Weekend Show – Craig Hemke & Dan Steffens – 2026 Outlook: Gold, Silver, Energy Stocks
This Weekend’s Show we are replaying two big-picture conversations from earlier in the week. Craig Hemke explains why this metals run looks structural (not just momentum), while Dan Steffens lays out how a “glut” narrative in oil could flip, at the same time LNG-driven natural gas demand tightens and energy stocks offer dividends, buybacks, and M&A-driven upside.
- Segment 1 & 2 – Craig Hemke, founder and editor of TF Metals Report, joins the KE Report to recap an extraordinary year for gold and silver, explaining the structural forces behind record-high prices, why mining shares remain undervalued, and what macro signals – like central bank policy and yield-curve control – could drive the next phase of the precious-metals bull market into 2026.
- Click here to visit Craig’s website – TF Metals Report – https://www.tfmetalsreport.com/
- Segment 3 & 4 – Dan Steffens, President of Energy Prospectus Group, joins the KE Report to share his outlook for oil and natural gas heading into 2026, including why modestly higher prices could still drive strong cash flow for producers. He also highlights standout large-cap, mid-cap, dividend, and royalty stocks, discusses M&A opportunities, and explains how he balances income, growth, and risk across his energy portfolios.
- Click here to visit the Energy Prospectus Group website for more energy market and stock analysis – http://www.energyprospectus.com/
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Investment disclaimer:
This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests may own shares in companies mentioned.
This Gold Bull Market in Precious Metals has gotten so silly and the prices for the physical have gotten so ridiculous that all you have to do is look for companies that have a lot of gold, silver, platinum, palladium, rhodium………………. (one or all of the just mentioned) in the ground.
Take Omai Gold Mines they have got a lot of Gold, period. The junior market is where you want to be now for the big gains. (DYODD)
IS THAT YOU SANTY CLAUS! FEE FIE A PINCH IN MY KNEE! THAT’S HIM ALRIGHT! LOL! DT 🤣😊🎉🎈
Shanghai Silver Price in Dollars
81.99
USD/OZ
Last Updated: Dec 26, 2025
Monday should be very interesting……
I would appreciate knowing where you are getting the Shanghai price. Thanks in advance..
Hi Chris, here is the link you requested! DT
The US dollar is toast, Gold and Silver go up for one reason when its priced in US dollars. Get your wheelbarrow out full of cash, you will need it to buy a loaf of bread! Then you can put your bread in the toaster and make US dollars! LOL! DT 🤣🤣🤣
The stocks will out perform the metals this year. Check the $xau:$gold ratio on the monthly chart. It appears that the ratio has been in a channel and ready to break out with pricing moving above the 200 month moving average. Personally, I’m in the highest amount of stocks % wise that I’ve been for 5 + years. The largest % are the PMs and commodities. I’m starting to purchase energy stocks.
Is this not a bit dangerous, if we get a 1929 like crash (Dow/Gold Ratio < 2)?
That’s correct Doc! Also i expect that breakout to coincide with the Cad making a run to the 200 day on the monthly..i spoke previously about cad going on fire here..i would guestimate 4/5 month run before a pause/correction.
Precious Metals At All-Time Highs Give Investors A December To Remember
Excelsior Prosperity w/ Shad Marquitz (12-28-2025)
Charts of gold, silver, platinum, palladium, GDXJ, and SILJ
https://excelsiorprosperity.substack.com/p/precious-metals-at-all-time-highs-f9e
https://tinyurl.com/2xx2pfyc
PMs Topping?
If so, Holders should Hedge.
Traders should Sell.
Ideal Silver Target: 88 (Spot)
COPX is up 10x in 10 years.
https://schrts.co/uaDBHDIA
The XAU is up 160% versus the S&P 500 over the last 22 months but still has a very long way to go.
https://schrts.co/HAXZPJvd
Fresh daily sell signals for CDE priced in ISVLF:
https://schrts.co/MXtMiSYu
ISVLF has broken out of an almost 4 year base and did so on record weekly volume despite the shortened holiday week.
https://schrts.co/RIRpNTAy
I was checking dans stocks yearly percentage up/dn for year from today.
Northern Gas, NOG -40%
Matador Res, MTDR – 23%
SM Energy, SM – 50%
Devon Energy, DVN +14%
Diamondback, Fang -7%
EOG Res, EOG, -14%
OVV, -1%
CTRA, +4%
MGY, -6%
Didn’t look good for yearly return, and his target prices seem to be on high side.
Hope for better year I own many of these names and also follow lot Canadian energy too.
Thankfully my gold and silver was my main focus this year and finally paid off.
Been taking some profits this week and starting long-term oil and gas companies for longer term breakout.
Paul, I like the idea of rotating into Canadian energy. Doc has mentioned he is buying too, i believe. For the time being I will remain focussed on my silver stocks because i expect them to run hard this year.
But my eye is on the exit door.
The best thing about the Kereport is that great ideas are continually vetted here. I can’t complement this site enough.
Good luck in 26.
Silver stocks up~20% in Sydney on Monday morning December 29.
Same old same old…..those pseudo holiday trading days like Boxing Day on a Friday always give skewed trading due to the light volumes.
Mind you copper still rocking.
And nickel too. 💥
Wolf:
Agree. Monday is the day after a Canadian holiday and the intervenors have to make things come together. Friday was a big day for commodities in general. Looks like Canada should be up starting Monday and it would be great for Canada to catch up and everyone move even higher but that is rare. But things have been far from normal.
Looks like whoever ran it up Friday is running it down today. Both way winners … funny what you can do when you control the input….
