Weekend Show – Inflation Outlook With Peter Boockvar and Market Overview With Mike Larson

September 16, 2023

We hope you all had a great week. We were at a conference in Colorado this week which is why there were only a couple Editorials posted this week. We’ll be back next week with a full slate of interviews. Keep an eye out over the next few weeks for interviews with companies we met with while at the conference. 


As always please keep in touch with Shad and I through email. Our email addresses are and



  • Segment 1 and 2 – Peter Boockvar, CIO at Bleakley Financial Group and Editor of The Boock Report on Substack, kicks off the show with a big picture outlook on inflation. We discuss his outlook for inflation, the chances of an inflationary pop vs a deflationary period and how important the oil price will be in guiding the inflation trend.
  • Segment 3 and 4 – Mike Larson, Editor-in-Chief at the MoneyShow wraps up the show with an interview from the floor of the Toronto MoneyShow. We get a summary of the general vibe and attitude at the conference. He shares the key topics on most speakers radar and his outlook for key sectors he sees opportunity in and what areas he likes int he commodities sectors.

Peter Boockvar
Mike Larson

    Sep 16, 2023 16:18 AM
    NatGas Week: Pop & Drop.
    Volume Vector Test.
    Uptrend Intact.

      Sep 18, 2023 18:57 AM

      Monday Slingshot Open.
      Test Expected.

        Sep 19, 2023 19:01 AM

        Minimal Test. Breakout!

    Sep 16, 2023 16:30 AM

    Thanks guys for keeping the site rolling while collecting significant information at the Conference. Get a few minutes rest and unload all you learned on us as soon as possible. Thanks again as always.

      Sep 16, 2023 16:42 PM

      Much appreciated Lakedweller2. I ended up having 46 official company meetings and well over a dozen unofficial meetings/mini presentations at bars, restaurants, and in hallways. The good news is that we’ll have a lot of good interviews to come out over the next 1-2 months from all that networking, and we’ll be bringing back on some companies we’ve not caught up with in a while, as well as some new companies.

      Additionally, there were, of course, lots of interesting discussions catching up with other resource platforms, newsletter writers, corporate management teams not featured at the event that were circulating around, capital market guys, activist investors, and thought leaders in the space. Things kicked off at 8am each day, and then continued well past midnight at the various venue bars all week long. Every time we moved rooms or went to lunch or dinner there were so many friends and sharp folks that you’d bump into in the various buildings, balconies, and paths to different venues. Almost everyone you’ve ever heard of in the sector was there in Beaver Creek, and it is one of the best and most efficient conferences I’ve ever been to.

      I’m totally wiped out tired and just got in at midnight last night, so I’m going to spend the weekend resting up and then start working early next week to line up a lot of interviews for the weeks and months to come. Stay tuned!!

        Sep 16, 2023 16:24 PM

        I’ve actually not seen much of the content hit yet from Beaver Creek on youtube or other resource outlets, but that is likely because they saved it for next week.

        We saw so much news blasted out last week to get in front of the Beaver Creek conference, the conference at the Colorado School of Mines this weekend, and the Denver Gold Forum next week with the larger mid-cap and larger developers.


        This brief update from Gwen Preston from Day 1 of the conference on her channel did a good job of summarizing what she was trying to do in her meetings at the event, as well a recap of some of the news released by companies the first day of the conference. It’s short and just gives you glimpse into the mindset of maximizing the time there.

        > Beaver Creek Update – Day 1

        The Resource Maven

        Sep 16, 2023 16:07 PM

        Wow… looking forward to hearing about it all. Fantastic!

    Sep 16, 2023 16:35 PM

    The selling continues, Santacruz is at a ridiculous price, but it could go lower we might see single digits before the bottom is in. The only thing that has me hopeful is that this takedown is with very low volumes.

    I hope that the recessions I am seeing in prices is not going to lead to something worse. Small traders are being sold out. I don’t know about the big traders they have more information than we do but if they too get sold out, well look out below. Hardly anyone is thinking of buying most of the stocks I like.

