Weekend Show – Portfolio Strategies For Bear Markets and High Inflation

July 16, 2022


Welcome to another KE Report Weekend Show! It was a slower week for markets with the focus being on US inflation data which again came in over expectations. Oil sold-off to start the week then bounced but is now under $100/barrel. Yields are off the highs, the USD continues to be strong, precious metals and the stocks continued to break lower and base metals continue to correct. It’s a tough environment for investors with almost every market falling.  


On this Weekend’s Show we talk about counter trend trading, key levels to watch for a wide rage of markets and finally we dive into the inflation data and what it means for investors.


We are trying out a new way of posting the audio to tie in better with our Podcast. Please let us know if you are having any issues with the audio and any other thoughts or tips you have.


As always you can keep in touch with Shad and I through email. Our email addresses are and


  • Segment 1 and 2 – Rick Bensignor, President of Bensignor Investment Strategies kicks off the show by initially focusing on the key levels his is watching for the S&P which will critical to summer trading. This ties into a discussion on counter-trend trading and the type of indicators that institutions use to manage their investments. This is very different from what the retails traders uses and is why the retail trader tends to be the wrong end of the trade. Rick also shares how he views gold and gold stocks as different investments. Click here to learn more about Ricks’ investment products.
  • Segment 3 and 4 – Mike Larson, Editor of The Safe Money Report wraps up the show by recapping the inflation data from this week. This data is critical to the Fed and future policy. We tie the data into market moves and what is now considered a safe asset or investment. Click here to follow Mike on Twitter.


Exclusive Company Interviews This Week




The individual Segments will continue to be posted here with the old player for the meantime.



Rick Bensignor
Mike Larson
      Jul 16, 2022 16:56 AM

      Thanks to all the KE Report guest contributors for another great week of daily editorials, company interviews with management, and another solid weekend show with Rick & Mike.

      Also thanks to all the listeners of the podcast and radio show, and those members of the KER crew that post and participate here on the blog, sharing insights with our community. Ever Upward!

        Jul 16, 2022 16:11 AM

        On this weekend’s show my reflections were that Mike Larson nailed it on all points as per usual, regarding the pullback in the garbage growth tech stocks actually starting last year, the parallels to the 1999-2001 Dot Com Bubble bursting, the silly notion that the Fed could raise rates another 800 basis points to “normalize” Fed Funds rates above the 9.1% CPI inflation reading we just saw, the continuing negative real rate environment that will persist, the inversion of the yield curve (again) this year, and taking a defensive posture with less general market exposure, but focusing on defensive sectors (like Utilities, Healthcare, Consumer Staples) with good yields for the exposure was does have, keeping a cash reserve, and of course, having some exposure to the Precious Metals as a hedge.

        In addition, I felt some of the more interesting take away points from Rick were on institutional investors using different signals than the typical bollinger bands, RSI, moving averages, stochastics, etc that so many technicians focus on, and his points on the exiting the Energy sector in Jun and getting a larger position in Healthcare over the last few months as it tends to do better in a more recessionary backdrop as a defensive sector.

        It’s great that we have such knowledgeable guests that invest their time with us here on the KE Report sharing insights, experience, and ideas that help stack the odds in our favor. Ever Upward!

    Jul 16, 2022 16:26 AM

    The new order needs to give away to the old order, bring back the smoke belching factories and prosperity will once again be in full flower. KISS-keep it simple stupid- LOL! DT

        Jul 16, 2022 16:50 PM

        Hi Ex, I like to see factories running at full blast and the economy registering first class industrial health. Nonsense is now the order of the day, bring on not just production, but over production. Produce, Produce, Produce! DT

          Jul 16, 2022 16:37 PM

          Hi there DT. Unfortunately for the West, much of the manufacturing power of yesteryear has moved over to the East.

          It is unclear if Canada, the US, Great Britain, or the EU is going to invest in expanding manufacturing power domestically again anytime soon, but it would be a long process with environmental pushback, and not as easy as flicking a switch. The East (China, Taiwan, Vietnam, Indonesia, South Korea) not only produce many things cheaper than the West can, but things in an environmental way that is different, with less permitting, lobbyists, and red tape. Lastly, the supply chains on raw material or components have also shifted overseas long ago. Very difficult to bring all that back in-house once again.

