously reported temporary suspension of mining in the UCS pit and incremental pushback requirements. Limited mining of ore was authorized by the geotechnical committee to continue in the southern portion of the pit. In order to ensure safe working conditions, we intend to ramp down mining in UCS at the end of the year and resume the pushback in mid-2022 when seasonally drier conditions are expected.”
            3) They also just put their Guanajuato Mine and Cata processing plant on care and maintenance, which is not going to help them dig out of the hole much quicker, as they are looking to get their ship turned around. Brutal.

            “While the Company continues to proactively engage with CONAGUA in regards of the tailings dam permit, the decision has been made to put the Guanajuato mine and the Cata processing plant on care and maintenance as of November 30, 2021 . The Company is continuing to operate the San Ignacio mine and is exploring alternative arrangements for the mine including third-party processing of ore.”


    Nov 20, 2021 20:08 AM

    Thanks to all the KER guest contributors for another great week of daily editorials, company interviews with management, and another solid weekend show with Jesse and Rick.
    Also thanks to all the listeners of the podcast, and those members of the KER crew that post and participate here on the blog, sharing insights with our community.

    Nov 20, 2021 20:50 AM

    The Market’s Highs Are Being Built on a Deteriorating Foundation
    Guy Ortmann – Nov 19, 2021
    “Trends for the major equity indexes remain a mix of bullish, neutral and bearish projections.”
    “While three of the index charts posted new closing highs, they did so as poor market breadth deteriorated further, which implies a weakening underlying structure.”

      Nov 20, 2021 20:54 AM

      Why Friday’s Market Breadth Is ‘Concerning’ This Technical Analyst
      The Street – Katherine Ross and Daniel Kuhn – 11/19/2021
      “Bob Lang explains what he’s watching in the markets ahead of the closing bell on Friday, Nov. 19.”

        Nov 20, 2021 20:58 AM

        Mish: The Key Market Relationships — Love or Rancor?
        Mish Schneider | November 19, 2021
        “This past week, the market found both love and irreconcilable differences.”

        “The love came from the big cap tech stocks. Nvidia, Apple, Google, Microsoft all gave investors hearts and flowers. On the flip side, small caps, energy, industrial metals, and transportation stocks gave investors indigestion, inconveniently ahead of Thanksgiving.”

        “It’s rare and disconcerting to see the market so divided. Nonetheless, investors do have some reliable barometers to gauge what might be next. I have posted four charts that depict the market breadth and risk on/off. I also threw in one chart to see how inflation is faring, or at least what the Federal Reserve might be looking at to support their ‘transitory’ theme.”

        “One chart shows the relationships between the transportation sector through IYT versus the S&P 500 through SPY. This is the most disconcerting of the four charts. The health of the economy and the ultimate health of the stock market are undeniably interlocked, even with the NASDAQ going up and making new all-time highs.”

          Nov 20, 2021 20:40 AM

          Michael Burry Dumped Just About Everything In Q3 To Guard Against The ‘Mother Of All Crashes’
          Clayton Jarvis – MoneyWise – Thu, November 18, 2021
          “Hedge fund manager Michael Burry of “The Big Short” fame has been a busy man lately. In addition to his non-stop shadowing (and shading) of Tesla CEO Elon Musk on Twitter, Burry has also been selling off shares. A lot of them.”

          “In Q3 of 2021, he reduced his common stock holdings from $137 million to $42 million. That’s because Burry believes the stock market is way overheated. “All hype/speculation is doing is drawing in retail before the mother of all crashes,” Burry wrote in a now-deleted tweet from earlier this year.”

          “Burry also closed out his big bearish bets on Tesla and Cathie Wood’s ARK Innovation ETF.”

          “If Burry is correct, and the market is headed for a historic meltdown, you might want to diversify outside of stocks. Putting your money into real physical assets, like gold or real estate, can help shield your portfolio from extreme market volatility.”

            Nov 21, 2021 21:49 AM

            Simon Hunt: Market Valuations have Diverged Considerably from Reality
            Palisades Radio – Nov 18, 2021
            “Tom welcomes back Simon Hunt to discuss the generational risks in the global economy. There are growing bubbles everywhere, along with enormous amounts of speculation, overvalued markets, and geopolitical tensions which all appear to be worsening. In addition, we have central bankers running wild. Debt can’t continue to grow faster than the economy. Navigating these risks is difficult. You can either run with the crowd or take preventative actions. Interestingly, two countries China and Russia have chosen to take prudent action for their economies. They are preparing for the monetary collapse outside of their countries. They understand that this will end badly.”

            “Simon discusses consumer sentiment and how it is signaling higher prices and high inflation. We’re seeing inflation running hotter than income. We’re going to see a slow down in global business activity soon. The Fed will certainly respond with more money regardless of its severity.”


