Weekend Show – Matt Geiger & Axel Merk – Gold, Silver, Copper, and Equity Trends

June 1, 2024


Welcome to The KE Report Weekend Show! We are sticking to the gold, silver and copper markets this weekend analyzing pricing and equity investment trends.


  • Segment 1 and 2 – Matt Geiger, Managing Partner at MJG Capital shares his insights on copper market trends and portfolio strategies. We start by recapping the updates to his portfolio, and a deep-dive into the copper market dynamics. Matt shares his strategies and recent investment moves, including a major allocation to copper and a new high-grade copper discovery.
  • Click here to learn more about MJG Capital.
  • Segment 3 and 4 – Axel Merk, President and CIO of Merk Investments wraps up the show discussing trends in gold ETFs, including inflows and outflows, and the current state of the gold market. Axel provides insights into investor behaviors, and the broader commodity market including gold, silver, and copper.
  • Click here to learn more Merk Investments.



Matt Geiger
Axel Merk
    Jun 01, 2024 01:46 AM
    NatGas Week: Homestretch
    Holding At 38.2% Down
    Friday Breakthrough

      Jun 03, 2024 03:54 AM

      NatGas may have bottomed Friday. If so, it was a Weekend Wash where Market Makers and Hedge Funds had combined to drive down prices so that only they will likely buy with volume at the bottom – others fearing the additional uncertainty.

      Jun 01, 2024 01:06 AM

      Supreme Court Ruling: State sponsored Banks can Disband from The Federal Reserve System and Issue their Own Currency.
      Mark Thursday May 30th, 2024 as #EndtheFed day. Doing Simple Math this Sets Fundamental Value of Gold at $25,000 per ounce and Silver $417 per ounce.

      JUN 01, 2024
      by Jon Forrest Little

      States banks can issue their own gold backed currency bypassing the Federal Reserve

      Ruling just released Thursday May 30, 2024 (Mark this on your calendar as #EndtheFed day)

      State sponsored banks do not have to adhere to the Federal Reserve charter

      And states can then acquire gold reserves for their state banks

      and disband from the Federal Reserve system.

        Jun 01, 2024 01:43 AM

        Hi Jerry, If The Federal Reserve can be by-passed that will end the control of The Military Industrial Complex and bring about an honest economic system with honest money. Some of the states have been collecting gold for many years, Texas comes to mind but there are a few others. DT

        Jun 01, 2024 01:22 AM

        Heck, I’d settle right now for 20K gold and 400 silver.

    Jun 01, 2024 01:46 AM

    The Energy Transition Needs to Transition
    Arjun Murti
    “Out of the “energy transition” craziness we see a healthier energy evolution emerging that is recentered on why we use energy in the first place: to better human lives (credit to Liberty Energy CEO Chris Wright for the phrasing). Our “Obliterating Peak Oil Demand” series has highlighted the massive unmet energy needs of the other 7 (soon to be 9) billion people on Earth. The new artificial intelligence (AI) boom is turbocharging power generation demand specifically, most notably in developed markets but eventually the developing world as well. The combination of developing world economic progress and AI advancement supports continued growth in traditional energy sources and will also motivate investments in new energy technologies and sources driven by geopolitical security for countries that are not blessed with abundant crude oil, natural gas, or coal resources.”

      Jun 01, 2024 01:52 AM

      Possible guest?
      (Thank you for the show, Cory & Shad!)

        Jun 02, 2024 02:08 PM

        Hi BDC. Good suggestion. Someone else pointed Arjun out to me recently, and so maybe I’ll try reaching out via Substack to connect.

    Jun 01, 2024 01:34 AM
      Jun 01, 2024 01:07 AM

      Yes………the agreement was for 70 yrs…. expires in June…

        Jun 01, 2024 01:02 PM

        Per Anthony Cave Brown (“Treason in the Blood”) St. John Philby arranged for his Saudi friend (Faisel?) to go with the Americans rather than the Brits. This was well before WWII. Maybe the post WWII agreement was an extension.

    Jun 01, 2024 01:39 PM

    Europeans Can Now Only Place Sell Orders On Sprott Physical Gold & Silver Funds

      Jun 02, 2024 02:42 AM

      I think this story, if true, needs to be watched carefully.

      Fun Fact: On 09Jan2012, the Premium on PSLV peaked at +34.22% (Silver spot peaked in late-April, 2011).

      Similarly, OTC share holdings of TSX stocks (e.g., buying TSX stocks from the USA) should be watched carefully at this point. I dread the day I have a message from Charles-Schwab (ex-TD) restricting the purchase of OTC stocks …. followed by a message months later that I must sell within 30 days.

