The KE Report

[Recorded November 6th, 2026] - John Rubino, author and commentator on {Substack https://rubino.substack.com/}, joins us for another wide-ranging discussion around the macroeconomic and geopolitical forces at play, both domestically and internationally.  We get John’s outlook on key commodities like gold, silver, copper, uranium, and oil; and what kinds of resource stocks that he is animated by in this environment.
 
We start off dissecting how macroeconomic trends have shaped the pricing response in a number of sectors over the course of this year.
Much of the US economic data seems robust – be it in jobs numbers, GDP growth, or manufacturing, but he points out the numbers need to be analyzed closely as they can be misleading.
Under the surface it is really a direct result of government spending and A.I. datacenter buildouts that are masking the underlying issues in the rest of the economic data.
Bonds and interest rates, have been key forces shaping markets all year, and he notes that the return of the bond vigilantes response to economic factors pushed rates higher which pressured the precious metals.
Russian central bank selling of gold to fund their conflict in Ukraine and navigate trade sanctions has been another pressure on the monetary metals.
John still believes will all the forces at work that gold is in a longer-term bull market that may be heading as high as $15,000 gold eventually.
 
With regards to the gold and silver stocks, John is still utilizing low-ball “stink bids” to accumulate high-quality PM mining companies as their valuations drop.
He points out that while Q4 is likely still going to be a very good earnings quarter for the quality gold and silver producers, and he is interested in accumulating positions he missed on the way up, or adding to existing positions in the better operators.
Looking ahead to 2027, he does share the concern that when Q1 numbers get compared back to Q1 of 2026, that negative year-over-year comparables could pressure the miners at that time.
John also points out looking at the potential smaller producers or advanced developers that may become merger and acquisition targets for the seniors.
Due to increasing market risk, he is less animated by positioning in the earlier-stage explorers trying to make a discovery, but sees the rationale in adding to the highest quality advanced explorers during this pullback, due to their potential to see outsized gains in a reversal of market sentiment.
 
 
Turning over to the sweep of the legislative branch by the Democrats:
 
John points out that this will just enable even more runaway spending, and higher amounts of sovereign debt, until it becomes unserviceable by these higher interest rates. He sees that as being a positive for gold.
There will be more policy pushback against the buildout of A.I. datacenters, but John points out that despite the reduction of overall demand, that there was not ever going to be a way to build out everything that was proposed anyway; due to limitations in power, water, and the raw materials necessary.
 
This discussion on curtailed  A.I. datacenters led into the weakness seen the last couple months in commodities tied into that narrative like copper and uranium.
John points out that the longer-term bullish copper supply/demand fundamentals did not require the hyperscalers buildout of datacenters, but that clearly there has been sympathetic selling pressure as the AI trade has faded.
He points out that regardless of that AI datacenters narrative that demand was already present just for the much-needed updates for the electric grid, and to accommodate the continued buildout of more EV charging stations and capacity.
He also mentions the issues the mining sector has had in bringing more meaningful supply into the markets, as another factor underpinning a larger structural bull market in copper.
John had many of the same comments with regards to uranium and nuclear power, which had constructive supply/demand fundamentals, before AI datacenters narrative were attached to the trends in trading.
The demand was already present for more uranium than the industry is able to supply over the next 5 years, just for refueling the existing global fleet of nuclear power reactors, and all the additional reactors still under construction.
With regards to copper and uranium stocks, he wants to look for producers that can grow production, or developers with projects of significance.
 
Wrapping up we got John’s take on the traditional energy sector, in lieu of continued conflict in the Middle East and Persian Gulf, and how it may play into rising inflation.
John believes it wise to have some exposure to oil stocks in one’s portfolio, for the higher dividends that get paid out, regardless of trying to anticipate the sector price trends.
He is content to be in quality senior operators like Exxon and Occidental Petroleum, but is concerned about things can change suddenly due to geopolitical policies or crises.
 
  
Click here to follow John’s analysis and articles over at Substack
 
 
For more market commentary & interview summaries, subscribe to our Substack reports:
 
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.

Welcome to this Daily Editorial on The KE Report. Joining the show is regular Monday guest Craig Hemke, Founder and Editor of TF Metals Report. In this episode, we evaluate the post-midterm rally across precious metals and mining equities following the late-October lows. Craig breaks down the technical action, fundamental drivers, and key macro catalysts steering gold, silver, and resource stocks into year-end.
 
