Weekend Show – Doc and Matt Geiger – A Fund Manager and a Technical Trader Share Their Outlooks For PMs, Commodities and Markets

November 5, 2022

On this Weekend’s Show we feature two of our favorite guests, Richard Postma (AKA Doc) and Matt Geiger. Doc provides a technical outlook focused on the longer term trends while Matt shares the fund manager perspective on how he’s managing a resource fund portfolio.


We hope you enjoy this Weekend’s Show! Please keep in touch with Shad and I through email. Our email addressees are and


  • Segment 1 and 2 – Doc kicks off the show by outlining the charts and technical indicators he is watching for gold, gold stocks balanced between juniors and majors, silver, US markets and the US Dollar. We are focused on the longer term trends and key levels to watch well into next year.
  • Segment 3 and 4 – Matt Geiger, Managing Partner at MJG Capital joins us to outline how he is managing his long only resource equity fund. We discuss his views on the metals bucking the downtrend, lithium and uranium. Also the balance between precious metals and battery metals. All of this is discussed in context of compiling a well rounded long-term portfolio.


Exclusive Company Interviews This Week



Matt Geiger
    Nov 05, 2022 05:42 AM

    Dollar Index : Fall 2022 : Breaking Bad : Failure Within Bull Flag

    Nov 05, 2022 05:08 AM

    Trend Strength:
    Revamped From October 21st Forward*
    Possible PM Bottom Thursday
    NatGas Topping

      Nov 05, 2022 05:47 AM

      *An unnecessary process has been eliminated. The effect is slight. Numbered power levels are still strictly algorithm derived. Other than darker colors (reddish down, bluish up) there is no subjective input. These represent my observation related to the overall process. Note how they occasionally occur prior to turns.

        Nov 05, 2022 05:31 AM

        P.S. Black or Grey is chosen subjectively, but not part of the algorithm.

      Nov 06, 2022 06:17 PM

      NatGas Hyper Topping : EIA Bad News Strength

        Nov 07, 2022 07:07 AM

        Monday Early Hours : Continuation Up For Both

    Nov 05, 2022 05:45 AM

    Was the interview with Doc before the bounce of Gold on Friday?

    Does the action on Friday has any impact on his outlook?

      Nov 05, 2022 05:30 AM

      Thomas, the interview was before the move up on Tuesday the 1st. The move up doesn’t change my outlook. doc.

      Nov 05, 2022 05:59 AM

      I meant the move yesterday 🙂

      From 1620 to 1680

      That was quite impressive. If we get a further move up like this, it wouldn’t change the picture either?

        Nov 05, 2022 05:16 AM

        The move up yesterday doesn’t change my mind—one has to remember that in long term moves down it would be extremely rare not to have double or even triple bottoms prior to the beginning of a true new legitimate bull market. That’s one of the reasons why long term charting is so significant—as mentioned in our interview we were due for a move higher and the odds are for the closing low for this month to be higher then the previous month. Regardless, I’m now purchasing stocks consistently on pullbacks. Most of the pain and suffering will be over by midyear next year.

        Nov 05, 2022 05:45 AM

        DOC, I’m adding to my physical stash. And I also believe all these pundits predicting doom and gloom are proven to be wrong. Let this play out. In a year or so Fed will launch a massive QE bazooka. Not because inflation will go down, but because markets will dictate them to. There is no boundary to insanity.. it will continue to be around during our lifetime.

          Nov 05, 2022 05:04 PM

          Cali, I couldn’t agree more—we are getting closer to a nice spot to purchase gold itself, however any purchases at these levels won’t be regretted in the years to come.

    Nov 05, 2022 05:13 AM

    Gold going higher……….. no doubt about that………. long term trend is up.
    No Guru needed.

