The KE Report

In this KE Report Daily Editorial kicking off 2026, we’re joined by Marc Chandler, Managing Partner at Bannockburn Global Forex and editor of the Mark to Market website. Marc walks through the major macro forces shaping the year ahead, from currency markets and interest rates to global politics, commodities, and the evolving AI trade.
Key discussion points include:
US Dollar Outlook for 2026: Why the dollar may see a near-term bounce early in the year, but remains in a longer-term bear market driven by overvaluation, Fed policy, and shifting global growth dynamics.
Interest Rates & the Yield Curve: The disconnect between the Fed’s influence on the short end of the curve and global forces shaping long-term Treasury yields, including developments in Japan and Europe.
Politics as a Market Driver: From US midterm risks to European populism and potential snap elections in Japan, Marc explains why political power and economic outcomes are increasingly intertwined.
Commodities & Critical Minerals Cycle: Gold, silver, and strategic metals remain central to the macro story as supply-chain security, export restrictions, and AI-driven demand fuel what could be a multi-year commodity cycle.
AI, Valuations & Market Leadership: A balanced look at the AI trade - overcapacity risks, potential shakeouts, and where emerging areas like robotics and quantum computing may drive the next phase of leadership.
 
Click here to visit Marc’s site - Marc To Market - https://www.marctomarket.com/
 
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For more market commentary & interview summaries, subscribe to our Substacks:https://kereport.substack.com/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.

This is an early listen to what’s coming on this Weekend’s Show. 
I chat with Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, for a level-headed, trading-desk perspective on what defined 2025 and what could matter most in 2026 for commodities.
Darrel brings over 30 years of commodities trading experience to unpack the outsized moves in precious metals and beyond - cutting through hype, misinformation, and short-term narratives to focus on fundamentals, positioning, and longer-term cycles.
We focus on Silver, Gold, Copper, Oil and Natural Gas. 
 
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.

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me for an end of the year wrap up, and a look ahead to 2026.  We contrast how different stages of companies are reacting, or not reacting, to the higher underlying metals prices, across the producers, developers, and explorers; as well as where Erik sees the most fundamental catalysts stacking up that are not being properly recognized in current company valuations.
 
We review the continued strange dichotomy between surging precious metals prices and the lagging reactions in many junior gold and silver stocks from 2024 into 2025, but look ahead to when we may see more capital rotate down into the PM junior stocks heading in 2026.
 
Since the producers can immediately monetize the higher gold and silver and platinum prices, they have run much more over the last year than the pre-revenue companies. With regards to the junior explorers and developers, he sees the metals prices as merely a tailwind to their coming newsflow and that those fundamental catalysts are much more relevant for any changes to the company’s valuation (either up or down).
 
Erik points to the developers in the 2nd leg of the Lassonde Curve, like Montage Gold that have derisked large projects and been rewarded, or developers that successfully have moved into production, like Artemis Gold as examples of the kind of moves that other stocks may go on as this precious metals bull market matures.  
 
 
* In full disclosure, the 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.
 
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.
 

This is an early preview to the back half of this weekend’s show. 
In this energy-focused interview, we are joined by Josef Schachter, Founder and Editor of the Schachter Energy Report and author of the Eye On Energy report (now on Substack). Josef breaks down a volatile 2025 for oil and natural gas and lays out why 2026 could mark a major inflection point - especially for disciplined stock pickers.
With oil prices ending 2025 near cycle lows but select energy equities quietly delivering outsized gains, this conversation digs into what really mattered last year and where the best opportunities may lie in the year ahead.
 
Click here to learn more about The Schachter Energy Report - https://schachterenergyreport.ca/
 
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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. 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 KE Report company update, I’m joined by David Stein, President & CEO of Kuya Silver (CSE: KUYA - OTCQB: KUYAF - FRA: 6MR1), for a year-end wrap-up and a look ahead to 2026. The discussion focuses on production progress at the Bethania Silver Project in Peru, near-term drilling plans, and a new high-grade silver discovery in Saudi Arabia.
Key discussion points include:
Bethania Production UpdateConsistent runs above 100 tpd in Q4, improving logistics, and progress toward operational break-even.
Drilling & Resource GrowthFirst underground drilling in five years, targeting ~5,000 meters in early 2026 to grow the resource.
Saudi Arabia Silver ProjectHigh-grade silver results from initial drilling and a back-in right to increase ownership to 45%.
Financial Strength Into 2026Warrant exercises strengthen the balance sheet and support ongoing operations and drilling.
 