Key Discussion Points:
Late-October Washout vs. V-Shaped Recovery: A look back at the steep washouts in gold and silver heading into Halloween and the sharp, multi-day technical rebound that followed.
Crucial Levels to Watch on Gold and GDX: Why moving averages, gap-fills, and overhead price benchmarks, including $90 on the GDX, are essential milestones for confirming trend sustainability.
Margin Expansion for Producers: How retreating crude oil and energy costs combined with recovering metals prices are setting up mining companies for improved fourth-quarter operational margins.
Silver’s Price Action and ETF Divergence: Analyzing silver’s retracement to long-term historical support around $48, subdued open interest, and the differing setups between physical metals and miners.
Bond Yields, Inflation Data, and Fed Policy: What peak market-based interest rates and Treasury curve dynamics signal for future rate decisions and liquidity across commodities.
Midterm Impact and the Critical Minerals Sector: Examining whether shifting political dynamics will affect mining permits, and why severely battered rare earth equities may offer contrarian setups.
 
Click here to visit Craig’s website - TF Metals Report - https://www.tfmetalsreport.com/
 
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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 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.

In this Company Update, I chat with Ryan O’Regan, Chief Executive Officer, and Roy Greig, Vice President of Exploration, of Getty Copper Inc. (TSX-V: GTC | OTCQX: GTCDF). We discuss the company’s recent news from the Getty Copper Project, in British Columbia’s Highland Valley copper district. Recent news includes drill results, aggressive program scaling, and the closing of a bought deal financing:
New Discoveries at Getty South: Insight into the geological significance of recent step-out drilling that intersected wide mineralized envelopes and high-grade copper outside the previously defined geophysical anomaly.
Expanding the Drill Campaign: The strategic decision to flex the program up to 20,000 meters and deploy multi-rig drilling across high-priority targets.
Building a District Pipeline: Why exploration focus is broadening beyond Getty North and South to include other high-potential targets.
Treasury Strength and Flow-Through Capital: How an oversubscribed $15M financing positions the company with roughly $1M per month in exploration deployment through next year.
Corporate Vision & Catalyst Outlook: The milestones guiding upcoming news flow, including winter drilling operations, pending drill permits, and progress toward a updated Mineral Resource Estimate.
 
Feel free to email us with any follow up questions for the team at Getty Copper. My email address is Fleck@kereport.com.
 
Click here to visit the Getty Copper website - https://gettycopper.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 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.

On today’s Daily Editorial, Cory and Shad welcome TG Watkins, Director of Stocks at Simpler Trading and Editor of the Profit Pilot website. With post-election crosscurrents driving aggressive repricing across asset classes, TG breaks down how institutional capital is shifting out of crowded trades and into overlooked corners of the market. He outlines actionable strategies for trading counter-trend bounces, the realities of leveraged ETF mechanics, and how long-term chart structure separates real breakouts from short-lived noise.
Post-Election Sector Rotations: Why extreme money flow shifts between mega-cap tech and defensive value plays are creating high-probability inflection points.
Big Tech vs. CapEx Pressures: How potential regulatory hurdles and reduced data center buildout spending could paradoxically boost free cash flow for dominant hyperscalers.
The Pitfalls of Leveraged ETFs: Why instruments like SOXL suffer from severe performance slippage during sharp pullbacks rather than typical options-style time decay.
Precious Metals and Copper Under Review: Critical moving average levels and structural hurdles currently facing GLD, GDX, and COPX.
Emerging Consumer and Energy Themes: How softening energy prices could redirect purchasing power back toward consumer-facing names, retail, and renewables.
Separating Trends from Noise: The exact multi-timeframe chart criteria required to confirm sustained institutional accumulation versus a bear market rally.
Stocks, Sectors & ETFs Mentioned:
Equities: MU, GOOGL, META, WMT, HD, SMG, OTIS, PG, CL, TOST, IREN, GLXY, CAVA, CART, LYFT, TGB
ETFs & Indices: QQQ, SMH, SOX, SOXL, RSP, XLP, XLV, GLD, GDX, GDXU, COPX, CPER, TAN, FAN, TNX
 
Click here to visit TG’s site - Profit Pilot - https://www.profit-pilot.com/
 
Click here to visit the Profit Pilot YouTube page - https://www.youtube.com/@Profit-Pilot 
 
-------------------------
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.