    Nov 05, 2022 05:53 AM

    Hi Ex, I bought one of your favorite exploration stocks yesterday for 20 cents, Silver Tiger (SLVR), their volume was way up almost 2 million shares traded. My portfolio is weighted towards the silver companies. Silver tiger is pretty cheap, Tweet, Tweet! DT

      Nov 05, 2022 05:18 AM

      Sprott Capital Partners have a Buy Rating on Silver Tiger at $1.10 CDN per share. NICE! DT

      Nov 05, 2022 05:17 AM

      Nice DT! Yeah, when I look at Silver exploration companies that have been consistently delivering bonanza grade drill results in Mexico for the last 2 years the 2 clear leaders of the pack for results have been Silver Tiger and Vizsla. In the US Blackrock Silver and Summa Silver have been doing a good job as well.

    Nov 05, 2022 05:35 AM

    Silver Tiger Metals Investor Presentation September -2022

    Nov 05, 2022 05:06 AM

    Doc, if we have a longer down market like after WWII, what will the PM stocks be like in such a trend, will they also be down or will they shine as the PM’s rise in 2023 and beyond?

    Nov 05, 2022 05:51 PM

    Pardu, I believe the worse will be over for most PM stocks by the middle of next year—at some point we’ll start to see a slow uptrend in my view (no V shape) until the gold bull gets really revved up at a later date.

    Nov 05, 2022 05:20 PM

    Quality People for Americas future HERSHAL WALKER AND D J TRUMP . gave 200 dollars to tony evers gov campange in WIS . and 200 to Cheri Beasleys SENATE run in N CAROLINA . Glory to the heros and Glory to UKRAINE . BLESS US ALL RSH

      Nov 06, 2022 06:38 AM

      Those stocks are attention grabbers, but do you have any miners?

    Nov 06, 2022 06:36 AM

    That Tesla Cybertruck is one ugly truck. But I’m just remembering my old ’56 Ford with the wraparound windshield.

    Nov 06, 2022 06:03 AM

    Doc and Matt I cant argue gold companies are equities however looking at history in 2000 gold stocks bottomed 2 years before the major indices bottomed in 2002. In 2008 they bottomed 4 months before indices. It seems you are both implying it will be different this time and even though they have been bombed out they will still not sniff out a top in bond yields and will wait for until major indices with a fed pivot mid 2023.

    Nov 06, 2022 06:25 AM

    The miners and stocks are obviously in very different positions. For example, AMZN:

    Nov 06, 2022 06:31 AM

    Source of inflation:
    Dr Josh Bivens

      Nov 06, 2022 06:47 AM

      That’s grotesque propaganda. The source of inflation is the Marxist unsound/immoral/criminal central bank, the Federal Reserve. End of story. Even most Republican are damn fools when it comes to that fact.
      Notice that the article you linked made no mention of M2 money supply growth during the 12 years of “shocking” corporate profit growth. The fact is, the former outpaced the latter going from $8.458 trillion in January 2010 to $21.503 trillion today. Like ALL of the corporate media (FOX too!) Keynesian economics serves the central bank and those who own it, not the people.

        Nov 06, 2022 06:00 AM

        The average sales price of houses sold in Q1 2010 was $275,300. Today that average is $542,900.

          Nov 06, 2022 06:53 PM

          I am not disputing anything you say above, but I am not so sure that we can rely any of the government data concerning inflation to begin with. But, if you listen to the political rhetoric, it concentrates on Biden’s inflation or Trump’s inflation, but hardly ever on the long-term destruction of the system by Central Banking, deregulation (particularly derivatives), closing the gold window, etc. If inflation is going to be relied on as the basis for a new President one way or another, than the people have a right to know some facts as to what is driving it. If bogus price setting is part of the problem (corruption), then lets see some rhetoric about addressing the “theft and corruption” issues and the lack of either party to address the problem. It is extremely disingenuous of either political party to highlight a serious economic issue in false terms for political gain.

            Nov 06, 2022 06:38 PM

            You’re absolutely right. It’s ridiculous for one party to blame the other for the deeds of the central bank that are cumulative and have nothing to do with the Ds or Rs.
            Trump kneels before the bankers just like every R president before him for the last century. All have been nothing more than controlled opposition.
            Legitimate conservatives are almost completely blacked out by the media or “cancelled” as “extremists” because they don’t let up on the truth about the central bank being the primary cause of every major problem the country faces.
            We have one ugly ass bird with two left wings.