If you have any follow-up questions for David, please email me at Fleck@kereport.com. 
Click here to visit the Kuya Silver website – https://kuyasilver.com/
 
------------------------
For more market commentary & interview summaries, subscribe to our Substacks:https://kereport.substack.com/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.

This Weekend’s Show we are replaying two big-picture conversations from earlier in the week. Craig Hemke explains why this metals run looks structural (not just momentum), while Dan Steffens lays out how a “glut” narrative in oil could flip, at the same time LNG-driven natural gas demand tightens and energy stocks offer dividends, buybacks, and M&A-driven upside.
 
Segment 1 & 2 - Craig Hemke, founder and editor of TF Metals Report, joins the KE Report to recap an extraordinary year for gold and silver, explaining the structural forces behind record-high prices, why mining shares remain undervalued, and what macro signals - like central bank policy and yield-curve control - could drive the next phase of the precious-metals bull market into 2026.
Click here to visit Craig’s website - TF Metals Report - https://www.tfmetalsreport.com/
 
Segment 3 & 4 - Dan Steffens, President of Energy Prospectus Group, joins the KE Report to share his outlook for oil and natural gas heading into 2026, including why modestly higher prices could still drive strong cash flow for producers. He also highlights standout large-cap, mid-cap, dividend, and royalty stocks, discusses M&A opportunities, and explains how he balances income, growth, and risk across his energy portfolios.
Click here to visit the Energy Prospectus Group website for more energy market and stock analysis - http://www.energyprospectus.com/
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. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests may own shares in companies mentioned.

John Rubino, [Substack https://rubino.substack.com/ ], joins me for another nuanced discussion around the fundamental drivers, macro catalysts, and technical momentum factors that are driving silver and the precious metals stocks to new all-time highs here at the end of 2025.   We also review trading strategies and the potential for valuation reratings to even higher levels in PM equities, that have lagged where valuations should be, despite their big moves higher on the price charts already seen this year. 
 
We start off reviewing silver’s continued breakout up above $77 to new all-time weekly highs on both the spot and futures charts, as we spoke on Friday morning. John outlines that there may be a few different types of super whale investors underpinning the silver price, from sovereign governments and select central banks, to large institutions that have been underweight the sector, and even manufacturers trying to secure larger supply inventories to front-run potentially higher longer-term prices.
 
We review the slightly different demand drivers silver with both the industrial component, and the growing investment demand. Next we consider how much technical pricing momentum may be fueling more generalist speculation into the metal and mining stocks,  where buying simply begets more buying.
 
While most market participants recognize that there will be strong record Q4 earnings for gold and silver producers, the spread between Q3 and Q4 average metals prices is so vast that it raises the question of whether the market is truly looking forward enough and properly factoring that into current company valuations.
 
We highlight the disparity between where gold and silver prices have run to and the comparatively low value that ounces in the ground are receiving inside of the PM developers.
 
We discuss how merger & acquisitions may shift to larger takeover premiums and higher prices for ounces in the ground, if the available assets and companies keep getting picked off the board.  John points out that it could be manufacturing end users that lead the charge in acquiring silver producers, just to guarantee future supply.  That would be a new dynamic for M&A from buyers that are less price sensitive, and just need to have metal for fabrication demand for their end products.
 
Wrapping up, we broaden out the discussion into the strength being seen across the whole metals complex, from gold and copper, to platinum, and palladium, throughout 2025. John believes that we are entering an environment where the world is waking up to the importance of supply chains and raw materials, which is going to lead to a continued commodities supercycle.
  
Click here to follow John’s analysis and articles over at Substack
 
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.
 

In this company update, Craig Nichol, Founder and CEO of Graphene Manufacturing Group (TSX-V: GMG | OTCQX: GMGMF), highlights two major catalysts as the company transitions from innovation to commercial execution.
GMG has secured EPA approval in the US for its THERMAL-XR® coating, clearing the path for material sales through its master distributor, Nu-Calgon. Simultaneously, the company released new data for its Graphene Aluminium-Ion Battery, confirming a 6-minute full charge time, We discuss the development roadmap toward 100 Wh/kg energy density and path to market. 
 
