Richard “Doc” Postma – Technical Outlook On Gold, GDX, Silver, Franco-Nevada, Newmont, and Hecla

Long-time KE Report contributor and technical analyst, Richard “Doc” Postma, joins us for our regular monthly market recap and we get his technical outlook for gold, gold stocks via GDX, silver, Franco-Nevada (FNV) (FNV.TO), Newmont Mining (NEM) (NGT.TO), and Hecla Mining (HL). It’s a wide-ranging discussion that looks at the technical setups in many of these sectors in both the near-term and longer-term time horizons, as well as how he approaches getting positioned and nibbling at these stocks during oversold periods.




    Feb 06, 2024 06:28 PM

    Is Doc nibbling at Equinox Gold and Endeavour Silver?

      Feb 07, 2024 07:51 AM


    Feb 07, 2024 07:24 AM

    Hey EX………….. could you release some of the comments in the ORPHAN SECTION….
    Censorship is going over board… thanks ootb

    It is now censoring random comments,…. not attached to any videos… this is a new censorship

      Feb 07, 2024 07:53 AM

      Hey there OOTB. I just saw your comment here, and then went to go look and only saw 1 comment from you in moderation on George Webb and released it. There weren’t any other comments in moderation from anyone else though. Maybe Cory released a few when he was in the back office earlier.

      Hope that helps amigo! You can always email me at if you want a more timely response, as we are busy in meetings and on calls most days, and we don’t always have time read all the comments here until we get breaks. I check my email every 15 minutes though in comparison.

        Feb 07, 2024 07:12 PM

        Thanks EX…. someone else must have released the one on FLYNN…. rumble…
        Appreciate your efforts….. as always..
        I do not want to bug you… since, I know you are working your arce off to provide the
        info on the miners….

          Feb 08, 2024 08:14 AM

          10-4 good buddy. Thanks.

    Feb 07, 2024 07:13 AM

    Doc like to know when you see the gold price making it’s move above 2100 and actually staying there. Will it be in 2024 or will we have to wait till 2025.
    All I herd over this last year was stock market hard landing, fed going to lower rates in March ang gold going to make big breakout, well here we are early in 2024 and stock market at all time highs, company profits up, economy strong and fed now higher for longer.
    Please give me you best outlook good or bad.
    Thanks, always respect your long term views.

      Feb 07, 2024 07:59 PM

      Paul, it wouldn’t surprise me if we close on a monthly basis ($gold) over $2100 sometime this year. Regardless, it doesn’t mean the PM stocks will then go bonkers since we’re within striking distance from that price—I’ve seen people pushing that narrative. You have to ask yourself what makes that number so precious when we’re so close and large cap stocks continue to decline. I’ve been looking at some inflation rate graphs and there’s a strong chance that we’re seeing a bottom forming in inflation. Just as the usual suspects early on talked about how the Fed would stop raising rates and begin to lower them (11/2 years ago), they were already talking about them to lower them this March and now that looks dubious. The government is manipulating enough economic figures along with an advancing stock market which allows the Fed to continue their pause for some time—then what happens if some of the inflation numbers actually start to reverse higher again. I also believe sometime in the coming months that the TLT (bond) market will start another leg down. I believe we’re in the midst of a long term bond sell off and that tells me inflation will continue to be a problem. Eventually the stock market will have to revert to historical medians and means and that should tell us that the conventional market is not going to show percentage returns like it has over the last 10 years. Hope this helps. Doc.


    Feb 07, 2024 07:01 PM

    Hey Doc
    Surely they can bring the SPX to close above 5k. So much for the death of equities predictions LOL
    Appreciate your views on gold and underlying equities.
    Sounds like you feel we’re in for more of the same of past couple years. The underperformance of gold equities is amazing with gold above 2K.

    Feb 07, 2024 07:31 PM

    I think you’d agree that the Miners have been a disappointment over the last 1-2 years. We all thought they would perform better. Do you think they are simply trading tools at this point?

      Feb 07, 2024 07:53 PM

      Most have been and probably will continue to be trading tools most of this year. However, I have a feeling that for more of them we will start to see higher lows and higher highs later in the year and into next year—we should in the future start to see a bottoming effect—-I’ve mentioned for months that we won’t see a V shaped recovery like we have sometimes seen in the past but that we should see a gradual bottoming with a slow grind higher for awhile with those higher lows and higher sides. I don’t expect to see that until these high cap stocks bottom —-we need a catharsis of those high cap stocks. Once that happens it’ll be a buying opportunity like we’ve never seen for the long term investors. The traders can make money until then by astutely trading.

        Feb 07, 2024 07:56 PM

        Doc a pretty downbeat view of gold shares for yet another year which by enlarge you’ve correctly maintained for quite some time. At times with some considerable push back on the site.
        The underperformance of shares vs gold has kept my commitment minor. Still difficult to understand the duration and severity, considering how gold has performed.

    Feb 07, 2024 07:44 PM