The KE Report

Marc Chandler – Recapping A Turbulent Week In The Markets, Capital Fleeing The US, Gold To All-Time Highs

Marc Chandler, Managing Partner at Bannockburn Global Forex and Editor of the Marc to Market website, joins us to unpack another turbulent week in the markets, key moves in the currencies, global trade tensions between the US and China, and gold continuing to break out to new all-time highs as the global safe haven.
 
US equities started off the week plunging further with volatility is surging, and traditional safe havens like the US dollar and bonds were being sold down as capital flees US assets.  We discuss the margin calls of the last two weeks being a factor as to why gold was initially sold last week as a source of funds, and how many net-long speculators may have gotten wrong-footed and needed to sell both equities and bonds.
 
In a related currency trade, as many positions got unwound, and converted back into the currencies borrowed as carry trades -- the Japanese Yen and Swiss Franc, that money coming into them gave them appearance of being safe haven currencies.  Marc outlines that it really was more a market narrative being applied to those trades being unwound. 
 
He goes on further to address other market narratives like those blaming China for crashing the bond markets and selling treasuries in retaliation to the trade tariffs, but without any factual evidence of this being the case. Marc responded that, “Maybe it is true, but where is the evidence?”  He points out that if China was selling down their US treasuries in a big way, that it would be self-defeating, because they are going to get lower yields everywhere else. Instead, China has been focusing more on retaliating with reciprocal tariffs and export restrictions on key commodities like rare earths, antimony, and tungsten.
 
We then transitioned over to gold’s move to all-time highs in all global fiat currencies, and if it was getting too overbought.  Marc’s take was that if we were in normal times, then sure it is getting overbought, and is well above the Bollinger bands; however, these are not normal times and there is so much uncertainty that it is keeping investors positioned in the precious metals.
 
Wrapping up we pondered if economic data reports even matter in a meaningful way in this type of environment.  Marc outlines that most of the economic data we’ve received is “too old” and lagging the real time effects of these rapidly changing conditions.  He points to the consumer confidence surveys, inflation expectations, and jobs numbers as not truly capturing how the markets are reacting in the present moment.
 
Click here to visit Marc’s site – Marc To Market. 

Weekend Show - Rick Bensignor and Doc - Volatility Surges, Gold Breaks Out, Is U.S. Market Dominance Ending?

Welcome to the KE Report Weekend Show! 
 
A historic week marked by heightened market volatility and tariff headlines saw sentiment shift from fear to cautious optimism. While gold is holding strong as a safe haven, the US Dollar and bonds are failing to follow suit.
 
This weekend, we step back to assess the broader market landscape - examining US indices, bond markets, investor positioning, and the role of precious metals in a shifting environment.
 
Segment 1 & 2 - Rick Bensignor, President of Bensignor Investment Strategies kicks off the show to discuss the extreme market volatility, driven by algorithms and policy uncertainty, and how it’s forcing investors to reassess traditional strategies. He warns that typical safe havens like bonds and the dollar are failing, while gold is emerging as the only asset acting like a true safe haven in this unpredictable environment.
Click here to visit the In The Know Trader website.
 
Segment 3 & 4 - Richard Postma, AKA Doc, is back to discuss the continued strength of the gold market, emphasizing that despite being technically overbought, the bull run is not over. He highlights how gold has emerged as the primary safe haven in a volatile and uncertain global environment, fueled by weakening U.S. dominance, rising central bank gold purchases, and shifting money flows. Doc favors mid-tier gold producers like Equinox and Fortuna for their growth potential and sees 2026 as a likely breakout year for mining stocks.
 
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.
 

Talisker Resources – Underground Lateral Development On The Alhambra Vein As The Mustang Mine Is Moving Towards Near-term Production

Terry Harbort, President and CEO of Talisker Resources (TSX: TSK) (OTCQX:TSKFF), joins me to outline the lateral development on the Alhambra Vein on the 1105 level at the Bralorne Gold Project in British Columbia.  We discuss the development work underway on the pathway to near-term gold production at the Mustang Mine over the next few months.
 
