Weekend Show – Recapping All The Economic Data And Central Bank Meetings To Predict The Second Half Of 2023; Recession And A Market Correction?

June 10, 2023


Welcome to The KE Report Weekend Show! With all the economic data and central bank meetings seemingly having no impact on markets currently we have 2 guests summarize what they think matters and predict what the second half of 2023 will bring.


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  • Segment 1 and 2 – Jesse Felder, Founder of The Felder Report joins us to share his thoughts on the disconnect between economic data and corporate compared to market valuations. He also discusses how he is viewing the AI bubble in terms of the broader markets.
  • Segment 3 and 4 – Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of the Marc to Market website wraps up the show by recapping this week’s key data and news, including jobless data, the RBA and Bank of Canada rate hikes and bullish market sentiment. We then discuss what to watch for next week with a big week of US data and major central banks.

    Jun 10, 2023 10:21 AM

    La, La, Land. What income do you need to afford a $500,000 house, this calculation is based on a 30-year mortgage and a downpayment of $100,000. Note it does not include property taxes, insurance, maintenance, water, hydro, heating and cooling, and all the other ins and outs of home ownership. DT

    Jun 10, 2023 10:23 AM

    Jesse is one I never fail to listen to. Great mind. Experienced. His opinions of conditions will carry the day IMO. Thanks for providing the interview.

      Jun 10, 2023 10:38 AM

      Silver Dollar – Thanks for that feedback on Jesse. We feel the same way and are blessed to have him share his time and insights with us at the KER.

    Jun 10, 2023 10:25 PM

    Gold And Silver Mining Stocks Aren’t Keeping Pace With Metals

    Richard Mills – Ahead Of The Herd – June 10, 2023

    “This brings us to our conundrum: Despite a bullish outlook and healthy gains, gold-related equities, in particular the small-cap mining stocks, have not been as reflective of bullion’s strong performance.”

    “Take the VanEck Junior Gold Miners ETF (GDX) for example. As the most widely followed measure of gold stock prices, GDX has recorded a decent YTD gain of 6%, which is just slightly lower than the 8% actual metal’s returns. It also trails that of SPDR Gold Shares gold ETF (GLD), which, being the largest fund of its kind, is possibly the most accurate representation of gold’s valuation.”

    “An analysis by Adam Hamilton of Zeal Intelligence comparing the performance of GDX versus GLD between 2020-2022 reveals that the former has significantly lagged behind. Even at the gold-stock upleg’s latest high-water mark of mid-April, a share of GDX was only worth 18.9% of a GLD share.”

    “A closer look at data going back 30 years indicates that there’s indeed a chasm that exists between gold prices and the valuation of gold mining stocks,” recently wrote.

    Jun 10, 2023 10:27 PM

    Gold Moves Through Whipsaw City Heading into Fed Week

    David Erfle – Friday June 9th, 2023

    “With Gold Futures remaining in a five-week downtrend from a peak near all-time highs reached in early May, the safe-haven metal has been chopping inside of a tight range between $1985 and $1950 since Monday. The likelihood of the Federal Reserve taking a break in its aggressive interest-rate campaign during the FOMC meeting next week is becoming further priced into the marketplace, keeping gold above support at $1950…”

    Jun 10, 2023 10:22 PM

    70 years of beer priced in gold and in euros perfectly illustrates the criminality of fiat money substitutes…

      Jun 10, 2023 10:32 PM


        Jun 10, 2023 10:44 PM

        70 bottles of beer on the wall, 70 bottles of beer, if one of those bottles ..

      Jun 10, 2023 10:48 PM

      Priced in gold, beer is flat?

    Jun 10, 2023 10:58 PM

    All of You people on this page know how i feel about owening , PHY , silver. I would like Matthew , to opine on this article , as IMO he is the only one on this section , of the KER that understands the Silver marked.

    Jun 10, 2023 10:30 PM

    Irish Tony has so much silver that the shelves in his backyard depository are groaning from the weight of his massive holdings. His nickname at his local is Tony Stakks. DT 😉

      Jun 10, 2023 10:41 PM

      I think he mentioned years ago that he has his silver horde buried under his fish pond.

      Time for a little midnight gardening…

    Jun 11, 2023 11:10 AM

    Americans Pull $472,000,000,000 Out of US Banks in Three Months As Depositors Exit in Historic Numbers

    Daily Hodl – June 2, 2023

    “New numbers from the Federal Deposit Insurance Corporation (FDIC) show Americans are pulling their money at a pace not seen in yearly four decades. According to the FDIC’s newly-released quarterly report, depositors took a total of $472 billion out of their accounts in the first quarter of this year – shattering a 39 year record.”

