Weekend Show – Doc and Adrian Day – Technicals Balanced With Economic Data And Monetary Policy For The Active Investor

August 6, 2022


Welcome to another KER Weekend Show! After a good month of July for the markets across the board, everyone is wondering if the bottom is in or if it will all turn around very soon. Since pretty much every sector has joined in the current rally it’s hard to isolate any sector that will hold up if another down turn hits.


On this Weekend’s Show we feature Doc and Adrian Day. We balance out what the charts are telling them with current economic data and the trend of monetary policy.


We are still working on fixing the issue uploading our podcast to iTunes so I will post the full segment here. For all iTunes users please check back on our site to keep up to date with our Daily Editorials and Company Updates.


  • Segment 1 and 2 – Richard Postma, AKA Doc kicks off the show by sharing his outlook, broken down over the next few months, for the US markets, gold and gold socks, silver, and base metals. Doc also shares the key aspects of the charts that need to be watched and a couple bellwether stocks.
  • Segment 3 and 4 – Adrian Day, President of Adrian Day Asset Management wraps up the show with a focus on the macro drivers for the markets. We also discuss the types of stocks he is buying both in and out of the resource sector. Click here to learn more about Adrian Day Asset Management.


Exclusive Company Interviews This Week



Adrian Day
    Aug 06, 2022 06:28 AM

    Doc do you follow Uranium, if so like to hear your thoughts.

      Aug 06, 2022 06:38 AM

      Paul, I am following uranium—I got out of my positions a number of months ago when uranium/stocks ran higher. I’m now waiting to re-enter positions but will wait for a number of reasons: 1. The spot price for uranium is now moving lower. 2. The CRB is breaking lower. 3. The stock market is still at risk to move lower. 4. We are moving to a worse economy/recession then people think—-many asset classes will feel the pain —-uranium is no exception (for awhile).

        Aug 06, 2022 06:29 AM

        Uranium mining stocks had an epic move from 2020 to the end of 2021, where I sold off 85% of my holdings.

        Then as things corrected in the Uranium sector towards the end of 2021 to early 2022 I acquired most of my 7 positions back (when everyone was postulating the move in and the U stocks was over for a while). Of course, it wasn’t over and the Uranium stocks had another big tradable rally from January to April that most people that follow the sector were totally out of position for.

        I faded into that April pop, to raise some more trading funds, but not as much as I should have in hindsight, as that rally pulled all the way back down again in many stocks. Of course, from mid April through June, people came back out and declared, now the Uranium run was over… but it wasn’t and isn’t. The Uranium stocks have rallied for the last few weeks of July once again, and may still have a little more juice in them before it’s time to trim again.


        The fundamental drivers of the Uranium sector are much different than most other commodities, because it is a very tiny opaque sector and really comes down to the specific supply/demand factors from utility companies longer-term contracting cycles, which just began in earnest this year. It also has little to do with the “spot price” and more to do with longer-duration “term price,” which is different than most other commodities or energy metals.

        There is a growing need from the enrichers that will need more feed for their centrifuges in the next few months to upgrade the U308 to UF6 and then to enrich it to the point of fabricated uranium fuel. Most of the secondary sources for Uranium are dried up, including Russian underfeeding, and the primary sources, uranium mines, are almost all off-line, waiting for higher prices to incentivize new production. This process is coming to a head later this year, whether or not the market takes a nosedive or not, so the Uranium sector could easily diverge from other markets.

        This is one sector where it is truly “marching to the beat of it’s own drum,” so lumping it in with the CRB Index (which is mostly weighted to Oil and NatGas, or Base Metals, and a little Agricultural products) are really apples and oranges. It doesn’t even have much correlation to Oil and the rest of the energy sector typically. Now, the last 2 years has been a slight exception due to how crazy the world markets have been, where everything sold off going into the pandemic crash, then every sector rallied coming out of that low point, and then almost all raw resources rallied in for the first few months of this year, especially commodities important to Russia’s export, as the Ukraine war broke out. That had many asset classes moving in lockstep, but over time, things will diverge back to their unique supply/demand journeys.

        If the NATO nations decide to sanction Russian Uranium (which they’ve talked about but avoided thus far because it is more strategic than even their Oil, Nat Gas, Nickel, or Palladium) then that could be a flash point that would send the pricing up dramatically. This would not be predicted by the charts, nor most casual followers of the space, but most people watching things develop are very tuned into this potential flash point.