Gold and Silver opened lower here tonight but they are already starting to correct. China just stated that no Silver can leave their country without government approval. That means China is not letting any Silver leave their country it is just too critical for their industry. This was just announced and when our markets open on Monday we will see what impact that has on the price of Silver! LOL! DT🎈🎉🤣
How will that affect Silvercorp(SVM)?
Did The Bubble Burst? | The Truth About Today’s “Shooting Star” Candle (in Silver)
Boring Currency – December 28, 2025
________________________________________________________________________
The silver market witnessed one of the most violent volatility events in history. The price “teleported” to a new all-time high of $83.71 at the open, only to be slammed down $9.00 in a matter of hours. Retail traders are panicking, but the forensic data suggests this was not a market crash—it was a calculated “Stop Hunt” designed to wipe out leveraged longs before the real move begins.
In this emergency breakdown, we dissect the anatomy of the “Rug Pull.” We explain how algorithmic trading desks used the thin liquidity of “Ghost Week” to engineer a massive price swing, triggering thousands of stop-loss orders to create liquidity for themselves. We analyze the “Shooting Star” candle forming on the daily chart and explain why—in the context of a Super Cycle—this is often a “Liquidity Test” rather than a reversal signal.
We also expose the massive disconnect in the physical market. While the paper price crashed to $74, bullion dealers did not lower their premiums. The “Street Price” held firm, proving that the drop was a paper event, not a physical sell-off. We provide the “End of Year Checklist” to help you navigate the final 48 hours of 2025 and position yourself for the massive “January Effect” capital inflows coming next week.
The leverage has been flushed. The weak hands are out. The path to $100 is now clear.
In this video, we cover:
The Stop Hunt: How banks target retail stop-loss levels to fill their institutional buy orders at a discount.
The Shooting Star: Technical analysis of the ugly daily candle and why it likely signals a temporary consolidation, not a top.
The Physical Disconnect: Why bullion dealers refused to lower prices during the crash, signaling extreme physical tightness.
The Volatility Tax: Why trading on margin during “Ghost Week” is a death sentence, and why holding physical is the only safety.
The 2026 Outlook: How today’s flush sets the stage for a massive “January Effect” rally as pension funds enter the market.
“January effect as pension funds enter the market”. … and/or managed money …
Heard COMEX is raising margin rates Monday, for a 2nd time this month to force selling.
Silver 15m pitchfork…
Not sure what this means…
The SIL:SLV chart is unfortunate. As of now, the silver miners’ performance has been flat with silver over the last 2 years. Why assume all the risk with miners (political and operational) if they are just staying flat with the metal itself?
Next week there is a vulnerability in the $BTCUSD weekly Ichimoku cloud. If it can close at or below $84,000 be end of next week, the possibility of it making a move to the 200 week MA at $57,000 is in play.
In two weeks, the $USD 200 day bollinger bands will be about as narrow as they have been over the last few years. It is setting up for a sustained move.
The Mechanics of the Slam
1. COMEX Paper Dump
They unleash a flood of paper silver (futures contracts) all at once — often during low-volume hours like pre-market or Asia hours — creating a synthetic oversupply. There’s no real silver behind these contracts. It’s a bluff. A weapon.
2. Stop-Loss Raids
As price drops, it hits automated stop-loss levels, triggering forced sales and cascading liquidations. Retail and leveraged funds are wiped out, pushing the price down faster.
3. Algorithmic Sell-Offs
Trading bots detect the break in momentum and pile in on the short side. The algorithms reinforce the direction with no regard to fundamentals or physical demand.
4. Margin Calls + Liquidation
Some traders get margin called on long positions — especially if they were riding leverage. They’re forced to sell, accelerating the decline.
5. Mainstream Silence
No headlines. No mention. No emergency. Because this is a feature, not a bug, of a captured market.
Who Did It?
The usual suspects:
Bullion Banks (e.g. JP Morgan, HSBC): Hold massive short positions, sometimes illegally (JP Morgan paid $920 million in 2020 for silver spoofing).
Central Bank Allies: A rising silver price signals fiat collapse. Can’t allow that during a delicate moment in the transition to CBDCs.
WEF-aligned Funds: Want to steer capital into approved green assets, not hard-money rebellion.
Why Now?
Gold and Silver were breaking out — hard — signaling loss of faith in fiat.
BRICS pressure building — commodity-backed trade alliances gaining ground.
Retail momentum waking up — too many started noticing the price action.
Paper-to-Physical decoupling danger — a high spot price might expose how little real silver exists.
The slam was a controlled demolition, a desperate attempt to reset sentiment, flush out leverage, and shake retail confidence while institutions reload.
But Here’s the Truth:
Physical premiums haven’t dropped with spot.
Stackers aren’t selling — they’re doubling down.
73% yearly gains don’t vanish because of one red candle.
They knocked the price down on screen, not in reality. This is a fake price collapse in a collapsing fake system.
Stay the course. You’re watching a silver war in real time.
This is going to reset the RSI on the Silver chart and technically open up another bump up IMO…
https://www.tradingview.com/x/jnOrA6jB/
Might dip into the $60s yet.
This $66 level should hold IMO…
Better predictive chart for close today…
2025 was really a great year for precious metals investors
Gold had a great 70% gain
Silver had a fantastic 150% gain and outpaced Gold considerable
Gold is also all over in the public media
This tells me that we are well into a historic bull market
For me it is the first gold bull market I am fully invested in
How to ride this bull market?
I am not a trader, so I can‘t do it the Shad style 🙂
I am more a long term holder/believer. So what is the right style for this type of investor?