The KE Report

Weekend Show - Mike Larson & Robert Sinn - Q3 Market Outlook, Energy Shifts, and Critical Minerals

In this weekend show, we replay the most popular Daily Editorials from the week. We feature Mike Larson and Robert Sinn both analyzing a volatile first half of 2026. The key theme uniting both interviews is the concept of a "market halftime", evaluating the massive rotations out of mega-cap tech, identifying potential bottoms in precious metals and crypto, and capitalizing on the global macro shifts driving energy and critical minerals. 
 
Segment 1 & 2 - Mike Larson, the editor-in-chief at The Money Show, kicks off the show to break down the shifts within the financial markets at the midpoint of the year. Larson provides a detailed review of the stark contrast between the first and second halves of the year, highlighting the massive rotation out of red-hot technology and AI sectors into underperforming areas like healthcare, while also noting that critical minerals are presently eclipsing precious metals as a focal point for generalist investors due to global supply chain and national security policies.
Click here to find out about the upcoming MoneyShow conferences - https://www.moneyshow.com/
 
Segment 3 & 4 - Robert Sinn, also known as "Goldfinger" on CEO.ca and "CEO Technician" on X, who is the publisher of Goldfinger Capital on YouTube and Substack. In the segment, Sinn shares his technical and fundamental analysis of the precious metals sector, highlighting a strong Q3 rebound for gold and silver, while discussing the potential for mining stocks to outperform later in the summer despite recent market drawdowns. 
Follow Robert’s analysis on Substack
 
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!
 
For more market commentary & interview summaries, subscribe to our Substacks:
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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 or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Marc Chandler – US Jobs Report, Q2 GDP Estimates, FED Policy, North American MCA Trade Agreement, Interest Rates, Currencies, and Supply Shocks

In this edition of The KE Report, I sat down with Marc Chandler, Chief Market Strategist at Bannockburn Capital Markets and Editor of the Marc to Market website, to unpack another full week of macroeconomic data.  We focused on the US jobs report, GDP estimates for Q2, the mid-week European central bank meeting where Kevin Warsh spoke, the shift to an annual review of the Mexico/Canada/America (“MCA”) trade agreement, further geopolitics effects of tariffs and the Strait of Hormuz supply shock, and how all of that factors into interest rates, currencies, and international markets.
 
Key Discussion Points:
 
Jobs Report Metrics Come In Weaker Than Expected: The Bureau of Labor Statistics announced that the US added just 57,000 jobs in June, a slowdown from previous months and below the 113,000 economists expected. The unemployment rate, however, ticked down to 4.2%, below the expected 4.3%.
Marc gets under-the-hood and looks at the nuances of the regular revisions to the jobs data, the nature of the data collection and inherent challenges with getting it all in a timely basis, and how the low participation rate effected the unemployment rate.
The Atlanta-based GDP Now Forecasts ~1.2% GDP Growth in Q2:  While this number is also subject to revision when the official number comes out, and is contrast to Bloomberg’s 2.2% GDP growth estimate, it highlights a reduction in growth in Q2 versus Q1.
When contrasting the 1.2% GDP growth estimate versus the May inflation reading at 4.2% area, some economists point to negative growth in “real” inflation-adjusted terms and point to this being stagflation.   Marc weighs in on the conversation and is less convinced of the economy being in that kind of dire stagflationary pressure, and lays out the case for steady growth and how different segments of the economy are in different situations.
Inflation Expectations and Fed Policy: A few weeks after Fed Chair Kevin Warsh’s debut meeting, and after getting more comments from him this last week at the European Central Bank Forum, the market is pricing in a hawkish trajectory for the end of the year; with 1.5 hikes prices in. This is affecting the short-end of the bond yield curve, while the longer-dated treasury yields are flattening. Mark weighs in on the key takeaways in these trends as well as where "real" inflation-adjusted interest rates are coming in.
International Market Movers:  Widening the scope beyond US markets, we discuss interest rates, currencies, and stock markets abroad from Europe to Asia, and the trends and moves by specific countries that have Marc’s attention.
Mexico/Canada/America (“MCA”) Trade Agreement Goes To Annual Review: Marc highlights that now that July 1st deadline has come and gone, the MCA is still intact, but now goes to an annual renewal and review for the next decade.  This brings up the larger discussion around North American trade and economies of scale between the 3 countries, and the benefits of the MCA versus bilateral trade agreements.
Strait of Hormuz Supply Shock Effects Multiply: While the MOU for the ceasefire between the US and Iran is on unsure footing, there has been a significant drop in crude oil prices over the last couple of weeks, easing some future inflation expectations.  However, the resulting supply shock in fertilizers and pesticides, had an impact on farming in a year where the warmer weather effects from El Niño are anticipated to result in lower food yields.  This is one of the big themes Marc will be watching for the balance of this year and setting up for 2027.
 