In this company update, Cory chats with Tim Clark, President and CEO, along with Valérie Doyon, Vice President, Geology, of Fury Gold Mines (TSX: FURY | NYSE American: FURY). I have them recap the recent high-grade drill results from both Eau Claire and Committee Bay and look ahead to upcoming drill results, an updated resource and PFS out of Eau Claire.  
Eau Claire Phase 2 Drilling Progress: A look into the ongoing 25,000-meter diamond drill program designed to upgrade inferred resources into higher-confidence categories and extend mineralization.
High-Grade Intercepts & Geologic Continuity: Key initial assay returns from Eau Claire, including notable intercepts that reinforce the deposit’s geologic model and depth potential.
Resource Update & PFS Timelines: How incoming drill data is feeding into the upcoming year-end resource update and setting the stage for a Pre-Feasibility Study (PFS) in early 2027.
Committee Bay Exploration Results: An overview of the initial infill and extensional assay results from the Agnico Eagle-backed drill program along Nunavut’s 300-kilometer greenstone belt.
Long-Term Quebec Strategy & Development Path: The broader vision for advancing Eau Claire toward mine development while balancing regional exploration upside and strategic industry partnerships.
 
If you have any follow up questions for Tim or Valerie please email me at Fleck@kereport.com. 
 
Click here to visit the Fury Gold Mines website to learn more about the Company and read over the recent news - https://furygoldmines.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 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.

In this Daily Editorial, Cory and Shad chat with Marc Chandler, Chief Market Strategist at Bannockburn Capital Markets and editor of the Marc to Market website. Marc breaks down the sharp market reactions following midterm elections, evaluating whether current asset moves reflect genuine trend reversals or knee-jerk sentiment across global equities, fixed income, energy, and foreign exchange markets.
Post-Election Tech Pressures and the AI Narrative: How local ballot initiatives targeting data centers combined with broader sector fatigue to trigger steep weekly declines in semiconductor equities.
Energy Market Pullback and Geopolitical Skepticism: Why crude oil dropped sharply following political shifts and whether markets are prematurely pricing in an immediate de-escalation of overseas conflicts.
Bond Market Dynamics and Falling Treasury Yields: A look into what has fueled a multi-week retreat in long-term yields despite resilient headline economic readings.
The Federal Reserve's Policy Path: How strong employment figures and incoming inflation metrics influence the likelihood of a December rate hike and the trajectory for future meetings.
Macro Policy Continuity and the US Dollar Outlook: Why persistent budget deficits, tariff frameworks, and international growth differentials point to continued greenback resilience.
 
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/ 
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.

As midterm political shifts collide with global structural deficits, CPM Group’s Jeff Christian and Energy Prospectus Group’s Dan Steffens explain why paper sell-offs are masking massive physical realities in precious metals and energy. 
 
Segment 1 & 2 - Jeff Christian, Managing Partner at CPM Group, kicks off the show discussing how gold and silver are poised to resume their long-term secular bull market following a 10-month decline. He attributes this anticipated rebound primarily to escalating global economic, financial, and political turmoil, as well as private investor demand, rather than to traditional macro correlations or central bank purchases alone. 
Click here to visit the CPM Group website to learn more about the firm - https://cpmgroup.com/
 
Segment 3 & 4 -Dan Steffens, President of the Energy Prospectus Group, discusses the recent sharp pullback in oil prices, emphasizing that tight physical supply fundamentals and strong corporate balance sheets remain intact despite market volatility. He highlights investment opportunities in dividend-paying royalty companies like Viper Energy, analyzes growth trends and M&A potential in the Canadian energy sector, and outlines catalysts for the natural gas market, including winter weather demand and expanding LNG export capacity.  
Click here to visit the Energy Prospectus Group website for more energy market and stock analysis - http://www.energyprospectus.com/
 
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:
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.

Shawn Howarth, President and CEO of Excellon Resources (TSXV:EXN) (OTCQB:EXNRF)(FRA:E4X2), joins me to celebrate the milestone of initial concentrate revenues generated during pre-commissioning at its 100%-owned Mallay Silver-Lead-Zinc Mine in central Peru. During the quarter, the Company completed three test milling campaigns at the Mallay concentrator and has selected a new mining contractor to lead the next phase of the mine's ramp-up.  We go on to discuss those next phases of ramp-up process into commercial production during H1 of next year, the exploration targets at Mallay and Tres Cerros, and other corporate derisking initiatives.
 
