Weekend Show – Macro and Technical Outlooks Continue To Point To Tough Markets But There Are Opportunities To Make Money

October 22, 2022

Welcome to another KE Report Weekend Edition. Market reversed at the end of the week with what seemed like Japanese intervention in the currency markets which caused the USD to fall and pretty much everything to rebound strongly. As you will hear from our guests this week., Jesse Felder and Dana Lyons, outside of bear market rallies they are expecting this bear market to continue.


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  • Segment 1 and 2 – Jesse Felder, Founder of The Felder Report joins us to focus on the macro driver for the markets. We discuss Q3 earnings season so far, the surprising strength of the consumer, his outlook on the energy sector as well as the precious metals.
  • Segment 3 and 4 – Dana Lyons, Fund Manager is up next with more short term trading strategies in a wide range of sectors. We start with the USD, move to bonds, then over to gold and gold stocks as well as silver.


Exclusive Company Interviews This Week



Jesse Felder
Dana Lyons
    Oct 22, 2022 22:15 AM

    Dollar Index : Fall 2022 : Sideways Down : Odyssey or Exhibition?

    Oct 22, 2022 22:29 AM

    PM Breakout?

    GLD has made a powerful turn. Its pre-market low of 150.80 on Friday (just above September 28th’s pre-market 150.65) was appreciably under Thursday’s official low of 151.27 and yet opened and remained higher. This is rare, particularly when saturation is strong, and usually indicates a trend change.

    Trend Strength: (GLD and SLV added)

    These levels have not been reached since April 2020 and the 78.6% retracement from the all time high, base March 2020, is nearby at 148.60. SLV’s slingshot action was similar but not as significant because from a higher level. It had previously bottomed strongly on October 14th. Silver sometimes leads the way.

    Gold’s first important pull back will signal the viability of this move. Hopefully a strong ‘Golden C’ platform will unfold.


      Oct 22, 2022 22:32 AM

      GLD Monthly (Oct/Sept Tweezers):

      Oct 22, 2022 22:26 AM

      Thanks for sharing your technical work BDC. Nice to see a 6. for GLD on your tables, potentially marking a turning area. It doesn’t look like mining stocks have the same readings looking at the 2’s and 3’s on the ETFs, so curious to get your thoughts there. Could it be something were gold turns up first, and the mining stocks follow?
      Or is it possible, like we’ve discussed a few times with Craig Hemke, Dave Erfle, and Jordan Roy-Byrne, that maybe Silver already bottomed first, earlier than Gold, and has been leading the base building and bottoming and move up front-running the turn in the yellow metal?

        Oct 22, 2022 22:12 PM

        My coverage of PMs has been a bit remiss due to concentrating on NatGas, which is relatively new for me, particularly its demand for fundamental analysis. Yesterday’s GLD move was a wakeup call, resulting in some study and the comments above.

        The Miners had been bottoming in a lurching fashion throughout the past week or so. October 13th was the key date, except for Juniors (see the coloration). Silver preceded Gold by a week, strongly, on Octber 14th. However, the Majors preceded both by at least a day. Textbook bullish.

        Next week’s financial news could drive the Dollar Index down, where consolidation while ‘Painting the Gap’ is possible. If so, the PM sector will benefit. – BDC

        P.S. Color supersedes Number in importance.

          Oct 22, 2022 22:21 PM

          BDC – Thanks for that response back providing a bit more details on the turns you noted in GLD, Silver, the PM Miners, and what may happen with the US Dollar. Yes, if the greenback does trek lower in the near-term before a consolidation and bounce, then that should be a nice tailwind for the PM sector and mining stocks. Much appreciated!

    Oct 22, 2022 22:05 AM

    Yesterday could very well have been the beginning of a golden day for investors of precious metals. It is our turn, to shine, we have waited long enough for our day in the sun. Cheers, DT!

      Oct 22, 2022 22:21 AM

      Hi DT – We’ll see if there is follow through from Friday’s rally on the back of the Yen-tervention pressuring the Dollar. Regardless, it sure was a nice green day on Friday and a better way to end the week, than it looked like we were going to get on Thursday night, before the Bank of Japan intervened.

      GDXJ, SILJ, GOEX, and also my portfolio were up well over 5% on the day… MTA Metalla was up over 16% on the day (a big daily move for a royalty company), LIO Lion One was up 14.5%, and most of the Silver producers were up mid to high single digits on the Friday….so it would be nice to see a few more days like that soon.

    Oct 22, 2022 22:43 AM

    Thanks for the weekend show regarding dollar Cory and Ex!