Click here to visit Marc’s site – Marc To Market – https://www.marctomarket.com/
 
 
For more market commentary & interview summaries, subscribe to our Substacks:
 
The KE Report: https://kereport.substack.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 and hosts may own shares in companies mentioned.
 
 

Joel Elconin – Keep An Eye On The Violent Rotation Trade Under The Surface Of US Equity Markets

In this Daily Editorial on The KE Report, I chat with Joel Elconin, Co-Founder of the Pre-Market Prep Show and Founder of the Stock Trader Network, to discuss the “violent rotation trade” underneath the surface of the US equity markets.  His big takeaway lately has been that “leaders have turned into laggards, and the laggards have now turned into leaders.”
 
We picked it up where we left off last week where Micron Technology (MU) and SanDisk (SNDK) had blasted up after a nice earnings beat, but then dropped precipitously this week.
Micron got “Broadcom’ed” by the market… Joel points out that initially Broadcom (AVGO) had rallied on its earnings, before then getting taken out to the woodshed and beaten down over the last month.
 
There have been pockets of strength lately, due to a rotation trade out of MAG-7 leadership and out into select financial stocks, consumer staples, mixed retail, utilities, biotech (XBI), healthcare (XLV), but Joel advised caution in chasing these sectors much higher.
 
Another laggard trade, that has morphed into a leader trade has the been the small cap stocks as evidenced by the move in the Russell 2000 (IWM) for the last year, and picking up pace over the last few months.  
 
We discussed that some stocks, like Intel Corp (INTC), with a current forward PE ratio over 150, are making upside moves that normally take years in just a matter of days and weeks; and thus, their valuations are now priced to perfection far out into the future. 
His concern is the eventual assertion of gravity in the markets, where valuations actually start to matter again.
 
Oil prices have collapsed since the MOU was signed between the US and Iran, which is a bright spot for consumers and businesses alike, and it should help with the inflation readings moving forward.  However, Joel points out that if the WTI prices drop even lower and the trends shift over into a deflationary cycle, then that could roil the markets.
 
When probed about the potential rotation from growth into value in that kind of a scenario, Joel highlighted that this is what we are already starting to see under the surface of these markets, and that happens later in the cycle when traders get into a more defensive posture.
 
Joel flagged that his biggest concern at present is that the markets are content to focus on the benefits of the rotation trade, but if money quits pulling out of one asset class and plowing right back into another and instead just goes to the sidelines, then things could also morph into a “sell everything” market in the 2nd half of the year.  For this reason, his posture and general outlook is moving from neutral to bearish looking ahead to the balance of 2026.
 
Click here to visit Joel’s PreMarket Prep website – https://www.premarketprep.com/
 
Click here to visit the Stock Trader Network – https://www.stocktradernetwork.com/
 
For more market commentary & interview summaries, subscribe to our Substacks:
 
The KE Report: https://kereport.substack.com/
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/
 
 
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 and hosts may own shares in companies mentioned.
 

Brien Lundin – Emerging From The PM Market Malaise In Q2, and Looking Ahead To Better Seasonality and Sector News In Q3

In this Daily Editorial from The KE Report, I sit down with Brien Lundin, Editor of the Gold Newsletter and host of the upcoming New Orleans Investment Conference, to get his outlook on where we are at in the precious metals market, and why he believes the bottoming process is already underway here in the mid-point of the year.  We are transitioning from what was a very difficult correction in Q2, to a metals and mining prices that seem to have hit selling exhaustion and are bouncing up to kick off Q3.
 