        With a worldwide energy crisis, and many countries back to using Coal and fossil fuels again that claimed they wanted to go green, it has countries like Japan considering seriously and imminently to bring their reactor fleet back online, and Germany now contemplating not taking their remaining 3 reactors offline. China is building a dozens of reactors in countries and a handful for countries in the Middle East and in South America that will all need new supply.

        Kazakhstan is at max producing capacity already, hasn’t been investing in new growth, and their production will likely start declining in the years to come, and they are starting to realize they blew a lot of it out at lower prices and are being a bit more strategic now, like a swing producer.

        There are also now a few different players in the Uranium fuel holding funds now like the Sprott Physical Uranium Trust, Yellowcake, and a new one that started in Kazakhstan that are mopping up any spare spot material before the utilities get it, and most are not interested in selling it, just holding it so that supply is disappearing.

        So even if the stock markets collapse, and commodities stay under pressure, the Uranium sector is one of the few that is so specific, and ties into the energy crisis, that it may diverge from the rest of the pack suddenly, even if initially swept down with the “sell everything” event.

        I consider my 7 Uranium stock positions (considering adding an 8th or 9th) to be an uncorrelated sector that can move on it’s own accord at times and often has bucked the prevailing trends in the past to both the downside and upside. For example, I was sure glad I had exposure to Uranium stocks in my portfolio going into the 2nd half of 2021 when the PMs were turning down hard, and got positioned again from tax loss selling last year and earlier in January, before they took off higher for another run from Jan-Apr of this year, while the general markets were tanking hard. My Uranium stocks often bailed out the weakness seen in other sectors of my investments, so they make a unique hedge of sorts.

        Just some food for thought, from someone that has been actively trading and closely following the Uranium sector since 2010, review watchlists of the 70+ companies in the sector, and follow a few Uranium specific threads on a regular basis for sector news.

          Aug 06, 2022 06:33 AM

          I’d highly recommend people that want to know what is actually going on in the Uranium sector listen to the interview we did with Justin Huhn last week.

          This show actually had more downloads than any other show we produced at the KE Report in the last 2-3 weeks, and I’ll repost it below:


          Justin Huhn – Uranium Macro Market Setup And Recent Bounce In Uranium Stocks

          Korelin Economics Report – July 29th

          “Justin Huhn, Founder and Publisher of the Uranium Insider, joins us to provide a macro update on the uranium sector. We start with the supply and demand factors he is watching mostly focused on the demand side coming from tensions with Russian sanctions, Kazakhstan export challenges, potential Japanese restarts, and Chinese reactor builds. We also take a look at where things are with regards to pricing trends seen this year with the increase in utility companies setting up longer-term contracts, and the complexities behind the different stages of refining and upgrading U308, to UF6, to enriched fabricated uranium fuel.”

          “Next we review if the uranium sector correlates to other energy commodities or other sectors. We wrap up with a look at what stage, both technically and fundamentally, the uranium mining stocks are at currently. After the big run in the uranium mining stocks from 2020 to 2021, the pullback from Nov 2021 – Jan 2022, the rally from late Jan – April of this, and the most recent pullback that appears to have bottomed in early July, we find out if Justin thinks the rally over the last few weeks will be sustainable.”

        Aug 06, 2022 06:10 AM

        (DNN) (DML) Denison Mines Reports Financial and Operational Results for Q2 2022, Including Uranium Sales from Production at $74.65 per lb U3O8

          Aug 06, 2022 06:03 PM

          DNN setting up to be lowest cost North American producer with that ISR process. Can’t challenge Kazakhstan but can come pretty close.

            Aug 06, 2022 06:29 PM

            Yes, while the ISR method of uranium extraction is quite common in the US in Wyoming, New Mexico, Texas, it’s never been tried in the Athabasca Basin yet, and it will be interesting to see if the ramp up of Denison in to actual production, matches the initial trial tests that were performed for porosity of the rock and flow rates, etc…

            If it goes as projected, it would make DNN one of the lower cost producers, but sometimes there are some initial ramp up issues that become apparent once the ISR wells are dug and the fluid is pumped through – like look what happened when Excelsior Mining tried to utilize it for Copper extraction recently and ran into a number of snags.