    Nov 20, 2021 20:20 AM

    IRS Seized $3.5B In Crypto-related Fraud Money This Year As Illicit Activity Multiplies
    David Hollerith · Senior Reporter, Yahoo Finance – Fri, November 19, 2021

    Nov 20, 2021 20:56 AM

    Rising Stars – 50 TSXV stocks with the largest price gains (by dollar value) in past 3 months.
    List generated Nov 19, 2021
    Check out GBR Great Bear as #2 on the list and #12 is GBRR Great Bear Royalties Corp. VZLA Vizsla is #27. EMO Emerita is #34. ESK Eskay Mining #35. Quality is still getting rewarded.

      Nov 20, 2021 20:12 PM

      Emerita: the time frame is misleading as they are looking at the last 3 months. Over 6-7 months I am +150%. If you took at just Oct, it would be +200% that month alone.. If you look at Nov so far, it would be – 35% of all previous 7 months gains. Probably for the year it will be hard to top Emerita, but we don’t know yet. In the annual contest I heard those that had emo as one of their 3 picks, are near the top. I haven’t been checking as one of my 3 picks didn’t exist so I was kicked out. One of my 3 picks would not have been emo as I hadn’t heard of it last Dec.
      Another thought: above stats are based on fairly continuous buying since April with a low of .28 and a high of about$2.40 this week. The originals are over 1000% although I have sold the .28s to .38s for house repairs.
      Another/another thought: Emo has had 4 or 5 corrections of varying degrees since April…something that Chipotle doesn’t experience whether some of their stores have some uneatable issues or not.

        Nov 20, 2021 20:49 PM

        Yes, great points on the fantastic performance in Emerita this year, and it has been one of the best running mining stocks in 2021 for sure. That TSXV Rising Stars link was just the Top 50 over the last 3 month period, and I had just noticed someone else post it over in the GBR room at, and noticed a few good companies on the list and it seemed worth posting for reflection on the last 90 days.
        NG Energy was on there too, another Doc Jones pick, and my only current natural gas play.

          Nov 20, 2021 20:31 PM

          I am waiting for my non-etf or non-index miners to catch up. I think inflation will be the trigger as the Fed can’t distort the price of bread. That assumes that price gouging isn’t taking place. Mulvanny put Consumer Protection, which was designed to watch dog the banks, under The Fed. It was never designed to be there…so no help with inflation. Buy Gold/silver …and store in your bunker with a lot of water and Twizzlers.

    Nov 20, 2021 20:09 AM

    2 Red-Hot Stocks for 1 White-Hot Metal
    by Sean Brodrick – November 20, 2021
    “Why Uranium? – Well, I’ve made the bullish case for it here and here.”
    “And funds are lining up to buy uranium.”

    “And just this month, Bloomberg reported that China is planning to build as many as 150 new nuclear reactors over the next 15 years. This is part of China’s plan to become carbon-neutral by 2060.”

    “Scott Melbye is the CEO of Uranium Royalty (Nasdaq: UROY) and the executive vice president of Uranium Energy Corp (NYSE: UEC). I had a chance to talk to Scott about UEC and UROY while at the New Orleans Investment Conference in October. In the following video, Scott and I discuss both companies, the uranium market and the big picture for this energy metal.”

      Nov 20, 2021 20:17 AM

      Uranium Market Minute Episode 34: Nuclear Consultants See The Light
      Justin Huhn – Uranium Insider

        Nov 20, 2021 20:19 AM

        Uranium Market Minute Episode 35: Uranium FUD & The Flywheel Explained
        Justin Huhn – Uranium Insider

          Nov 20, 2021 20:20 AM

          Uranium Market Minute – Episode 38: Investing Emotions – Just Hang On
          Justin Huhn – Uranium Insider

            Nov 20, 2021 20:25 AM

            That was a significant plunge in most of the Uranium stocks the last few days, but specifically Friday.
            I was selling back some of my U miners last week and the earlier part of this week and got them down from 70% to 60% exposure, and also exited Azarga completely (again) on Monday. If enCore would just come back down out of the clouds to Earth, then I’d buy into it moving forward as the arbitrage window has narrowed and the Azarga investors approved the merger already. Hoping to see a bit more pain in the U-stocks before buying into enCore though.
            However Friday I did add back to most of my uranium positions into the weakness like UUUU, URG, UEC, NXE, and PTU. I didn’t add to DNN (just holding what I have for now) as it still seems rather lofty here, so waiting for more of a pullback in it to add more. Overall, I’m back up to 70% positioned again. In a way, I hope the U stocks get creamed next week, as I’d like to get up to 80%-90% deployed again, but want to see the U mining stocks correct down further by 15%-20% further before adding too much more than what I’m currently holding.

            Nov 21, 2021 21:55 PM

            You never seem to be getting uranium royalty Ex…..any reason why????…. especially the extra leverage in the warrants that don’t expire until dec 2024

            Nov 21, 2021 21:39 PM

            I’m not opposed to Uranium Royalty Corp Wolfster, but thus far I’ve just played the sector moves with the individual uranium miners. I thought initially it was a bit over-hyped, as it was just Amir’s basket of long-dated U royalties that he unloaded into that vehicle, but since then they’ve added more key U royalties from other companies that are more interesting, and it’s a company that I’ll likely grab a position in during a corrective move in the sector.