While the short-term charts for gold have been under pressure, Brien highlights several under-the-radar shifts that suggest a market transition is underway in the PM complex.
Gold dipped briefly below $4,000 a few times, but didn’t stay there and quickly rebounded back up above that round psychological number each time. The last few days of June and first couple days of July have put some breathing room in between current prices and $4,000.
The Fed policy expectations went a bit too extreme in the hawkish camp, and Brien points out that eventually Kevin Warsh and the Fed will transition back to a more accommodative policy, using their task forces to define new readings on economic datapoint.
The stronger US dollar is not going to be the headwind some may expect, and is less relevant to the gold or silver price over the medium to longer-term than other macro trends.
We are entering an attractive window of seasonality, where often the lows in the PM sector occur between late July and early August and then rally for months into the Fall. While we could see a bit more continued price weakness, he sees that as a great spot to go shopping for companies on people’s watch lists.
 
The precious metals stocks are going to have a wave of positive news coming in Q3 from robust earnings in the producers, to cashed up exploration programs, resource estimate updates, and economic studies in the juniors.
Brien highlights the following companies as ones that have positive news catalysts on tap that he is keenly interested in following for H2: Prospector Metals Corp. (TSXV: PPP) (OTCQB: PMCOF), K2 Gold Corp (TSXV: KTOV) (OTCQX: KTGDF), Banyan Gold Corp. (TSXV:BYN)(OTCQB:BYAGF), Delta Resources Ltd (TSXV: DLTA) (OTC Pink: DTARF), and Auro Metals Inc. (TSXV: AURO) (OTCPK: AURFF).
 
Click here to learn more about the Gold Newsletter. – https://goldnewsletter.com/
 
Click here to learn more about the New Orleans Investment Conference on October 28-31. 
 
For more market commentary & interview summaries, subscribe to our Substacks:
 
The KE Report: https://kereport.substack.com/
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/
 
 
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 and hosts may own shares in companies mentioned.
 
 

Newcore Gold - PFS Rundown & High-Grade Drill Results

In this KE Report Company Update, I sit down with Luke Alexander, President and CEO of Newcore Gold (TSXV: NCAU / OTCQX: NCAUF), to break down the company’s crucial recent milestones at their flagship gold project in Ghana. Luke provides an overview of the key numbers in the newly released Pre-Feasibility Study (PFS). The conversation also highlights recent high-grade drill results expanding on the current resource base at the Enchi Gold Project. 
Key Discussion Points:
The Strategic Shift to a CIL Flowsheet: Why transitioning from a heap leach model to Carbon-in-Leach (CIL) maximizes gold recoveries and aligns with West African mining standards.
Project Economics: A high-level overview of the key numbers in the PFS, including after-tax NPV, IRR, and payback period.
Significant Gold Price Leverage: How the project's valuation scales when modeled against higher gold prices.
High-Grade Drilling Results: Insights into the latest drill holes from the Nyam deposit that demonstrate strong potential to expand the mine life.
 
If you have any follow up questions for Luke please email me at Fleck@kereport.com.
 
Click here to visit the Newcore Gold website. - https://newcoregold.com/
 
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For more market commentary & interview summaries, subscribe to our Substacks: 
The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/
 
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 or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Robert Sinn –Technical and Fundamental Setup In Gold, Silver, and Precious Metals Stocks Heading Into Q3

Robert Sinn, (aka Goldfinger on CEO.ca and CeoTechnican on X) and publisher of Goldfinger Capital on YouTube and Substack, joins me for another wide-ranging discussion on his technical outlook, fundamental factors that matter, and portfolio management strategies in this current setup in gold, silver, and precious metals stocks heading into Q3.
 
We start off reviewing the bearish technical action on the charts from the Q1 peaks in January and February to the support breaking to lower prices in Q2 through the end of June.  
 
Q2 had a very ugly bullish engulfing quarterly candle, which he just wrote about on Substack, but he also cautioned people that it doesn’t mean things are just going to go straight down from here.
Robert points out that selling compounded and Q2 closed up at max pessimism in the sector, and he noted that this is the type of environment where selling can become exhausted and where directional turns can happen.
Additionally, we noted the extreme low readings in sector sentiment, extreme low bullish breadth readings, and the weak seasonality factor, where the summer doldrums seemed to come early this year.
He highlights that turning over the calendar month & quarter can bring in different positioning from institutions, and that in seasonality terms, coming out of the US Independence Day long weekend can often set up a more constructive stretch in the PM complex for the next few months.
 
Next we addressed the fat margins that producers still had in Q2 and heading into Q3, despite the corrective moves in the metals and higher energy costs for the quarter, and  potentially compressing margins some from where they were in Q1.   We also outlined the constructive situation with regards to so many gold and silver explorers and developers being more cashed up than they have been in years, doing some of their largest work programs in years.  We are going to have flood of positive sector news over the next few months that could be the catalysts to bring more buying and interest into the junior PM equities.
 