            Still I’ve followed the team at Dennison for a number of years and remember when they were in production in the US in the last big uranium cycle, and before divesting those assets and their African assets to focus on exploration and development in Canada. They have that hard rock extraction experience under the belts, but we’ll see how they do with ISR in the Athabasca Basin. It could be a real game changer if they can execute on their strategy.

            Aug 06, 2022 06:33 PM

            Looks like UEC just outbid Denison for UEX Corp, after Denison had outbid UEC initially. I own both UEC and DNN so don’t really have a preference to who takes over UEX, but just don’t want the bidding war to go on much longer as no need to overpay for it.


            Uranium Energy raises UEX takeover offer, says now superior to Denison

            Aug. 05, 2022


        Aug 06, 2022 06:04 PM

        Thanks Doc…Appreciate your Uranium speak

          Aug 08, 2022 08:28 AM

          Definitely could be wrong but I think the pullback in uranium prices already happened when it dropped from $65 to $45 range. Any lower would mean most producers would be losing money mining it and I don’t see a return to that scenario given the supply needs going forward.

            Aug 08, 2022 08:26 AM

            +1 Agreed Wolfster. People trying to conflate the moves in Uranium with the other commodities in a blanket sense, and as outlined above, the price of Uranium is really marching to the beat of it’s own unique supply/demand fundamentals, and the term pricing is far more important than the spot pricing anyway.

            Aug 08, 2022 08:17 PM

            For the most part uranium actually does move with commodities including oil but it bottomed first in 2020 so it makes sense that it topped first in 2022. The recent low happened along with the CRB while oil made a new low several weeks later. Before the crash of 2020 it was much less correlated.

            Aug 08, 2022 08:19 PM
            Aug 09, 2022 09:36 AM

            As noted above, for the last 2 years, most commodities tracked together, but historically backing it before 2020, Uranium is not really correlated to the rest of the commodities, and moving forward it will diverge and could go up even if most commodities or oil/nat gas remain under pressure.

    Aug 06, 2022 06:35 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 Doc & Adrian.

    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!

    Aug 06, 2022 06:54 AM

    ‘The Strongest Stagflationary Signal In 100 Years’

    Jesse Felder – The Felder Report – Aug 6, 2022

    Aug 06, 2022 06:03 AM

    Bombed Out Junior Miners Creating an Accumulative Bottom

    David Erfle – Friday August 5th, 2022

    “With a blistering short-covering rally in the gold complex taking place heading into this week, the positive impact of less-hawkish Federal Reserve comments faded while investors waited for more signs on the data front. Gold prices rose 2.57% last week as markets firmed up the $1700 support level, while bullion ended above formerly significant resistance at $1780 on a monthly closing basis.”

    “After reaching the key $1800 level into Tuesday’s Comex session, a round of profit taking sent the gold price down towards support at $1760 by mid-week. But the move lower did not last very long as another major central bank influenced the buying of Gold Futures to close above $1800 on Thursday with more recession fears.”

    “After a better-than-expected U.S. jobs report came in on Friday morning, the gold price volatility continues within a $40 range as $1760 support has held and bullion weakness is being bought…”

      Aug 06, 2022 06:07 AM

      Not surprisingly, while Gold has rallied hard the last 2 weeks, Joe’s gone quiet as church mouse, as predicted he would when things did just the opposite of he assured outcome. 😉

      Where have Joe’s dire “Sell, Sell, Sell the bottom and go to Cash immediately” calls been? M.I.A.

      Like I said at the time a few weeks back, those kind of bullhorn buy or sell proclamations are typically great contrarian indicators.

    Aug 06, 2022 06:08 AM

    We are having a tropical heat wave, my central air conditioner has been on full blast non stop for more than a month. The temperature today and tomorrow with the humidity is 41 degrees Celsius. In London England they just closed down Gatwick Airport because the runway buckled. It’s a good thing I had the beer wagon out yesterday and got it and me, “LOADED” UP! LOL! DT😎

      Aug 06, 2022 06:12 AM

      Yep, we are still having a warmer than average experience here in the Pacific Northwest, and I’m going to be heading out to the beach with my beer wagon in just a little bit. Cheers!