    Energy Fuels is one of the exceptions in my portfolio, I knew they would do well. I now have more energy stocks than in the past. If the markets start to Crash, I think they will jam the communication systems to prevent the floor from opening up! Happy Trading, and Happy Trails! DT

      Sep 16, 2023 16:23 PM

      SCZ.V is a thing of beauty—I’ve been waiting for this stock to bottom out and it’s beginning that process. I’ll make my first purchase soon.

        Sep 17, 2023 17:20 PM

        There was another recent fatality at Santacruz’s Zimapan operation, which is a 2nd for this year. It’s unfortunate, but that hasn’t helped prices with SCZ lately.

    Sep 16, 2023 16:23 PM

    Gold and copper miners could pay 8% federal royalties under new Biden proposal. This would not be good for mining companies. DT

      Sep 16, 2023 16:28 PM

      another fleecing…that money goes to worthless government bureaucrats…period….

      Sep 16, 2023 16:44 PM

      I haven’t read the proposal, but I did see a headline that seemed to indicate the proposed royalty would apply to Federal Lands. Whether that is the limitation or not, it seems that all the price suppression, phony paper markets and intervention should have made a “royalty” just another form of theft against the mining industry.
      It would be more appropriate to put a royalty on Central Banking and Wall Street.

        Sep 17, 2023 17:22 AM

        When you think about it, how much legislation has actually come from an “Administration” rather than a Corporation or a Bank or some lobbying group funded by Citizens United. Who profits from paying lower prices for commodities or phony paper price setting or share values. Not the Federal Government. The Federal Government makes money from fines charged against the bogus Citizens United non-existent bogus “corporate person”, when the Corporations or Bank flow-through funds from Fed Printing to Government Agencies. Justice brought in over $300 mil in fines on just one JPM Felony ( Total $920 mil in penalties) while actual victims got Zero from JPM precious metals manipulation. As long as our Political selectees “avoid” addressing Central Banking and Wall Street Fraud, we will continue chasing the wrong issues. Corruption is the source of all problems and we won’t address it.

          Sep 18, 2023 18:50 AM

          . I have been saying for decades…. one big scam.

    Sep 17, 2023 17:31 AM

    Big boost coming in U.S. Social Security Benefits for retirees, due to inflation. This money is being allocated via The Social Insurance Expansion Act, Print, Print, Print your way to prosperity! This is not to say that retirees don’t need the money because they do, but this is part of the avalanche headed down hill! They will never get it until they can’t anymore. DT

    Sep 17, 2023 17:10 PM

    Yes. Most say that inflation will not stop no matter what the Fed does because all those dollars around the World sitting there with countries and investors that see the writing on the wall, will dump them and they will all come home creating ongoing inflation no matter what interest rate the Fed pumps. However, the Treasury will already be stolen and Transfer of Wealth already completed. Looks like a Win Win for the Elites.

    Sep 17, 2023 17:36 PM

    What If Disinflation Turns Out To Be Transitory?

    Jesse Felder – The Felder Report (09/16/2023)

    Sep 17, 2023 17:39 PM

    Banks Selling What They Can – Our field trip to NYC, bear steepening persistence, inflation summary, the Dreaded DOT Plot

    Barry C. Knapp – Substack – September 16, 2023

    Sep 17, 2023 17:55 PM

    What’s Your Worth?

    If UPS drivers get $170,000 a year for being a mailman what should skilled trade workers, auto workers, or grocery or office clerks get paid. I would put office workers and grocery clerks in the same league so where does that leave the rest of the workforce. DT

      Sep 17, 2023 17:24 PM

      Good question DT. It should also be noted that UPS and FedEx also raised their rates to consumers to pay for the higher wages. We saw the same things with the airlines raising their ticket prices after giving their employees a substantial 30%-40% raise. That was what I was getting at in my question to Peter Boockvar… about how rising labor costs were translating into inflated service costs to the consumers.