          Nov 21, 2021 21:42 AM

          Mart Wolbert: New Highs Coming for Uranium
          Palisades Radio – Nov 17, 2021
          “Mart is the founder of the Contrarian Codex Newsletter and has developed a big interest in the uranium space. The more he has studied uranium the more convinced he has become of the importance of the yellow metal. The uranium sector has much further to go over the next couple of years.”

          “He discusses the safety record with nuclear power. There is a case to be made that it is amongst the safest generation methods and the energy density of uranium is critical for the modern world.”

          “There has been a lack of investment in this sector but this is changing quickly. Globally 50+ reactors are being built with another hundred planned. We need this technology to provide baseload power for a green power grid. The land use and environmental footprint of a reactor are far smaller than with wind or solar.”

    Nov 20, 2021 20:31 AM

    John Mauldin’s latest article adds much to this discussion of inflation:
    I use his thoughts as more of a mainstream source and believe a good portion of general investors likely follow his thoughts, since much of his writings are free. JMO
    Always have time for Jesse. Thanks guys.

      Nov 20, 2021 20:40 AM

      Thanks Silverdollar. Check out the Jesse articles posted up above on this blog as well, as they are worth the brief review. Cheers!

        Nov 20, 2021 20:55 AM

        Had already previously read those suggested articles. Correct. They’re worth the time.
        For a deep dive on the subject at hand, Inflation, check out Macro Voices this week with Jeff Snyder:

          Nov 20, 2021 20:24 AM

          Will do. Thanks Silverdollar.

            Nov 20, 2021 20:47 PM

            It’s an interesting counter-argument from Jeff Snider about what most are seeing as a secular inflation trend underway, as he is focusing on just the supply/demand side of what is driving the higher CPI numbers, and saying it isn’t about new or more money creation. The actual truth though is we’ve all seen insanely large fiscal programs under each administration, and massive amounts of central bank monetary expansion for years and years now, so that IS inflationary. Period.
            One would need to be both blind and deaf for the last 12 years to come away with the idea that there wasn’t new money creation behind the inflation we’ve seen for a long time now. Since 2009, where the Fed first started its “emergency” and “temporary” quantitative easing program, they’ve been growing their bloated balance sheet. It is totally nuts that the central bank is still engaged in “emergency” and ‘temporary” QE over a decade later, as if we’ve stayed in the Great Financial Crisis this whole time since 2008-2009. .
            Some would argue we never fixed the issues that were the problem from that financial recession, and they’d be correct, because all we did was paper over them by a massive increase in the money supply. We’ve had all kinds of stimulus bills, programs (remember the new home credits, cash for clunkers, appliances rebates on taxes, etc…) as well as helicopter money to citizens, too big to fail bailouts for companies with the government intervening in the free markets, huge subsidies and tax incentives for failed solar belly flops like Solyndra or good ole’ Elon Musk to get Tesla off the ground. That was all backstopped by ripping off taxpayers and Fed backstopping and monetizing this debt by creating funny money. The liquidity the Fed has injected for 12 years now is what juiced all the inflation in the general stock markets, tech companies, collectibles, fine art, and more recently FinTech, NFTs, and the Cryptoverse. This massive amount of new money creation (the definition of inflation) is precisely why we are seeing (and have been seeing) they symptoms of this inflation in the uptick in prices in services, events, and the prices of many goods for years. Many of these areas that directly effect average citizens are even measured in the CPI metrics, but the inflation was there hiding in plain sight for anyone that just followed their wallet. Unfortunately, the main stream media and bogus government metrics have hoodwinked so many people into erroneously believing we didn’t really have any inflation. That is 100% BS.
            This erroneous narrative that there was no inflation is so simple to dissemble.
            Are sporting events, movies, concerts, college tuition, landscaping, senior care, medical bills more or less expensive than they were a decade ago? Are tires or batteries or beer or liquor more expensive or less expensive than in 2009? Is food more or less expensive than it was a decade ago? It’s ridiculous for anyone to claim we haven’t seen inflation growing for many years, long before the recent hotter CPI readings in 2021.
            While I agree with the premise that in the 1950s we saw hotter CPI readings without more monetary creation and thus inflation, that is apples and oranges to where we are now. Did Jeff not notice the string of endless multi hundreds of Billions of dollars, and now multiple Trillions of dollars in government bills on the fiscal side for years and years now? Did he not notice on the monetary side of things the Fed continuing to buy assets with their pedal to metal the last 12 years?
            Sure there are some supply issues from the 1 1/2 years of ridiculous pandemic lockdowns across the world, and because the “just in time” business model broke down over this period, and because many workers and truck drivers have quit or were foolishly let go over draconian vaccine mandates, but that isn’t the only driver in higher CPI prices.
            There were already system challenges in place that were leading to an inevitable rise in commodities prices. The raging fuel prices are are direct result of terrible policy decisions to punish oil and gas companies for fracking and creating energy independence for the United States. Radical environmental groups and organized lobbyist groups have made it tougher and tougher to get permits, to start new Oil & Gas projects, Coal projects, Nuclear projects, focusing instead on Wind and Solar which has thus far been a failed experiment. With the stroke of his pen Joe Biden killed the Keystone Pipeline build, killed thousands of jobs, and is threatening to close down the Line 5 pipeline, and then has the gall to state there isn’t much they can do to lower energy prices.
            With the base metals, it is a similar issue where there has been a massive underinvestment in new Copper, Nickel, Tin, Aluminum, Iron, Zinc, mines and the prices had only one way to go up….
            Labor prices and wages had been kept artificially low for too long and then were artificially forced higher with the $15 minimum wage BS, but now, after locking down the planet for almost 2 years, and many people reorganizing their lives and priorities, wages are rising organically because they need to. With all the money supply and the dollars buying less goods and services, people need to get paid more to meet their cost of living requirements. When input costs from commodities go up in tandem with rising wages, then it leads to cost push inflation. This is on top of the true classical definition of inflation being an increase in the money supply, which as previously stated, we’ve seen more new money supply that any other point in history.
            While it’s an interesting narrative to try and blame the hot CPI readings on simply supply chain bottlenecks or surges in consumer demand… it fails for a few reasons.