      I believe Robinhood does not allow trading of OTC stocks?

        Jun 02, 2024 02:15 AM

        Hi Brian, OTC stocks are derivatives, we have discussed this a number of times. If you want to buy mining stocks you have to buy them on The TSX, The TSX-V, or CSE.

          Jun 02, 2024 02:27 AM

          I understand the relationship between actually owning TSX shares versus the OTC shares (i.e., ADR). Unfortunately, this is my personal investment reality. When communicating on public forums, I try to state, specifically, that I hold (or bought/sold) OTC shares.

          And you are correct: There may be consequences in the future for having chosen this investment strategy. I was not trying to complain, by the way. Just venting my frustrations on a quiet Sunday morning

            Jun 02, 2024 02:48 AM

            Just my opinion but I would never buy OTC stocks, if you understand the risk and obviously you do enough said. DT

        Jun 02, 2024 02:20 PM

        I remember silver eagles trading over 70 (40% premium) in 2011 as silver topped. Crazy.
        If you ever lose the ability to trade OTC at Schwab simply open an Interactive Brokers account and trade the real thing on the TSX, ASX, LSE, etc.

    Jun 02, 2024 02:48 AM

    Gets me nervous when the herd is all calling for the same thing. CNBC is a huge herd indicator. This is regarding copper rally.

      Jun 02, 2024 02:45 PM

      The copper price has gone higher, but the stocks haven’t. Maybe they will soon. DT

        Jun 02, 2024 02:42 PM

        Most of the copper producers have done very well and gone higher the last few years, and even recently.

        (COPX) The Global X Copper Miners ETF has had an epic move from $8.82 at it’s 2020 low, to a recent all-time high at $52.90. It corrected some in tandem with the copper price correcting the last 2 weeks, closing last Friday at $48.19, but still it had a nice recent rip from March – May.

          Jun 02, 2024 02:49 PM

          Then here is the move in (COPJ) Sprott Junior Copper Miners ETF lately, where it took off like a scalded cat rallying since back in late February.

            Jun 02, 2024 02:52 PM

            I just interviewed Leif from Surge Copper last week, and that’s a position I got in recently, and it’s had a nice price increase in tandem with the move higher in copper the last few months, for a junior advanced explorer / early-stage developer.


            Jun 02, 2024 02:06 PM

            Here is that recent interview with Leif over at Surge Copper for anyone that missed it. I find it to be a compelling-sized copper resource in Canada, that compares favorably to other copper development projects in Canada.


            Surge Copper – Exploration And Development Update At The Copper-Moly-Silver-Gold Berg Project In BC


            Jun 02, 2024 02:34 PM

            Hi Ex, Sprott junior copper miners might look like a scalded cat to you but a 30% gain from the beginning of 2024 doesn’t get me excited. Other than Regulus Resources the rest of the gains you listed are not that impressive considering the run in the price of physical copper, and Global X Copper Miners ETF is over a period of 4 years. I like Gladiator but if you bought it 6 months ago you would be down and if you bought at the low 3 months ago you would probably be up 30%. Not something to write home to Mom. DT

            Jun 02, 2024 02:52 PM

            DT -You had stated “The copper price has gone higher, but the stocks haven’t. ”

            1) That move in (COPJ) a few months back from $16.47 to the recent peak at $26.43 was a 60% move, so yes I think that qualifies as “taking off like a scalded cat” for a move like that in an ETF in 3 months. Maybe that isn’t impressive to some investors, but that’s a solid gain in such a short time in a diversified fund like that.

            2) As for the big boy copper producers in (COPX), they moved from a low at $33.90 a few months back to a recent high of $52.90 for a 56% gain. That is still really solid in a diversified fund of the best producers recently.

            >> In addition, that move in COPX from the pandemic crash low in 2020 of $8.82 to the recent all-time high (ever) at $52.90 has been a 500% move in the last 4 years. That is stunning performance in the larger copper producers.

            3) Faraday moved from $0.465 to $0.84 for an 81% move in just a few months. That is plenty of movement in response to the copper price.

            4) I mentioned Aldebaran (Regulus’s sister company) and it went from $0.66 to $1.20 which is an 82% gain in a few months. That was a nice move.

            5) Yes, Regulus moved from $0.88 to $2.10 for a 139% move in a few months, so also very nice.

            6) Then in Surge Copper that I mentioned, it went from $.07 to $.24 for a 243% move.
            Surely that is an impressive response to copper prices moving higher!

