Weekend Show – Mike Larson and Dana Lyons – The Generalist Take On All-Time Highs In Gold, Bitcoin & Markets

March 9, 2024



Welcome to The KE Report Weekend Show. There are a lot of positives to discuss for the markets so we are featuring 2 generalist investors to get their thoughts on a number of all-time highs. We focus on gold, Bitcoin and a wide range of sectors within the markets that are all in significant up-trends. 


I am also happy to report that my wife and I welcomed a new addition (a boy!) to our family on March 1st! His birth timed perfectly with the start of the breakout in gold 🙂


  • Segment 1 and 2 – Mike Larson, Editor-in-Chief at MoneyShow kicks off the show by sharing his outlook on gold, gold stocks, Bitcoin and the lagging sectors he thinks are turning bullish. There is a mention that this could be a year for the record books for gold investors, but Mike is not ready to lock in that comment just yet. 
  • Segment 3 and 4 – Dana Lyons, Fund Manager and Editor of The Lyons Share Pro wraps up the show by following up on gold’s breakout and if the gold stocks could finally start playing catch up. We also look at a wide range of market sectors that Dana is currently invested in. It’s such a broad rally that as Dana says, it’s easier to be diversified. 


Mike Larson
Dana Lyons
    Mar 09, 2024 09:50 AM

    Congratulations on birth of a son. We have a new grandson going on 5 months now.

    Mar 09, 2024 09:43 AM

    Great to hear the wonderful news on today’s show! (what a way to lead, eh?).

    Congratulations to you and your wife on the new addition to your family. Many blessings to you and your family.

      Mar 09, 2024 09:54 AM

      Yes, very excited for Cory and his family. His son has already been sitting in our calls with show guests and companies, and he is already taking notes on how to become a savvy investor. Haha!

      Mar 09, 2024 09:49 PM

      Thank you everyone! We could not be more excited and happy. Everyone is doing great.

      You all might be hearing Buster in the background on some of our calls. He’s been listening in already 😉

      Have a great weekend everyone!

        Mar 10, 2024 10:55 AM

        Buster… love the name.. congrats

    Mar 09, 2024 09:57 AM

    So here is my deep dive rant and technical review of the gold breakout we’ve seen over the last few months, which has accelerated further in this next leg of the gold bull market over the last 2 weeks.


    This Time It Is A Gold Breakout, Not A Fakeout

    Excelsior Prosperity w/ Shad Marquitz (03/09/2024)

      Mar 09, 2024 09:23 PM

      Okay Ex, What Is Next? Now that you have established that gold is in a bull market phase, the stock market for precious metals looks illusory.

      The World is in a different place that it was in eight years ago. Debt levels are screaming higher and so is inflation no matter what the pundits say. When are these gold and silver stocks going to bring us to a lavish utopia. Do you remember the good old days when everyman had some money to invest in these ventures. I’m sure the magnificent seven are getting special treatment from the banking crowd but they won’t want to throw money at the gold stocks other than a few majors. Nothing repeats and there will be a new channel formed but where and what shape will it be. Give us some direction into your thinking on the next two years for the precious metal stocks. That’s a tall order but I’m sure you have given it quite a bit of thought. It’s easy to look at direction in hindsight but the future is a hazardous occupation. DT

        Mar 09, 2024 09:21 PM

        Hi DT. Sure I’d be happy to share my perspectives and my thesis and how I’m positioning for what seems most probable to come moving forward.

        Just a quick point, the purpose of that article was to point out that I was bullish on the PMs in real time as it was happening (not just looking backwards). There have been so many interviews where I brought up over and over again, the importance of the breakout in gold after the solid November close and new ATH tagged on Dec 1st; and even more important how significant it was technically that we saw the highest monthly, quarterly, and annual close on Dec 29th in gold ever…. in history. I must have asked guests about that in 2 dozen interview now over the last few months.

