Weekend Show – Rick Bensignor and Dan Steffens – Portfolio Management: US Markets, Gold, Oil and Natural Gas Stocks

February 24, 2024



Welcome to The KE Report Weekend Show! This Weekend’s Show is all about managing a diversified portfolio for US equity markets, gold and energy stocks. 


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Rick Bensignor
Dan Steffens
    Feb 24, 2024 24:49 AM
    NatGas Week : HELL TEST
    Trading The Bottom
    All Time Low

      Feb 24, 2024 24:40 AM

      Thanks BDC. The Nat Gas pricing has been on such a wild ride the last 3 years, the last 3 months, and last 3 weeks…

      It does have me looking more seriously at it as a contrarian investment setup… more so the energy companies with good exposure to natural gas liquids with the dry nat gas. Dan Steffens named off a few good ones in this weekend’s show.

        Feb 25, 2024 25:25 PM

        Ex: Yes, such pricing brings in range trading ground effects where a low may be broken, but not by much. Eventually positive forces will turn the trend northward into the future. Note FCG for the producers.

    Feb 24, 2024 24:54 PM

    The disappearance of bargains: cheap rent, cheap meals at hole -in-the wall restaurants, cheap transport, cheap travel, cheap services, all gone.

    Cheap resource stocks but nobody can afford them they are now a luxury item. Inflation means high prices everywhere and people are struggling to afford food and rent. In Canada there are 2.5 million using food banks. No longer can we boast a chicken in every pot, the resource stocks keep going down while gold is positioned over $2000 US.

    There is an old saying do not catch a falling knife. Nobody is buying because survival is on everyone’s plate except for the few, and resource investors are in the few category, but they need the herd, and the herd is broke. These prices will continue to fall until the crash which takes everything with it cleanses the system and then it will be a long road back. DT

    Feb 25, 2024 25:32 AM

    What I see is a depression that is deepening but the money printing goes on. In 1929 the banks withdrew their capital at a critical juncture and The End Of An Era Happened. Now the printing presses have been kept running, and we see endless inflation where money is worthless. The end result is the same something has to reset this crazy monetary system and it will.

    What’s that a bread line or a bank?

      Feb 25, 2024 25:46 PM

      Dick can see clearly now the rain is gone. He can see all obstacles in his way.

    Feb 25, 2024 25:28 AM

    Just recently, pricing for Newmont bounced exactly off the 400 month moving average. I would proffer that pricing will in all probability close below that moving average in the next 2 months. So, what’s the common sense inference —–it’s that you cannot count on any basic change in the ongoing narrative for the precious metal stocks in the next couple of months or the near future. Also, watch Hecla pricing which is preparing itself for a new monthly close for the first time in about 31/2 years. So, what is the inference—-it’s that you cannot count on any basic change in the ongoing narrative for the precious metal stocks in the near future. NEM and HL are the 2 stocks that I’ve encouraged people to watch as sentinel stocks to determine the major trend of the PM metal markets. As mentioned before, 2024 should be the primary year of capitulation for the large cap PM stocks.

      Feb 25, 2024 25:17 PM

      Hi Doc. Thanks for sharing your insights on the longer-term chart setup in both Newmont and Hecla.

      Yep, they’ve looked pretty ugly lately, and maybe the larger cap PM stocks do remain under pressure in the near-term. I’m still pretty constructive for the 2nd half of this year if we see the break out in gold prices, and silver gets pulled up higher in that scenario. For now the entire sector is on sale, so I’m going with accumulating the quality companies/projects/teams while they are on the clearance rack.

      Feb 26, 2024 26:07 AM

      Judging by the posting on this site, the forever gold bulls of past with their jubilation and accumulation of the dregs are now in the hole where there is little point to sell, and no cash to buy whenever the next pop up occurs.
      Go IPT the banner stock that sucked in so many to buy lower lows and the opportunity just keeps happening LOL

        Feb 27, 2024 27:29 AM

        Like IPT, my “jubilation” is just fine. I have more IPT than ever and am perfectly comfortable with it.

    Feb 25, 2024 25:48 AM

    Wallbridge Mining is down 95% from $1.30 mid-September 2020, now to 7 cents CDN, BRUTAL! DT

      Feb 25, 2024 25:06 AM

      Yes, very brutal for Wallbridge price performance. I really like the Detour Lake land package, the 4.5 million ounces of gold already defined, and likely double that if they had the money to properly drill all the different targets. Unfortunately, it’s been a dilution machine, and they spent a lot on drilling out and defining resources when investors were not rewarding that type of value creation, and as a result now they have over a billion shares out.

      They’re likely going to have to do a 10:1 reverse split at one point to reboot the stock, and they’ve already come in over the last 6-12 months to reboot the management team and board. It’s a shame to see such a well-endowed gold district being shrugged off by investors because of the past decisions made and bad sector sentiment that is definitely not properly valuing the ounces in the ground.

        Feb 25, 2024 25:20 PM

        WM needs to be bought at a slight premium to its $70M market cap and the name put to death. The same should have happened to Kootenay and others.

          Feb 26, 2024 26:13 AM

          It’s an interesting point Brumple. Sometimes there are too many negative emotions or associations with a company name, where a rebranding of a totally new name, or a buyout by a totally different company to move the assets forward is the better option.