            Jul 17, 2022 17:58 AM

            Hi Ex, I understand what you are saying and agree, but we can’t keep sitting in front of our computers selling Insurance. There needs to be “A Look Back To The Future”, where real goods are manufactured at home and sold to other countries. The path we have plotted for prosperity is a dead end. DT

            Jul 17, 2022 17:11 AM

            Agreed DT. The recent lockdowns by politicians highlighted just how skewed the supply chains are to overseas, and hopefully underscored for people in developed countries, how quickly they can become undeveloped without the capacity to produce more of their own goods and be more self-sufficient.

    Jul 16, 2022 16:32 AM

    Dollar Index : Summer 2022 : Significant Turn? : Target Acquired

      Jul 16, 2022 16:53 AM

      Hi BDC – I just wanted to give you a hat tip on the good technical call on the US Dollar a few weeks back where you mentioned the target of 109.25, which it tagged earlier this week. Thanks for sharing your charts and tables with us here at the KE Report.

        Jul 16, 2022 16:26 PM

        Much appreciated, Ex. Note that I have scaled back ‘Trends’ to my primary focus, NatGas, and Precious Metals. Oil and the general markets are very important, but can be usefully studied ad hoc.


        Euro area, British and Canadian Core Inflation will be reported Tuesday and Wednesday, followed by the ECB rate decision on Thursday. My guess is that the Dollar will trend sideways/down for awhile due to this, giving PMs impetus for a nice pop. Maybe more.

          Jul 17, 2022 17:52 PM

          Thursday may have been a quiet PM low.*
          A Dollar pull back is now in progress.
          Newmont the useful bellwether!
          (*Now noted at ‘Trends’.)

    Jul 16, 2022 16:51 AM —–you want to see a beautiful head/shoulder weekly chart example—-my favorite sentinal PM stock , Hecla.

      Jul 16, 2022 16:47 AM

      What about Barrick as reference

      Is Barrick ready for a rebound?

        Jul 16, 2022 16:02 AM

        RSI <30
        Trades at lower BB

        Last time it was in this situation, was Feb21 and it rebound to the upper BB afterwards

        Should it rebound now with 70% upside?

          Jul 16, 2022 16:53 AM

          Thomas, good read—-the daily, weekly, and monthly all show the possibility of a bounce but then the question is whether it holds—-the last time it took out its’ 50 month moving averages, it continued to move down for about half a year. Then I look at other large cap stocks which are trending down and ask myself why would Barrick buck the trend when they might not. We’re certainly due though for a bounce especially because on the weekly and monthly charts we’ve had multiple week and monthly closes below the previous weekly and monthly closes—the law of averages says we’re due for a reversal of that in the near future. If the gold price rebounds off of its’ lower bb on the monthly chart then these stocks should benefit. The daily chart of gold is oversold and the MACD looks like it finally wants to turn laterally which is a positive for a potential bounce. The weekly chart shows gold right at long term support and it refused to close below the lowest weekly close back in March of 2021—it closed an iota above that close. That’s why next week is VERY important. ALWAYS for the long term trend, go back to the monthly chart —-the daily and weekly charts may favor a short term bounce the monthly charts will give you a good idea of what the trend is yet. The monthly chart on gold is still signalling the “trend is your friend” in the sense that multiple indicators at this point in time are now signalling the path of least resistance is still down for gold. Right now if we would close the month at the price we closed on Friday for the past week it would not be a favorable signal since it would be the lowest monthly closing price in this down move for gold going back to March of 2021. Gold’s monthly RSI, MACD, ADX (strength), and slow stochastics have all re-established their down trend mode after it looked like that downtrend would be broken in March, April, and May when the 12 month moving average challenged the 26 month moving average. The 12 month MA has now strongly separated again from the 26 month MA and (a pearl) in my many years of looking at long term charts I’ve noticed how rare it would be for that 12 month MA to reverse course again to right away challenge that 26 month MA—therefore the odds right now are that gold moves lower over time. Thomas, I’m mostly an investor but not a trader and that’s why I always defer to long term charts. I hope this helps you in your investment decisions. Doc.

            Jul 16, 2022 16:33 AM

            Thanks for the long explanation

            I am also a value investor and was wondering, why you think that we still have to wait at least 6 months until 2023, if most of the PM miners are really oversold (GDX chart looks very similar to the Barrick chart).

