The KE Report

Dave Erfle - Gold Volatility, Miners Lag, and M&A This Week

We’re joined by Dave Erfle, Founder and Editor of Junior Miner Junky, to break down the latest surge and correction in the gold price, and how investors should be reading the signals from gold stocks.
 
Key topics covered:
Market-wide volatility and gold’s role as the only true safe haven
Why miners sold off even as gold peaked, and what that signals
Expectations for Q1 earnings: Will high margins attract new interest?
Why M&A activity is heating up but still largely driven by Asian firms
Context on the sector’s size: Market value has been growing fast
Dave also highlights recent takeovers like Lumina Gold and Triple Flag’s acquisition of Orogen, and explains why generalists may soon rotate into miners as broader markets stay unstable.
 
Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter. 
 

Erik Wetterling – PM Stocks Have Muted Reaction To Record High Gold Prices Above $3400

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to discuss gold’s standout role as a safe haven, amidst the extreme market volatility; and how all of this is translating into muted reactions in gold stocks to their improving economics and the rerating opportunities present at current valuations.
 
–> Key themes covered in this interview:
 
The gold price rose to record highs again today over $3,440, on the back of global uncertainty and a continued selloff in US general equity markets. Every market was down today expect for gold, and to a lessor extent, silver.
 
We note the odd market action where a number of prominent precious metals producers sold off for a big portion of the day, with their margins continuing to expand, only clawing their way higher towards the end of the trading session.
 
Many development projects with gold as primary or contributing input and expanding economics, were also selling off during much of Monday’s trading session, with some recovering in the final hour of trading.
 
The importance of market psychology and investor sentiment trends into price moves; noting that some investors may not believe this move higher in metals prices is going to stick or have become too fearful to take actions. Other investors may be concerned by the selling in other markets, and thus they have been pulling profits on one of the few sectors in the green this year.
 
A nuanced look at why we aren’t seeing a much bigger increase in merger and acquisition deals across the spectrum of gold companies. We do note the takeover deal announced today though, where Lumina Gold Corp. (TSXV: LUM) (OTCQB: LMGDF) is being acquired by CMOC Singapore Pte. Ltd.
 
Reflections on how profitable even the Tier 2 and Tier 3 gold mines are at present, and the amount of M&A that has focused around Tier 2 and Teir 3 gold projects the last few years. Despite the retail obsession with discussing Tier 1 deposits, at the exclusion of everything else, there really are very few assets of this size and scale. There are plenty of opportunities available to investors further down the spectrum of projects that may still have large valuation disconnects.
 
Click here to visit Erik’s site – The Hedgeless Horseman

Craig Hemke – Gold Breaks $3,400 as Global Markets Unravel

Craig Hemke, founder and editor of TF Metals Report, joins us to break down an increasingly chaotic market environment where gold surges while nearly everything else sells off.
 
With the S&P 500 down over 3%, the U.S. dollar dropping 11% in 100 days, and bond yields rising, Craig unpacks what’s driving this unprecedented divergence, and why gold continues to be the major winner.
 
Key themes we cover:
 
Capital flight out of U.S. assets and the breakdown of traditional “safe havens”
Why this gold move feels different from any in recent memory
Gold stocks lagging despite surging margins at $3,400 gold
The potential setup for silver to play catch-up as the gold-silver ratio holds above 100
Whether gold stocks could finally decouple from silver and get re-rated on fundamentals
 
Craig also shares insights on the Commitment of Traders (COT) report, revealing gold’s rally is not driven by overcrowded hedge fund positioning, but possibly a commercial short squeeze.
 
We close with a look at what gold miners might do with these outsized margins; M&A, dividends, buybacks, or development spending, and whether generalist capital will finally rotate into the sector.
 
Click here to visit Craig’s website - TF Metals Report

Maple Gold Mines - First Drill Holes Of 10,000m Program, Step-Out Success at Nika Zone and New High-Grade Targets Emerging

Kiran Patankar, President and CEO of Maple Gold Mines (TSX-V: MGM - OTCQB: MGMLF - FSE: M3G), joins me for a deep dive into the initial results from the company’s 10,000 meter drill program at the Douay Gold Project in Quebec’s Abitibi Greenstone Belt.
 
On April 3rd, Maple released initial drill results highlighted by 2.0 g/t gold over 108 meters at the Nika Zone, a 300-meter down-plunge step-out from a hole drilled four years ago. This intercept is especially notable given that the Nika Zone currently accounts for just 7% of the current 3Moz resource.
 
Key discussion points include:
 
The geological significance and follow-up plans at the Nika Zone, now the top priority with two rigs turning ahead of spring breakup
Additional high-grade intercepts from the Porphyry East Zone, including 15.5 g/t Au over 1m, suggesting potential beyond classic porphyry expectations
Broader strategy across the 6x2 km Douay footprint, including near-resource and regional targets
How Maple is positioning Douay as a multi-million ounce, scalable asset, with underground bulk tonnage and open-pit development scenarios being explored.
 
The path to a potential resource update later this year and early engineering studies to assess development optionality
 
Please email me your follow up questions for Kiran. My email address is Fleck@kereport.com
. 
Click here to visit the Maple Gold Mines website to learn more about the Company. 
 