        I pointed out repeatedly in interviews (and even had a lot of interesting exchanges with our show guests off mic before recording many days) on how that ALREADY indicated the next leg of the bull market was on, long before we saw this most recent breakout over the last 2 weeks. Rarely did I get any buy-in or that much agreement from our guests or other technicians on this point, as they were so weighed down in sentiment due to the mining stocks, but again, that doesn’t have anything to do with Gold’s journey or chart. They’d acknowledge those had happened, but failed to agree it was showing a gold breakout underway, and that never made any sense to me… because that is a clear bullish breakout signal any way one slices it on the more important major charts. I said over and over again that it was only a matter of time before nominal prices broke out in earnest because the breakout on the monthly, quarterly, and annual charts were the bullish signal that we’d been waiting to see.

        Often it was very frustrating and also flat out confusing to me that people that were chart technicians, (that often gave a lot of lip service to the longer duration charts), were not recognizing the importance of breakouts on the gold monthly, quarterly, and annual charts, or the highest annual average pricing in both 2022 and 2023.

        Some of the guests we had on the show were still claiming we were in a bear market in gold (What??) and it just seemed nuts to me; as gold kept knocking and knocking on the highs. That is not bearish action in the slightest. Then eventually a few months ago, Gold had already broken out on that Friday Dec 1st, and then followed it up on Dec 29th with across the board all-time highs on all the major charts. What could be more bullish than that?

        Gold had never come anywhere close to testing it’s major lows and was not consistently making new lows which is what is required for a bear market. All of the action was bullish, bullish, bullish, and I was just stunned that so many people failed to see it. (trust me there were a few heated debates about it as it was happening, right after it happened, and since it happened, and many people I respect were very wrong-footed about how this whole thing has played out).

        Sure the PM mining stocks were in a bearish pattern overall the last few years, (still with a number of strong tradable countertrend rallies that could have been capitalized on as pointed out in real time…), but still the overall trend since August of 2020 has been down in the broader gold equities. Having said that, just because the gold equities were correcting, didn’t have anything to do with the trajectory and chart pattern for gold. They don’t always correlate (as seen by the huge disconnect in the patterns for gold vs gold equities the last few years). The point is gold has been strong, and been trying to break out, and I’ve noted that the whole way along, and have been consistent on that for years now.

        Heck there wasn’t even that much downside pressure on gold the last few years years, other than the bear trap period in Sept-Nov of 2022 where it briefly dipped below $1675 to $1618. Yes, that move made me nervous as it was setting up, like it should have made anyone nervous following the charts and seeing major support break. However, when Silver rocketed out of it’s low of $17.40 in early September, and then the GDX/GDXJ rocketed out of their lows in late September, I knew Gold would eventually reverse, and it did later after the Nov 4th low. I had all those exchanges with ole’ Joe on here stating just that, as it was playing out in real time. I am also on record in a number of interviews in Oct/Nov/Dec of 2022 pointing out that the bull market was back on and that it was a bear trap… and it absolutely was. So this not just cherry picking in hindsight, and I tried my best to offer some foresight as it was playing out.

        With Gold: All of the pressure has been to the upside where it kept popping above $2000 and testing the upper limit. It was only a matter of time before it broke through. I considered the merits of the double top (2020 + 2022), but then when it kept retesting in 2023, I though the whole triple top narrative was silly and stated, while anything is possible, it sure didn’t seem probable. I mentioned what seemed more probable was gold breaking up through to new highs in 2024, and here we are….

        This recent blast higher in gold to me was already well baked into the cake, and is not surprising in the slightest. In full transparently, I did think it may take a little bit longer to arrive (post summer doldrums), but never doubted we’d see new highs this year. It doesn’t seem to matter much that gold broke out regardes, as this surge higher has not garnered much interest or enthusiasm in the financial marketplace. (likely because so many other sectors like general equities and cryptos have also breaking out to new highs in tandem). Still it nice to see the follow through from the other signals already noted previously as precursors.

        Now onto the present set up: I mentioned in the article that gold’s RSI was now at 80.44 so it is in overbought territory. It could stay overbought for a while longer, but really a corrective pullback to consolidate some of the recent gains in the next week(s) would seem rational, and allow the chart indicators some space to cool their jets. After that pullback though, as discussed in both the recent interview with Christopher Aaron and Dave Erfle, it seems to me that whatever pullback we get will be the last place to accumulate the mining stocks on the cheap before the whole sector really starts to break out and gather some momentum.

