Weekend Show – Dana Lyons and Marc Chandler – Many Areas To Make Money In The Markets, An Assessment Of The US Real Estate Market and Community Banks

February 10, 2024



Welcome to The KE Report Weekend Show! On the show we balance the first half with trading strategies to take advantage on a wide range of sectors in uptrends. In the second half we take a step back and discuss the US real estate market, especially commercial real estate and the exposure smaller, community banks, have to the sector.


We hope you enjoy this Weekend’s Show! Be sure to check out our new YouTube page for out interviews as well as subscribe to the show on your podcast player by searching “The KE Report”.


  • Segment 1 and 2 – Dana Lyons, Fund Manager and Editor of Lyons Share Pro kicks off the show by sharing a wide range of sectors in uptrends. When looking at the charts for these sectors it’s clear to see the strong uptrends. This also is contradictory to all the market commentators who are saying it’s only big tech and AI providing investor gains. Sectors discussed include tech, industrials, all mega caps, home builders, insurance, value stocks, aerospace and defense, consumer staples, healthcare and Uranium.
  • Segment 3 and 4 – Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of the Marc to Market website joins us to discuss the issues in the US real estate market. This ties into the banking sector, especially the smaller community banks that look to be overexposed. We also discuss the new all times highs in markets.



Dana Lyons
Marc Chandler
    Feb 10, 2024 10:03 AM
    NatGas Week: Wild Ride
    New Low Possible

      Feb 11, 2024 11:36 PM

      Sunday: New Low.

    Feb 10, 2024 10:16 AM

    Hey Ex. Read the whole write up by headless on Stillwater. Certainly makes a great case for it being undervalued. Only thing missing for me was any discussion about the potential cap Ex costs in the future and if the location was a benefit re. keeps costs down.

      Feb 10, 2024 10:11 AM

      The only thing I don’t understand about Stillwater is the fact that Sibanye sits next door and PGE is a perfect fit for them. Why haven’t they made a move to acquire Stillwater? They can afford to sit and wait unless Glencore makes a move on them. Sibanye has a plethora of riches but in this game if I was them, I would be getting ready to take PGE out. Glencore would make me nervous, and Glencore is an aggressive company. DT

        Feb 10, 2024 10:48 AM

        That’s been something we have all wondered here for a couple yrs now. Have been in and out at least twice over the yrs. Always a good buy in the teens.

          Feb 10, 2024 10:21 AM

          The obvious move for Sibanye would have been to joint venture with PGE but they played it too coy, companies can pay a heavy price for that sort of thinking. They should never have let Glencore get its foot in the door first, I don’t think their management understands the obvious. In the World of commodities even the crown jewels can and do lose out. Seen it happen many times over the years. If Glencore makes a move, I think it will be PGE first and Sibanye second, they won’t want to tip the market off on a penny stock by moving on Sibanye first. DT

            Feb 10, 2024 10:00 PM

            +1 Well-stated DT.

      Feb 10, 2024 10:59 PM

      Hi Wolfster – Thanks for the response on the Hedgeless Horseman article on Stillwater Critical Minerals.

      Yes, he did a great job putting that article together, and we discussed a few of the points together over the last few weeks as he was compiling it all. We also ranted together about nickel companies in this recent interview from 2 weeks back where (PGE) was referenced along with Canada Nickel, FPX, and Magna Mining.


      The reason capex wasn’t discussed is because it is too early for that considering they are still at the resource expansion phase, and haven’t put out any of the economic studies yet (PEA, PFS, FS). They are doing a lot of the metallurgical testing though to further derisk the project and work towards those studies.

      I think the big takeaway was that Glencore got positioned as one of the world’s preeminent base metals mining companies, smelters, and metals sales experts. They’ll continue to be a key stakeholder and it demonstrates that Sibanye, isn’t the only company that could have dibs on helping develop this massive deposit into a mine (although, they would make a great suitor). So even if retail doesn’t get it (yet) and is asleep at the wheel (no surprise there), the big boys do get what Stillwater Critical Minerals is laying down…

      Ever Upward!