    IF i can recall i mentioned maybe two weeks ago or so that i couldn’t see the dollar going higher then the 1.12 on this try and it sure ran higher but reversed precisely were i thought it should according to the pattern i follow. Im not a tiny bit surprised that as of the friday close, guess were the dollar finished? yes 111.88 lol.. Since i do believe the miners are heading higher not lower then i believe my next call has dollar going down to 1.02-1.04 and that will ignite us into the year end.

    I agree with bdc and have never wavered. What you are going to get though is volitility in the miners that will buck the best of the.

    cheers to all

      Oct 22, 2022 22:14 AM

      Thanks for sharing you technical outlook on the Dollar Glenfidish, and yes, 2022 has really been largely impacted by the rising greenback (in relation to other more troubled currencies), and rising rates. Those 2 trends have been a headwind to most other markets.

      As Craig H. pointed out yesterday the dollar has continued to rise, then pull back down to it’s 50 day MA, then bounce higher about 4-5 times now, in a gradually rising pattern. So, if it pulled back down to the 50 day MA again that would come in around the 110 area. We’ll see if that is still the pattern, but if it bounces from that area again, then there may still be one more run higher in the buck to 115-116.

      That would correlate with the Fed doing a 75 basis point hike in Nov and the a 50 basis point hike in Dec, so not out of the realm of potential.

      When the dollar does finally roll over and start a more sustained move lower it should be nice tailwind for the markets, the commodities, and the precious metals. That seems like a good likelihood as a 2023 scenario.

        Oct 22, 2022 22:29 AM

        The Financial Media Goes Gaga For The Greenback

        Jesse Felder – The Felder Report (10/19/2022)

        “Recently, we saw not only one but two magazine cover indicators trigger for the dollar. First, it was BusinessWeek proclaiming it ‘unstoppable’ with an image of a dollar sign blasting through a variety of other currency symbols. Then Barron’s followed up with it’s own cover story on the ‘superstrong’ dollar featuring a musclebound George Washington.”

        “Normally, one cover story like this would be a loud enough signal, pointing to the fact that bullish sentiment had reached an extreme, but the two together are nearly deafening. And if the trend in the dollar is poised to reverse, then it has important implications for asset prices, inflation and the economy.”

          Oct 23, 2022 23:03 PM

          So Ex, did you recently, or are you planning for this week to, pick up any Avino or royalty play? If so, what might your thoughts be? You mentioned Sand before as well.

            Oct 23, 2022 23:13 PM

            Hi Canuckski – Yes, last Monday I picked up new positions in Avino Silver & Gold and EMX Royalty.

            As far as royalty companies, I like most of them, but only own Sandstorm (had Nomad also before Sandstorm just acquired them earlier this year), Maverix, Metalla, and now EMX. I’m still considering getting back into Elemental and possibly taking out positions in Triple Flag, Empress Royalty, and Star Royalties.

            I’m also considering adding 2 of the oil & gas royalty companies to the mix. Source Rock and either PrairieSky or Freehold.

            I do have a small position in Uranium Royalty Corp as well for exposure to that sector.

    Oct 22, 2022 22:28 AM

    ‘The Fed’s Controlled Burn Can Easily Get Out Of Hand’

    Jesse Felder – The Felder Report (10/22/2022)

      Oct 22, 2022 22:25 AM

      A Liquidity Crisis of US Treasuries and What it Means for Junior Mining Capital

      Featuring Jesse Felder on the Macro and then David Lotan on the Miners

      Mining Stock Daily w/ Trevor Hall • 10/22/2022

        Oct 22, 2022 22:22 PM

        Think about it who wants bonds in this environment, bonds are profitless in fact they are so negative I can’t understand anyone not wanting to retire their negative bond portfolio and buy resource stocks. If you are an investor what you need are securities which could return profits particularly in the precious metal sector. Bonds are stale and profitless; I believe bonds should be retired or made convertible into common stock. DT

          Oct 22, 2022 22:49 PM

          Selling weekly puts on TBT a reasonable way to use cash

          Oct 22, 2022 22:44 PM

          Solid points on bonds DT… for the medium-term or maybe even longer-term. In the short-term we could see a small rally in bonds, but it’s been clear for quite some time that the 40 year bond bubble burst in the spring of 2020, when we correlatingly saw the 10 year yield plummet to 40 bps.

    Oct 22, 2022 22:34 AM

    Global Monetary Reset Here? – Frank Giustra
    Watching now. He has mentioned the Gold backed Ruble.

      Oct 22, 2022 22:49 AM

      Giustra says Gold is not directly manipulated, but is influenced by common interest among financial powers: banks, hedge funds, governments, etc.