        Aug 06, 2022 06:15 AM

        Hey Ex, Cheers and Beers! DT

      Aug 06, 2022 06:15 PM

      The area between Shanghai and Beijing, home to 400M people is predicted to become unihabitable due to high temp and humidity. The body sweating mechanism won’t function properly.

    Aug 06, 2022 06:02 PM

    Thanks for posting a lot of good articles and interviews this week. Excellent.

    Found a good interview on First or second listed referencing Craig Hemke but is actually Craig and Andy Maguire.

    Aug 07, 2022 07:03 AM

    What’s Next? Blue sky investment crypto companies, did I just call them investment companies, that is what the people who bought thought, formed during the slap happy bull market days went SMASH! The terrible tales of rascality are yet to be uncovered. Right Michael Saylor, LOL! Securities in the conventional markets will keep falling along with the shrinkage in broker’s loans, and trading accounts closed out. The derivative market is sitting on the edge of Niagara Falls. We are now seeing Real Estate collapse, and brokerage houses and some banks will close. Of course these job numbers are a joke, executives, clerks, and all workers will be losing sleep wondering when their turn will come. The bills just keep coming in, there is no reprieve, and inflation is like rust it keeps showing up and it never sleeps. Now for the good news!

    Gold and Silver are about to take-off, Gold first because the governments need to put themselves on a gold basis, followed by Silver because of The Gold Standard. DT

    Aug 07, 2022 07:20 AM

    Cory’s lingual,

    “ Unfortunately Doc this doesn’t seem like it’s a long term play, more a shorter term play”.

    This is correct and Doc deserves credit from a long term perspective investor which many of us in here are.

    Here’s my two cents and really i have not been posting much simply because there’s not much noise or anything worth posting in regards to direction for longer term play. We are simply setting up those parameters and getting closer to the day. And many of you already cover the story.

    Great interview Cory and ex and great insight Doc it’s very much appreciated by all.

    For those following the US dollar, I would state that some of the things Doc spoke of correlate to what I’m seeing. From a chart perspective it looks more and more likely we either get a double top on dollar at 1.20 give or take before it falls off a cliff or it doesn’t necessarily need to get there but it’s putting in it’s time before rolling over. From a monthly perspective it can be anywhere between now and the next 3-4 months. But make no mistake the US dollar is working on a blow off top from a long term view and by the looks of things it just simply needs time but not a great deal of it.

    From my personal view the US dollar is the Mecca of the inverse to the gold and to are beloved miners. Yes at times there is symmetry but not for the big moves we want. The US dollar looks parabolic that would be an understatement and it’s looking very similar to third quarter of 2000. Docs first quarter of next year outlook for miners could be signaling what dollar is saying for now higher.

    We will have an epic run once this dollar tops let’s wish very soon


      Aug 07, 2022 07:33 PM

      Hi Glenfidish – Thanks for sharing your technical outlook on the US Dollar. When the buck does roll over and turn back down more meaningfully it will be a nice tailwind for the metals.

      For the Dollar to turn down, then the other currencies in the DXY basket – particularly the Euro, Yen, and Pound, need to rally and turn up in relation to the the dollar, so it will be interesting to see what catalysts those nations would need to get their currencies back up higher.

      I guess it could also happen if there was to be a loss of confidence in the Dollar as well, where it just sinks more in relation to the other currencies, possibly due to fiscal or monetary policies, but so far the greenback is the prettiest mare at the glue factory.

        Aug 07, 2022 07:01 PM


        Great points on the currencies. Let’s not forget the most talked about with me and Matthew which is the cad.. Inexpedt the cad to outperform every currency you mentioned to the rise possibly Mano a Mano with the euro if not better. Of course I could be wrong since dim shit Justin has printed an unprecedented amount of currency in the last 4-5 years possibly a world record compared to other countries. For those who don’t know a hole Justin has nearly quintupled the Canadian currency contrary to the us who has doubled/tripleld there’s. As dt mentioned the housing market in Canada is going to get even uglier then the us did in 2008 can you imagine? The pain coming is going to be nasty 🙁 inpersonally have family and friends that went against my help. People will learn the hard way..