            Pricing will always seem bogus to those who don’t understand the effects of constant “money” (currency/credit/debt) supply growth (counterfeiting) arbitrarily by an unaccountable, untouchable few. Prices ultimately rise naturally to reflect currency debasement which is permanently ongoing in this monetary system. Central banks are instruments of theft and enslavement but you’ll never hear that from any politician who really wants to become president because doing so would make their hopes impossible.

            Nov 06, 2022 06:19 PM

            +2 great conversation guys.

    Nov 06, 2022 06:11 PM

    Central Banks Bring More Volatility into the Gold Space

    David Erfle – Friday November 4, 2022

    Nov 06, 2022 06:12 PM

    ‘On The Path To Hyperinflation’

    Jesse Felder – The Felder Report (11/05/2022)

      Nov 06, 2022 06:59 PM

      To Solve Inflation, First Solve Deficits, This Theory Advises

      By Greg Ip – Wall Street Journal – Nov. 2, 2022

      “Expect to hear more about the fiscal theory of the price level as governments struggle with rising debt and inflation. U.S. inflation and budget deficits are both uncomfortably high. These are usually seen as separate problems. Federal Reserve Chairman Jerome Powell says he will get inflation back to 2% regardless of what Congress and the president do with fiscal policy.”

      “But fiscal and monetary policy aren’t so easily separated. After all, fiscal stimulus had some role in pushing inflation up, and as the Fed raises interest rates to combat that inflation, it will worsen deficits. Britain had to abandon deficit-financed tax cuts over fears they would drive inflation and interest rates higher. French Finance Minister Bruno Le Maire recently warned: “Central banks’ restrictive policies are ineffective if public finances continue to expand.”

      “The fiscal theory of the price level (FTPL), as it is known, argues that monetary and fiscal policy don’t just interact; they are, ultimately, inextricable. If fiscal policy is irresponsible, even a responsible central bank can’t control inflation.”

        Nov 06, 2022 06:13 PM

        Good one Ex. We are being bombed with political ads that promise a cure to fix the evil inflation infection by the election of a new local politician that will go to Washington where all the ills will be purged overnight. New politicians will correct everything. However, if you put all 500+ of Washington servants were put in a room, probably less than 20 could carry on a conversation about inflation with someone like Jim Grant or members of this board. But despite this gross ignorance, they perpetuate the problem by not addressing facts but seeking self interests as a basis for “all the big lies”.
        And … a perpetuation of fraud by Corporate interests who act as parasites on the uninformed. Then by citizens United, suck everything from the people through transfer of wealth and the propagation of false rhetoric.
        Count the # of Politicians that go to Washington to get rid of Citizens United. Why not? Because they will be kicked out of every political organization they try to join.

          Nov 06, 2022 06:18 PM

          Yes, it is tragic comedy on display for sure, because the politicians and their wreckless spending, endless pork inside of bills, and bills that actually do the opposite of their titles (Patriot Act, Cares Act, Infrastructure bill, Inflation bill). It is now after the backstopping of all this debt by the creation of new magical money from nowhere, that has increased the money supply leading to this inflation, and the symptoms were showing up in prices of all goods and services and would have regardless of a manufactured shut down and the escalations of the proxy war in Ukraine.

          Inflation was the outcome long before these recent scapegoats came along (which did escalate pricing increases), but again, this inflation was the expected result of undisciplined abuse of the world reserve currency by creating too much of it. The nefarious central banks working on smashing demand by crushing the wealth effect in the general equity markets and real estate markets will only further hurt people, but won’t really treat the source of the inflation which the central banks were very much involved in.