            If I understand you right, on the monthly chart, the indicators for Gold are still negative.

            If Gold has to go to 1650 or 1600 for a trend reversal than the miners might go lower too

            But on the other side the PM miners are already very oversold and I can remember that PM miners not always follow Gold, especially when they are heavy oversold.

            Is it a possibility that Gold goes lower and the PM miners not follow and rebound before Gold?

            Jul 16, 2022 16:08 PM

            Thomas that is a great point about how oversold the mining stocks are, versus gold itself, and it seems quite reasonable that the gold stocks may turn up first while the metals still drifts a wee bit lower. This may be one of those time periods where the the stocks lead the metals higher, and where there is a divergence for a while in how the stocks perform, versus gold. That’s actually my personal outlook, and why I’ve piled in so many mining stocks the last 2 weeks, even though it looks like the metals still may have a bit more weakness.

        Jul 16, 2022 16:00 AM

        The last time ABX fell for 5 weeks in a row was almost 18 months ago and it gained 30% (36% in USD) in the 12 weeks that followed.
        U.S. symbol was used for this chart:

      Jul 16, 2022 16:52 AM

      Hi Doc. Yes, Hecla (the sentinel) does look like it could still keep correcting a bit further as it completes that H&S pattern, and based on the ADX red line up with black line trending higher, having dipped below the 200 week MA, and because it is just now getting closer to oversold levels on the RSI and MACD.

      – What price level are you looking at for where support could come in on HL?

      – What technical indicators will you be looking for to signal a bottoming is occurring?

    Jul 16, 2022 16:52 AM

    Stephen Leeb: Anybody follow him? He’s really been wrong for years but his day may be coming, including all who read these pages. Anybody agree?

    Jul 16, 2022 16:14 AM

    ‘Consumer Stress To The Max’

    Jesse Felder – The Felder Report (07/16/2022)

      Jul 16, 2022 16:15 AM

      When Bubbles Go Bust

      Jesse Felder – The Felder Report – July 13, 2022

      “While the decline in the broad stock market over the first half of this year has led many to believe the current bear market is just that old, it may be important to note that many of the most popular stocks in the market peaked and rolled over well before the major indexes did. In fact, it was the meme stock blowoff top back in February of 2021, nearly a year before the peak in the broad market, that marked the beginning of the bear market for many. And this sequence should be familiar to those of us who were involved in markets a couple of decades ago.”

      “Back in early March of 2000, the Nasdaq put in a blow off top of its own, similar to that in seen in the Goldman Sachs Non-Profitable Tech Index in February of 2021 (both indexed to 100 in the chart below). Much like the broader market today, the other major indexes didn’t follow the lead of the Nasdaq until several months later. In fact, the NYSE Composite even went on to make a new high in September of 2000, much like the major indexes did late last year. In both cases, the failure of the most speculative stocks in the market to confirm those later highs served as a clear warning sign for risk appetites in a broader sense.”

        Jul 16, 2022 16:20 AM

        Those cogent points from Jesse, mirrored some of the same concepts Mike talked about in this weekend’s show, about the more speculative areas imploding first and were signaling a rollover was coming much earlier than the general indexed did.

        These more speculative stocks breaking down were a canary in the coal mine back in the Dot Com Bubble bursting, just like the “meme stocks” “stay-at-home stocks” “growth tech stonks” and “cryptoverse” were when they peaked last year and were a shot across the bow that eventually the sector leaders like the FAANGS and Tesla etc.. would give up the ghost and drag the larger indexes down with them.

    Jul 16, 2022 16:54 AM

    HL is at or near a low whether it’s the final low or not.

        Jul 16, 2022 16:23 PM

        Thanks Matthew. Good comments and charts on Hecla, and good that you think we could see a bounce soon to go up and retest that neckline. As you mentioned, the volume and action around that area will be instructive on whether we see it reflected back down, or if it starts a breakout.

        I’ve got a reasonable sized position in Hecla, and do think it’s a good stock to follow for technical reasons, being a nice hybrid producer of both silver and gold. I’m not sure how much noise the current acquisition of Alexco by Hecla has caused to the chart, so it was nice to get your reflections.

          Jul 17, 2022 17:53 AM

          Ditto Matthew!
          HL is my second largest holding. This will make my retirement come much earlier.