      Aug 07, 2022 07:33 PM

      Gold (silver and the miners in particular) is extremely likely to rise for 2 or more months from now even IF it hasn’t made its final correction low (and I think it has). It could pullback significantly ($50+) in the short term without changing that likelihood.
      The focus should be on buying or holding miners for more upside and not on hastily selling the “bounce” unless of course you’re a decent trader.

        Aug 07, 2022 07:13 PM

        Matthew your last paragraph is 100% to the point! I’m glad you mentioned that and I hope the readers truly understand that.

        Im in the camp of accumulating like you stated this is a great opportunity to build before the run. Not sell! However I think what you are saying ni if your a top tier trader this can be much attune to buy and sell the pops. It has been one of those for some times but I’m not a pro in that department..

        Matthew what’s your views on the current short ratio with commercials and specs etc? Do you like what you see?

        Also do you see like some pundits a massive short covering that could launch miners up faster then many may think including doc? I’m always curious to this

    Aug 07, 2022 07:13 AM

    Take caution regarding any advise from delusional pill seller conforming jabbed primary care providers or same as a general doc…They were brainwashed by the medical cartel to believe in big pharma and sell it with vibrato and certainty…The false courage of a true stooge……This brainwashed conditioning allows the system actuarial precision and certainty that the declining health caused by their allopathic anti-health approach sold by the general docs will leave the populace unnecessarily chronically unhealthy and degenerating…A repeat business model the good sage docs conform too…In order to be a good co-operative doc of high standing and positive cash flow in the community that they mis-serve…
    Inside job..wake up folks…most here get that…some never will…got jab?…This generalized corruption described partially below precedes the current jab fraud by over a hundred years…I would never trust a co-operative sell out sage stooge…nope….or any brainwashed peeps for that matter….

    Monthly Bollinger Band analysis as the main daily timing vehicle for trend identification is an other formulae for disaster….

    Mei-Culpa time for sage doc…imho…glta

      Aug 07, 2022 07:57 AM

      Spot on Larry. One positive about the last two years is that many sheep are finally coming to their senses.

    Aug 07, 2022 07:34 AM
    Aug 07, 2022 07:29 AM

    Forgive me for puting this here.

    7 hours ago

    It’s Sunday , time for some music . This song goes out to al those who may be scared about the monkeypox & fearfull about what new SCAM… “THEY ” may try to FOOL US WITH AGAIN… This Winter…Enjoy

    Aug 07, 2022 07:17 PM

    Vaccine for Monkey Pox said to be experimental…

      Aug 08, 2022 08:03 AM

      My wife works in a long term care facility in Ontario Canada. Is required to get a 4th booster to keep her job…..but must sign a waiver exempting the company from any liability if she has an adverse reaction to the vaccine. How f’d is that???…. And she’d prefer to be like me….unvaxed.

        Aug 08, 2022 08:51 AM

        Yes, that is very f’d up to tell someone they have to get an experimental medical treatment injected in their body to keep their job, while simultaneously asking to be waived of any liability if things go wrong with that treatment they are forcing one to get. Talk about coercion and manipulation.

        What is sad is that there are likely many staff-members there enforcing this policy or willingly going along with and peer pressuring others to do it, that probably hold the insane double standard of being staunch “my body my choice” advocates with regards to other medical procedures. Also remember just a few years back where most companies, especially those in healthcare, were big believers in HIPAA and keeping peoples medical information private and secure. Now its like all of those ideas were ejected out the window all due to a coordinated fear campaign and endless erroneous propaganda inflating the risks. Such bizarre times we are living through, with no rational end in sight.

          Aug 08, 2022 08:13 PM

          I sense a “quickening” in the leftist agenda lately, perhaps some desperation that they may start losing North America unless they can get a good crisis back on their side, haha!;-)

        Aug 08, 2022 08:48 PM

        Without self-ownership all other private property is an illusion. Our idiot ancestors screwed us with their acceptance of income and property taxes and those who have no problem with jab mandates today are equally idiotic.

    Aug 08, 2022 08:48 AM

    Just another Monday. They must be treating the Senate Vote as a “Sell The News” event”. Criminal behavior always stays consistent until stopped.

      Aug 08, 2022 08:25 AM

      Kai Hoffman put out a good interview today with GR Silver about a recent discovery of a pure silver vein. I have been buying and adding since .09 since they have been really underpriced. This should move it.
      Plomosas Area: 101.6meters of 308 g/t of “silver”. Nice vein

        Aug 08, 2022 08:39 AM

        200 shares of GR traded so far today. That’s an $18CAD purchase!

