Weekend Show – Jesse Felder and Dana Lyons – 2024 Outlook: Markets, Gold, Gold Stocks, Bonds, US Dollar and Fed Policy

December 23, 2023



Welcome to The KE Report Weekend Show! Since we are near the end of the year we are focusing on 2024 forecasts. This Weekend Show was very interesting to me as our guests, Jesse Felder and Dana Lyons, had some differing opinions on the health of the overall markets. Time frames are critical when assessing future markets moves and economic forecasts. 


  • Segment 1 and 2 – Jesse Felder, Founder of the Felder Report kicks off the show by discussing the Fed pivot and why he thinks next year will be very difficult for economy and the Fed. We carry his economic forecast over to the markets which Jesse thinks could be setting up for another significant drop.
  • Segment 3 and 4 – Dana Lyons, Fund Manager and Editor at The Lyons Share Pro wraps up the show by sharing his assessment of the run higher in US markets, bonds and gold. We also get Dana’s thoughts on oil prices and how he is viewing the much more bullish sentiment data in the US.


Jesse Felder
Dana Lyons
    Dec 23, 2023 23:44 AM
    NatGas Week : NORTH
    Pent Up Power!

    Dec 23, 2023 23:58 AM

    A GIFT THAT JUST KEEPS GIVING……..Merry Christmas……….. 🙂

    Woodrow Wilson’s Christmas Grift of 1913

    We think of thieves as conducting their work when no one is looking, such as breaking into a house while the owners are away. But the most successful thieves have done their stealing in plain sight, on a grand scale, while the owners were home and often with their tacit approval, though with sleights of hand that few are able to detect. Such a theft occurred when Woodrow Wilson signed the Federal Reserve Act into law on December 23, 1913.

      Dec 23, 2023 23:12 AM

      For your correct response you win 3 days at The Central Banking Resort of North America where you will also receive a feee lobotomy paid for “off balance sheet” by the member banks …2024 may be very blurry.

      Dec 23, 2023 23:17 PM

      Although Woodrow Wilson was President at a crucial time in American history, he had no leadership skills to offer whether it was foreign or domestic policy. He lived in a dream world that he had built about himself for himself. DT

        Dec 23, 2023 23:43 PM

        DT the history buff. Jack of all trades, expert of nothing. Merry Vhristmas Dick

          Dec 23, 2023 23:28 PM

          Brumple, that’s not true, I have one master’s license, and one honors diploma, maybe I should come over and inspect your nursing home! LOL! DT

        Dec 29, 2023 29:29 AM

        Have seen Wilson described as “a man of high ideals and no principles.”

    Dec 23, 2023 23:52 AM

    Newmont correction soon? More next week.
    (Previous Updated)

    Dec 23, 2023 23:51 AM
    Wesdome Retest Possible
    (December Low?)

    Dec 23, 2023 23:01 AM

    Opportunities With Growth-Oriented Gold Producers

    Excelsior Prosperity – Shad Marquitz – December 22, 2023

      Dec 23, 2023 23:50 AM

      Ex, thank you for this. Inflation?

      I keep coming back to the stunning low valuations we are seeing in many of the gold and silver equities. These valuations are low in relation to where these stocks have traded at similar or even lower metals prices in the past, with regards to how ounces in the ground are being valued, and all while we’ve seen inflation costs moderating and coming down sharply all year long.

      Chronic inflation will likely continue unabated, probably accentuated by the upcoming BRICS leadership of Russia (Putin) in later January. De-Dollarization the main topic!

      Until then, labor inflation, capex inflation, and most importantly the recently bottomed energy inflation, will dampen pricing as otherwise seen in the past.

      A 2024 liftoff appears assured. BDC

        Dec 24, 2023 24:22 AM

        Good thoughts BDC, and yes inflation is a tricky one to pin down. The Fed had been not only hiking interest rates the last year and a half, but also doing QT Quantitative Tightening to reduce down their balance sheet, cancel out old debt, and minimize the amount of assets on hand. This was a contributing force to of pricing inflation numbers in assets mirroring that and coming down in tandem with some of the demand destruction they were hoping to inflict.