Banyan Gold - Fully Funded 30,000m Drill Program Underway at AurMac

Tara Christie, President and CEO of Banyan Gold (TSX.V:BYN - OTCQB:BYAGF), joins me to provide an in-depth update on the 2025 drill program at the company’s flagship AurMac Gold Project in the Yukon. The drills are now turning with over 30,000 meters planned.
 
Banyan is fully funded with $24M in the treasury, and this year’s campaign is designed to advance both near-resource and blue-sky targets while feeding into an updated resource and a Preliminary Economic Assessment (PEA) planned for Q4.
 
We discuss:
Three primary objectives of the drill program: high-grade definition, near-resource expansion, and regional discovery.
Potential to add and upgrade ounces around the current 7Moz gold resource.
Balancing timing between a resource update and the required PEA due by the end of 2025.
Market sentiment, share liquidity improvements, and valuation potential vs. Yukon peers.
 
If you have any follow up questions for Tara please email me at Fleck@kereport.com. 
 
Click here to visit the Banyan Gold website.

Peter Krauth – Pro Tips On Investing In Junior Silver Stocks – Cerro de Pasco, GoGold, Discovery, and Kingsmen

Peter Krauth, author of the book The Great Silver Bull and editor of the Silver Stock Investor newsletter, joins me for a wide-ranging discussion on the macroeconomic factors continuing to move the precious metal sector, and some pro tips on investing junior silver stocks. 
 
This is a longer-format conversation where we cover many areas of consideration like the recent extreme market volatility, the positioning from countries and investors in front of the coming Trump administration tariffs, and gold acting as the sole safe haven when the US dollar and bonds did not.  We also review whether the gold:silver ratio will compress, favoring a catchup trade in the silver price to higher levels, despite some concerns regarding the global economic concerns pulling on its industrial component.  We also review the lagging effect in the SILJ share price to higher and higher silver prices.
 
During the conversation, Peter and I discuss a number of silver companies which include:  Cerro de Pasco Resources Inc. (TSX.V: CDPR) (OTCQB: GPPRF),  GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF), Coeur Mining (NYSE: CDE), First Majestic Silver Corp. (NYSE: AG) (TSX: AG), Discovery Silver Corp. (TSX: DSV, OTCQX: DSVSF), and Kingsmen Resources Ltd. (TSXV: KNG) (OTCQB: KNGRF).
 
 
In full disclosure, Shad holds positions in GoGold Resources, Coeur Mining, and Discovery Silver at the time of this recording, and may buy or sell shares at any time.
 
Click here to visit Peter’s site and follow along with his analysis of the silver sector
 
Click here to subscribe to Peter’s free subscription service at the Silver Advisor

Weekend Show - Mike Larson & Matt Geiger - Slow Money Shift Out Of The US, Gold The Major Beneficiary

Welcome to the KE Report Weekend Show! 
 
This week, we explore the growing shift of capital out of the U.S., impacting both equity and bond markets. Investors remain defensive, with gold emerging as the clear winner while the U.S. dollar continues to weaken. We also dive into the ongoing outperformance of gold stocks and where the best opportunities may lie in the current environment.
 
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 - Mike Larson, Editor-in-Chief at MoneyShow, kicks off the show outlining how market volatility, US policy uncertainty, and the erosion of traditional safe havens are fueling a powerful move into gold and potentially marking the beginning of a multi-year rotation out of US assets. He discusses how global capital appears to be shifting from US dominance toward international markets and hard assets, especially precious metals, and warns that this may not be a short-term trend but the early stages of a generational market transition.
Click here to find out about the upcoming MoneyShow conferences. 
 
Segment 3 & 4 - Matt Geiger, Managing Partner at MJG Capital, wraps up the show outlining how tariffs, geopolitical shifts, and safe haven demand are reorienting global capital flows and driving renewed interest in gold, critical minerals, and select junior miners. He discusses how the end of U.S. equity dominance could redirect trillions into commodities, why rare earth processor Neo Performance Materials is a top conviction pick, and how strong insider buying and selective junior exposure are shaping his current fund strategy.
Click here to visit the MJG Capital website to learn more about Matt’s fund.
 

Joel Elconin – Trading The Volatility Within Select Market Sectors And Preparing For Bifurcated Reactions To Q1 Earnings Guidance

Joel Elconin, co-host of the PreMarket Prep show and founder of the Stock Trader Network, joins us to recap this last week in the markets. We’ve seen a continuation in volatility across U.S. markets, so Joel breaks down the key drivers and thoughts on trading select sectors like tech, healthcare, airlines, hotels, and gold, and looks ahead to the coming bifurcation in reactions to Q1 earnings guidance.
 
We start off looking at the whipsaw moves lately in general US equities, and Joel provides some technical levels that have his attention.   He highlights the recent price action moves in Apple as an example of a company pulled between company fundamentals, the impacts of tariffs and tariff exemptions to their international manufacturing model, and what it may look like if it tried to reshore its factories here in the US.  This brings up the larger topic of how difficult it is for many companies to forecast or make plans in this on-again / off-again tariff policy environment, where some components or sectors get exemptions and others do not.
 