          Aug 08, 2022 08:30 PM

          Interesting early volume. OTC ended up over 1 mil and TSX ended up over 4mil… both over 10 times norm. I think news was slow to get out.

    Aug 08, 2022 08:51 AM

    BKRRF – Blackrock -New position – 12K shares @ $.365

      Aug 08, 2022 08:24 AM

      I headed out to add to Blackrock until I saw the drill results in GR. In View of GRs price, I rolled some of my Southern Silver and Blackrock into GR. Now if things work out, I will mv move gains in GR back. If they don’t work out, I will move into a smaller tent. 🙂

        Aug 08, 2022 08:28 AM

        Hi guys. As a heads up we are working on getting Andrew from Blackrock Silver back on the show soon for an investor update, so stay tuned…

    Aug 08, 2022 08:10 AM

    In regards to “the sky is falling the sky is falling “ Joe and his SELL SELL SELL calls. I think he completely misunderstands most of our investment styles. Yes we have some long term holdings but we also have short term holdings. Sometimes they overlap each other. I still hold orezone warrants I bought at .07 way back when. Sold some along the way. Never got out completely at the high but have profited and still hold some in case of a buyout.

      Aug 08, 2022 08:06 PM

      I think Joe misunderstands far more than just our investing styles, but your point is one we’ve made a number of times on the show and on the blog.

      People keep pointing to the overall corrective move in the PMs sector since August of 2020 when things topped, but many of the comments we hear from folks assumes that is where people all bought and then they’ve held all this time for a big loss, but that has a number of erroneous assumptions built in.

      1) Very few savvy investors were buying that top in the summer of 2020, and if they were wise they were fading positions into it.

      2) Investors have accumulated many positions over years, by trading around a position and adding during periods of distress, and lightening up during periods of jubilation, so their cost averages are much lower than where things peaked in the summer of 2020.

      3) There have been at least a half dozen periods where shorter-duration swing-traders and medium-term position-traders came in and scooped up shares on the cheap and then were able to sell into rallies.

      When people say stupid things like “The bears were right to have been negative the last 2 years”, then it completely negates all those trade setups where investors made nice 20%-100% returns trading those rallies.

      4) It is also unclear whether ole’ Joe is talking about just the PMs or all resource stocks, as he is so intentionally vague and non-specific about his repeated dire calls to sell everything and go to cash for over a year now.

      Obviously, there have also been fantastic tradable rallies the last 2 years in many resource sectors like the Copper stocks, Nickel stocks, Palladium stocks, Uranium stocks, Lithium stocks, Oil & Nat Gas stocks, etc… To act like everything has been abysmal for years in resources is as misleading as it is divorced from the truth.

      5 ) It comes down to and investors time-frame for a trade (hours, days, weeks, months, years…), and ultimately at what prices they bought and sold (which often happens in a series of tranches anyway and not all in one plop).

      People that were accumulating shares 3 weeks ago when Joe was pounding the table to sell it all and cower in cash, missed another solid trade set up where most of the more established companies actually bottomed the 2nd week of July and have been trending higher ever since. Many of the companies I picked up during that time frame are up 10-20%, which used to be a good year in the general markets, and it all happened in less than a month. Just sayin’…

    Aug 08, 2022 08:44 AM

    Since nothing has really moved for several hours and they appear to be ignoring the Senate vote, I will just mention that my adds to current holdings for the Day have been GR Silver, Empress, Cabral and a few more Stillwater Critical. Going to do something else for awhile.

      Aug 08, 2022 08:07 PM

      Hi Lakedweller2 – thanks for sharing some of the companies on your radar that you are trading. I’ve not done any trading yet today, but may consider a few during power hour here…

    Aug 08, 2022 08:51 PM

    Today’s high for KNT (K92 Mining) again validates the fork resistance that stopped it last week…

    Aug 08, 2022 08:45 PM

    For the first time in over a year SILJ:GDX has closed its last three sessions above the 200 day MA. For the first time in 17 months SILJ:GDX has an overbought RSI and has finished 16 straight sessions above a steeply rising KAMA.