    Jul 16, 2022 16:25 PM

    Based on this daily chart, GDXJ is a buy in my opinion. GDX and even SIL and SILJ aren’t quite there. Silver and especially gold are even further behind and that’s a good thing.

    As always, everyone should act on their own opinions, not mine.

      Jul 16, 2022 16:43 PM

      Looking at the Vaneck website, GDXJ holdings. That fund is loaded with all the Aussie mid tiers.

        Jul 16, 2022 16:39 PM

        I looked at the GDXJ holding a week ago and noticed it had 102 holdings. It’s got a much different complexion than it did even 1-2 years ago now. At least it is getting somewhat better, as it used to be heavily skewed to half dozen Majors and there was nothing “junior” about it.

    Jul 16, 2022 16:40 PM

    CRB:Silver has been topping for 2 months and a week. Based on the RSI, the “power top” happened on May 9th, just days before most gold and silver miners put in their “power bottoms.”
    While the vast majority of traders only focus on currency-based charts, pair traders know that this is an appealing time to sell commodities and buy the gold sector, especially silver and the miners.

    Jul 16, 2022 16:52 PM

    Gold Miners New Highs/New Lows Percent Index is at its lowest reading since July, 2015…

    Jul 16, 2022 16:58 PM

    Golden Cross Gold Miners Index is weekly oversold for the first time this year and is close enough to zero to launch an impressive mean reversion.

      Jul 16, 2022 16:29 PM

      Fantastic chart. Thanks Matthew.

    Jul 16, 2022 16:01 PM

    Hi Ex

    Wondering your take on the WM Archer deal Thanks for your consideration

      Jul 16, 2022 16:50 PM

      Hi Monty – Yeah, I’ve been reflecting some on that spinout of the Wallbridge nickel assets to Archer, and have mixed thoughts and feelings about it.

      Overall, I guess it is good to see some value creation for these nickel assets (that Balmoral used to hold that Wallbridge acquired in the takeover). Clearly these quality assets were getting no value from the market for the last 2 years. Hell, even the 4 million ounces of gold in the ground and amazing land package all around Detour Lake that Wallbridge holds are not getting fair value, so nice to see some value daylight for the nickel projects. From that standpoint, I guess it is better than nothing, and is a win of sorts. It is an all-share deal that they claim is worth $53.6 million but it really depends on how Archer performs as to how the 20% stake Wallbridge has in it performs.

      I know the company has toyed around with spinning these out in the past, and had mentioned that possibility on Cruxinvestor’s show, but when we interviewed Marz last time, he stated many people still don’t realize the fantastic gold value still to be unearthed in those nickel projects, and he felt it was better to keep them in house and develop them as satellite gold deposits with serious nickel credits (similar to what Karora Resources is doing). From that standpoint, I’m somewhat concerned that they just outsourced all that potential future value to a fledgling Jr company.

      The point has been made that if Wallbridge had tried to create their own “spin-co” that it would have taken more time, resources, and had the same basic challenges, so in that sense, I agree it was the better option to just spin out the projects into a junior, like Archer, that already existed and was listed, as it is more immediate. That part of it makes more sense than them trying to spin it out on their own. We’ve seen a few other spin cos created over the last year that still aren’t even trading (like Auryn/Fury’s Coppernico, or Kootenay Silver’s- Kootenay Resource), and we’ve also seen about half dozen spinco’s created that simply nosedived upon creation. From that angle, I’m more of a fan of spinning out the assets into an already existing vehicle, over trying to create it from scratch.

      I don’t know what will finally get Wallbridge off the mat. I’ve been following this story for a long time as prior holder of Balmoral, watched Wallbridge get created, then watched Wallbridge takeover Balmoral, and since then was in, then sold out, then back in, then sold out, and am now recently back in. I can’t help but think at one point in time, that a larger company will value all the resources already defined, and importantly, all the resources yet to be found on the prolific land package. I just got back into WM in earlier July (before this deal was announced), figuring they could get acquired by one of the big boys, or possibly would start to crawl their way out of the hole they’ve been in throughout the balance of 2022 and heading into 2023. The nickel assets played into my thinking, along with the obvious gold value, but now those Ni assets were just spun out.

