Weekend Show – Markets, Energy and Metals – Recapping 2022 And Forecasting 2023

December 31, 2022

Welcome to the final KE Report Weekend Show of 2022. 2022 was a year that many investors will want to put behind them. There are a couple very important themes that developed in throughout the year which should be a guild for investors in 2023. On this Weekend’s Show we focus on the major theme changes that will be driving markets in 2023.


We hope you all have a very Happy New Year! Thank you all for visiting our site and downloading the Podcast! Please keep in touch with Shad and through email – and


  • Segment 1 and 2 – Dana Lyons, Fund Manager, has been very accurate throughout the year playing the general bear market and trading the swings. He outlined early in the year it was a market to “hit singles and doubles, not home runs”. Dana recaps his major takeaways from the year and how he is positioned entering the new year.
  • Segment 3 – Josef Schachter, Founder and Editor of the Schachter Energy Report is up next with a focus on the energy sector. Oil and natural gas had a great first half of the year, then market forces took over and pulled each back by year end. The stocks did extremely well early on. Josef shares his outlook for energy prices as well as what stocks he is looking to buy.
  • Segment 4 – Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of the Marc to Market website wraps up the show by recapping some important news and developments in December that are critical for 2023. We discuss China, central bank policy, interest rate differentials for countries and major money flow shifts. 


Exclusive Company Interviews This Week


Dana Lyons
Josef Schachter
Marc Chandler
    Dec 31, 2022 31:34 AM

    As always thanks for everything Corey and Shad do!

    Over and above that I really do appreciate this statement you added to the Thor Explorations interview:
    “*In full disclosure, Shad is a shareholder of Thor Explorations.”

    With all the craziness going down on YouTube and other places where “influencers” are doing pump and dump anything and everything transparency is desperately need in the financial world and much appreciated! I know it is more work for you but it is the right thing to do!

    To all have a happy and prosperous 2023!

      Dec 31, 2022 31:30 PM

      Thanks for that comment Mike. We make an effort to disclose in the interview if either Cory or I or our show guests have positions in the companies we discuss for full transparency.

      In the case of the Thor Explorations interview, since Cory didn’t catch my note about disclosing my position during in the recorded interview, then I decided to put the disclosure in writing below the write up.

      Also, our interviews are structured to cover a companies news releases, and are not intended to either pump or dump on a stock. In contrast to a lot of the uber promotional marketing pieces some platforms blast out urging people to buy the next 10 bagger or to completely sell out of a company that has cut ties with their organization; we’d rather simply ask questions that give company executives the opportunity to tell investors what they’ve learned and outline their forward strategies at their projects.


    Dec 31, 2022 31:19 AM

    Thanks for making KE the go to metals place on the web. Always timely with quality. I am sure next year will top 2022 with more great interviews.

      Dec 31, 2022 31:36 PM

      Thank you Lakedweller2 – Those comments are very much appreciated.

      Cory & I do our very best to bring on a range of different ideas and insights on various markets, with a focus on the resource sector, and spend a lot of time to keep current with the economic trends and breaking news that is moving the needle out there.

      We are very blessed to have good relationships with the many great thought leaders and companies that agree to come on the KE Report show and invest their time with this audience, and obviously we couldn’t do it without all of the listeners supporting the show.

      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 Dana, Josef, and Marc.

      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.

      May everyone have a very prosperous 2023 in the year to come in health, wealth, family, fellowship, spirit, and in life. Ever Upward!

    Dec 31, 2022 31:40 AM

    Curious why Josef doesn’t have any of Dan Steffens top NG stocks like Antero Resources, Comstock, Range Resources, Sbow etc on his coverage list. Seems odd that he covers many companies but don’t see any of Dan Steffens picks. I am a subscriber of Schachter energy report.

      Dec 31, 2022 31:50 AM

      Isn’t Josef more focused on the Canadian oil patch, Canadian companies.

      Dec 31, 2022 31:42 PM

      We really like both Josef S. and Dan S. and that while there is some overlap, that they cover a number of different companies from one another in their 2 respective services. Both guys are S-H-A-R-P, and we are grateful to get their regular insights on the energy sector.

    Dec 31, 2022 31:15 AM

    On this final day of 2022, I would like to express gratitude to The Korelin Economics Report for being THE BEST source of information for an elemental investor*** like myself. The KER Interviews/Commentary have helped keep me (relatively) sane, calm, and patient during the past year of volatile, fragile, and seemingly Machiavellian financial markets.