    Sep 17, 2023 17:32 PM

    Succinct Summation of the Week’s Events:

    Peter Boockvar – The Boock Report – Sep 15, 2023

    Sep 17, 2023 17:47 PM

    The New Stock Market Mathematics & An Intriguing Setup In Gold

    Goldfinger – 14 Sep 2023

    Sep 17, 2023 17:52 PM

    Ross Beaty – Billionaire: All Is Good for Gold

    Soar Financially – September, 14th, 2023

    Ross Beaty, Chairman of Equinox Gold Corp., discusses the recent gold and silver price developments, growing a gold mining business, and some market rumors around the current mining conferences.

    Sep 17, 2023 17:58 PM

    Joe Mazumdar – Gold: Things You Simply Need To Know

    Soar Financially – September, 12th, 2023

    “There is a lot going on in the world of mining. What are some of the key trends? Guest Joe Mazumdar, Publisher of Exploration Insights, provides the most comprehensive overview of the latest developments in the mining sector that you can currently find on the internet.”

    Sep 17, 2023 17:50 PM

    Hi Ex, do you have any idea when this bear market for precious metal stocks will be over based on your discussions at The Beaver Creek Summit. Thanks, DT

      Sep 18, 2023 18:09 AM

      Hi DT. Most of the folks we talked to at the conference were in agreement that the lows we saw in Gold & Silver & the mining stocks were last September/October of 2022, so in that sense, that was intermediate low for the sector, and have been building out of it since then.

      Now, as we know, we saw that nice 8 1/2 month double digit rally out of the September low for Silver and the GDX, GDXJ and many of the producers through late April/very early May (when we saw the banking crisis). Gold took a little longer to bottom in early Nov at $1618, but silver and mining stocks were already leading the way higher out of that large bear trap (where many talking heads were still calling for $1450 or $1375 gold to be tested and got wrong-footed on the PM sector as a result). That was a technical “false breakdown” or “bear trap” and out of that we saw a nice short-covering rally fuel that move off the Sept 2022 lows.

      Granted, since that rally peaked out in early May, things have pulled back down again for the last 5 months, in another bearish leg, turning the sentiment back down again, but the metals and most of the larger miners are still at higher lows than were they were a year ago. If those lows from last year were to be pierced through, then we’d have more chart damage to overcome once a bottom was found, but so far we are still elevated above those levels in GDX, GDXJ, SIL, SILJ, and most of the mid-tier and major producers and larger developers. I realize a number of the volatile juniors are at 52 week lows, but they tend to overperform to both the upside and downside, and most will eventually react to the leadership in the main PM ETFs and underlying metals direction, once a larger move is at hand.

      Most market participants really are befuddled by how severe the pullback in mining stocks has been in relation to gold and silver prices that are actually holding up quite well based on historic price levels. The mining stocks are acting like Gold is going below $1600 or Silver is at $16, and most agree that we just need to see the rate of change move back to higher metals prices and a breakout above the $2070-$2089 resistance zone in gold to get the momentum switched back to a more bullish move higher in the mining stocks.

      The vast majority of the folks we talked to don’t expect to see that breakout in the PMs until the Fed and other central banks are done hiking rates. With a skip expected for September, that has most investors looking to the November Fed meeting to see if that is where they may do one last hike, or confirm they’re going to just stay paused for a longer period of time. With inflation creeping back higher a few ticks the last few months, many are still anticipating one more 25 basis point hike before they are done with rate hikes. The dollar and bond yields have rallied as a result pressuring the PMs, but those are very much tied to Fedspectations.

      Most of the calls for rate cuts have moved out into mid-2024 along with most calls for the recession to get more complex by the middle of next year. That is the same thing the vast majority was expecting last year for this year, so it seems everything got pushed out by another year, so take that all with a grain of salt, as the can was kicked down the road for a whole other year longer than most were expecting, creating a sideways channeling range-bound market for the last year of many ups and downs in most markets (general equities, bonds, currencies, commodities).