We review that main area of focus for the development declines and work up until this point in time has been in the unmined area, between the historically mined Bralorne  and King mines, now referred to as the Mustang Mine. To date, a total of 107.1 metres of 3X3 metre development has been completed at the Mustang Mine including 2.2 metres in the mineralized Alhambra Vein. Vein access is currently underway on four levels with 11.4 metres already completed on the 1060 level, 34 metres completed on the 1075 level, 26.4 metres completed on the 1105 level and 9.3 metres completed on the 1120 level. Additional development will begin shortly on the 1090 level to provide a fifth level of access to mineralized material. Talisker expects to be extracting material from its first stope towards the end of May or early June.
 
We shift over to the remaining work there to be completed, a rough idea of the sustaining capital that will be needed to put the Mustang Mine into production imminently and start ramping up the throughput from 100 tonnes per day (tpd) in the next couple months, to 175 tpd after that, and then up to 250 tpd by year-end.  Moving into next year it is anticipated that throughput can rise up to 500 tpd and then eventually 750 tpd in the years thereafter.  That will involve pulling in material from the unmined areas between the historic Bralorne and Pioneer mines as a second eventual area of focus.
 
 In addition to being amenable to toll mining at nearby processing centers with spare capacity, there have been studies underway looking at upgrading the ore on site using ore-sorting technology, so that higher-grade material, with less associated waste would make it more economical to be shipped to additional processing centers. An economic study is slated for later this year that will explore some of these concepts in more detail. Wrapping up we discuss the health of their treasury, the strength of the management and operational teams, and the key milestones and news on tap for the balance of this year.
 
If you have any follow up questions for Terry then please email me at Shad@kereport.com.
 
Click here to follow the latest news from Talisker Resources

Joel Elconin - How Tariffs, Volatility, and Earnings Are Shaping This Market

Joel Elconin, co-host of the PreMarket Prep show and founder of the Stock Trader Network joins us to recap this week in the markets. As volatility surges across U.S. markets, Joel breaks down the key drivers and how traders should be positioning themselves.
 
Key topics discussed:
 
Volatility driven by tariff headlines: Joel highlights how self-inflicted market uncertainty has created extreme swings. The S&P 500 saw a 15% range so far this month, and the NASDAQ posted one of its biggest up days ever after falling consecutive trading days.
Establishing a new trading range: While recent price action points to a possible bottom, Joel warns we’re still finding the new range. The VIX is calming down, but headline risk remains.
Earnings season outlook: Delta and JPMorgan started Q1 earnings on a stable note, but the real focus will be on Q2 guidance. In volatile times, even a lack of disaster might be viewed positively.
Sector exposure and trade risks: Companies with high China exposure (like Apple and Nike) are particularly vulnerable. Joel advises analyzing supply chain sensitivity and tariff impact before jumping in.
Navigating a trader's market: This environment favors technically-driven, headline-aware traders. Joel shares lessons from recent trades - like scaling into $NVDA near key monthly support - and stresses the need for discipline, risk control, and having a “shopping list” ready.
 
Click here to visit the Stock Trader Network.
 
Click here to visit Joel’s PreMarket Prep website.
 

Abitibi Metals - Focused on Expanding High-Grade Copper-Gold Potential at the B26 Deposit

Jon Deluce, President and CEO of Abitibi Metals (CSE:AMQ - OTC:AMQFF - FSE:4KG) joins us to provide a comprehensive overview of recent milestones and upcoming plans across the company’s copper-gold projects in the Abitibi region, focused primarily on the B26 deposit. 
 
Key Discussion Topics:
Recap of the 2024 Phase 2 drill program, with ~16,500m completed—highlighting new high-grade intercepts including 2.4% CuEq over 17.5m.
Details on the recently closed almost $10M bought deal financing, which will fund a larger Phase 3 drill program.
Preview of the Phase 3 drill campaign, targeting a minimum of 20,000 meters, drilling will be allocated across:
High-grade zone definition and expansion (30%)
Step-out and expansion drilling (50%)
Property-wide exploration (20%)
Insight into the new VP of Exploration, Louis Gariépy, formerly with O3 Mining and Agnico - bringing deep experience in VMS and gold systems.
Acquisition of 100% ownership of the Beschefer Gold Project, located just 7km from B26, enhancing strategic optionality in the region.
Jon also discusses timelines for potential economics, strategic project development, and how Abitibi’s exploration is structured to balance near-term value creation with long-term upside.
 