          It’s comical that they keep going on TV or talking to the financial and main-stream media about fighting this sticky inflation that they actually helped create by swelling their balance sheets in the first place. The classic method of create the problem, wait for the reaction “someone’s gotta do something”, and then swoop in the solution that is far worse only escalating the problem further and perpetually starting another round of the same. Rinse and repeat…

            Nov 06, 2022 06:22 PM

            It is going to be very interesting to watch them squirm as the debt service costs, on the massive debt monkey on their backs, continues to swell the further they hike interest rates. I do agree with Brien Lundin that there is a breaking point there somewhere, where the debt service payments become the hard stop for any more increases in interest rates. Is that at 4.75%, 5%, 5.5% ? We’ll see where the tipping point is, but it likely will arrive by the first half of next year.

            Nov 06, 2022 06:01 PM

            I guess it is easier to do things wrong with destruction of others, rather than do things right. I will never understand why self interest at the expense of others is preferred. The follow-on is always to compound the damage rather than admit fault/error and leave it to others to absorb the hurt and fix the problem. Walking away is always the solution for them.

    Nov 06, 2022 06:25 PM

    Mathew…………….you are pretty spot on……………M2 was running 20 % increase for two years til Dec.2021, plus MMT’s experiment of insane Bond buying…………….M2 has growing at near zero, for 7 months…………according to Dr. Steve Henke (who has pointed out noone is ever watching M2 growth rate)………….a recipe for a nice face plant in the economy in 2023 !
    Janet Yellen and other gov. finance types have gotten the message too…………….that the inflation monster has been unleashed and they full well know what the medicine is……………..there is just no going back fast in the liquidity party…………..they will attempt to make excuses along the way, to let the pain in slowly……………….by next spring, we will be getting the standard CNBC chipmunks spewing ………….”and no one could see this coming !!!!! the sky is falling ….can’t anyone do something? “………………….Frikken commedy if it wasn’t simply disgusting !!!

    Nov 06, 2022 06:30 PM

    Just looked at the base #s on John Williams Shadowstats:
    Inflation: about 17%
    Unemployment: about 25%

    Nov 06, 2022 06:31 PM

    Finally German chancellor Scholz has gone to Beijing to seek an end to The Ukraine war. Top German industrialists have read Scholz the riot act, our industry is finished without Russian energy. This is a big diplomatic victory for Beijing as they are given the nod to set up peace negotiations with the Russians. This will drive Europe into the Eurasia pack and spell the end of American dominance and an alternative to The World’s Reserve Currency. Gold is going to breakout as Big Buyers have been taking notice of the change in World affairs. DT

      Nov 06, 2022 06:50 PM

      dt; good comments—not much is going well for the empire. If Europe is going to save their industrial base they’ll have to look to Russia/China. They should heed Kissinger’s dictum: “America has no permanent friends or enemies, only interests”.

        Nov 06, 2022 06:59 PM

        It’s getting colder in Europe. They will always be hungry. Sometimes you just need to put a priority on things.

      Nov 06, 2022 06:22 PM

      I wonder DT…don’t the Chinese want to see the destruction of German manufacturing?? Isn’t their strategy to make all those products in China?

        Nov 06, 2022 06:58 PM

        Thats right Terry at least The Chinese won’t destroy German manufacturing overnight by cutting off their energy supplies. They will just do a backroom deal with The Germans where they get access to their technology and whittle down their manufacturing base. The Germans must be prepared to lose a lot in this deal for being such fools. They must feel the pain. The Chinese will want their pound of flesh. DT

          Nov 06, 2022 06:35 PM

          When the negotiations begin to end the war in Ukraine, The Russians won’t want The Americans at the peace table unless they release the 600 billion dollars that was seized from them through the swift system by The Americans. They will also want Nato’s nuclear shield dismantled in Eastern Europe. DT

            Nov 06, 2022 06:48 PM

            That’s an interesting point DT, and likely a part of why the Germans picked China to be the peace negotiators with Russia in Ukraine. It shows where the focus and the power shift is moving on the global stage. The US shot themselves in the foot several times in how they responded to all of this with sanctions, kicking Russia off the SWIFT banking system for all the world to see as an example of how they’ll weaponize banking, and only did more to increase the BRIC nations interest in coming up with alternatives to the existing regimes and US dominance calling the shots and misuse of the US Dollar reserve currency status. China is going to come out of this with their pound of flesh as far as in manufacturing and trade advantages, and they’ll look like the strong nation capable of brokering in peace, where the US has only further isolated itself.