        Feb 11, 2024 11:41 AM

        Thanks for response Ex. I should have said anticipated cap Ex etc. usually it’s been speculated on. With Canada Nickel it had been determined long before any reports came out that it was easily 1B …. Just trying to find a rational explanation for MC being where it is …. My only one so far is Glencore involvement but I’m still salty from the Donner metals days.

          Feb 11, 2024 11:55 PM

          Yeah, good point on the anticipation around the capex, and it is an unknown due to how big or small it would need to be made if they built a mill and processing center on-site, versus the much easier path forward of just trucking over next door to process at Sibanye’s facility.

          Still, I don’t think retail investors, or even some investment funds (that aren’t always that much more savvy than retail investors when it comes to polymetallic critical minerals deposits), fully grasp just how much metals value there already is at Stillwater West in Nickel, Copper, Cobalt, Palladium, Platinum, Rhodium, Gold, and Chrome. There are plenty of other advanced explorers with resources in the ground that are suffering from ridiculous values as well, so it isn’t isolated to just PGE. It’s just that the low valuation mismatch in Stillwater Critical Minerals is so striking.

          I see Glencore being involved in a company like PGE as a net positive, because it reminds Sibanye that they aren’t the only suitor, and because the Glencore team REALLY understands polymetallic deposits. What concerns me more with Glencore is when they spin out non-core assets like they did to Trevali a number of years back, or more recently with Santacruz Silver. Sometimes there are skeletons in the closet or a hard road to go of it when they let non-core projects go. It’s still a big opportunity for the junior acquiring them, and Santacruz is doing much better than Trevali did, but still they are usually fixer uppers. I’m much more keen on Glencore taking a stake and showing interest though, like they have at Stillwater West.

          I’m honestly a bit surprised Robert Friedland and the Ivanhoe Mines team isn’t showing more interest in it, considering PGE poached some of their prior key employees, because of it’s striking similarity to the Bushveld complex in South Africa, paired with the fact that Ivanhoe Electric has an option for Brixton’s Hog Heaven in Montana. You’d think the Ivanhoe Mines or Ivanhoe Electric guys would be all over PGE for their Stillwater West project, as it is right in their wheelhouse of focus and expertise.

          I spent about 40 minutes in 2 different conversations with the new VP of Exploration (and ex-Ivanhoe Mines guy) Danie Grobler, looking at drill core, discussing potential new geological understandings their team is having, and he was blowing my mind. He is totally stoked about what they’ve been seeing recently in the new N-series cross cutting structures (showing a 2nd geological event bringing in more disturbance and mineralization), and also that they have started seeing chunks of high grade sulfide in their core, showing that the part of the system higher up (that Sibanye has) was grabbed by magma at one point and brought down into their lower part of the system. As a result, their grade may be higher than first anticipated when these sulphide “meatballs” show up in their system. He was very animated about all the drill core he inspected, and about all the places they still have to drill.

          Personally, I don’t understand why the company doesn’t have a multi-fold higher valuation on just the resources they’ve already announced to the market, but that is the market we are in and maybe over time more folks will wake up to what they have developing in Montana. I joked with the guys at a breakfast event in Vancouver, that imagine you had a $2 million home for sale for $50,000 and listed it. People would see how divorced that price is from normal market pricing, and just assume “well, something must be wrong with it.” That is what looking at their company valuation is like to me personally, and that doesn’t even factor in their optioning of the other projects like Black Lake/Drayton to Heritage Mining, or their other Kluane project in the Yukon (right next to Nicklecreek Platinum)… which they are getting 0 value for currently.

          I’m biased as a shareholder, and they are sponsors here at the KER, but still, when I look at the value proposition they are presenting, it is one of the more confusing disconnects I’m aware of. Oh well, they are cashed up for this year’s drill program, and we’ll see how they continue to grow it further.