If you have any follow up questions for Jon please email us at Fleck@kereport.com or Shad@kereport.com. 
 
Click here to visit the Abitibi Metals website.

Volt Lithium - Scaling DLE Tech in Texas, Field Trials in North Dakota & Roadmap to Revenue

Alex Wylie, President and CEO of Volt Lithium (TSX.V:VLT - OTCQB: VLTLF) joins me for a detailed update on the company’s operational progress and commercialization plans.
 
Volt Lithium is pioneering direct lithium extraction (DLE) from oilfield brines, targeting the massive water disposal volumes in North America's largest oil basins. In this interview, Alex outlines where the company is focused, how it’s scaling, and when we can expect revenue.
 
Key topics discussed:
 
Operational focus in Texas: 19 million barrels of water are disposed of daily in the Permian, rich with lithium potential.
North Dakota updates: Field trial ongoing and a $2M government grant secured to support testing.
Rapid scale-up: From 1,000 bpd in mid-2024 to 11,500 bpd capacity as of Q1 2025, using a modular system approach.
Execution over expansion: Volt is focused on proving consistent, continuous lithium production to meet industrial demand in 2026.
Capital position: $6.5M raised in late 2024 and a $2M grant, Volt is fully funded for current execution needs.
Path to market: Volt aims to fill the U.S. industrial lithium supply gap ahead of 2028/2029 timelines touted by other developers.
Alex also addresses how Volt works with its oilfield partners, how the company plans to monetize its lithium, and what milestones investors can look out for next
 
If you have any follow up questions for Alex please email me at Fleck@kereport.com. 
 
Click here to visit the Volt Lithium website to learn more about the Company’s DLE technology.

Vizsla Silver - Temporary Fieldwork Pause, New High-Grade Silver Discovery, and Test Mining Update

Mike Konnert, President and CEO of Vizsla Silver (NYSE:VZLA & TSX:VZLA), joins me to address the temporary pause in field operations at the Panuco Project in Mexico due to security concerns unrelated to the project itself. Despite the pause, key project components, including test mining and exploration drilling remain on track.
 
Key Discussion Highlights:
 
Temporary Fieldwork Pause:On April 4th, Vizsla Silver announced a brief suspension of on-site work due to regional road security issues. The decision was made out of an abundance of caution. Operations are expected to resume shortly..
New Discovery at La Pipa Target:A high-grade silver drill result, hole AM-25-90, was reported at the La Pipa target - 6km northeast of the Copala resource area.
Exploration Continues Across Multiple Targets:Drilling across several priority areas, including historic workings at Animas and San Dimas, are all part of the +10,000 meter program planned for this year. Ground EM surveys and additional data interpretation are underway during the pause.
Test Mining Update:Underground development is well underway at the Copala vein with over 30m of box cut completed and underground blasting in progress. The test mine is a crucial de-risking step ahead of mill development and full-scale production.
Market Volatility and Financial Strength:Vizsla remains fully funded with US$100 million in cash and no debt.
 
If you have any follow up questions for Mike please email me at Fleck@kereport.com. 
 
Click here to visit the Vizsla website to learn more about the Company.

Brien Lundin - Market Chaos & Gold's Surge: Safe Havens, Tariffs & A Precious Metals Divergence

Brien Lundin, Editor of Gold Newsletter and host at the New Orleans Investment Conference (Nov. 2–5), joins us during an extreme period of market turmoil driven by tariffs, tweets, and geopolitical instability.
 
Discussion Highlights:
Unprecedented market volatility: Massive swings in U.S. indices point to deep investor uncertainty.
Gold's rising role as the only safe haven: Despite widespread selling, gold and gold equities are surging, diverging from other defensive assets like bonds and the USD.
Rotation into gold stocks: Institutional and generalist investors are increasingly allocating to miners, with even junior names showing double-digit daily gains.
Silver lagging: While silver's industrial ties weigh it down, history suggests a catch-up rally may be next.
A global gold bid: Gold is rising in all fiat currencies, underscoring global devaluation concerns and a flight from U.S. markets.
 