      Overall, I’ve been pretty disappointed with the way things have gone in Wallbridge, but was also disappointed by how things went in Balmoral, and it just goes to show that quality projects can be ruined by ineffective management teams and boards of directors. I feel better about some of the recent changes to the team, and at least this nickel assets spinout to Archer is something as far as value creation, but it will likely take a while before Archer gets on people’s radars and does anything significant with the projects… We’ll see how it goes.

        Jul 16, 2022 16:54 PM

        This was a nice write up of the transaction in the Northern Miner.


        Wallbridge Spins Out Nickel Assets To Focus On Gold

        Naimul Karim – The Northern Miner July 13, 2022

        “Wallbridge Mining (TSX: WM; US-OTC: WLBMF) is selling its nickel assets to Archer Exploration (CSE: RCHR) in an all-share deal worth $53.6 million. The company said it wants to focus on its core gold projects Fenelon and Martiniere, and is selling its Grasset and RUM projects in Quebec and its Sudbury and NW projects in Ontario.”

        “Under the deal, Wallbridge will receive about 198.6 million common shares of Archer and will own 19.9% of the company. Archer will grant Wallbridge a 2% royalty on the Grasset property and Wallbridge will have the right to nominate two directors to Archer’s board.”

        “The two companies will also enter into an agreement to explore the Grasset property. If the results from either Wallbridge or Archer’s exploration work establish a mineral resource that consists of primary gold mineralization, then the companies will form a joint venture with Walbridge having a 70% interest, otherwise, Archer will own 70% of the venture.”

        “Our core focus remains on…our 100%-owned Fenelon gold property, located on the highly prospective Detour-Fenelon Gold trend in Quebec, where we are currently in the midst of a major drilling campaign to expand the multi-million-ounce resource,” the company’s CEO Marz Kord in a press release.

        “The opportunity to have our portfolio of non-core nickel assets acquired by a focused, publicly-traded nickel development and exploration company led by a world-class team unlocks the value of these assets,” he said.

          Jul 16, 2022 16:01 PM

          I guess, all things considered, it would probably be a good idea to reach back out to Marz and see about getting him on the show sometime soon for an update, and just hear from him directly the rationale behind this deal and what they have in store for value creation on the gold assets and big drill program still underway. Stay tuned and I’ll see if we can get something lined up in the next few weeks.

    Jul 16, 2022 16:14 PM

    Silver is weekly oversold for the first time in 28 months (when it was under $12):

    Jul 16, 2022 16:20 PM

    Gold’s COT positioning just had its best 1 week percentage improvement since February and hasn’t looked so good overall since the beginning of June, 2019.

    Jul 16, 2022 16:25 PM

    Don’t Fight The Fed

    Eric Parnell, CFA – Seeking Alpha – Jul. 16, 2022

    – “Don’t fight the Fed” cuts both ways.

    – “The dovish past contrasted with the hawkish present.”

    – “Unusual for the Fed to tighten so aggressively at a time when the economy is already in recession.”

    – Respect both sides of the “Don’t Fight The Fed” coin.

      Jul 16, 2022 16:34 PM

      The Week On Wall Street – Inflation Feeds The Bear

      Fear & Greed Trader – Seeking Alpha – Jul. 15, 2022

      > Summary

      – Inflation; how many times are we going to say, “This is the highest ever?”

      – In the current backdrop, the potential for a sharp V-bottom for the economy and the markets is Low.

      – The stock market sent a warning in Q1. That warning has been correct.

      – Confidence Polls are at historic lows.

      “There is a notion that the post-financial Crisis era has been a strange one in which the underlying fundamentals matter less than what the market expects the Fed and other Central Bankers to do. In the past when the economy started to falter, another round of stimulative measures was applied. If you recall during that era, inflation was struggling to even reach the Fed’s 2% target, so there was no real reason for anyone to change course.”

      “For the investment community that believed in that concept, the fact that the FED is now moving in the opposite direction, it’s time to pay close attention to the “fundamentals” of the economy. Fed policy has switched from doing “whatever it takes” to keep the economy and markets going to doing “whatever it takes” to slam on the brakes.”

    Jul 16, 2022 16:34 PM

    On the discussion of gold manipulation, there are two sides and many arguments for or against. Bob Moriarity is one voice who claims there is none! I have always disagreed and here’s another reason for my position. Scroll on down to the chart showing new activity on the derivatives by the Bullion banks for instance.