      If he’s correct, it means that the idea behind ‘leaderless resistance’ has been taken up by top capitalists, whether they know it or not. Could be.

        Oct 22, 2022 22:01 PM

        Price being set in a paper market by entities not really interested in exchanging metals. The goal is speculation. In turn, Hedge Finds and Managed money run algo programs that trigger off of factors not necessarily related to the value of the metals or the cost to produce them.
        It opens the door for determining price direction which is defined as market manipulation, but not enforced by Regulators. The end result is condoned criminal behavior by the government and associated agencies.
        That is the Very Serious Issue that has set up a Constitutional Crisis that no one appears to be able to address and is most likely one of their primary responsibilities they were either elected or appointed for.
        That is corruption.
        Enforcement of the Criminal Laws and “regulation” two different things. When Wall Street says they are over regulated, they mean they don’t want to be prosecuted for their criminal acts.

          Oct 22, 2022 22:58 PM

          The destruction of Glass-Steagall continues to supercharge corruption.

            Oct 22, 2022 22:06 PM

            Manipulated markets and the rule of man replaced what was left of free markets and the rule of law with the fraudulent passage of the communist Federal Reserve Act 109 years ago.
            The masses still don’t understand the warnings of congressman Charles A. Lindbergh Sr (father of the aviator) or congressman Louis T. McFadden.

            “This [Federal Reserve Act] establishes the most gigantic trust on earth. When the President (Woodrow Wilson) signs this bill, the invisible government of the monetary power will be legalized….the worst legislative crime of the ages is perpetrated by this banking and currency bill.”
            ― Charles A. Lindbergh Sr., Lindbergh On the Federal Reserve – The Economic Pinch

            “The Federal Reserve is one of the most corrupt institutions the world has ever seen. There is not a man within the sound of my voice who does not know that this nation is run by the international bankers.”
            — Louis Thomas McFadden

            Central bank financed collectivism is by far the primary source of the biggest problems facing the U.S. and the rest of the West.

            “There are a thousand hacking at the branches of evil to one who is striking at the root.”
            — Henry David Thoreau

            Oct 22, 2022 22:31 PM

            Though he understood its fatal result, Lindbergh Sr. did nothing effective while the iron was hot. The power to turn it around decreased rapidly once the credit scam began funding a century of world wide war.

            Oct 22, 2022 22:09 PM

            Unlike his treasonous colleagues, Lindbergh spoke out. You can lead the sheep to truth but you can’t make them think. McFadden’s efforts were greater but the evil that is the ignorance of the herd still could not be overcome.

            Oct 22, 2022 22:21 PM

            Other Louis McFadden quotes:

            “It was not accidental [the 1929 stock-market “crash”]. It was a carefully contrived occurrence. … The international bankers sought to bring about a condition of despair here so that they might emerge as rulers of us all.”

            “Open the books … and you will be staggered to see how much American money has been taken from the United States Treasury for the benefit of Russia. Find out what business has been transacted for the State Bank of Soviet Russia, by its correspondent, the Chase Bank of New York [owned by the Rockefellers].”

            “When the Federal Reserve Act was passed, the people of these United States did not perceive that a world banking system was being set up here. A super-state controlled by international bankers and industrialists … acting together to enslave the world …”

            “Some people think the Federal Reserve Banks are U.S. government institutions. They are not … they are private credit monopolies which prey upon the people of the U.S. for the benefit of themselves and their foreign and domestic swindlers, and rich and predatory money lenders. The sack of the United States by the Fed is the greatest crime in history. Every effort has been made by the Fed to conceal its powers, but the truth is the Fed has usurped the government. It controls everything here and it controls all our foreign relations. It makes and breaks governments at will.”

            Oct 22, 2022 22:48 PM

            +1000 Matthew – for those quotes on the dangers and private control exerted by central banks.

        Oct 23, 2022 23:12 AM

        Hi BDC, Giustra is an interesting character, he has the skills necessary to turn any proposition into a winning company. He started and headed Lionsgate Films which produced one of the most successful tv dramas of all time. You don’t need to know how the technical aspects of film production works all you need to be able to do is find the right people, build a team, and manage them so you bring out the best qualities in their personality.