            All of that is evidence that yes, many copper stocks have absolutely moved recently.

            The good news I see is that with Copper rolling over the last 2 weeks, many of those stocks are pulling back and if they keep heading back lower, they’ll offer additional entry points for the longer term process where I believe we’ll see the red metal in the $5-$6 per pound levels or higher. Also those individual companies have interesting fundamental value accretive work programs on tap.

          Jun 02, 2024 02:54 PM

          Another junior copper company I’ve been positioning in lately has been Faraday Copper (FDY). It didn’t have as dramatic of a move as Surge, but it finally started moving up with the higher copper prices.

            Jun 02, 2024 02:57 PM

            The copper advanced developer that I’m sad to have missed this recent move higher in is Regulus Resources (REG). I’ve been in the stock in the past and wanted to get back in when copper was in the doldrums, but it shot higher right out of the gate as it’s pounds in the ground rerated higher with the rising copper price and then didn’t look back… bummer as I kept watching for a good pullback, but it was relentless and now it made a big move.


            Jun 02, 2024 02:02 PM

            Nick Hodge has mentioned for the last few months in a few of the interviews we did with him here at the KE Report his position in a few copper stocks that he was animated by like Aldebaran and Gladiator and they’ve both done well the last few months as well.

            When I was at the Energy Transition Metals Conference in late Apr-early May, I met with the Regulus management team, and the mentioned Aldebaran Resources was their sister company. My plan was to take a look afterwards, but I got pulled a number of directions, and by the time I got around to looking into the fundamentals and liking it, and pulled up a chart, it had already popped up.


          Jun 02, 2024 02:16 PM

          Ex, to be fair you look at the low a stock has hit, almost no one gets in at the low. I know you get excited about smaller gains but for me I take a 30% Pop with a grain of salt. Most people would be up 20% from where they bought. I don’t get excited unless I’m in for a double and I never talk about stocks I’m not positioned in because that is like hearsay in a court of law it is meaningless. For every stock that has had a run there are countless others that have gone down or churned sideways, but I don’t care because I’m not in them. DT

            Jun 02, 2024 02:32 PM

            Yes, I measure from the low to the high in a move to show the range of potential, and obviously nobody buys the exact low (but some traders did) and nobody sells the exact high (but again some traders did).

            The point is show the range and that there were opportunities for double-digit or even triple digit gains.

            The range of those moves were much more than 30% as just noted… with the ETFs providing around 60% gains, and the stocks mentioned above from 80%-240% in just 3 months from Feb-May. There are copper stocks up much more than that or down lower than that…. always… that’s what makes a market.

            The point was that many copper stocks have absolutely been moving lately.

            As for Surge and Faraday, I only got in them recently (but am up double digits in them both), and I already mentioned missing the runs in Aldebaran and Regulus. My plan was to get back into Regulus, and just hesitated and it moved up too much for me to chase it.

            I was positioned in COPX from the big run from 2020 to 2021 and had a multibagger move in it, and traded it a number of times the last few years as it bounced around in a trading range for a while. With COPJ I got into it in March 6th at $18.67, and caught a solid double-digit gain it. I’m fine with that as it is a diversified ETF.

            I’m just discussing things in my portfolio or that were in my portfolio because they are top of mind and stocks I track. The only one I’ve not owned before is Aldebaran.

            I do have 2 copper stocks, Arizona Sonoran and Metallic Minerals, that haven’t moved as much though, so sure, not every copper stock has run bigly.

            Jun 02, 2024 02:33 PM

            DT, from their Feb. lows, copper went up 42% while COPX went up 56% and COPJ went up 60%. That’s not great leverage to the metal but decent. If I’m right about copper’s future the miners will eventually outperform by a much great percentage.
            For comparison, EXK went up 196% and IPT went up 172% following their Feb. lows while silver gained 49%. However, SILJ gained just 68% so the silver miners in general show room for significant improvement similar to that of the average copper stock.

            Jun 02, 2024 02:54 PM

            Hi Ex, “Surely that qualifies as (some of) the copper stocks having been moving lately.” I do however believe that they could very well start to move much higher soon, but so far, I haven’t seen great gains. I don’t believe in pointing out bottoms and tops unless I’m at the beach. I think you are painting too much of a rosy picture it may come but it hasn’t yet. DT

            Jun 02, 2024 02:04 PM

            Ha! Good one DT.

            I always measure from top to bottom and bottom to tops to look at potential ranges as stated, as do most technical analysts. To each their own of course.