            1) Many of the areas surging (rents up 16% YOY) Senior care, concerts, sports, private school, college tuition, landscaping, home contractors, consultants, etc…. has all gone up for reasons that have nothing to do with supply chain issues or bottlenecks.

            2) There has been and is PLENTY of inflation in many areas of daily life not measured in CPI readings, and those government metrics miss a great deal. That is the real world most of us live in (maybe some of the economists don’t live in the real world). Anyone following John Williams Shadow Stats for over a decade could see we had inflation at 6-10% in many areas of the real world, that never showed up in the CPI. It was a result of the money creation leading to inflation, as there was no pandemic during those years, so that narrative from Jeff really falls apart in that sense.

            3) Rising wages are not because of supply chain bottlenecks. They are a direct result of people’s cost of living going up, because obviously inflation has caused everything to go up in prices. Supply and demand of certain industries plays into that, but it is hard to escape the obvious truth. We’ve had inflation for many years, and now the government can no longer disguise it even in their phony CPI readings.

            Nov 21, 2021 21:16 AM

            Alasdair Macleod: Price Inflation is Only Just Beginning
            Palisades Radio – Nov 16, 2021
            “Tom welcomes back Alasdair Macleod to the show. Alasdair is the Head of Research for Goldmoney and an advocate for sound money.”

            “Alasdair notes the investment management industry is completely ignoring the expansion in money and the resulting inflation. Price increases are the consequence of this expansion of the money supply. We’ve experienced an expansion by 400% in M1; we are in hyperinflationary territory. Further spending on infrastructure using more printed money won’t make this any better.”

            “Interest rates have to rise or the dollar will tank but raising rates too far will make the debt unserviceable. Ever-increasing deficits are simply inevitable in a debt fiat system.”

            “Alasdair believes it’s a mistake to assign a particular number to the term hyperinflation. The U.S. appears on the verge of hyperinflation unless there is a policy change. Policies appear to be worsening and there is a movement away from free markets. Things are going to get a lot worse before they wake up to the problem.”

            “The energy problems in Europe are both Geopolitical and due to climate agendas. The decommissioning of fossil fuel energy sources and overreliance on alternative energy sources is very problematic. In addition, we’re changing demand by promoting electric vehicles. We’re screwing ourselves by doing away with fossil fuels. He notes that much of the supply issues are due to overreliance on just-in-time inventories.”


            Nov 21, 2021 21:47 AM

            Peter Boockvar: Market Crashes Happen When Tapering Begins
            Palisades Radio – Nov 19, 2021
            “Tom welcomes back Peter Boockvar of the Bleakley Group. Peter discusses the latest CPI prints and the transportation bottlenecks.”

            “High prices for houses have forced many to seek rentals driving rents higher. These are long-term structural issues and with low-interest rates, home prices have risen significantly. The ongoing mix of fiscal and monetary largess has caused many of these problems.”

            “Infrastructure spending is pulling workers away from other employers and projects. This spending won’t necessarily do much for the economy. We need to stop spending and reduce some of this liquidity and get control of inflation.”

            “Market corrections tend to occur around the Fed’s taper plans which is when we often see pullbacks. Therefore, we’re unlikely to skate through this taper program either. What the Fed does this time around will be interesting as they will risk tanking the dollar. It will probably be a no-win scenario as markets today are drunk on easy money.”

            “He explains why yield curve control is difficult to reverse once implemented.”


    Nov 20, 2021 20:00 AM

    Shorted the conventional market earlier this week——-wouldn’t be surprised to see the rest of the year levitate–January could be very important for the conventionals in 2022. Almost shorted gold but will make a decision next week—–the COT report not good for the PMs, the volume stinks, and wish some of the stocks had performed better with this move up. December will be significant .