    (1) The interviews with representatives of companies have been very informative and just the right level of detail. Being able to hear a CEO discuss their projects, and occasionally answer challenging questions, is an important part of my due diligence for owning shares of a company. Aside from geology/jurisdiction, ethics and truthfulness are paramount, in my opinion
    (2) The wide-ranging Commentary from guests on macro-economics, sector-specific investing, and (especially) the PM sector have been exceptional. The net effect of listening to DIFFERING perspectives is the ability to make logical/rational decisions about how I invest my wealth.
    (3) Personally, I REALLY look forward to the podcasts of certain Commentators: Jesse Felder (I am a subscriber), Dana Lyons, David Erfle, and Craig Hemke are my personal favourites
    (4) The Comment Section has provided additional perspectives, valuable links with short excerpts (Thanks, Ex!) and a bit of humour, entertainment, and (the inevitable) drama.

    I am quite certain the coming months will be chock-full of volatility and uncertainty for precious metals investors. However, I feel comfortable with my own personal allocations to both physical metals (For me: Au, Ag) and company shares (For me: A handful of Exploration Companies in Gold and Polymetallic).

    Today, I have a positive-bias for 2023 for Au/Ag and my own selected Explorers. But what do I know, really? It could all change next week (sigh).

    I look forward to being a KER listener in 2023, as the future unfolds before us.

    Best wishes to Cory, Shad, and the whole KER team for 2023 (and beyond!),

    *** I invest in the ELEMENTS needed for the continuation of our collective, technological modernity: Au79, Ag47, Pb82, Zn30, Cu29, among others

      Dec 31, 2022 31:25 AM

      Great post …

        Dec 31, 2022 31:54 AM

        Hi Lake… I second that. BrianE I am an Ag47 type of person … To ALL the people on this half of The KER , I would just like to wish You all A Very Healthy 2023 , & beyond…… And remember dont let the bastards get to You.

          Dec 31, 2022 31:58 PM

          Many thanks IrishT and great advice.

          It has been a blast and very informative chatting with you for the last dozen years, and it will never be forgotten that both you and OOTB were the original welcome wagon here at the site. If you guys hadn’t been so kind and welcoming, I personally may not have returned back to the blog to keep chiming in. 🙂

          Happy New Years to all facets and bloggers of the KE Report!

            Jan 01, 2023 01:40 AM

            Hello EX…… Mr. Shad……
            Thanks for the kind words………. and THANKS FOR STICKING AROUND, many late comers do not know all the hard work you put in,..since coming around this BLOG.
            You have done spectacular job since coming around.
            Many people, I am sure have benefited by YOUR HARD WORK…….
            Like I said many times…… You worked your ass off, and deserve a lot of credit, that is for sure., and a lot of it , in the early days was for FREE to US, ….
            Again thanks……. and Have a Wonderful…….. 2023…………
            Enough of this ass kissing, and come and visit us in the ORPHAN SECTION……… 🙂

            Jan 01, 2023 01:18 PM

            Awe… thanks buddy. Those comments are very much appreciated OOTB.

            It sure has been a fun and informative adventure all these years, hasn’t it? Yes, I still check in on the orphan section quite regularly to see what you well-informed contributors are all discussing.

            May your 2023 be a grand adventure amigo!!

            Jan 01, 2023 01:47 PM

            🙂 thanks for reading….

      Dec 31, 2022 31:52 PM

      Wow BrianE – Greatly appreciated sir! Thanks for the detailed feedback about what aspects of the shows, guests, interview formats, and commentary that you resonated with. We are flattered that it is of value to folks out there, and as mentioned further up in this blog, we are blessed with fantastic guests that also appreciate the show and the platform to present a range of perspectives and differing investing approaches or outlooks.

      With companies we really do work on vetting them out, and there are a number we talk to that don’t make it onto show, or that we don’t work to get back on after an initial interview and due diligence process. We simply are looking for companies that have good teams, are doing good work to advance their projects, and we try to be fair asking for clarity of details around both the positive and negative aspects of their news released to the marketplace.

      We’ve got another big year lining up for 2023 here on the KE Report, with thought-provoking guests and company interviews. While the overall consensus is that it is going to be another turbulent year, there are a lot of very savvy investors that are expecting it to be more constructive for the mining stocks than 2022 was.

      We’re looking forward on turning the calendar page from 2022 to 2023 and hoping all investors have a fantastic year to come.

    Dec 31, 2022 31:45 PM

    Happy New Year, All the very best in 2023, Enjoy yourself and Bring the Party On! Stay away from women, you will live longer. LOL! DT😍

      Dec 31, 2022 31:02 PM


    Dec 31, 2022 31:05 PM

    Gareth Soloway: Gold, Silver, Bitcoin and More — Price Predictions for 2023

    Investing News Network – Dec 23, 2022

    “Gareth Soloway, chief market strategist at, shares his 2023 price predictions for gold, silver and Bitcoin, as well as his thoughts on where the overall markets will go next year.