    “The quarterly decline is the largest reduction reported in the QBP since data collection began in 1984.
    This was the fourth consecutive quarter that the industry reported lower levels of total deposits.”

    Jun 11, 2023 11:37 AM

    Wage Growth Slowing Sharply In US, Indeed Says

    By Megan Henney – Fox Business – June 8, 2023

    “U.S. wage growth has slowed sharply over the past year and is on pace to return to pre-pandemic levels by early 2024, according to new data from career site Indeed.”

    “While the deceleration is broad-based, it is most pronounced in low-wage sectors. Posted pay for that group tumbled to 5.6% in May from 12.5% at the start of 2022.”

    Jun 11, 2023 11:41 AM

    Toyota CEO: “This New Engine Will Destroy The Entire EV Industry”

    Car Maniacs – Apr 5, 2023

    “Toyota is cooking up something new in their garage! And it’s not just any ordinary vehicle. We’re talking about a brand new, revolutionary hydrogen vehicle! So, you may have heard about the Mirai, the hydrogen-powered Toyota vehicle that uses fuel cells to generate electricity. But now, Toyota has come up with something completely different. They’re calling it the new hydrogen combustion engine.”

    Jun 11, 2023 11:47 AM

    Gold: Are We In A Recession?

    Equity Management Academy – Seeking Alpha – Jun. 11, 2023

    “Economists have been predicting a recession in the United States, but the economy has remained resilient, defying expectations. While there is a 61% chance of a mild slide this year according to experts, the question remains: Are we currently in a recession?…”

    Jun 11, 2023 11:44 AM

    Every Sunday my sons come over for dinner and out comes The Moosehead Beer, man does the foam fly in all directions, today will be no exception. Enjoy it while you can because some day it will stop, and I’m not going to enjoy the alternative. LOL! DT 😜

      Jun 11, 2023 11:00 AM

      Carpe Diem!

        Jun 12, 2023 12:56 AM

        Carpe diem: I think I send that group money on a regular basis so they can buy food.

          Jun 12, 2023 12:05 AM

          Haha! I meant it more in the spirit of “seize the day.” There is a Carpe Diem real estate group here in the greater Seattle area where you could send them money to buy a home. 🙂

          Regardless. Hopefully folks here at the KER were able to seize the days over the weekend with family and friends, sharing some time doing some things that activate them, or at least that were restful and gave them time to rejuvenate for the week ahead.

            Jun 12, 2023 12:30 AM

            Ahh… I thought it meant have a seizure today… anyhoo… Does the Ichty cloud mean anything here on the TSX.v?


            Jun 12, 2023 12:54 PM

            That Ichty cloud is worth watching for the first time in many many months!

            Jun 12, 2023 12:55 PM

            Thanks for the chart, I am encouraged for a change, haha. I guess now it is up to how the price and volume move through the cloud. I think if enough retail guys leave the index the institutional guy will become less active until they know the retail guy will return… I also think the PM market can get the index into a new uptrend.

    Jun 12, 2023 12:30 AM

    Help: I noticed my IB account was trading Santacruz in Cad. I could not find where the Halt was lifted but I did see several press releases about their filing their First Quarter financials.
    Anyway I saw the Canadian price was different than the OTC price so I arbitraged an OTC purchase as well as had an Albatross for lunch. Not sure which one was better. I guess the Halt of Santacruz is lifted.

      Jun 12, 2023 12:38 AM

      Still halted…

        Jun 12, 2023 12:05 AM

        I tried to complete the trade. It accepted everything but it was put in cue and not fully processed. However, they have removed the “halted” label … at least on mine. My bad or good.

        Added: they are showing Bid .345 and Ask .36. OTC showing Bid .20 Ask .21.

          Jun 12, 2023 12:15 AM

          Still halted, I could see it dropping right after the unhalt, that’s what you get for getting halted for filing late.

            Jun 12, 2023 12:24 PM

            Yes…still halted. Have you seen a situation before where the US does not honor a Halt in a Canadian Company by Canadian Regulators. I can’t remember one but I can’t remember what I did last Friday.
            I need to spend more time carpe dieming and less trading.

            Jun 12, 2023 12:41 PM

            Agreed Dan. I could see SCZ falling after unhalting, since they filed late (not really their fault, as it was really catching up for years of Glencore not needing to file anything on the Bolivian assets as they were considered “immaterial” to a company of their size and scope, but those mines and deposits are quite material for Santacruz Silver). Still, it will be viewed as a reason to sell in these markets, because it was late, but I’m curious as to where the balance point will be between the main ticker when it starts trading and the OTC ticker which really tanked hard (maybe too hard?).

            At this point, it hasn’t really mattered much that it was halted, as the markets have been bad for precious metals companies, even when putting out good news, so I’m in no rush to see them unhalted until we see better PM sentiment overall.