      As a result, personally, I’ve not been doing much other than trading the ranges in some PM stocks, but mostly holding the core positions for the eventual move higher in the sector for the medium term. If we do see more weakness though where the lows from last year are broken in the mining stocks, then I’ll likely have take a few positions as tax losses for year end, and rotate the remaining funds into other core positions to average down in them (resulting in fewer portfolio positions), as I don’t have much dry powder left to deploy at this point (maybe 2% left).

      There are many fantastic values to be found across the whole spectrum of PM mining stocks, as many are valued closer to where they were last year in September all while metals prices are substantially higher than where they were last year at this time. Personally, I’m still mostly camped out in producers, royalty companies, larger developers, and a spattering of explorers, on the higher end of the quality spectrum. I’ll shift that down the food chain as things turn up higher over the course of the next year.

      One bright spot in the resource sector over the last few months has been the Uranium stocks, and they’ve had a really good rip higher, so I may pull a few profits there to raise some funds to deploy back over into the PMs and critical minerals stocks.

      Wishing you good trading, whatever your strategy is to navigate these turbulent waters. Ever Upward!

        Sep 18, 2023 18:55 AM

        Thanks for your reply, you are always available to give us your insights into how you see the markets as we get through this bear trap. You are on the cusp and your knowledge goes way beyond most traders’ expertise so thanks again and I can’t say enough about the valuable information you provide the visitors, the lurkers, and the posters here at The KER Report. DT

          Sep 18, 2023 18:52 PM

          Much appreciated DT. We are all in this together, learning and sharing and trying to give one another a competitive edge in these wild whipsaw markets. Cheers!

    Sep 18, 2023 18:24 AM

    This morning GASX is a “REAL RIPPER” up 25%, I moved in one week ago. It broke through its 52 week high based on test results of their last drilled well. The warrants will be exercised. DT

      Sep 18, 2023 18:44 PM

      If you sold at the peak today you would be up 50% if you’d bought when chairman exercised warrants…… but cash is still king. 🤔

        Sep 18, 2023 18:29 PM

        Hi Wolfster, did you sell out before today’s run. DT

          Sep 18, 2023 18:40 PM

          No DT. Travelling through Ireland right now so everything I own is longer term holds. No flipping for quick pops. $1.20 was definitely a short term top with it being the exercise price of the warrants but I could see it getting back up to $2 in a few months.

    Sep 18, 2023 18:27 AM

    Based on my account, evidently one of the companies stirring some interest from Beaver Creek is West Red Lake.

      Sep 18, 2023 18:49 AM

      Well at least until the daily walk back.

        Sep 18, 2023 18:52 AM

        As usual, should not have mentioned it.

    Sep 18, 2023 18:33 PM

    Well, I know why SCZ had a big sell off on Friday, second death in two months. The insiders must have known and started selling off earlier last week. This is a big black mark on this company and I now own a bunch… shitty situation.

        Sep 18, 2023 18:20 PM

        I know a second death is bad but the price of silver miners have been depressed without actual cause. I am going to hold what I have left at least for a little while. I have no faith that JPM will let silver go up anytime soon. I have been thinking about rolling it into First Majestic silver rounds as they have their own mint and selling direct. I would rather buy physical from Keith Neumeyer than wait for Jamie Dimon to stop the intervention.

    Sep 18, 2023 18:37 PM
    Sep 18, 2023 18:38 PM

    KTN backtested Friday’s breakout on much lower volume today (bullish)…

    Sep 18, 2023 18:42 PM

    SILJ:QQQ gapped up and broke out on Friday but only filled part of that gap today…

    Sep 18, 2023 18:08 PM

    Gold miners above their 200 EMA jumped 140% today (1,100% off the August low which was most likely THE low)…

    Sep 18, 2023 18:29 PM

    Another ripper from today was Silver Tiger – up about 19% on the day.

    I had a good meeting with Glenn & the team at SLVR at the Beaver Creek conference, and got into the 3D block modeling with their new VP of Technical Services, Charles Spath. I came away very impressed, and it looks like after the market has chewed on it a few days, they are likewise impressed… and rightly so.


    (SLVR) Silver Tiger Announces Updated Mineral Resource Estimate for the El Tigre Silver-Gold Project

    12 Sep 2023