Next we pivot over to Jerome Powell’s perceived bearish comments on the economy, inflation, jobs, and the macroeconomic data mid-week, and how those further roiled the markets.  We discuss the current tug-of-war between the Feds’ monetary policy and the government’s fiscal policies, and what this all means for the health of the economy moving forward.
 
We then broadened the scope to review the trading and price levels to watch in other select stocks within tech, financials, healthcare, airlines, and hotels.  We note discuss the very different reactions we are seeing to some companies news and guidance if it is better than expected or the crushing results if it disappoints.   Joel offers his thoughts on how traders may react to this coming earnings season with regards to pulling profits, scalping deals, or reducing market exposure around key newsflow.  
 
Wrapping up we discuss the momentum and strength seen in gold, which broke to all-time highs again mid-week, and why it continues to separate from most other asset classes as the refuge from the volatility, even more so than other traditional safe havens like bonds or the US dollar.   Joel also weighs in on Google once again being ruled to be monopolistic by a federal judge for the second time in less than a year.
 
Click here to visit the Stock Trader Network.
 
Click here to visit Joel’s PreMarket Prep website.

Dana Lyons - Market Volatility, Dollar Breakdown Risks, and What Sectors Are Showing Strength

Dana Lyons, Fund Manager and Editor of The Lyons Share Pro joins us for a timely update on the ongoing market volatility and the internal signals his models are flashing.
Despite ongoing swings, Dana’s models, which have been negative since December, suggest the recent washout could mark the beginning of a base-building process. He highlights potential for an intermediate-term rally if key resistance levels are reclaimed, supported by improving sentiment, breadth, and momentum divergences.
 
We also explore:
 
How the volatility spike and market pullback compares to 2020, and why this setup is different.
The critical support zone in the US Dollar (DXY) and what a break below 99 could signal.
Dana’s trading strategy in panic-driven markets: Staying hedged, staying active, and identifying relative strength.
Early signs of leadership from defensive sectors (utilities, staples, insurance) and even international names like Argentina.
 
Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services. 

GoGold Resources - Comprehensive Overview Of Their Silver And Gold Production And Development Assets In Mexico

Brad Langille, President & CEO, of GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF), joins me for a comprehensive overview of this Canadian-based silver and gold producer focused on operating, developing, exploring high quality projects in Mexico. We delve into their producing Parral Tailings mine, in the state of Chihuahua, but then focus most of the discussion on their flagship Los Ricos South and Los Ricos North development and exploration projects in the state of Jalisco.
 
We kick off the conversation with an operations update from their Parral Tailings mine, where production in 2024 was 1.5 million silver equivalent (AgEq) ounces. We discuss why this number may grow in 2025 with the commissioning of a new zinc circuit in January of 2025, which improves the precious metals and base metals recoveries at the processing center; while recycling and conserving the cyanide for the leach cycle, as a key cost input. Brad points out just how important the cleanup of these historic tailings, through their ongoing production, has been to the local community over the last decade; and how significant these initiatives are in a broader sense within Mexico from a social license standpoint.
 
Next we review the delineated mineral resources and project economics for their flagship Los Ricos South and Los Ricos North Projects.
Los Ricos South – 108.6 million ounces AgEq Indicated + 16.2 million ounces AgEq Inferred
Los Ricos North – 87.8 million ounces AgEq Indicated + 73.2 million ounces AgEq Inferred
 
Los Ricos South is shovel-ready, has a Definitive Feasibility Study in place, and is just waiting on the permit to begin construction.  There is a 24-month build, and then 6 months of ramp-up production estimated to get to full commercial production.   The Feasibility Study (using a base case silver price of US$26.80/oz, gold price of US$2,330/oz and copper price of
US$4.00/lb) outlined an after-tax net present value (“NPV”) (5%) of US$355 million with an After-Tax IRR of 28%.   Using a metals price assumption of silver at $30/oz and gold at $2,608/oz, NPV (5%) of US$469 million with an After-Tax IRR of 34%.  Brad shares in the interview how much more that grows using today’s spot prices at $32 Silver and $3,300 gold, and clearly this is an economic project to build.
 
Additionally, there is some compelling exploration the team has been doing outside of the existing resources, based on historical data that has been analyzed and some recent scout holes that have hit the anticipated geological structure, which demonstrate the potential to delineate another large mineralized area that has never been mined.   Brad highlights how significant that would be, once the sunk costs and infrastructure was already in place, to then outline essentially a whole other body of mineralization to mine beyond the existing resources.
 
Next we talk about the schedule of production growth over the next 5 years, as Parral and Los Ricos South is eventually augmented by more production from Los Rico North.  Brad outlines a solid trajectory for the Company for the next handful of years, highlights their strong financial position, and key institutional and insider ownership of the stock.
 
If you have any follow up questions for Brad on GoGold Resources, then please email me at  Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of GoGold Resources at the time of this recording and may choose to buy or sell shares in the market. 
 
Click here to follow the latest news from GoGold Resources