Please keep the questions coming! Email me at Fleck@kereport.com.
Click here to visit the GMG website to learn more about the Company. 
 
-------------
For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ 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.

Elaine Ellingham, President and CEO of Omai Gold Mines Corp. (TSXV: OMG) (OTCQB: OMGGF), joins me for a special video podcast including a comprehensive exploration update expanding upon the updated Resource Estimate of 6.5 million ounces of gold in all categories, from the combined Wenot and Gilt Creek Projects at the Company’s 100%-owned Omai Gold Project in Guyana, South America.
 
The Omai Property hosts two orogenic gold deposits: the shear-hosted Wenot Deposit and the adjacent intrusive-hosted Gilt Creek Deposit, with a combined updated MRE of:
 
2,121,000 ounces of gold (Indicated MRE),  averaging 2.07 g/t Au in 31.9Mt &
4,382,000 ounces of gold (Inferred MRE), averaging 1.95 g/t Au in 69.6Mt
 
Multiple drills have been turning up until this week, with over 79 drill holes that have been completed to date this year, totaling 35,300 meters from the current exploration program at the Omai Gold property.  All these coming drill assays released and still waiting on results from the lab will then factor into updated  project Resource Estimate that will be incorporated into the upcoming Preliminary Economic Assessment (PEA) in Q2 of 2026.  
 
This updated Preliminary Economic Assessment will be building upon the prior PEA that was released in 2024, which was only on 45% of the mineral inventory focused on the open-pit at Wenot.  That prior PEA did not yet include rest of the resources there at Wenot, nor did it include the underground project economics Gilt Creek.  The updated PEA slated for early next year will be much more advanced and will factor in the combined economics of the open-pit at Wenot, and the underground at Gilt Creek, representing the value proposition of the total project more accurately.
 
 
Highlights from the recent drill holes include:
 
Hole 25ODD-142  (East Wenot) – 11.07 g/t Au over 14.7m, including 34.31 g/t Au over 4.3m
 
Hole 25ODD-145W  (Central Wenot) – 13.54 g/t Au over 13.3m, including 27.82 g/t Au over 6.2m, and including 63.17 g/t Au over 2.2m
 
 
Next we reviewed the results from the very long hole, over 2,000 meters in length, that was drilled through the underground deposit at Gilt Creek over into the area deep under the Wenot deposit.  The geological thesis held up proving that there is also deep sheer resources well below the known mineralization at Wenot. 
 
Highlighted higher grade zones from the upper part of hole 25ODD–122w include:
 
1.06 g/t Au over 708.1 meters (from 364.9) includes:
 
1.78 g/t Au over 46.2m (from 635.6 downhole), which includes 4.88 g/t Au over 7.0m (from 566.3m)
1.32 g/t Au over 99.2m (from 702.0m), which includes 5.7 g/t Au over 8.0m (from 766.9m)
3.10 g/t Au over 24.0m (from 395.5m)
1.99 g/t Au over 32.0m (from 462.0m)
2.98 g/t Au over 17.8m (from 643.8m)
2.04 g/t Au over 43.2m (from 952.2m)
 
 
 Wrapping up we discussed the company valuation compared to peers on a P/NAV basis, metallurgical testing, permitting process, and other derisking work on the Project, gathering data to be utilized in the upcoming PEA.
 
If you have any questions for Elaine regarding Omai Gold Mines, then please email those to me at Shad@kereport.com.
 
Click here to see the latest news from Omai Gold Mines.
 
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.

In this KE Report Daily Editorial, we are joined by Dan Steffens, President of Energy Prospectus Group, for an in-depth year-end discussion focused on the oil and natural gas markets, portfolio positioning, and top energy stock ideas heading into 2026.
Dan manages multiple model portfolios spanning large-cap, mid-cap, small-cap, dividend, growth, and royalty/mineral strategies, and this conversation brings together macro market insights with actionable stock ideas across the energy sector.
 
Stock symbols mentioned:
EOG, NOG, REPX, KRP, VNOM, PAA, PAGP, WCP, BTE, ENB, OKE
 
Click here to visit the Energy Prospectus Group website for more energy market and stock analysis. - http://www.energyprospectus.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. 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.