    0:00 – Intro
    0:33 – Gold in 2022, upside/downside for 2023
    4:58 – “Very, very tough recession” approaching
    8:23 – Another “troublesome” year for markets
    11:41 – What approach should investors take?
    13:19 – Gold vs. gold stocks, 2023 silver outlook
    18:00 – Impact of FTX on crypto regulations
    21:35 – Bitcoin price to bottom in 2023
    22:46 – Which asset will perform best in 2023?
    24:57 – Outro

      Dec 31, 2022 31:22 PM

      Stock Market Outlook 2023: Risks Skewed to the Downside

      By Fawad Razaqzada – (Dec 29, 2022)

      “As we look forward to the new year, optimism about inflation peaking is all I can think of in terms of limiting the downside risks for stocks. Still, at least some of this peak-inflation narrative is already priced in.”

      “Perhaps much more relevant would be for me to present the many risks and — fewer — opportunities shaping up in the near-and mid-term horizons. Overall, I feel this macro background is not one you would associate with excessive risk-taking. The economic outlook is not going to change overnight, which means much of the issues we are facing right now could well be with us well into 2023.”

      “And after a big rebound started in October, much of the positivity about the Fed pivoting to a less hawkish stance has now been priced in. So, I reckon that the risks are skewed to the Downside for stocks in 2023…”

    Dec 31, 2022 31:07 PM

    Lawrence Lepard – Don’t Wait: Silver & Gold Mania Unavoidable

    Soar Financial – Dec 27, 2022

    “Silver & Gold Fund manager Lawrence Lepard predicts a silver & gold mania in the near future. The FED is caught in a death spiral and will have no other chance but to print money again. Investors will have to flock to real assets to protect their wealth and earn a return on their investments. We also talk about CBDCs, crypto scams, recession and stagflation.”

    Dec 31, 2022 31:10 PM

    Watch the US Dollar for Metal Market Direction – Ira Epstein’s Metals #Video (12/29/2022)

    #TechnicalAnalysis, Gold, Silver, Copper, Platinum

    Dec 31, 2022 31:26 PM

    Neil Howe: The Fourth Turning Has Begun, How Will It Unfold?

    Wealthion w/ Adam Taggart – 12/28/2022

    “If you’re not familiar with the term “fourth turning”, you need to patch that educational deficiency asap. Famed demographer Neil Howe coined the term years ago to describe the tumult & unwinding that occurs at major turning points in society when the status quo starts failing, ultimately to be replaced by a new order. Think the American Revolution, the Civil War, and World War 2.”

    “Howe has long predicted that America and the West would enter such a Fourth Turning early in the new millennium, and the upheaval of the past several years certainly appears to be lending credence to that – from the Global Financial crisis, to the supply shocks of the COVID pandemic, to the geopolitical rifts caused by the war in Ukraine.”

    “Neil is coming out with a new book shortly building off of his earlier Fourth Turning work, so I’m replaying my earlier discussion with him here, to make sure we’re all up to speed when Niel Howe returns in early 2023.”

      Jan 01, 2023 01:39 PM

      U.S Dollar’s Role In The Fourth Turning | Brent Johnson
      00:00 Introduction
      01:16 The Macro Story of 2022
      03:55 The Fed Will Continue Raising Rates Into 2023
      06:33 Did The Fed Loose Credibility In 2022?
      11:08 Everybody’s Looking At The Fed, What About Other Central Banks?
      16:01 What Is Happening With The BoJ?
      26:15 We Are In The Heart of Triffin’s Dilemma
      32:29 The Fourth Turning
      40:50 Brent’s Big Calls For 2023

    Dec 31, 2022 31:41 PM

    Hey, happy New Year! 2023: time has come for America to root out the deep state.
    Where’s the political will?
    Woke-a-dope is the game (of function)

    Jan 01, 2023 01:29 AM

    Contact Gold (SYL-V.C) Enters into US$10 million Earn in Agreement with Centerra Gold on the green springs Gold Project, Cortez Trend, Nevada. This is a pretty hefty endorsement by Centerra Gold. Green springs is an oxide gold project in one of the best if not the best mining jurisdiction in the World. Contact Gold is currently selling for 2.5 cents CDN. As always DYDD! DT

    Jan 01, 2023 01:19 PM

    The week that just ended failed to provide the clarity I was looking for but the coming week is sure to. For now, both the bullish and bearish short term potential remains alive. If Tuesday brings a decisive drop then the short term (1-2 weeks) drop that some have been talking about will be extremely likely to commence. It is likely to be a very good buying opportunity even if it turns out to be a shallower drop than the bears/bearish bulls expect.
    The dollar could easily surprise to the downside and is heading lower whether it bounces very soon or not.