            Nov 07, 2022 07:50 AM

            Another fallout from the Russian fiasco
            ( can’t make this up: Germany is dismantling a wind farm to make way for a coal mine

            Germany’s left-of-center government, like most in Europe, long ago began worshipping at the Church of Climate Change, eschewing cheap, reliable fossil fuels for sketchy, unreliable and imminently more expensive “green renewable” energy sources, mostly wind and solar power.

            That said, the country never really weaned itself off of fossil fuels. Rather, in a ridiculous grand scheme of virtue signaling, Germany just decided to buy most of its natural gas and other fossil fuel energy from Russia — a country that the NATO member was supposed to be defending the continent against.

            Famously, then-President Donald Trump warned the country during a September 2018 speech at the United Nations, “Germany will become totally dependent on Russian energy if it does not immediately change course. Here in the Western Hemisphere, we are committed to maintaining our independence from the encroachment of expansionist foreign powers.”

            At the time, German diplomats in attendance smirked and chuckled at Trump’s prophecy. He has since been proven right — again.

            Following Russia’s invasion of Ukraine, the Nord Stream 2 pipeline project Germany was building in conjunction with Russia has ceased and Russian gas is not flowing into Germany due to EU sanctions following the invasion. As such, Europe’s biggest economy is on the brink of collapse because it doesn’t have enough alternative or domestic sources of fossil fuels needed to power its industries.

            But it now appears that Germany has learned a hard lesson and is coming full-circle on its energy production: The government in Berlin has elected to dismantle a wind farm so that it can open a coal mine, as reported by OilPrice. com.

            Simply put, you can’t make this kind of lunacy up:

            A wind farm is being dismantled in western Germany to make way for an expansion of an open-pit lignite coal mine in a “paradoxical” situation highlighting the current prioritization of energy security over clean energy in Europe’s biggest economy.  

            The dismantling of at least one wind turbine at the wind farm close to the German coal mine Garzweiler, operated by energy giant RWE, has already started. RWE says that lignite, or brown coal, has been mined from the Garzweiler coalfields for over 100 years.

            RWE also said at the end of September that three of its lignite-fired coal units that were previously on standby would return to the electricity market on schedule in October.

            “The three lignite units each have a capacity of 300 megawatts (MW). With their deployment, they contribute to strengthening the security of supply in Germany during the energy crisis and to saving natural gas in electricity generation,” RWE noted last month.

            The company plans to expand the lignite mine at Garzweiler after a court in Münster in the western German state of North Rhine-Westphalia ruled in the energy group’s favor over a land dispute in March in which the firm sought to expand the mine.

            In remarks regarding the dismantling of the wind turbine farm to make way for the mine expansion, Guido, Steffen, a spokesman for RWE, told the Guardian: “We realize this comes across as paradoxical. But that is as matters stand.”

            More like hypocritical as can be.

            Still, earlier this week, the ministry for economic and energy affairs of the state of North-Rhine Westphalia urged RWE to abandon the plan to dismantle the wind farm because even as Germany starves for energy, adherents to the religion of climate change and green energy still don’t get it.

            “In the current situation, all potential for the use of renewable energy should be exhausted as much as possible and existing turbines should be in operation for as long as possible,” a spokesperson for the state’s ministry to
            ld the Guardian.

            Join and share 👉@NaturalNewsMedia

            Nov 07, 2022 07:40 AM

            Great post Wolfster. Germany’s energy policy has been lunacy for a long time. When they decided to shut down their nuclear energy in favor of clean energy it was a mistake number one, because they ended up just importing nuclear energy from France and then buying coal and fossil fuel energy elsewhere to replace the deficit.