        Frank Giustra has been doing that all his life and that is what makes him a successful mine developer. DT

    Oct 22, 2022 22:51 PM

    Weeks ago I said that the bulls were now in control but that it would be awhile before the herd figured that out. This week’s action should start that process.
    The HUI gold bugs index finished the week up 6.8% while gold finished up just 0.45%. That is a great sign. HUI:USD finished the week a bit better at +8%…

      Oct 23, 2022 23:02 AM

      Hi Matthew, I was reading your posts and I couldn’t agree more about The Federal Reserve. I think that The Federal Reserve moved to lower interest rates for several reasons but a big one is the easing of money rates facilitated the move of Gold out of the US and into China and Asia. Their policies were responsible for stimulating American industry to offshore and if they hadn’t most of the gold would still be held in The US and that would bring unnecessary heat on their choke hold on the international community. The Federal Reserve is definitely the driving force behind the globalist movement. DT

    Oct 22, 2022 22:16 PM

    The rest of the year has great potential to shock the gold bears and the silver miners will continue to lead the sector.

    Oct 22, 2022 22:57 PM

    Da Bulls ….

        Oct 23, 2022 23:35 AM

        Funny Matthew…I remember that skit like it was yesterday…the pinnacle of civilization, no doubt…the immediate precursor to our current collapse?…lmao

        I no longer watch television ever…I have no television…..for about 18 years now…..i am happy w that…glta

          Oct 23, 2022 23:40 AM

          Same here Larry. I remember that SNL “Da Bulls” sketch like it was yesterday (back when the show was funny) and Joel Elconin and I referenced in one our interviews in passing, with both of us doing “da bulls” lines.

          As for television, I’ve not had TV service in 20 years, and am amazed how much time people spend watching “the idiot box.”

          People constantly say “I don’t know how you can keep track of that many companies in your portfolio.” I’d submit that having the discipline to invest time each day into learning about the companies in the sector and my portfolio is how. I don’t waste my time or mental capacity filling up my brain’s hard drive with a bunch of shows, commercials, sports stats, or other such rubbish that has no real impact on the quality of one’s life.

          Sure, I’ll still watch a targeted series or film if it streams and condense the viewing down to just that, but then will turn the TV right back off again. People have commented for many years how odd it is to come over where we rarely if ever have the TV on, but I remind them that is why we end up having great conversations, great meals, nature excursions, and photo albums full of adventures instead.

          Many people end up wasting so many hours ( and really years) of their life channel flipping through nonsense on TV, or rooting for teams that they’ll never play on as if they do, and memorizing all these stats and meaningless data that have zero actual impact in their real lives or their families prosperity; but then say they have no time to focus on their own finances, health, mental/emotional/spiritual well-being.

          It all comes down to where people invest their time and mental resources on a daily and weekly basis, and turning on the TV and feeding one’s mind irrelevant garbage for large swaths of the day is a huge distraction to actual quality of life.

          It is crucial to consciously decide and regulate what information one wants to input into their mind and awareness, and conversely to take time each day and week to consciously quiet the mind and sit or lay in some form of meditative practice, or prayer, or communion with nature, or at least unplugging from the data flow and focusing more on things of eternal significance.

            Oct 23, 2022 23:31 PM

            That’s all good, but how do you feel about watching TV?

            Oct 23, 2022 23:09 PM

            Haha! It’s just interesting how people fill up their minds with things that aren’t in alignment with their stated priorities and objectives.

            I was in insurance and financial planning in the late 1990’s through the first decade of the 2000’s, and people could rattle off all kinds of details on older cars they didn’t own (and never would own), but then had no idea what insurance coverage they had on their own families vehicles, or what they had in their benefits package at work.

            People can recite all kinds of details on their favorite sports teams, or players, or coaches, (on a team they’ll never play for and that has no impact on their lives or families future), or who’s on the bachelorette, or what happened on pawn stars all season; but then they know little to nothing about the companies that they invest 5, 6, or 7 figure incomes into, or have no clue what their retirement income is actually invested in.

            As the saying goes…”Most people spend more time planning a one or two week vacation than they do the direction of their lives.”

            It isn’t that hard to get a slight edge on the masses, as most invest their time, energy, and mental capacity on television, social media, games, or gossip that has nothing to do with their families future or supposed goals. Gotta love it!

            Oct 23, 2022 23:33 PM

            Well…Basically that was my meaning EX!…Naturally, you just say things with more depth and further breakdown…Hence, you are a professional writer and I am a annotator….lmao

            Oct 23, 2022 23:24 PM

            Yes, good thoughts Larry, and it was your statement and point earlier that inspired my rant. Cheers amigo!

            Oct 23, 2022 23:36 PM

            I’m biased about The Biz. Just wrapping up a novel about living/working as commercial actor & male model living in Barcelona

    Oct 23, 2022 23:45 PM

    This is good time to compare reality and fiction with respect to the 30 year T bond…

    Oct 23, 2022 23:56 PM

    I am thinking that we are getting to the point maybe where the value of the dollar being higher and rising interest rates are maybe not going to be as controlling of miners. Seems the markup on physical is getting bigger and the availability of physical less.