Wrapping up we discussed a few portfolio management strategies, where pullbacks in quality companies can be good accumulation points.  Robert reiterated that investors should take inventory of what they own and why they own those stocks; shedding situations that are continually not working out, and focusing on their highest conviction stories that they have the best understanding of as their heaviest weightings. 
 
Follow Robert’s analysis on Substack
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https://ceo.ca/@goldfinger
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Click here to follow Robert on X/Twitter
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https://www.youtube.com/@GoldfingerCapital/videos
 
 
For more market commentary & interview summaries, subscribe to our Substacks:
 
The KE Report: https://kereport.substack.com/
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/
 
 
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 and hosts may own shares in companies mentioned.

Steve Penny – Chart Analysis Video – US Dollar, Silver, Gold, GDX, SILJ, SRUUF, URNM

Steve Penny, Founder and Publisher of The SilverChartist Report is back! Steve joins me in a wide-ranging discussion to rapid-fire through a number of monthly and daily charts and key technical analysis takeaways on: The US dollar, Silver, Gold, the VanEck Gold Miners ETF (GDX), the Amplify Junior Silver Miners ETF (SILJ), the Sprott Physical Uranium Trust (SRUUF), and the Sprott Uranium Miners ETF (URNM).
 
We also weave in macroeconomics, fundamental data on the focus commodities sectors, and approaches for using technical analysis to navigate fluctuations in investor sentiment.
 
To view the video segment of the interview, click the YouTube link below:
https://youtu.be/K27LeEaAswI
 
 
 
Click below to learn more about Steve’s Silver Chartist analysis & community:
https://silverchartist.com/plans
 
 
For more market commentary & interview summaries, subscribe to our Substacks:
 
The KE Report: https://kereport.substack.com/
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/
 
 
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 and hosts may own shares in companies mentioned.

Erik Wetterling - Value Proposition In Integra Resources, Irving Resources, and K2 Gold

The companies we discussed in the interview are: Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to review the value proposition that has his attention in 3 gold junior resource stocks, that have put out compelling news in the recent past and that have key alpha growth catalysts on tap in the medium-term.
 
 
 
Integra Resources Corp. (TSXV: ITR; NYSE American: ITRG) – On June 25, 2026, the Company announced the results of its updated Technical Report Feasibility Study and Life-of-Mine Plan for the producing Florida Canyon Mine located in Nevada. Less than two years after acquiring Florida Canyon for $68 million, Integra has transformed the operation into a larger, longer-life asset with a 74% increase in Proven and Probable Mineral Reserves, a 17% increase in annual gold production and active mining extended through 2033.
 
Irving Resources Inc. (CSE:IRV)(OTCQX:IRVRF)(FSE:1IR) – On June 25, 2026, the Company announced receipt of strong assay results from newly discovered feeder style mineralization at its Omu Sinter epithermal gold-silver project located in Omu, Hokkaido, Japan. Diamond drill hole 26OMS-002, a 53m vertical hole drilled near the eastern margin of the sinter target earlier this year, intercepted 0.98 gpt Au and 68.96 gpt Ag (2.06 gpt AuEq) over 47.7m beginning at the top of bedrock and continuing to the end of the hole.
 
K2 Gold Corporation (TSXV: KTOV) (OTCQX: KTGDF) – On June 25, 2026, the Company announced that it has commenced its 2026 exploration and 5,650 metre drilling program at the 100%-owned Mojave Project in Inyo County, California.  K2 has commenced an initial drilling program with the approved Plan of Operations providing for up to approximately 14,000 metres of drilling across the Eastern Target Area and will be following up on prior compelling drill results from 2020 and 2021.
 
* In full disclosure, some companies mentioned by Erik in this interview, are positions held in his personal portfolio, and also may be site sponsors of The Hedgeless Horseman website at the time of this recording.
 
Click here to follow Erik’s analysis over at The Hedgeless Horseman website
 
In full disclosure, Shad is a shareholder of Integra Resources at the time of this recording, and may choose to buy or sell shares at any time.
 
 
For more market commentary & interview summaries, subscribe to our Substacks:
 
The KE Report: https://kereport.substack.com/
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/
 
 
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 and hosts may own shares in companies mentioned.