    Feb 10, 2024 10:13 AM

    I have never wanted bonds; I see them as stale and profitless but much safer than securities. Securities will return profits much faster. The public must prefer stocks as they like the action, but most don’t understand the risk until it is too late. That is what makes the stock market a casino. DT

      Feb 10, 2024 10:05 AM

      Like Kenny R… said….” got to know when to hold um, and when to fold um”
      But, outside of that…. I AGREE

        Feb 10, 2024 10:41 AM

        Most of the public think that investing in the stock market is all so easy the doors to the gateway of fortune stand wide open. I call it the menace of speculation. All you have to do is invest in good common stocks and in twenty years you will have a lot of money. Little do they realize that most or none of the stocks they are looking at today will be around in twenty years and very few in 5 years. DT

    Feb 10, 2024 10:51 PM

    Here’s my latest rant on the Uranium sector over on Substack. If you like these kinds of articles then please subscribe… it’s free to do so.

    Also stay tuned for the Part 8C on the rest of the commodities that I’ll likely post here on the KE Report as a dedicated post tomorrow.


    Excelsior Prosperity – Uranium Remains Commodities King Of The Mountain

    Week In Review Part 8B – Shad Marquitz – 02-10-2024

    Feb 11, 2024 11:54 PM

    from 321
    Silver is in year 4 of Massive Deficit Amidst spikes in demand for satellites, rockets, missiles, bombs, air craft, space craft, space station, solar demand in China alone to reach 1 Terawatt (1000 GW x 500,000 ounces = 5,000,000,000 ounces of silver required WE DO NOT HAVE

    There are no new discoveries of Silver

    Mexico is in 25% decline in past 1.8 years

    Check out the long cup and handle… in the article…. $32 … then off to the races… 🙂

    Invest in High Grade Silver

    Outcrop Silver is the way to gain exposure to the leverage price action of Silver

    In our business we call this “A No Brainer.”

      Feb 11, 2024 11:59 PM

      OOTB – Thanks for that post from Bob M. Yeah, I met with the team at Outcrop Silver in Beaver Creek, and have invited them on the show. They wanted to wait due to the bad market sentiment, but we should be working to get them on the KER soon. I’ll follow back up with them this next week to check back in. Colombia worries me a little bit as a jurisdiction, but they do have some very nice high-grade silver and some gold as well.

        Feb 12, 2024 12:49 AM

        You are welcome EX………….. I thought it was worth a mention for those who are about to miss the biggest opportunity in ,, maybe ,,their life time…. HODL… 🙂

    Feb 12, 2024 12:55 AM

    Recently on the KE Report, we talked with generalists like Mike Larson, Dana Lyons, Marc Chandler, Rick Bensignor, TG Watkins, and Joel Elconin about the narrowing market breadth, once again. While most of these sharp analysts noted that market breadth could be better with regards to the small caps; the general consensus is that there are many sectors still working well in the markets. The point was also made by Dana in this weekend show that we are seeing better participation by more companies and improved wider market breadth compared to last July, so that is at least more constructive than the narrow breadth seen last year.

    However, as we know, the tendency of the vast majority of most generalist investors out there is still be dogpiled into the same small universe of stocks. This means that if the rug was to eventually get pulled from these high conviction and very crowded trades, that it may actually create more volatility than normal during a corrective move.

    Jesse Felder compiled some interesting data in his weekend post about the “clustering” of investors into a very narrow field of investments either actively or through passive vehicles. It’s definitely worthy of consideration and one should consider how they are diversified in the general US equities for that portion of one’s asset mix.


    What Part Of The Market Do You Own?

    Jesse Felder – The Felder Report – February 10, 2024

    Feb 12, 2024 12:55 AM

    Dolly Varden’s drill out at Homestake Ridge just delivered a Zinger intercept. This is a new gold zone. Dolly Varden should not be confused with Dolly Parton one is a “ZINGER” and the other is a “SINGER’, anyway you look at it they are both Bust-Outs! DT

    Feb 12, 2024 12:13 PM

    Hi DT – Thanks for the post. I love both Dolly’s. Double your pleasure!

      Feb 12, 2024 12:57 PM

      Hi Charles, I always liked Howdy Dowdy’s brother Double Duty. John Rubino recently stated that he was buying DV because he had a fear of missing out. (FOMO) There are two stocks you want to own, and they are joined at their property lines, one we already know, and the other is Goliath, (V-GOT). It looks like they are sharing a brain. As always DYODD! LOL! DT