      Nov 20, 2021 20:41 PM

      doc, you took on some shorts on convential market yet you expect market to levitate for rest of year. Don’t follow that logic?? Why do that

        Nov 20, 2021 20:43 PM

        Jonsyl, good comment. I think we may get a sell off but not one that is that serious—-then a rebound with the possibility of a bigger sell off in January—I just want to take a minor position and if it happens I at least have a core position to build on. The Monthly MACD is at nose bleed levels (and of course, could stay there for awhile). January is often the month that foretells the year and I’m hoping we finally have a January with a major sell off. Traders often go to sleep in November and December.

          Nov 20, 2021 20:51 PM

          Traders go to sleep in November and December because of all the Tryptophan in their Thanksgiving turkeys, wine in their glasses, and then eating all that holiday grub in December. It’s a perfect time to take a little seasonal nap… 🙂
          Wishing everyone in the US a Happy Thanksgiving next week! May everyone eat delicious foods, share delicious drink with friends and family, and then nod off to sleep in a warm glow with a full belly. ZZZzzzz….

          Nov 21, 2021 21:21 AM

          thanks doc, I noticed you nibbled on some general market shorts some time ago. However I’m waiting on doing same. From past experience you often get a non-news related but sharp reversal which at least has a reasonable duration. I like taking a flyer when the market goes either sharply up or down for unexplainable reasons.
          I can’t see gold tanking in here as the inflation scenario is now imbedded in minds of traders giving gold hope. If we so break 1820+/- and not rebound 1870 but flounder it may be time for a repeat of the past. In spite of all the kitco good news promoters on drill results blah blah, recent producer profit statements reflect little benefit most notably the seniors, Nem Aem.

    Nov 20, 2021 20:47 AM

    Lithium is still hot – Standard Lithium got heavily shorted this week

    Lost 30% on one day. Rebound 16% the next day. Here the interview on the short selling channel zer0es TV

      Nov 20, 2021 20:10 PM

      Standard Lithium gave a daily MACD sell signal 3 weeks ago at a closing price of 14.24. Exiting based on that signal is not the most sophisticated approach but looks pretty smart now.
      I think much lower prices are coming though it could continue its bounce off of Thursday’s low.
      (I have no exposure to it, long or short.)

      Nov 20, 2021 20:39 PM

      I unloaded the very last tiny portion of my Lithium stock holding in LAC Lithium Americas 2 weeks back, after already racking up big gains earlier in the year in other Li stocks like Orocobre, Galaxy Resources (eventually acquired by Orocobre), and Pilbara Minerals, and a good trade in Critical Elements.
      All of those Lithium profits were plowed into Gold and Silver stocks later this year, and the capital gains were washed out by taking PM tax loss sales early. 2020 into 2021 was a great time for a diversified resource sector approach with different commodities like Lithium, Palladium, Copper, Uranium, and even the PMs popping at different times. It allowed for sector rotation and portfolio rebalancing, and while I still trimmed some sectors a bit early (like most of my Lithium positions or some of my Copper positions), there were still great gains harvested, and I exited big positions in Palladium/Nickel and Uranium stocks very close to their peaks, and was able to repurchase some of them at better cost basis positions.
      Really since August/September though, I’ve put an unusually high weighting of my portfolio towards the Precious Metals and expect them to do much better in 2022 than they did this year. A lot of the other commodity sectors have already had really nice runs, so I feel the most compelling upside potential is with the Silver & Gold stocks with the present macro set up in the resource sector. I also am liking the setup in Platinum, and have been growing my exposure to PGM plays once again.

        Nov 21, 2021 21:30 AM

        Ex did you try to get some of the DLE plays for an interview?

        – LiLac
        – Standard Lithium
        – Lake Resources

        would be the front runners, I think

        Would be very interested to learn more about them

        Lithium is a life time investment opportunity and DLE will be a game changer (when it works)

          Nov 21, 2021 21:32 AM

          A Look At Direct Lithium Extraction (“DLE”) And Some Of The DLE Lithium Companies
          Nov. 11, 2021 – Matt Bohlsen
          > Direct Lithium Extraction (“DLE”)

          “DLE is the latest trend in extracting lithium and it typically competes with the traditional process of using brine ponds and an evaporation process. The large scale economics of DLE are still uncertain; however for now it appears to be carving out a niche place for lower grade brine projects, geothermal brine projects, and petroleum brine projects.”