    Oct 23, 2022 23:20 PM

    Buckle in for a brutal free-fall in home prices and US housing is in a massive bubble, experts say. Here’s how bad Jeremy Siegel, Paul Krugman and 5 others think it could get.

    Zahra Tayeb – Business Insider – Sun, October 23, 2022

    “The alarm bell is already ringing for American homeowners, as surging mortgage rates scare away buyers — and the slump in the US housing market is only going to get worse, experts say.”

    “The signs of stress have become blatant. Recent data showed that in September, existing home sales dropped 24% — the eighth straight monthly decline, marking the longest slide since 2007. Homebuilding starts slumped, and the number of new home listings fell 22%.”

      Oct 24, 2022 24:53 AM

      It isn’t that hard to get a slight edge on the masses, as most invest their time,…………

      (sorry went under the wrong comment)……..

        Oct 24, 2022 24:54 AM

        Agreed OOTB. Yes, I get ya — this went with the conversation further up above.

        I have a friend that has been serially successful in real estste investing and business that always quipped it wasn’t that hard to succeed and get a slight edge on the masses, as so few were disciplined to show up every day and continue learning. He would also say that many times he got a deal done because he was the only one that reached out and called someone with an offer or that he was the only one that spent 30 minutes researching the merrits of an unseen opportunity. It sure feels like that many days in the mining stocks as well, where one may be one of the only one researching or discussing a company or putting in a bid on one.

          Oct 24, 2022 24:17 AM

          Ditto……….. on a little extra time…… spent…..
          the slight edge…….. comes from the extra effort and time spent.. making it look easy to the outside sheepl., which would rather watch tv…. lol………

      Oct 24, 2022 24:28 AM

      That is great news EX…and thanks… our banker type friends will get to buy all that foreclosure spike inventory full out…and then own more assets, on the cheap, as it should be…Then rent them back to us because we luv zero ownership…lmao

        Oct 24, 2022 24:35 AM

        All part of the plan larry…………. as you already know……………
        Stupid sheeple would rather own a truck that cost $75 k… $100……. lol idiots…..

          Oct 24, 2022 24:09 AM

          +1 Totally agreed OOTB. Most people are way over-extended on the vehicles they choose to drive and operate from some bizarre rationale that “they deserve it” or from some emotional void they are trying to fill with status symbols.

          I used to enjoy driving around Nashville listening to Dave Ramsey on the radio, where he chastised callers every day about how messed up their debt to income ratios were on their vehicles, and would get all worked up and finally loose his temper with folks and say, “Look, you need to sell those trucks! You have no business earning xyz per year and driving a vehicle that costs xyz or abc… You need to clean up this mess, and it starts with driving a vehicle that is 1/4 of one’s annual income, and if your spouse doesn’t work, then you are splitting that between the 2 cars.”

          People with an entitlement mentality really struggled with his points, but a few saw the light, off-loaded their expensive debt-trap vehicles, and focused on downsizing and paying off their debt, and would call back in to thank Dave. Good stuff!

            Oct 24, 2022 24:13 AM

            Ditto on this one EX…………..
            from some emotional void they are trying to fill with status symbols.
            Freaking ego trip………. 🙂
            Which is causing their own BONDAGE……….. got to love it…… lol … idiots….

            Oct 24, 2022 24:07 AM

            The phrase “…you deserve” is a common phrase in advertising these days. By the time I hear it in a TV commercial, I’m already sick of the overwhelming number of ads from Big Pharma and ambulance chasing law firms.

            Oct 24, 2022 24:16 AM

            Lol……. Rufust………….. you should have already turned off the tv………….
            you need to pull out of the 95% crowd of idiots……… (not saying you are an idiot)
            Great watch over at info wars with Bobby M….. of 321gold……

        Oct 24, 2022 24:59 AM

        Bingo Larry. That is the Blackrock model indeed, for total domination of real estate properties over the next decade. It also dovetails nicely with the WEF concept of “in the future you will own nothing and be happy.” People seem oblivious to these monumental shifts underway, but when they finally wake up, it will be too late.

    Oct 24, 2022 24:12 AM

    Michael Boutros (Gold 38:00) –

    Oct 24, 2022 24:16 AM

    BDC…/NG is getting more ripe imho….the weekly is in TD8 of 9 count… at bullish middle Monthly TAS support and daily has 1:2 ABC down completed…also, the down move is .786 expansion of the entire down move……await bullish reversal w volume…we see chop at these levels for accumulation imho….no swings just yet…we need a bullish formation of candlesticks….weekly /NQ