      Jul 16, 2022 16:34 PM

      I think , Bobby is also wrong on manipulation…. JMO

      Jul 17, 2022 17:02 AM

      Hi Silverdollar, What Bob Moriarty say’s about manipulation is, “that all markets are manipulated up and down, always have been, always will be.” Therefore manipulation is meaningless because it goes both ways, and is always happening, one way or another. Eventually the gold price will revert to it’s real value. When Silver went to $50 quite a few years back it was manipulated up in price, but you didn’t hear the silver bugs at this time screaming manipulation. DT!

      Jul 17, 2022 17:35 PM

      BOB….. said 10 yrs ago or more……… there is no manipulation in the gold market…….
      he must have changed his tune..
      He was all over Chartster , for saying there was no manipulation, if, my memory servers me correctly
      Manipulation …….up and down……. is still manipulation….

        Jul 17, 2022 17:52 PM

        Jerry, you are talking about one of the smartest traders on this planet having said that he said there is no manipulation when all along he has admitted that all markets are manipulated up and down. If you go to click on the editorial section at the top of the page. Then bring up the authors where Bob Moriarty’s name is mentioned, all of his articles have been retained in the archive section since 2001. That is twenty one years ago, never in any of those articles does he mention that there was no manipulation. Try and prove me wrong you can’t. I think if you are as smart as you think you are you should just let this go. DT

          Jul 17, 2022 17:31 PM

          ASK Chartster …………. Bobby said HERE on the Ker………. there was no manipulation , when he was bad mouthing GATA………. I do believe……..

          I said to ask Charster, because Bob was trying to make him look like a dumbass on manipulation, from my recollection…… next time I hear from Chartster ,… I will ask him , if he remembers the conversation…,since it was years ago….

    Jul 16, 2022 16:07 PM

    An another epic show at KER…..Learned a lot…Agree w Mathew regarding GDXJ…. At uber oversold…what is to quibble about…..I think I saw a swing low without volume off the bottom…so it may hack around a few days more…Time….Big deal…🔊🎯When the reversal on volume day happens holding overnight becomes happier…glta

      Jul 16, 2022 16:41 PM

      Thanks Larry for listening and for the feedback on the show.

      We think Rick and Mike are a couple of very sharp guys.

      Jul 17, 2022 17:00 PM

      I think gold in particular is likely to make a new low so the rest of the sector will be held back even if it avoids news lows.
      It’s interesting that SIL and SILJ look better than GDXJ on the intraday charts.

    Jul 16, 2022 16:43 PM

    The pain isn’t over, far from it.
    Be sure to sell any bounce and don’t buy anything, NOTHING.
    The next rate hike is just around the corner and the market will tank yet again.
    The fed doesn’t have your back now, unless you are in CASH!!!!!
    Newsletter writers and the management of these PM companies are in collusion with each other to pump their stocks so you buy them and left hold a depreciating asset.
    The sit together and laugh at your gullibility while they dine on sumptuous meals and drink fine liquors, all on your dime.
    Stop being a sucker.

      Jul 17, 2022 17:00 AM

      Joe, I hope you’re wrong about the market but at this point absolutely nothing would surprise me.

      About PM management being crooks, you’re absolutely fekken right. There are plenty of companies that only enrich themselves while their stock prices goes to hell. Marrone is a nice example, Kord another. There are a lot of bad guys in this sector pretending to be ”on our side”.
      The nerve of these fekken criminals appearing on interviews, talking good and then make absolutely crazy decisions that make their stock tank.

    Jul 17, 2022 17:09 AM

    Ex, regarding my comment to Joes post regarding crooked CEOs, what’s your take on WM?
    I got out at 0,30 and thought I made a mistake but there were apparently more to go there on the downside.
    What that fekken Marz-moron did to that company is beyond stupid, more like criminal, not to use the soaring Nickel price to place WM on everyone’s radar. And that’s just one asset, WM has a lots of good assets and a bright future but the managements behavior seem to be to undermine the company in order to let it be taken out very, very cheaply.

    What say you?

      Jul 17, 2022 17:37 AM

      The mysterious cabal that many here keep referring to as the cause of artificially suppressing gold price, fleecing the sheeple etc etc is actually the group you indicate that run the show. Pump and dump promoters.