          > 3 main types of DLE

          – Lithium bonding (Adsorption)
          – Ion exchange
          – Solvent extraction

          > A brief summary of some Direct Lithium Extraction companies

          – Adionics (private)
          – Alpha Lithium [TSXV:ALLI] (OTCPK:APHLF) – 100% own 27,500 hectares of the Tolillar Salar, in Argentina and has recently announced an option to acquired 985 more hectares (now have 5,072 hectares) at one of the leading salars in Argentina
          – Beyond Lithium (private) – See Alpha Lithium below.
          – E3 Metals Corp. [TSXV:ETMC] (OTCPK:EEMMF) – has developed their own DLE technology with an aim to use it on their flagship Clearwater Project in Alberta, Canada. E3 Metals has 3 resources across their Alberta Lithium permit area hosted in the Leduc Aquifer
          EnergySource Minerals (private)
          Eon Minerals (private)
          – Lake Resources NL [ASX:LKE] (OTCQB:LLKKF) – own the Kachi Lithium Brine Project in Argentina and some others (Cauchari, Olaroz, Paso, Catamarca), covering a total of 2,000 sq km (100% owned) in Argentina. Details here. Lake Resources has been working with Lilac Solutions Technology (private, and backed by Bill Gates) for direct lithium extraction and rapid lithium processing.
          – Lepidico [ASX:LPD] – Developed L-Max technology to get lithium from lithium mica.
          – Lilac Solutions (private) – Backed by Breakthrough Energy Ventures (founded by Gates, and includes many billionaires) and others, Lilac has developed materials called ion-exchange beads for lithium extraction.
          – Lithium Australia [ASX:LIT] (OTCPK:LMMFF) – Developed SiLeach® for lithium extraction from a wide range of lithium feedstock (typically from lithium hardrock mica/waste).
          – Lithium South Development Corp. [TSXV:LIS] (OTCQB:LISMF) (formerly NRG Metals Inc.) – has tenements of 3,287 hectares (under purchase option) known as the Hombre Muerto North (“HMN”) Project which lies just north of the POSCO [KRX:005490] (PKX) and Orecobre [ASX:ORE] (OTCPK:OROCF) (from Galaxy Resources – Sal de Vida) projects, and near Livent’s (LTHM) lithium mine in the Salar del Hombre Muerto, Argentina. Of note, POSCO paid Galaxy resources US$280m for the Galaxy northern tenements and resource
          – MGX Minerals [CSE:XMG](OTCPK:MGXMF) – A very low market cap Canadian company that has a cleantech process to separates minerals, heavy metals and hydrocarbons from wastewater brine pumped to the surface during oil and gas operations.
          – Neometals [ASX:NMT] (OTCPK:RRSSF) – Neometals (70%) and Mineral Resources [ASX:MIN] (OTCPK:MALRF) (30%) have jointly developed a patented technology to purify and electrolyse lithium chloride to produce lithium hydroxide in a direct process direct from hard rock resources.
          – POSCO (PKX) – South Korea’s steel giant, POSCO, plans to boost its lithium production capacity in Korea (LiOH conversion plant) and Argentina (from the Salar del Hombre Muerto, Argentina) to 220,000 tpa by 2030. They also plan to boost annual production capacity of cathodes to 100,000 tons by 2023. They have been a bit secretive regarding their DLE plans, but are definitely working in the space.
          – Simbol Materials (private) – Involved with DLE at a developing geothermal power plant by the Salton Sea.
          – Schlumberger NV (SLB) (NeoLith Energy) – In March the Company announced plans to launch a DLE pilot plant in Nevada, working with Pure Energy Minerals [TSXV:PE] (OTCQB:PEMIF). Schlumberger recently announced that they were collaborating with Panasonic [TYO:6752] (OTCPK:PCRFY), who of course supply Tesla (TSLA) batteries at Giga Nevada.
          – Standard Lithium [TSXV:SLI] (SLI) – developed as a lithium extraction company with their own DLE technology and is now considered a leader. Standard Lithium’s flagship project is the 150,000+ acre Lanxess Joint Venture Arkansas Smackover Project, located in the Smackover brine region of southern Arkansas.
          – Tenova Advanced Technologies (private)

            Nov 21, 2021 21:36 AM

            Great article there from Matt Bohlsen, and that pretty much covers the spectrum for the DLE topic.
            I’ve invited him on the show, and we did talk briefly, but he stated he is too busy with his own subscription service and schedule to come on and do interviews.

            Nov 22, 2021 22:27 AM

            Try Joe Lowry. I think he goes as a guest to other shows


            He shares his knowledge for free and he really knows about lithium as he is coming from the industry

      Nov 21, 2021 21:22 AM

      Another lithium stock that is heavily shorted is Vulcan Energy

      The arguments seem to be stronger than in the Standard Lithium case

    Nov 20, 2021 20:29 PM

    Jim Puplava has gone over to the dark side. Called for gold going to $10k.
    Of course it will – he didn’t say when.