          For example, look at how much Rubicon became despised, and then they rebooted the company as Battle North, and new investors didn’t really associate the project with the Rubicon name, it excelled once again, and was eventually taken over for a nice premium.

          More recently, look at the fall from from grace with Pure Gold, where it went from market darling as an exploration company and development company, but then failed miserably after going into production and belly flopping into the pool. Now the projects and assets were taken over by a far more competent team with West Red Lake Gold and they’ll have a much better odds of better defining the resources and moving things back towards production over the next 2 years and getting the appropriate rerating.

          Same thing with Alexco, where after it shut down production in 2013, and retooled in the company over a few years, it then did phenomenally well as an explorer and developer. However, they also failed moving back into production and had a very similar unwinding like Pure Gold, until Hecla swooped in and took them over to put them out of their misery. Now that Keno Hill mine and processing center is going back into production this year and Hecla will run it correctly, infusing the initial capital needed to get escape velocity and it should be a solid contributing asset for HL.

          I think the best analogy though, since Wallbridge has not tried to go into production yet, is something like Gold Standard Ventures. At one point back in 2016 – early 2017, GSV was a darling of the gold exploration space, building out a fantastic deposit in Nevada in great jurisdiction. Then Gold Standard Venture fell from early 2017 all the way until it was taken under back in mid 2022 by Eldorado Gold. At the end, existing shareholders were pissed at the value destruction, but it needed to be put out of it’s misery and have a stronger operator take it over to give it the capital and experience needed to move it forward. On that one I timed things out well getting positioned just a month or two before Eldorado took it over, scalping that takeover premium for a win, but most longer-term shareholders were obliterated, as it had fallen from the $3.70s down to the $0.50s, before the bleeding was stopped.

          So….maybe some other company does need to come in and take Wallbridge over and out of their misery at this point, but of course, that will anger most of the longer-term shareholders. I’ve been in an out of Wallbridge at different periods coming in during the takeover of Balmoral. Balmoral struggled bad, and had the permitted mill, and even though they optioned out Fenelon to Wallbridge, WM had become the stronger company at one point, and then consolidated all the Balmoral land package and assets, and initially I though the new pro-forma Wallbridge would be the company that really tied everything together. Then WM spun out the nickel projects into Archer with the Inventa Capital team, and those assets have gone nowhere for either company.

          However, Wallbridge does still have a very impressive defined deposit and insanely prospective land package, so I have to believe Agnico Eagle sees it as a potential boon to their Detour Lake operations from when Kirkland Lake acquired Detour Gold, and now all of that has been rolled up into Agnico Eagle. Wallbridge would be a significant add-on to their existing operations.

          The only thing is, most investors (me included) were not in Wallbridge to see it get rolled up into a major, as it will lose any of the upside torque in a rerating scenario. Personally, I’d prefer to see another explorer/developer group take it over, the name would be then be changed, and then let the assets shine and the shareprice get rerated higher for 1-2 years, and THEN Agnico Eagle could come in and acquire it. However, if AEM was smart, they’d grab it now while it is down for the count, and at an truly ridiculous valuation. Again, I do hope that doesn’t happen yet, but it wouldn’t surprise me.

          At least they’ve started changing out the internal mgmt team and board, and appear to have the intention to reboot the company now. What concerns me is if they roll back the shares, and then the stock keeps correcting, as the dilution will destroy any shareholders that have been in it for a fair bit of time. If they don’t get things dialed in soon then unfortunately Wallbridge is going to end up being another “Rubicon” “Pure Gold” “Alexco” “Gold Standard Ventures” type of story.

        Feb 25, 2024 25:04 PM

        Wallbridge would probably have to do a reverse split at 20:1 to keep their share price above a dollar or face a delisting back to the venture exchange. DT

          Feb 26, 2024 26:17 AM

          That’s an interesting point DT. Cory & I were actually discussing that with Erik Wetterling before our call the other day, about what their path forward could potentially be. While we normally see a 10:1 split for a consolidation in the sector it may not be enough in this case. 100+ million shares would actually be just fine for company with 4.5 million ounces of gold and so many other exploration targets on their land package and the mill. However, even the reverse split share price would not be high enough to attract most institutional money, so they may have to take it down to 50 million shares.

          So… yeah, maybe it would take a 20:1 split to get the share price up high enough in WM to get more investors interested in taking a punt on the rebooted company. Also I agree with Brumple’s point above that maybe an associated name change would help, or just another company taking it out at this point. Most of the damage has already been done now unfortunately.

          I got out of Wallbridge at one point a year or two back for a tax loss, then got back in and am down another 40%, so I’d welcome an escape hatch at this point, but do worry about the potential of a reverse split, followed by even more dilution and selling that would compound the issue. At this point, I’m considering selling for another loss, but was trying to see what may happen with Tony Makuch at the helm, and with Brian Penny now in as CEO. I didn’t want to exit right as they finally get the ship turned around, but I’m also worried the ship has taken on so much water, it may be a sinking ship as an investment. It’s only a tiny position for me personally, but has been an interesting saga to follow for a long time now from Balmoral, to Wallbridge, to now Wallbridge 2.0 (?).

    Feb 27, 2024 27:24 AM

    And meanwhile Bitcoin soars….