        Jul 17, 2022 17:53 AM

        There is a trial going on in Chicago right now that involves “spoofing” of the Precious Metals market by JPM employees. Hardly a conspiracy. But, it is a rare effort by The Justice Department to do their job.

          Jul 17, 2022 17:39 AM

          JPM guys also charged with “racketeering”.

      Jul 17, 2022 17:13 AM

      Hi Battaglia. I already left extensive comments on WM Wallbridge up above in response to Monty Bissett’s questions, and don’t have much more to add than I already did in those replies.

        Jul 17, 2022 17:08 PM

        Thank you Ex. Awesome. I didn’t see that.
        I haven’t followed WM for a while and totally missed the Archer deal, but $0,15?? Wtf?!

        I bet anyone here that if Moron-Marz resigns the stock will skyrocket at least 200% from here.
        What is Sprott thinking? Why doesn’t he do anything?

    Jul 17, 2022 17:00 AM

    The eurodollar futures curve is moving into territories it hasn’t seen in years and it’s hard to believe but the world is running out of collateral—the market wants t-bills instead of notes and bonds. The payrolls for last month looked good but if you looked into the guts of the numbers, it wasn’t as good as projected. Illiquidity is becoming an issue as the FED is just beginning its’ rate rises. The FED would be smart if it raised rates as fast as it can to meet its’ probable goal of FED fund rates of 3-4% in the beginning of this deflationary period even though the recent inflationary numbers were as high as they were (a lagging indicator). If gold continues to move south it is a warning of the illiquidity out there with the lack of collateral and a potential deflationary storm. This is starting to look like 2008 but should not culminate in that this time around. The technicals on the US dollar chart is predicting the beginning of a topping by the October/November time frame. The FED in all probability will be done raising rates by the end of this year or early 2023.

    Jul 17, 2022 17:12 AM

    Possible Euro bounce:

    Jul 17, 2022 17:44 AM

    Aussie Cameron Smith wins the 150th British Open;
    8 under par final round, 20 under overall.

      Jul 17, 2022 17:48 PM

      The Aussie Ian Baker Finch won the British Open in 1991 and it was all downhill from there. Hope Smithy can do better.

        Jul 17, 2022 17:06 PM

        Cam Smith has been knocking at the door for awhile. My guess he is going to have an above average career.

          Jul 17, 2022 17:30 PM

          Cam Smith is maybe the best putter around these days. #2 this weeks Open.

            Jul 17, 2022 17:34 PM

            The Shark won a couple of BO’s but it didn’t help him at the Masters, choking miserably in a playoff with Nick Faldo.

            Jul 17, 2022 17:40 PM

            I remember about Norman and others, but what percent of golfers never win a major. Maybe everyone else in the world is a choker, and Not the guys that got at least one. Lakefweller is my twin brother who never won a Major either.

    Jul 17, 2022 17:13 PM

    It’s fascinating how the $VIX has not been that volatile this year to the upside in response to the conventional markets move—in fact they seem to say that the market may move higher next week.

      Jul 17, 2022 17:26 PM

      Hi Doc, The market looks like it is accepting the losses and could move forward. Speculators still think when there is a break it is a good time to buy. There won’t be any real alarm until the market decides to collapse, it will come suddenly and without notice and it will be a huge deluge, but when is up for debate. I don’t think this can go on after October or possibly November like you mentioned. DT

    Jul 18, 2022 18:11 AM

    Complete for today’s action.
    Gold at crossroads.
    Dollar down.

    Jul 18, 2022 18:43 AM

    Took some losses from NG Energy and Libero. Moved the proceeds to Empress and Stillwater. Will see where we are in 30 days and may move them back.

      Jul 18, 2022 18:05 AM

      Lakedweller2 – just curious what has you interested in Empress as a royalty play over all the other options that typically have more cashflowing royalties or streams? Any NSRs they hold that have you interest in particular?

        Jul 18, 2022 18:54 AM

        Price, they are beginning to achieve some income, they put out a release that they are receiving their first silver from Tahuehueto mine, Brien Lundin had them at MIF and said they were under priced, the guy that writes the Royalty report mentioned them as beginning to receive royalties this year, they concentrate in silver royalties, they have been beat back like silver stocks, JPM Precious Metals guys in trial in Chicago for spoofing and racketeering, and Royalty companies have to start somewhere and so does the price of silver. ????