    Financial Sense Newshour Nov 19

    Nov 21, 2021 21:26 AM

    Dollar Week Final :

    Nov 21, 2021 21:57 AM

    Another great incredible informative show w world class experts…So appreciated…I really know very little about how the fundamentals, in a detailed sense, really work…I like to look at a chart and find an exhaustion low or high….I am still installing drywall so it is weighing on me..lmao……….But it is possible that this reversal in gold etc…lasts a bit of time…….I do not think price will be clobbered at all………i did get stopped out friday…so will be looking for inter-day trades until the daily chart resets again for a longer buy once more…thanks….getting stopped out does not bother me…I view it as a chance to possibly get a bit lower priced position🔊🔆📡💥 from my stop out price…

      Nov 21, 2021 21:38 AM

      Thanks Larry. We also appreciate you sharing your technical analysis with us here at the KER, just like we do with all the contributors here on the blog that share good information with the crew here. Ever Upward!

    Nov 21, 2021 21:24 AM

    Gold and the gold miners look like they are very close to a short term low. I won’t be surprised if we get a reversal tomorrow after going lower early in the day.

      Nov 21, 2021 21:28 PM

      Ellen Brown has a long history of shilling for the central bankers and Saule Omarova is a proud commie (i.e., despicable collectivist). The central control of our currency/credit is far and away the single most destructive force on the planet in too many ways to count yet the average leftist dutifully drones on about the evils of the free market which happens to be THE means by which everyone’s life is made better (DESPITE the efforts of the central planners to undermine it.)
      The free market, protected by the rule of law, is best for all but the .00001% which is why both are steadily going away.

      Nov 21, 2021 21:36 PM

      My comment there: “Renewed Glass-Steagall, or similar protection for ‘The People’s Money’, must be forthcoming.”

        Nov 21, 2021 21:00 PM

        That’s striking at the limbs of evil rather than the root.

    Nov 21, 2021 21:36 PM

    Beware anyone who would short gold now unless they are hedging other positions within the sector.

    Nov 21, 2021 21:45 PM

    GDX will fill the rest of its 11/10 gap with a 1% drop from here.

      Nov 21, 2021 21:43 PM

      GDX..totally agree this time…33.35 is massive support…It is also Wykoff Ice all the way back through December 2020…….Multiple low volume retests of this Important support zone with light volume would be lovely…..IFFF for some reason that fails w or without volumes, then retest of recent lows is in store…it is what it is….

    Nov 21, 2021 21:04 PM

    Thanks for the uranium charts earlier in the week Matthew. I did see them but later in the week so didn’t bother posting there. Certainly are at a point where it needs to hold here or it will breakdown more. I may be wrong but I’m expecting next upleg still before year end

      Nov 21, 2021 21:01 PM

      After a couple of up days Vimy(VMY.AX) and Boss Energy(BOE.AX) opened down Monday AM. Rest of the Aussie U miners are flat.

        Nov 21, 2021 21:11 PM

        Liked it better when you started off my week with a green update.

          Nov 21, 2021 21:45 PM

          If you want green, have a look at the Aussie phosphate miners.
          AEV.AX, CXM.AX

            Nov 22, 2021 22:21 AM

            Did anyone ever figure out what phosphate play it was the one guest teased in his interview???

    Nov 21, 2021 21:25 PM

    Let me know if anyone in here wants a gold/silver update that’s not boring or 50/50. Something that keeps you excited and is more or less always on the ball. Real news!

    Like me or not I don’t play both angles just deliver what I see. What I see Is interesting a very nice pattern.

    From here forward if there is no hoot hoot you can listen to the boring pessimistic bearish posters in here who don’t contribute shites.

      Nov 21, 2021 21:00 PM

      Glen, the outlook is simply more bullish than it has been in decades. Next year is going to be better than even you expect. That’s some “real news” for you. Enjoy.

        Nov 22, 2021 22:00 AM

        Matthew I’m just as bullish as you but many are bearish. What are you thoughts with this aggressive takedown today?

        We broke an area I didn’t want broken however these algos like to over run.

          Nov 22, 2021 22:09 AM

          I think the market got spooked by that Peruvian idiot PM and today is the low.

            Nov 22, 2021 22:51 AM

            Nov 18
            15 hours ago
            Gold will break out tomorrow with a close at 1883. Then it can go on to take out the June high near 1920.
            I think your guess with 1811 is a better bet for another pop up.

            Nov 22, 2021 22:15 AM

            You misunderstood that comment. It was definitely not a prediction. I was merely giving the closing price necessary to breakout the following day. I gave the number because that resistance is rising each day. Yes, I could have been clearer as I usually am but I wouldn’t have mentioned the number needed if I was declaring that would breakout; I would have just thrown the chart up and left it at that.
            It’s like me saying today that gold will break its important weekly pivot with a close below 1811.73 this Friday. It’s an fyi, not a prediction.

      Nov 22, 2021 22:12 AM

      Hi Glen
      I am certainly very interested to hear your outlook.


    Nov 22, 2021 22:16 AM

    (GMTN) (GMTNF) Gold Mountain Announces Graduation to The Toronto Stock Exchange
    Nov 21st, 2021 #VIDEO

    Nov 22, 2021 22:45 AM

    Hochschild crashes today, because two of their mines will be closed (account for two thirds of production)

      Nov 22, 2021 22:27 AM

      That doesn’t sound good for Hochschild at all.

