Weekend Show – Rick Bensignor & Joel Elconin – Markets in a Holding Pattern? We Break Down Stocks, Gold, Bonds, and Retail Sentiment
On this Weekend Show, we explore the market’s stunning rebound with two seasoned traders – Rick Bensignor and Joel Elconin. From U.S. equities and global capital flows to gold, bonds, and natural gas, both guests provide a wide-angle look at why markets may be entering a pause phase, and what could come next.
If you enjoy the show, be sure to subscribe to our podcast feed (KER Podcast), YouTube channel, and follow us on X for more market commentary and company interviews. Don’t forget to subscribe and leave us a review!
Also check out our Substack where we email you summaries of Daily Editorials and the Weekend Show! Click here to check it out.
- Segment 1 & 2 – Rick Bensignor, President of Bensignor Investment Strategies and publisher of the Tactical Trader Report and Daily Tips Sheet, kicks off the show sharing his outlook on U.S. markets, interest rates, and key commodities. He explains why current equity levels may be a high-risk entry point, discusses sector momentum shifts, global market divergence, and highlights the importance of countertrend signals in gold, bonds, and energy markets.
- Segment 4 – Joel Elconin, co-host of the PreMarket Prep Show and founder of the Stock Trader Network, wraps up the show discussing the current “silver lining” market sentiment driven by cooling inflation, resilient earnings, and a risk-on retail trading environment. He also shares insights on institutional moves from recent 13F filings, commodity rotation, and Bitcoin’s technical levels, emphasizing how under-invested fund managers are fueling the rebound across equities and global markets.
https://www.tradingview.com/x/3XFDABM0/
DOLLAR : Initial Breakout : How High?
Last Week : https://www.tradingview.com/x/GDSmYHVe/
https://www.tradingview.com/x/JNkgeOIq/
GOLD : Significant Resistance
(Upside Expander?)
Hey Ex, you need to get some rest and relaxation and take it easy MAN, if you push yourself too much at work all the time you will end up on the bone farm. The Jamaicans have a saying “Sloooow Down Man You Work Too Hard”! LOL! DT 😍🤩😜🤣
Simon & G sang, “Slow down, you move too fast. You got to make the morning last.”
Thanks DT. Yeah, I’ve been pushing it pretty hard over the last week, at 3 different conferences and going from sunup to sundown in so many meetings. I’m bushed, but am depressurizing and resting up this weekend, and will be back at it again next week.
On Friday I had the good opportunity to speak on a panel at the Atlanta conference, so that was fun!
Joel Elconin, muddied trenches NCO;
Rick Bensignor, staff General.
Good stuff. Thanks!
I’ve been bullish on general stock market (TSLA, DAL, COIN, IREN, NVDA, META) since the early April melt down and still think that’s where money is to be made this summer. Big money is quietly been accumulating tech sector and we’re just getting started IMO. On the PM front, I’ve been eying PAAS which I think is going down < $20 and will be a buy then. SAND, EXK, AG, AGI, NEM watching the paint dry.
Becoming bullish after such large declines makes sense for a trade but I have extreme doubts about the next 5 years being anything like the last 5. The bull market is over which is why the Dow topped versus gold almost 7 years ago and the Nasdaq and S&P topped 3.5 years ago (aided by their “magnificent 7” listings and weightings). Sectors in true bull markets beat gold, not just dollars. This makes perfect sense considering the risks associated with holding stocks compared to those of holding gold.
https://schrts.co/zpcNHGAh
In dollars, we are finally navigating the recognition of the bear market and that takes time as few want, or are able, to see it.
Market Concentration and Lost Decades
By Bill Pauley, CFA, Kevin Bales, CFA and Adam Schreiber, CFA, CAIA – CFA Institute – April 2nd, 2025
“The invention of market cap-weighted indices has been beneficial for the average investor by providing a simple and efficient way to gain exposure to equity markets. However, hidden beneath the surface of some market cap-weighted indices lies levels of concentration rarely observed in history.”
“In this post, we examine how elevated concentration levels have historically impacted returns, valuations, and long-term investor outcomes — and why today’s market dynamics may be setting the stage for a familiar ending.”
“The US stock market has reached its highest concentration level in more than 50 years, with the top 10 stocks comprising a weighting of 36%. Several problems may arise when a few companies dominate the market.”
“The concentration in the top 10 stocks necessitates that performance will be heavily influenced by these handful of companies. Strong performance from these stocks can drive the entire market higher, while any significant declines may disproportionately drag the market down. This dynamic can sometimes mask the performance of the remaining 490 stocks, leading to a skewed perception of overall market health.”
“While there is always an urge to proclaim, “this time is different,” market history tells us that while the plot may change, the story often ends the same. In this post, we utilize the top 500 US stocks, weighted by market cap (Top 500), to examine how the top 10 stocks have historically performed based on levels of concentration and valuations, and why market participants may be unprepared for the aftermath of current events…”
https://blogs.cfainstitute.org/investor/2025/04/02/market-concentration-and-lost-decades/
Moody’s downgraded the US credit rating after the market close on Friday. Gold officially becomes a Tier 1 asset July 1st. There isn’t enough gold to satisfy The World’s needs although the mainstream media doesn’t want the public to know this they might panic and start buying more. That means the price must go higher.
ALL ROADS LEAD TO A HIGHER GOLD PRICE SOONER THAN LATER.
Laffs/Panthers game7. Go Laffs.