        Added to Nine Mile today and sold my Nobel. Some group in Chile recommended that mines be Nationalized so I moved Nobel to Nine Mile as an add (added 50%) after listening to an interview with the CEO and Allan Berry. Low float and some good drill results.

          Jul 18, 2022 18:07 PM

          Thanks for that feedback Lakedweller2. Yeah, I guess Empress is starting to bring in some revenues now and may be more undervalued compared to other teams. I had a position in it last year for a short stint, but just had a hard time keeping it when other royalty companies with much stronger portfolios (like Nomad, Sandstorm, Maverix, Metalla, Vox, and even Elemental prior to their merger with Altus) and more cashflowing royalties were also on the clearance rack. I had positions in Ely, and Golden Valley as my undervalued Jr royalties, but they were already scooped by Gold Royalty Corp, and GROY also made a failed hostile bid for Elemental. Now my favorite royalty play, Nomad is being acquired by Sandstorm, and I guess that is fine, as I’ve been adding to positions in both for a while, but I felt NSR had more upside individually to be rerated higher than they will inside of SAND. Still, the combined company along with the other royalty package from Glencore being added, should make SAND a more desirable holding for the larger institutional investors and so I’ll keep a nice weighting to Sandstorm as an anchor royalty position. Another smaller one I’ve been looking at is Star Royalties, that is also starting to branch out into royalties on Carbon Credits in addition to the PM royalties. A larger one I’ve been considering is Triple Flag.

          As for the jurisdiction risk, yeah, I’m far more concerned with Chile or Peru or Colombia or really most of South America, than I am with West Africa, or Fiji, or many of the places investors are so scared to touch. Chile’s leftist governments comments about nationalizing mines should be a concern for all resource investors.

        Jul 18, 2022 18:12 AM

        Empress (added)
        Checked my MIF notes from June 12th
        17 Investments
        1 producing
        2 near producing
        28 mil income over next 3 years projected (Possibly $5 mil this year)
        6 Bil in transactions
        100 mil shares and one third public retail
        Work directly with miners getting ready to or just starting production
        Brien Lundin said “overlooked and under priced” (my notes, pretty sure he said it)

          Jul 18, 2022 18:08 PM

          Lakedweller2 – Thanks for that additional info on Empress. Yeah, I remember Brien mentioning that they were on his radar, and that comment surprised me from him as well. Looks like it’s time to look it over again.

    Jul 18, 2022 18:07 AM

    Michael Boutros (Gold 35:25):

    Jul 18, 2022 18:03 AM

    Well no idea what happened recently on this site maybe an upgrade to the site but the screen is all blue now on my old iPad. Have to go to the phone or laptop now. Slight inconvenience but I’ll survive. Lol

    For those who watch real estate in any way here’s the latest in Canada

      Jul 18, 2022 18:08 AM

      Hmmm not sure Wolfster. Cory has our web guy doing a few things, but I’m not sure what all he may have changed. You can email me some screenshots of what you see now and I can forward that along if you like.

    Jul 18, 2022 18:27 AM

    Stocks Climb, Dollar Eases As Fed Hike View Dialed Back

    Chuck Mikolajczak – Reuters – July 18, 2022

    “A gauge of global stocks rose on Monday and the dollar eased as investors dialed back expectations the Federal Reserve will take a more aggressive approach in hiking interest rates next week while the U.S. corporate earnings season picks up steam.”

    “Expectations for a 100 basis points rate hike by the Fed at its policy meeting next week stood at about 31%, according to CME’s FedWatch Tool after reaching as high as 80% last week.”

    Jul 18, 2022 18:41 AM

    I found this interesting, Newmont just did another Private Placement with Irving Resources for 4.5 million shares for $1.00, with half a warrant at $1.60. Crescat Capital is also buying in, a one two punch of confidence by the dynamic duo. Irving is still very much an exploration play but one you need to keep on your rabbit ears. DT

    Jul 18, 2022 18:58 AM

    The silver stocks are showing more strength versus silver than versus the dollar and that’s better than the opposite.

      Jul 18, 2022 18:12 PM

      Yep, most of the silver stocks are having a nice bump today and outperforming the price move in silver by a factor of 3 or 4. Always good to see that kind of performance.