Amex Exploration – CAD$80 Million Capital Raise, Pathway Towards Bulk Sample Mining and Production For 2027, and Phase 1 Commercial Production in 2028

Victor Cantore, President and CEO of Amex Exploration Inc. (TSX.V: AMX) (OTCQX: AMXEF) (FSE: MX0), joins me for a big picture update on their transition to development and near-term production at it flagship Perron Gold Project, located in Quebec, Canada.  The Company will be changing its name to Amex Gold Mining Inc. in early July to reflect this transition into a developer/producer over the next 2 years; but will also be maintaining a 100,000 meter drill program, so there is still the dual-focus on exploration as well.
 
On June 18th, the Company announced the completion of the final tranche of the oversubscribed "best efforts" private placement for C$80Million, where Eldorado Gold maintained their 27% stake, and they have received receipt of the key permits for the upcoming bulk sampling program.  We discussed how the bulk sample will achieve multiple goals of learning about the actual grade and metal recovery reconciliation measured against the metrics outlined in the positive Feasibility Study for the 5 years of commercial Phase 1 production at the project. The bulk sample will have an initial capital outlay of around C$50Million, but after processing ~40,000 tonnes via toll-milling at a nearby plant; and producing around 23,000-28,000 ounces of gold, this will generate revenues more than double that capex.
 
We discussed how the market does seem to fully appreciate or value that the Company will be mining and producing metals and revenues by the end of 2027.  Additionally, Victor points out that the portal and decline/ramp development utilized in this upcoming bulk sample is the exact same plan envisioned in their economic study, and will shave all that capital, development work, and time off the front-end of Phase 1 development, providing a faster organic natural transition in Phase 1 commercial mining in 2028 simply by extending that ramp further into the mine.
 
We then discussed the even larger strategy where the revenues generated from the bulk sample in 2027, followed by the 4-5 years of DSO toll-mining in Phase 1, will then fund the exploration and development work that feeds into the Phase 2 studies.  Phase 2 will envision the move into a larger production scenario building a processing plant on site, from the robust revenues projected during Phase 1.
 
In addition to all the development slated for this year, the company is pressing forward with an aggressive 100,000 meter drill campaign, continuing to delineate and expand resources at the main Perron Project; while also beginning to explore on their expanded land package across the provincial border into Ontario.  The company has substantially increased their land holdings through a combination of staking claims and the 2 recent acquisitions of the Perron West and the Abbotsford/Hepburn properties.
 
Click here to follow the latest news from Amex Exploration
 
If you have any questions for Victor regarding Amex Exploration, then please email them into me at Shad@kereport.com.
 
 
In full disclosure, Shad is a shareholder of Amex Exploration at the time of this recording, and may choose to buy or sell shares at any time.
 
 
For more market commentary & interview summaries, subscribe to our Substacks:
 
The KE Report: https://kereport.substack.com/
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/
 
 
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 and hosts may own shares in companies mentioned.

Darrell Fletcher - Mid-Year Commodity Market Correction & H2 Outlook: Oil, Gold, Silver, Copper, Aluminum

In this Daily Editorial, I sit down with Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, to provide a comprehensive, trading-desk perspective on the recent broad-based correction across the commodity complex. As the markets reach the half-year mark, Darrell breaks down the technical and fundamental forces driving recent sell-offs and what investors should watch heading into the second half of the year.
Key Discussion Points:
Broad-Based Market Correction: An overview of the recent sell-off across energy and metals, examining whether this indicates the end of the long-term commodity bull market or a healthy, constructive pause.
The Energy Complex & WTI Crude: A look at the bearish and bullish factors impacting oil as it tests key moving averages, alongside the market's reaction to regional conflicts and global supply disruptions.
Natural Gas Trends & Seasonality: Analysis of the current range-bound natural gas market, record temperatures in Europe, shifting US weather patterns, and the latest storage data.
Precious Metals & Gold's Psychological Floor: A deep dive into gold and silver's sharp corrections, the influence of a hawkish Federal Reserve, and how the $4,000 level is acting as a major technical support zone.
Base Metals Resilience & Copper Tariffs: An exploration of why copper remains the strongest major commodity despite broader base metal sell-offs, and what the upcoming tariff decisions mean for the market.
 
Click here to learn more about Bannockburn Capital Markets  - https://www.bannockburnglobal.com/
 
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For more market commentary & interview summaries, subscribe to our Substacks:
The KE Report: https://kereport.substack.com/
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/
 
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 or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.