            Yes, agreed that it is still early days for most of the juniors (but the producers have been running higher for years now). I believe many of the copper stocks have woken up from their slumbers though and the move from mid Feb to mid May was the first shot across the bow that the move was finally trickling down into buying in the copper juniors. They still have a long way to run though if people believe we’ll see copper prices north of $5 again moving to $6 and beyond over the next 2 years.

      Jun 02, 2024 02:03 PM

      Wolfster, I’m bullish copper and gave the ol’ all-clear as it approached $4 but I’m much more bullish silver. Copper’s next run could be further out than most expect if the stock market runs into trouble soon, and there’s a good chance that it will.
      While everyone’s been impressed with copper’s recent new price high, I’m much more interested in the fact that it hasn’t come close to making a new momentum high. In ’21-’22 support was found at 30% above the 200 week MA; now that level is resistance and marked the high of a few weeks ago…

    Jun 02, 2024 02:10 PM

    Here’s my latest article from over at Substack:

    Opportunities in Silver Explorers and Developers – Part 1

    Excelsior Prosperity w/ Shad Marquitz – 06/02/2024

    Jun 02, 2024 02:42 PM

    The daily silver chart looks pretty gnarly in a bearish way but I’m betting we’ll see positive technical divergences as it works through its short term correction as well as bullish behavior from the miners.

    Jun 03, 2024 03:57 AM

    “EX”!!!!!!!!! I don’t know where you are maybe you are at The Italian Riviera. I know you are getting bigger and bigger in the investing World but you have to come down from your ivory tower. Surely you have noticed that there is zero volume, Nada, Zilch in the resource stocks I have been following. Santacruz is the only one that even shows a blip on the radar. I think it is a combination of things, the public is broke, they are scared because of the countless wars and ferreting away the few nuts they have, or their cell phones have fundamentally impaired their thoughts. Bitcoin is not helping us out. Maybe we need to set up a trading house in China for North American resource stocks. The action these days is not here. Whatever it is we will be stuck in the doldrums until we can get some volume, check out the chat boards they are dead. What can I say? DT

      Jun 03, 2024 03:24 AM

      This market is like dating when I was younger, I was always waiting for women! LOL! DT😊

      Jun 03, 2024 03:11 AM

      DT……. great observation. or thanks for the observation on the volume… JMO…..

      Jun 03, 2024 03:21 AM

      DT – The ivory tower comments are a bit over the top, when I simply disagreed with your comments that “the copper stocks haven’t moved,” by providing facts, charts, and numbers = data, that they had.

      Most of the quality copper stocks most assuredly have had a big response in price the last few months (Way more than the 30% figures you keep quoting that are not seen in the ETFs or quality stocks reviewed above. There were plenty of other examples that could have been provided of copper stocks having outsized moves from Feb to May running in tandem with the rising copper prices.) Their volumes were up notably as well. It isn’t amazing, but the trajectories of both price and volume have been moving higher.

      Most technicians measure moves from bottom to top or tops to bottoms, to assess future retracement or extension levels, to assess peaks and troughs for lateral price resistance or support levels, and the total percentage moves of a rally or correction (this is not a controversial statement). Again this is logical as it shows the range of a move higher or lower. Your comments make it seem like you don’t understand this basic tennant of technical analysis or looking at charts.

      We’ve actually seen volume increasing in the silver, gold, copper, and uranium stocks the last few months, not decreasing. There is more to resource investing than seeing everything through the lens of Santacruz Silver amigo. I have a heavy weighting to the stock, but also have many other positions, track even more through watchlists, and keep a close eye on the ETFs for each sector. We’ve also seen the TSXV volumes heading higher out of their basement levels. All of this points to higher volumes and interest, not the opposite.

      That doesn’t mean every penny dreadful microcap junior is moving, but the seniors, mid-tiers, smaller producers, larger developers, and advanced explorers have absolutely been moving, with a number of stocks breaking out to 52 week highs. That doesn’t happen if there is no interest or buying in the sector.

      The resource stocks in the metals have absolutely been on an uptrend since February, and most other companies and investors in the space have noted things have been improving and life has been returning to the sector. What else can I say?

      The chat boards were more dead last year, and now they are picking up, as is traffic to investing sites, articles, and newsletters once again. Many others have confirmed to us they are seeing the same things on their platforms. I know we sure see it in the numbers listening to our podcasts on various platforms (which has more than doubled) and our YouTube subscribers and views that are up 7X in the last 6 months.

      The VRIC conference and MIF conference in January had huge increases and record attendance. The PDAC attendance numbers were up sharply over prior years. The Goldmesse conference in Germany was up to record attendance 2 months back. I was just at Jayant’s conference in Vancouver this weekend and it was record attendance. Those numbers fly in the face of comments that nobody is paying attention to this space.