        It wasn’t just seen in fuel prices coming down, but also pricing in cement, lumber, explosives, chemical reagents, etc… all used by mining companies. Labor was the stickier inflationary cost increase metric for most companies. The point being that metals prices rose, while many input costs came down, and yet the valuations in many companies further deteriorated. All we heard for the last 2 years was about how high costs were crimping margins, but when the opposite is true, it is crickets from the industry or talking heads in the sector. That just seems like an interesting disconnect.

        As I’ve pointed out a few times, back in 2010 the average margin for gold producers (which factors in the price of the commodity versus costs) was $440, and then in 2011 (they heyday of valuations in the last cycle’s peak) margins were $620. In 2016 the average margin was still in the mid $400s.

        Well in in 2020 it was a record average margin for the gold producers at $800+ and yet most producers did not come anywhere close to breaking out to new highs. Then over 2021 – 2023 the margins came back down into the $700’s, then $600’s, and this year in the $500-$550 range. That is still a higher margin than back in 2010, it is a higher margin than in the 2016 surge, and yet valuations are a fraction today of what they were then.

        Sure, one has to factor in any share dilution, but then likewise, in tandem with that dilution, one would also have to factor in any mines bought, any company takeovers, any organic projects explored/developed/brought into production, any increase in reserves and resources, etc… These current valuations just make no sense at all and are still extremely low any way one slices it. The current margins are still really fat, and better than most other points in history for the last 2 decades. Sure costs came up, but so did the metals prices, and dilution came up, but so did the assets under management in terms of resources, mines, mills, infrastructure, size of companies.

        I’m personally still very constructive on how the valuations in the gold and silver producers are going to run to the upside in 2024 and 2025, and see plenty of meat on the bone for investors to chew on.


      Dec 23, 2023 23:52 AM

      Ex, I read your substack missive early this morning, it provoked my thinking about a certain stock that I have wanted to buy and seeing that Wednesday is the last day for tax loss selling I will probably pull the trigger. DT

        Dec 24, 2023 24:25 AM

        Nice DT. Thanks for reading the substack page, and flattered it got the wheels turning on a different investment idea from your own watchlist. That is my intent, to talk about concepts that can be applied to anyone’s list of stocks. I threw a number of growth-oriented producers on there held in my portfolio only as examples. In the next few things I write, there will be additional breakdowns of some of the growth value drivers I see in those companies; but of course, there are plenty of other solid companies doing good work that fit that bill as well. Ever Upward!

    Dec 23, 2023 23:08 AM
    HECLA : Which Way?

      Dec 24, 2023 24:44 AM

      Good question BDC, with regards to which way Hecla could break. I hold a position in Hecla and will be watching to see things go for it in the near-term and medium term with keen interest.

    Dec 23, 2023 23:57 AM

    Rick Rule’s 10 top silver stocks and silver masterclass.

      Dec 23, 2023 23:52 PM

      The price of platinum has been suppressed because Russia needs to sell their supplies to finance the war in Ukraine. The price should move up when the war is over, this according to RR. DT

        Dec 23, 2023 23:43 PM

        Platinum has been suppressed longer than the war has been going on…… Go back to when it was well over $2000
        just going by memory…. but, it has been a long time.