      Nov 22, 2021 22:01 AM

      Leftists are a greater threat to markets (and ALL that is decent) than any natural market risks and that Peruvian ding-dong is no exception.

    Nov 22, 2021 22:54 AM

    Fractal Thanksgiving Rally this year?
    This week’s low would begin it.

      Nov 22, 2021 22:24 AM

      Sold 80% shorts (JDST) pre-market. Remainder real time.

        Nov 22, 2021 22:43 AM

        It looks like a reasonable-sized sell down in gold this morning down to $1817 at present. I’d think it would be a good day to keep those shorts in the gold miners in place.

          Nov 22, 2021 22:05 AM

          Ex: Cash account 2-day settlement is a consideration when 100% in.

            Nov 22, 2021 22:08 AM

            Understood. A good trade is a good trade, but it just appears that the PM markets are opening up the week under pressure, and that short positions may do pretty good – at least in the morning hours.

      Nov 22, 2021 22:44 AM

      Lows possible today, but tomorrow or Wednesday (Fed Minutes) more likely.

    Nov 22, 2021 22:29 AM

    (IPT) (ISVLF) Impact Silver Announces Third Quarter 2021 Results, Q3 Net Income Positive, with Year to Date Cash Flow from Operations of $2.8 Million

    – Nov. 22, 2021

    Nov 22, 2021 22:58 AM

    Today’s dip in gold to 1811.43 proved again that the weekly pivot at 1811.73 matters much more than the 1825/30/40 that so many people kept focusing on.

    Nov 22, 2021 22:02 AM

    Biden picks Powell as Federal Reserve chair
    Brian Cheung – Mon, November 22, 2021

      Nov 22, 2021 22:06 AM

      That puts all the media speculation over the potential tap of Brainard to bed for the time being, and leaves us all with pumpin’ Powell at the helm of the Fed for a while longer.

        Nov 22, 2021 22:19 AM

        “The Fed Is Our Master And ‘We The People’, Its Puppet” Argues Jekyll Author
        November 6, 2021
        “The Federal Reserve has become so powerful over the years that its intended roles have entirely reversed and gone haywire, according to G. Edward Griffin, author of the book, many claim a financial bible – The Creature from Jekyll Island.”
        “On the surface, one might find it extreme to say that a private institution working in cohesion with the government is playing the role of “masters” to citizens. Griffin presents his argument accurately by pointing out how Chairman Powell and the Federal Reserve swiftly implemented economic policies contributing to the greatest wealth transfer in human history.”
        “The government doesn’t control the banks; the banks control the government,” he says to round out this servant-master metaphor.

          Nov 22, 2021 22:36 AM

          People in this game………. better know the book by heart……

        Nov 22, 2021 22:24 AM

        Exactly when that news came out the Dollar popped.
        Now there’s a big DXY downside gap which will fill.

          Nov 22, 2021 22:40 AM

          That is also when Gold sold off hard.

      Nov 22, 2021 22:12 AM

      Biden Keeps Powell as Fed Chief, Elevates Brainard to Vice Chair
      Bloomberg – 3 hours ago

    Nov 22, 2021 22:14 AM

    The great perversion………. Fake Fed…. buying it all…..

      Nov 22, 2021 22:20 AM


        Nov 22, 2021 22:43 AM

        Looks like ………. continued same game….. for at least another year….
        with the POWELL helping to push the drug line….. to insanity…
        You will OWN NOTHING….. follow the crumb line….
        More FREE MONEY COMING….. lol…. but, not to WE THE PEOPLE…

    Nov 22, 2021 22:41 AM

    hey doc, looks like your patience is being rewarded once again. Things hanging by a thread for gold in here in spite of all conventional good news with continued pumping and runaway inflation.

      Nov 22, 2021 22:21 AM

      LOL, he completely blew it no matter how you try to spin it. His bearish confidence went parabolic precisely as the sector bottomed and so did yours.

    Nov 22, 2021 22:45 AM

    tomorrow’s follow up should tell the tale. There has to be a pitchfork in here somewhere

      Nov 22, 2021 22:22 AM

      I’m just happy you’re having a bad day. 😊

    Nov 22, 2021 22:35 AM

    Can’t possibly be worse than yours.

      Nov 22, 2021 22:09 AM

      I guarantee you it’s worse than mine. You’re confusion assures it. In addition, I’m down a whopping 1.1% at the moment.

    Nov 22, 2021 22:31 AM

    At least two pitchforks provided the top for GLD:

    Another 1.5% drop would fill that big 11/4 gap.

    Nov 22, 2021 22:40 AM

    GDX has perfectly backtested its 11/9 pitchfork breakout.

    Nov 22, 2021 22:46 AM

    Matthew, losing count of all the pitchfork predictions.
    When you get to a pitchfork, take it. Just maybe one will be correct, and you will forever be a hero.

      Nov 22, 2021 22:15 PM

      Take it easy, tiger. You’re welcome to ignore what you don’t understand.