The Laffs popularity rests on their ability to lose, LOL! I will bet you were only 10 years old when The Laffs won their last Stanley Cup in 1967. LOL! DT
Was thirteen in 1962, lived next door to Johnny Bower in Saskatoon, used to look after Johnny’s grass. Spent some summer vacations at his Waskesiu cabin, met some of Johnny’s friends, including Gordie Howe one summer. I lived a Canadian kid’s dream, was a dedicated leafs fan
All Canada Cup final a possibility
Key Takeaways From The May Metals Investor Forum In Vancouver
Excelsior Prosperity w/ Shad Marquitz (05-17-2025) #MIF
Hot Chili, Dryden Gold, Blackrock Silver, Thesis Gold
https://excelsiorprosperity.substack.com/p/key-takeaways-from-the-may-metals
https://www.fibonomics.com/2025/05/natgas-two-buck-chucked.html
NatGas : Two Buck Chucked : From Regional to International Pricing
Ex, I will bet that there is a lot of Buzz around WRLG at the conferences you just attended, the news has been great and there will be other releases coming up prior to the permanent mine start up this quarter. I was very disappointed with Pure Gold and their mine attempts at Madsen, I feel confident that that is all history and am looking forward to the future with WRLG. DT
Hi DT. Yeah, I saw Diana who handles IR for WRLG at the MIF event in Vancouver 2 Friday’s ago, and she said their phones were ringing a lot more due to the positive bulk sample results which was a “proof in the pudding” moment as everything came out exactly as predicted and the company made about $8 million on all the gold they just produced.
Also, I just saw Gwen Preston at the conference in Atlanta as West Red Lake Gold Mines was there and a lot of bigger money managers were sitting down with her Thu/Fri, so hopefully some of that bigger money flows into the stock in the weeks to come.
Regardless, yes, I agree with you that the team here is taking a far better approach to preparing for going into mining, having an 18-month stockpile lined up and ready to go, and they’ll be pulling from parts of the mine that Pure Gold never even got to. Pure Gold did amazing as explorers and developers (and many forget about the multi-bagger returns that they offered early investors), but they were terrible as producers and failed on many fronts (grade reconciliation, too much dilution of the ore due to how they blasted getting too much overbreak, and they put the freaking screens in backwards in the mill trapping all kinds of gold…. it was amateur hour junior mining on display with the wrong team that lacked the proper experience to be operators and that is why they failed).
Obviously WRLG is not going to be making any of those same mistakes and they have a far better understanding of the orebody, they have the connection drift developed to maximize the transport of ore (which Pure Gold never had), they’ve dewatered down to level 13 or 14 (and Pure Gold and Claude had only gotten down to level 7), and there are just so many differences.
Those that have a heavy layer of disbelief and wrote off this company due to Claude and Pure Gold’s operational underperformance and blame it on the mine are in for a big surprise. It’s been classic herd behavior where some short-fund ding-dongs introduced all kinds of challenges to the continuity of the ore based on studies from 2-3 years ago, instead of keeping up with the newsflow and understanding the geologists and engineers have of this deposit now. If they had bothered to keep up to date, or listen to any of the interviews where we had their VP of exploration, Will Robinson, on then it would be obvious their swipes at the geology are totally ill-founded. People that just blanket avoided the stock for those reasons, expecting failure again will have missed yet another opportunity to catch a gold developer when it was cheap and will then need to chase it higher as they go into production and silence all the haters and doubters with results. The bulk sample was a wakeup call for many, but if they really were awake they’d have been in position before the bulk sample as it was very clear what has been setting up. The fact that the company is still valued so insanely cheap is not going to last much longer.
I expect they’ll see a large rerating in the 2nd half of 2025 as they ramp up towards commercial production by the end of the year, and then in 2026 will have their first full year of full nameplate capacity production.
Thanks Ex, looooooooookin good Man! Lol! DT
Goliath Resource’s bonanza discovery sets off chain reaction in the southern Golden Triangle
Strategic investments, mergers & acquisitions into Goliath or into adjacent properties have followed by Crescat Capital, Eric Sprott, Rob McEwen, Global Commodity Group, McEwen Mining, & Dolly Varden
George Billman – Resourceful Insights – May 18, 2025
“Since the start of 2025, there are major shifts in valuation levels and mineral claim ownership that signal the accelerating responses to Goliath Resource’s momentous discovery at its Goldigger project.”
“The purpose of this article is to put together an overview of valuation shifts as well as the first composite mapping of the mineral lease acquisition activity.”
“The recent changes in mineral leases have consolidated exploration and development rights in the southernmost top of the Golden Triangle between Goliath Resources and Dolly Varden.”
“Market capitalization as of 5/15/2025 Goliath has risen to US$205 million with Dolly Varden at US$ 208 million reflecting the stock market’s estimation of each company’s current value.”
https://resourcefulinsights.substack.com/p/goliath-resources-bonanza-discovery
…with some gold mixed in.
https://www.tradingview.com/x/uYgDxKXs/
NatGas : Final Box Support
The Maple Laffs came through like they always do, they left the arena with their tails between their legs. I blame it not on the players but on the management and coaching staff. You can’t have a winning team without the necessary front office personnel. Next year it will their 59th attempt at breaking the management curse. You can holler all you want about a personality like Harold Ballard, but he was like The Yankees owner George Steinbrenner a winner. LOL! DT
Disappointing
Leaf players knew they were going to lose that final game beforehand and nobody was around to change their mind.
You are right about their management.
Stopped taking the NFL seriously years ago after realizing there were at least a few teams with a glaring weakness at the key position of owner.
https://www.tradingview.com/x/Av3lVes7/
NatGas : Gartley Golden C Soon?
(Henry Hub Now Standard)