Highlights:
 
First revenues received: US$4.4 million has been collected to date on the initial concentrate shipments under the Company's offtake agreement with Glencore.
Three Pre-Commissioning Milling Campaigns Completed: 19,884 tonnes processed and 52,860 ounces of silver recovered in concentrate since restart of the mill. Recoveries continue to improve, achieving 84% for silver, 84% for lead and 81% for zinc, reflecting ongoing refinements during the pre-commissioning period.
Target is to Achieve 600 TPD Ramp-Up by Mid-2027: The Company's objective is to reach the 600 tonne-per-day rated capacity of the mill by mid-2027, with the ramp-up schedule to be confirmed in the updated mine plan for year-end.
Updated Mineral Resource Estimate: SGS has been engaged to update its previous mineral resource estimate based on a new geological and resource model incorporating the calc-silicate and other previously unmodeled mineralized zones. The updated estimate, targeted for end of this year, will also include up to 27 new drill holes and all new mine channel sampling in the vicinity of the 4090 level.
Updated Mine Plan Expected for Year-End: SRK Consulting continues to incorporate the new modelling into an updated block model. The resulting plan will set out targeted mine production for the next two years.
DHEM Drilling Program Advancing: The first hole intersected a skarn-altered halo with anomalous copper at approximately 600 metres depth, indicating the presence of a mineralized skarn system below the currently drilled extent of the Isguiz vein. Assay results to date are anomalous in copper and silver. A second hole is currently at a depth of approximately 800 metres, and planned downhole electromagnetic survey will guide follow-up drilling. Results of this drilling will be reported separately as they are received.
400 Ramp: The main accessway below the 4090 Level is now dewatered to the point where rehabilitation can begin. Rehabilitation of the 400 Ramp is the next step toward providing access to areas of the Mine below the 4090 Level.
Drilling Underway: Three drill rigs are active, targeting confirmation drilling at depth and near-mine exploration.  Results will be reported separately.
 
 
We then briefly review the value proposition and optionality across their other 3 projects:  Tres Cerros, Kilgore, and Silver City.   Shawn points out there will be a lot of news to announce over the balance of this year and into early next year from exploration to operations at Mallay, the spin-out of Silver City, and exploration targeting at Tres Cerros and Kilgore.
 
Click here to follow the latest news from Excellon Resources
 
 
For more market commentary & interview summaries, subscribe to our Substack reports:
 
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.

In this Company Update, we welcome Nick Appleyard, President and CEO of TriStar Gold (TSX-V: TSG | OTCQB: TSGZF). Nick joins Cory to break down the November 6th news release detailing an interim ruling from the Brazilian court concerning the preliminary environmental license (LP) for the flagship Castelo de Sonhos Gold Project. He clarifies what the court’s decision actually means for project development, addresses common market misconceptions, and outlines upcoming operational milestones.
Understanding the Brazilian Court Interim Ruling: Discover why management views this decision as an alignment of interests rather than a setback, and how it clarifies the legal framework required before construction permits can be issued.
Provisional Suspension vs. Cancellation: An essential distinction explaining why technical programs, baseline activities, and feasibility work can proceed without interruption while construction licensing is paused.
Indigenous Studies & Consultation Timelines: Insights into the planned Indigenous Component Study (ECI) and Free, Prior, and Informed Consent (FPIC) process, including expected timelines and community proximity.
Upcoming Infill Drilling & Feasibility Catalysts: A look at what to watch for in early Q1, including contractor bidding, site team expansion, and critical path items for the upcoming feasibility study.
Project Economics & Treasury Strength: A recap of the current resource base, post-tax economics from the last economic study, and the company's current cash runway to fund operations.
 
Click here to visit the TriStar Gold website to read over today’s news. 
 
Email me any follow up questions for Nick - Fleck@kereport.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 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.

In this Company Update, Cory chats with Mike Burke, Director and Vice President of Corporate Development at Sitka Gold Corp. (TSX-V: SIG | OTCQB: SITKF | FSE: 1RF). Mike breaks down the latest assay results from eight diamond drill holes at the RC Gold Project in Yukon, focusing on newly tested exploration targets, the Contact Zone and Bear Paw Breccia. He discusses the significance of these near-surface gold intersections, comparisons to established deposit areas, and the project’s development pathway as pending assays continue to roll in.
New Target Exploration: An overview of the initial eight drill holes testing the Contact Zone and Bear Paw Breccia targets.
High-Grade Near-Surface Intercepts: Drill highlights featuring broad mineralized zones alongside high-grade intervals, including 53.1 g/t Au over 1.2 metres within the Contact Zone.
Footprint and Scale Potential: The physical footprint and geologic structure of these new discovery zones situated within the Clear Creek Intrusive Complex.
Resource Growth Strategy: How these newly drilled zones compare to the core multi-million-ounce deposit areas and what they mean for the upcoming mineral resource update.
Program Momentum and Upcoming Catalysts: Progress on the remaining drill program, with approximately 27,000 metres across 82 holes still awaiting assay results.
 
If you have any follow up questions for the team at Sitka Gold please email me at Fleck@kereport.com. 
 
Click here visit the Sitka Gold website to learn more about the Company - https://sitkagoldcorp.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 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.