        What I’ve asked of so many of our guests pundits and technicians on the show is when Silver is going to get on the move, because that is far more germane for bigger moves higher in GDX and the PM miners than gold’s breakout. I do believe when gold moves up to that $2,535 rectangular box consolidation extending the amplitude higher (or for those into the cup & handles the smaller C&H pattern target also around $2500) that it will drag silver higher to test resistance at $26, $28, and eventually the more important $30 level. I’ve stated repeatedly for 2+ years that once silver can break $30 that there is very little resistance above it (maybe a little at $35-$36), the round psychological $40 handle, and then ultimate resistance at $49 (the level it hit in 1980 and again in 2011).

        If we see silver break $26 and $28, in tandem with gold continuing to truck higher, it will get the PM stocks, moving, but when Silver breaks $30, that is the trigger I’m looking for to really get both the gold and silver stocks rocketing higher in valuations. To me Silver is more important to watch for the mining stocks than Gold, but obviously, a higher price in the yellow metal is great for producers margins, and the economics of development-stage projects and will help those gold company valuations as it rises.

        My thesis is that if Gold can get up above $2300 and stay there, silver can break $28 and retest $30 resistance. I also believe that if gold can break above $2300 and head towards $2500+ that silver will eventually break $30 and quickly move to $35+. That is when I believe we’ll see very euphoric sentiment peaking in the PM sector, and believe this will happen by 2025. (I’m not ruling out that it could happen later this year if we saw some kind of banking crisis surface or a wild geopolitical event unfold). Based on the pace we are going though, I think this year will be good, but that 2025 will be the euphoria year for gold, silver, and the PM stocks. That’s my outlook, and has been my outlook for a while now… It just needs time to play out.

          Mar 10, 2024 10:55 AM

          Hi Ex, what can I say, you give people who read your posts and listen to your interviews a conservative financial education of how you see the workings of the market. You don’t give easy generalizations like so many others but instead interpret your thesis backed up by dates, timelines and numbers, and you do it willingly. Thanks for your response, what investors need are answers, and you never fail to deliver. DT

            Mar 10, 2024 10:15 AM

            Thanks for that kind feedback DT.

          Mar 10, 2024 10:07 AM

          But which will do better in the bull market: PSLV, PAAS, BTG, or NFGC ?

            Mar 10, 2024 10:47 AM

            Hi there Bonzo B. That is a tough one to answer.

            I do believe that we’ll eventually see the classic outperformance of the PM miners over the metals, so don’t expect PSLV to do the best, but it’s a solid way to track physical silver that is actually redeemable for physical (and a far better ETF than SLV).

            With New Found Gold, they were initially way overvalued as a company without even a resource yet, much less economic studies. However, they have spent the last few years backfilling their valuation with lots more successive drilling.

            It really comes down to them wrapping some numbers around the project and if this resource estimate either disappoints or excites the marketplace, and is in harmony with their marketcap. They could still see a blast higher or big corrective move lower post resource depending on where the numbers come in for indicated and inferred.

            My belief is that they’ve tried to avoid that resource estimate as many other companies sold off after releasing theirs (like Liberrty, Wallbridge, Integra, O3 Mining, initially Montage — although they’ve ripped higher lately, Treasury, etc…).

            Instead I think they are trying to follow the Great Bear model of drilling and showing size and scale, and then hoping to get bought out by a major before doing the resource and economic studies. That has been the better approach the last few years. If they do get acquired though it would likely be at the typical 30%-60% premium range, and thus it wouldn’t outperform the others. The best scenario is them getting rerated higher with beta optionality in a rising metals price environment and not getting bought out.