          Dec 23, 2023 23:48 PM
            Dec 23, 2023 23:49 PM

            thanks for the chart…. BDC

          Dec 23, 2023 23:51 PM

          I wasn’t referring to the long term suppression of platinum, what I meant to say was that platinum should be higher now, but Russia has been supporting their war effort by dumping their product to get war funding. Russia and South Africa are the big suppliers and S.A. is a basket case and Russia is in need of capital. This will end with the cessation of hostilities in Ukraine and platinum will rise. Then the traders will start manipulating the price upwards, you can make money either way. DT

      Dec 23, 2023 23:02 PM

      Hi Jerry, you should listen to what Rick Rule has to say about the platinum market and Russian dishoarding which starts at about the 32:50 mark in the video above, you will really enjoy it. DT

        Dec 23, 2023 23:07 PM

        Thanks DT… for the min. mark… and the thought

        Dec 23, 2023 23:42 PM

        This is one thing RR has little clue about. Typical American Putin bluster

    Dec 23, 2023 23:31 PM
    Dec 23, 2023 23:16 PM

    2024 will not be a good year for America , or it’s people.

      Dec 23, 2023 23:58 PM

      Karma. However, survival is a battle won.

      Dec 23, 2023 23:44 PM

      True but the rest of the West is in worse shape.

        Dec 24, 2023 24:53 AM

        Hi Matthew,
        Around Christmas last year, you posted a youtube link to a song. That was beautiful. Can you share that link? 🙂

    Dec 24, 2023 24:43 AM

    Thanks to all here for their contributions. Some new folks contributing their insights as well is nice to see. I appreciate keeping informed and hope to add my own insights when time permits me(need lots of time if I intend to go on an Ex like essay 😜)and I have something of value to contribute.

    I am intrigued by the value that exists in many plays like in uranium sector vs spot price as I anticipate even higher spot prices. Some near term or recent gold producers as well as ones increasing reserves. Same goes for near term base metal plays that seem undervalued as well…..

    Anyways. Todays comment was really to wish everyone here a merry Xmas and happy new year. Hope you all enjoy your time with family and friends. Looking forward to 2024

      Dec 24, 2023 24:25 PM

      Merry Christmas Wolfster, and your comments are appreciated here whenever you have the time. They definitely don’t have to be as long as some of my rants. Haha! 😆

      Agreed about looking forward to a fantastic 2024!

    Dec 24, 2023 24:16 AM

    Eric Sprott Yearly Wrap Up with Craig Hemke. The Lying Liars! LOL! Inflation according to Eric is a lot higher than the pundits are saying, could 2024 be the year of The Great Unwind! LOL! Again DT

    Dec 24, 2023 24:23 PM

    About a year and a half ago uranium was the no brainer commodity, now it is Platinum. The Platinum market is so small that it is easy to manipulate but platinum has reached an inflection point where producers will go out of business unless the price sharply increases. Now it is only a waiting game to see when Russia runs of inventory then it is game on! You might say it is Jerry rigged! LOL! DT

      Dec 24, 2023 24:47 PM

      US is up there with Russians, selling platinum and anything else, now that nobody wants their bonds.

        Dec 24, 2023 24:31 PM

        Brumple, do you know who Lumpy Rutherford is? DT

          Dec 24, 2023 24:21 PM

          Before my time.

          Dec 25, 2023 25:50 AM

          Lumpy’s “real” name was Clarence. The show is in reruns somewhere almost constantly. The actor who played Lumpy made a career in investments. Not sure he is still with us.

            Dec 25, 2023 25:33 AM

            Hi Rufust, His real name was Frank Bank, he became a bond broker, after his acting stint on “Leave it To Beaver”. He went from playing an annoying role on TV to being a banker. With a name like his and his character portrayal I think it is fair to say he found his calling in life. Unfortunately, he passed away when he was 72. DT

      Dec 25, 2023 25:42 PM

      Hello DT…… I like that jerry rigged… lol…. good one….

      again thanks for the RR tape… was interesting on his thoughts…
      which I would agree with… 🙂

    Dec 26, 2023 26:23 AM

    It looks like /NG wants to spend time consolidating just above the low of April 23…This will not be easy to buy and attempt a hold for at least a multi-week intermediate run up….Technically we DO have both a weekly and daily swing low plus improving technicals on the daily…What is a muther to do?…Using Boil and a precise entry you easily have a double…glta…
    weekly /NG….