      It isn’t a raging bull market yet, and it is still early in the move, but we are well off the bottom in gold. silver, copper, uranium and nat gas stocks now, and despite the corrective move the last 2 weeks, the overall trend has been up the resource stocks for the last few months and there has been plenty of green on the screen. If people are not seeing this in their portfolios, or the actions in ETFs or the broad sector moves, then maybe they have been positioned in the wrong microcap stocks without any leverage to metals prices yet, or have too narrow of a focus across a small basket of stocks that is not representative of the moves seen across the sector equities.

        Jun 03, 2024 03:47 AM

        Yes. What needs watching is how the bullion banks get out of their huge naked short position in Silver. This situation has impact on the continuing intervention in the Silver market and may have a lot to do with a current sideways movement in equities despite metal prices. To say the least, in view of the massive derivative positions of the banks coupled with their naked shorting in the paper markets, they have serious leverage problems. That is why Lehman went down … over leveraged even for a Wall Street Bank. Bailouts this time will have to be massive and, of course, the World is buying the metals with US Dollars. When Wall Street doesn’t want to stop the Transfer Wealth and the Regulators are not going to stop them, temporary suspension of fundamental and Technical indicators take a back seat to intervention until they can come up with another band aid that holds the can together that has been kicked down the ever winding road.

          Jun 03, 2024 03:05 AM

          I should add that all this brings into play Craig Hemke’s arbitrage comments about the growing differential in Western paper price suppression and physical price in Shanghai. At what point do physical buyers drain the Comex and the LME/LBMA of what little physical they have for the arbitrage.

          Jun 03, 2024 03:38 AM

          Lakedweller2. Good points on the meddling in the Silver prices. There are always a lot of financial institutions throwing their weight around in that sector, and we likely saw some of that last Friday to press the price down for the weekly/monthly close. Still, it was encouraging to see Silver break up above $30 resistance and make it up to $32 on a technical basis.

            Jun 03, 2024 03:46 AM

            Yes again. I would like to see the silver price go up and get parity with Shanghai and other World markets. I would like to see how the banks get out of their naked short position. They are in another box of their own making. We know they want to maintain their “fat pig fee scheme” but maybe this time is different and they have to take a hit. (Can’t believe I said any of that. Banks don’t take hits…they take our money)

          Jun 03, 2024 03:29 AM

          The gold market is now controlled by Shanghai not The U.S. dollar.

        Jun 03, 2024 03:13 AM

        Hi Ex, I didn’t mean to dis you, but I thought you understood my sense of humor, sorry if you read it that way. This was also not about the copper stocks we had discussed, it was about the markets in general. DT

          Jun 03, 2024 03:24 AM

          By the way, my portfolio is up about 35%, in the last two months. But I’m really not seeing any volume it’s probably because of the risks I take, but maybe it will be much higher in the future. DT

            Jun 03, 2024 03:23 PM

            All good DT. I think a 35% increase in your portfolio is great man, and that is about what I’ve had too (with the portfolio up about 1/3 over the last few months). That is likely outperforming the majority of portfolios from generalist (unless they were all in on Nvidia) haha!

            I think solid double-digit moves like that in a portfolio are very significant, and that so many people are chasing hot-money 10 baggers, that they fail to take part in the easier setups to make money and and solid gains when they present themselves. Going up 35% is much better than the opposite! 🙂

    Jun 03, 2024 03:08 AM

    OOPS……………….Happy trading……………… 🙂
    Market Breaks As Multiple NYSE Trading Halts See Entire Berkshire Market Cap Wiped Out
    Tyler Durden’s Photo
    MONDAY, JUN 03, 2024 – 10:22 AM
    Something snapped just after 9:40 am, when as the market was still reeling from the latest idiotic move in meme stonks, we just saw one of the world’s largest companies – Berkshire Hathaway – wipe out just about 100% of its value and crash to basically zero…

      Jun 03, 2024 03:28 AM

      From $627K, down to $185.10, now back up to about $623K. Perhaps the VP in charge of disinformation will let us know what happened.

        Jun 03, 2024 03:39 AM

        I bet , a few wet their pants…….. never seen gold phyz..go to zero…. 🙂

          Jun 03, 2024 03:05 AM

          Sounds like someone picked the wrong algo to run.

      Jun 03, 2024 03:29 AM

      There was weirdness in the NatGas related ETFs.
      Maybe the problems were more than local.
      (Note NatGas volume/price increases.)