    Jan 01, 2023 01:36 PM

    Silver looks very healthy right now , but watch what Gold does over the next week. Fireworks are not just for Newyears.

    Jan 01, 2023 01:14 PM
    Jan 01, 2023 01:56 PM

    I’ve been posting the following Silver:Copper chart for months and it has improved perfectly and as expected. The ’12, ’16, and ’20 highs will probably be exceeded in ’23 but the next top will probably happen in ’24…

      Jan 01, 2023 01:22 PM

      That is interesting on that bullish cross up through the 25 month moving average (as you noted it’s the first time in 3.5 years) on the Silver:Copper ratio chart.

      Thanks for sharing your charts and technical outlook here at the KE Report Matthew.

    Jan 02, 2023 02:50 AM

    2023 will be the year that the public figures out that the West is soaked in debt- based currencies, and “The Big Rush To Get Into Precious Metal Will Be On!” The biggest conspiracy theory of the last fifty years (since1971) is that gold is a barbaric relic, gold is filet mignon and not a sardine. YEAH BABY! LOL! DT

      Jan 02, 2023 02:17 AM

      OOPS! that should read, The biggest conspiracy theory that will be validated of the last fifty years (since 1971) is that gold is a barbaric relic. DT👍

    Jan 02, 2023 02:23 AM

    I have been reading and listening as always. Another great year gentlemen. Appreciate all the time and effort everyone has put in.

    I will point out I was down for 2 days with what for me was a bad flu. Since my wife works in a long term care facility I was tested and yes I had covid. Took almost 3 yrs for me to get covid. Being in the unvaxed crowd I certainly am left wondering how so many who were vaxed had 5-7 days of symptoms…..but hey what do I know. I’m just part of the minority that are morons right???😏

    As for 2023,can’t argue with Matthew. In fact I have my Matthew ETF of juniors like Impact Kootenay and Brixton( stockpickers contest pick)and looking forward to the run in PM’s.

    I also think 2023 will be the yr of the nickel…… like the penny, the nickel is becoming something of the past as inflation has made everything so much more expensive that nickels becoming obsolete…..however nickel(especially a secure source) is a must going forward with batteries so good old Sudbury is the place to be. Magna Mining is one of my picks in the stockpickers contest for that reason. Definitely looking forward to seeing where it goes with all its newsflow starting in the new year..

    Hope everyone has a prosperous 2023. My only concern is too many of us are of the same opinion and rarely can the masses be correct.

      Jan 02, 2023 02:49 AM

      Hi Wolf, you have to remember that the test kits for covid are very inaccurate, they produce many false positives, you could have easily gotten the regular flu. DT

        Jan 02, 2023 02:54 AM

        Wife tested positive too ……and she had rapid and PCR test so I’ll go with it being right.

          Jan 02, 2023 02:57 AM

          It’s all part of the grand deception, the test kits for covid don’t work. DT

            Jan 02, 2023 02:31 AM

            2023 will also be the year for the public that covid will be unmasked as well as the tests. DT

            Jan 02, 2023 02:51 AM

            I prefer to say they work……the vaccine not so much….. my fault for bringing it up here. Sorry. Was meant to be a quick blurb with my comment of 2023 investment wise. Back to investment chatter instead

    Jan 02, 2023 02:16 AM

    Here’s an exchange from 10 weeks ago in which I seem to be right but let’s see what the coming week holds:
    Oct 15, 2022
    Silver could make a new low but I doubt it will go much below 16.75 if it does. Once it takes back the 600 week MA (which stopped its rise 2 weeks ago) it will make quick work of the falling 100 week MA (“quick” is of course relative to the weekly chart).

    Oct 17, 2022
    Quick work of the 100 WMA? I seriously doubt it. I give it about a 1% chance that it gets through the 100 WMA on the first try without dropping back below it within a few weeks.

    Until the 100 WMA is extremely close to the 200 WMA or actually below it, silver isn’t going anywhere.

    Oct 17, 2022
    Your 1% guess is way off and there’s no good reason to assume that the 100 must go near the 200.

      Jan 02, 2023 02:25 AM

      Considering silver’s rise so far it’s easy to think that a significant pullback is now likely but it’s worth noting that it has refused to fall from the rising fork resistance that it first hit 3 weeks ago and is not even close to weekly RSI overbought. Looking at the whole picture including the monthly and quarterly charts it’s easy to see how it could continue higher from here before finally pulling back. Whichever path it takes, I think the silver miners will finally outperform.

    Jan 02, 2023 02:00 PM

    Happy New Year to Everybody 🎆🎇

    Hoping, 2023 will be a better year for investors than 2023