Click here to learn more about the Gold Newsletter.

Heliostar Metals - Key Exploration and Production Update: La Colorada and Ana Paula

Charles Funk, President and CEO of Heliostar Metals (TSX.V:HSTR - OTCQX:HSTXF - FRA: RGG1) joins me for a comprehensive update following drill results from La Colorada and the launch of a large drill program at Ana Paula.
In this update, we cover:
Strong Balance Sheet - Closed Q1 with $38M CAD in cash, over half from operations.
La Colorada Drill Results - Recent drill results show high-grade gold (5–25 g/t Au) from the 12,500m program, well above the average resource grade. Expansion to a 15,000m+ program underway.
La Colorada Production Potential - Expansion potential to increase production from 50,000 to 100,000 oz/year, supported by an upcoming technical report mid-year. Future underground mining potential.
Ana Paula Drill Program Launched – Largest program in company history (15,000m), combining infill and step-out drilling to grow high-grade resources and test satellite zones.
Near-Term Catalysts - Drill results, updated technical studies, and potential permitting for production expansion.
Charles outlines the strategic vision: restart of San Antonio and expanded production at La Colorada could yield ~$120M in cash flow over the next 2-2.5 years with low CapEx. Setting the stage to bring Ana Paula online and potentially reach 200,000 oz/year production by 2028.
 
Please email me at Fleck@kereport.com with any follow up questions for Charles. 
 
Click here to visit the Heliostar Metals website to learn more about the Company.

Nick Hodge – Gold Emerges As The Signal From The Macroeconomic Noise, Opportunities Still Present In Copper, Silver, And Rare Earth Companies

Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Hodge Family Office, joins us for a longer-format discussion on and the macro and micro themes that are continuing to create volatility and noise in the general equities markets and outlook on the US economy and global trade. Despite the volatility in the markets, as evidenced by the VIX reading up above 50 earlier this week, he still sees opportunities in gold, silver, copper, and rare earth stocks for the balance of this year and longer-term.
 
We start off with the market uncertainty stemming from the constantly changing Trump tariff policies, anticipated Fed policy, the calls from many financial outlets for a recession, and the shifting narratives in the news cycle. These macro factors have roiled general equity markets much of 2025, but there has been a clear divergence into gold as a safe haven; even more so than bonds or the US dollar.  As a result Nick is still happy to have exposure to the quality gold developers like Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) and Perpetua Resources Corp. (Nasdaq: PPTA) (TSX: PPTA).  Nick is not anticipating a recession, and is more constructive on the US economy in the second half of this year.
 
With regards to other metals Nick is also bullish on both silver and copper for fundamental reasons as well as recent pricing strength momentum, and he has been active in putting capital to work in Kingsmen Resources Ltd. (TSXV: KNG) (OTCQB: KNGRF), Gunnison Copper Corp. (TSX: GCU) (OTCQB: GCUMF), Arizona Sonoran Copper Company (TSX:ASCU) (OTCQX:ASCUF) and Quartz Mountain Resources Ltd. (TSXV:QZM)(OTC PINK:QZMRF).   We consider that domestic companies may get a premium in light of the recent Executive Order from the Trump administration focused on mineral resource development, and the potential for regulation to be eased in the US.  We touch upon some of the large domestic projects like Trilogy Metals Ambler Road access issue and Northern Dynasty’s Pebble project, but he’s never been interested in projects where the company has little control over government decisions.  Instead, he is happy to also play the copper and base metals production side of things with an investment in Freeport-McMoRan Inc. (NYSE: FCX).
 
Nick also brings up rare earths as another area he is becoming increasingly bullish on due to the tensions between the US and China with regards to tariffs and export bans, and sited CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) as the type of company he’s happy to deploy capital into that that is committed to critical minerals extraction, including rare earths. through innovative and disruptive mineral extraction technologies like recycling, waste mining, and scalable solutions.
 
Wrapping up we focus on the upcoming catalysts from spring drilling season in the resource sector and the companies, geological targets, and jurisdictions that he is most animated by.
 
Click here to follow Nick’s analysis and publications over at Digest Publishing