            Now they are tearing down a windfarm to put up a coal plant. It would be hilarious if not for their groveling at the feet of climate change globalists to create this dire situation for German citizens and businesses, due to terrible energy policies.

    Nov 06, 2022 06:41 PM

    Lake………….Europeans have been passing down their pitchforks, from generation to generation, since the 1200’s, particularly in France…………….closets are full of them……………….maybe 2023 they will be dusted off….

    Nov 06, 2022 06:31 PM

    More sickness under the surface in the cryptoverse…


    Binance Moves to Liquidate Its Entire Position in FTX Tokens

    CZ’s FTT dump comes after Sam Bankman-Fried stoked the ire of degens with his regulatory proposals.

    By André Beganski – Decrypt – Nov 6, 2022

    Binance CEO Changpeng “CZ” Zhao said on Sunday that his cryptocurrency exchange is liquidating its holdings of FTT, the native token of rival exchange FTX. Zhao referenced “recent revelations that have came to light,” but did not elaborate publicly nor respond to a request for clarification from Decrypt.

    Nov 06, 2022 06:42 PM

    Zoltan Pozsar: “Expect five years more of problematic inflation.”

    By: VBL – Saturday, Nov 05, 2022


    – Intro/ Overview
    – Powell Will Keep Raising
    – Inflationary Headwinds
    – Biden is Not Reagan
    – The Return of Big Labor
    – Energy Headwinds From ESG
    – “Expect Five Years More inflation”
    – YCC is Coming
    – What Ends Recession.
    – ‘Nationalizing Resources’
    – Zoltan’s End Comment

    Nov 06, 2022 06:24 PM

    Doomberg @DoombergT 5:09 PM · Nov 6, 2022 · Twitter Web App

    “It‘s incredible. (Biden) Demands to know why oil companies aren’t drilling more, then brags about ending drilling.”

      Nov 07, 2022 07:22 AM

      Classic Citizens United at work. Too many special interests blowing in his ear at the same time. You get what corporations pay for.

    Nov 06, 2022 06:28 PM

    People did very well just buying zero coupon bonds when rates started down about 40 years ago.

    Nov 06, 2022 06:34 PM

    It was about 2 months ago that I pointed out this bullish Silver:Gold development and now that ratio has achieved its highest weekly close since April and hasn’t looked better in well over a year:

      Nov 06, 2022 06:11 PM

      Strong follow through looks so likely this week that I’d have to consider it quite bearish if we get the opposite instead. It’s easy to see why another good week is needed to set up more significant upside.

        Nov 07, 2022 07:59 AM

        Silver pierced up through $21 earlier this morning, which was nice to see. It would be great to see some follow through strength in Silver this week to continue the trends of higher lows and breaking uo through overhead resistance. I’d like to see that prior support and now resistance at $21.41 cleared and the 200 day SMA around $21.57

    Nov 06, 2022 06:30 PM
    Nov 07, 2022 07:09 AM

    I find this intriguing, Power Metals Provides Comment on Recent National Headlines. (TSXV:PWM) Power Metals Corp. has been advised by The Canadian Federal Government, by Order in Council, has ordered that Sinome (Hong Kong) Rare Metals Resources Co. divest itself of its past and ongoing investments in the Company. The order was made on national security grounds by virtue of the strategic importance of the company’s Case Lake lithium, cesium, and tantalum deposits.

    SINOME IS AFTER THE HIGH GRADE CESIUM. A few years back Sinome took over a deposit in Manitoba and made the company private. The latest drill result is very high grade cesium. There are only three known deposits in The World and Sinome controls two. DT

    Nov 07, 2022 07:00 AM

    try to remember /NATGAS is in play right here…glta…It looks tough for Europe etc….steel mills literally shutoff after 60 plus years of continuous oven ignition…and they do not know if a restart is possible once shut off occurs…glta

      Nov 07, 2022 07:00 AM

      Some will not reopen. Morgenthau Plan redux.