            For Pan American versus B2Gold that is tough as they are both very well run bigger mid-tier producers, and should both have good leverage to rising underlying metals prices. I’d expect them both to outperform PSLV, but I don’t own either or track all their internal value drivers closely. If I had to guess, Pan American has more silver exposure, so I’d go with them as I anticipate silver playing catchup to gold, and making a higher percentage move run to the upside. That should benefit those companies with good exposure to silver over the next 2+ years.

            Mar 11, 2024 11:18 AM

            Thanks. there is a good piece on NFGC today on

    Mar 09, 2024 09:46 AM

    AEM quality:
    The company is up 56% since bottoming in Sept. 2022; up 28% since Oct. 2023 low and up 24% since Feb. low which was an exercise in filling that early Oct. weekly gap…

      Mar 10, 2024 10:11 AM

      AEM is one of my favorites. I bought it in the last century @8 and never sold. I bought Barrick back then too and it has done nothing; maybe the new CEO will help it.

        Mar 10, 2024 10:03 PM

        Barrick is going to perform exceptionally well in my opinion. It is in vastly better shape today than in 2011/12 when gold hit 1900+ for the first time. It makes perfect sense that AEM has outperformed lately and over the last 18 months but significantly higher gold will be better for Barrick than for AEM. That is, it will disproportionately impact Barrick’s bottom line.

          Mar 11, 2024 11:21 AM

          Druckenmueller just bought a bunch of Barrick and NEM.

    Mar 09, 2024 09:36 PM

    Chinese Buying Set the Stage for Gold’s Latest Record Run. DT

    Mar 09, 2024 09:42 PM

    Nobody Wants To Own Commodities (But The Insiders)

    Jesse Felder – The Felder Report (03/09/2024)

      Mar 10, 2024 10:33 AM

      I guess that group of billionaires and heavy investors headed up by Bill Gates and Bezos, that have made around 50 separate investments in miners including Midnight Sun … they could be lumped into “insiders”. A lot to think about to explain why they are active when the general public seems pressured to stay away.

        Mar 10, 2024 10:09 AM

        Put the above “insider” thoughts in terms of another mechanism of “transfer of wealth” and the additional possibility of an alternative agenda to that of the Man on the Street.

    Mar 10, 2024 10:32 AM

    Congrats Cory! You should name your kid Agnico lol

    Mar 10, 2024 10:22 PM

    Congrats Cory and thanks KER for another great show! Shad thanks for your analysis in the comments! The extra effort is much appreciated! I hope your analysis comes true.

      Mar 10, 2024 10:22 PM

      Much appreciated Charles, and thanks for listening to the show!

    Mar 10, 2024 10:01 PM
    NatGas Week: Update
    Tech Topping?

      Mar 11, 2024 11:42 AM

      Update: Dollar Turn?

    Mar 10, 2024 10:29 PM

    An interesting thought and chart from Gary Savage:


    Gary Savage @garysavage1 – X (Twitter) – 6:11 AM · Mar 8, 2024

    “This is a pretty compelling chart. Don’t forget the rule: The bigger the base, the higher in space.”

    “This is only the very first week of the breakout from a huge base. And it’s occurring very early in a new intermediate cycle. The other rule: Breakouts that occur early in a cycle usually produce sustained moves.”

    Mar 11, 2024 11:29 AM

    Good video from BNN about the Canada being late on lowering rates, prolly because of the lock-step idiocy of the western central banking system.

      Mar 11, 2024 11:07 PM

      … “bank of” Canada… also the page may need reloading on the BNN site to see it.

    Mar 11, 2024 11:40 AM

    Bob Moriarty: There Is No Historical Precedent For Today’s Gold Market, Miners Could Rally 500%

    by Ceo Technician (aka Goldfinger) – March 11, 2024

      Mar 11, 2024 11:36 AM

      Did you notice them talking about Bayhorse, I got in very early for .015. LOL! I have a lot of spec plays and I bought a lot of Cartier Silver 4 weeks ago, and it sits right next to Eloro. LOL! Again

    Mar 11, 2024 11:30 PM

    More pitchfork perfection with the TSX-V. Look at that drop after struggling for days at fork resistance:

    Mar 11, 2024 11:01 PM

    IPT has been consolidating its quick 40% move for a week: