The KE Report

In this KE Report Pre-Market Daily Editorial, we’re joined by Dave Erfle, Founder and Editor of The Junior Miner Junkie, to discuss one of the rarest events in the silver market - backwardation, where spot traded above futures by nearly $3 last week - as silver held firm above $50 and gold stayed above $4,000/oz.
Key Discussion Highlights
Historic Silver Setup: Silver’s 45-year cup-and-handle breakout finally confirmed, with spot prices briefly exceeding $53 before futures realigned. Dave explains how this reflects an acute physical shortage, echoing only a few past moments in history such as 1979 and 2011.
Structural Deficit and Demand Shift: Silver has entered its fifth straight year of supply deficit, driven by record industrial demand (now ~60% of use) and renewed investor interest. Combined with declining confidence in fiat systems, it’s fueling what Dave calls a “perfect storm” for the metal.
Gold at $4,000 and Investor Psychology: Despite hitting long-term targets, pullbacks are quickly bought—showing a market driven by momentum and global distrust in institutions. Dave notes that most mining executives still seem in disbelief, hesitant to update project sensitivities to current $4,000 gold and $50+ silver realities.
Miners’ Margins Exploding: Producers like Newmont (NEM) are benefiting from higher metal prices and lower diesel costs. Dave points out how a falling gold-oil ratio is expanding margins and why upcoming Q3 and Q4 results could surprise to the upside.
Best Opportunities Now: Dave continues to favor early-stage, higher-beta juniors with updated or maiden resource estimates and near-term PEAs. Optionality plays - projects once marginal at lower metal prices - could see massive re-ratings if current prices persist.
Why M&A Is Lagging: Even with record cash flow, majors remain cautious after past-cycle mistakes. Dave believes takeovers will come later, but for now, many developers are choosing to build mines themselves, hiring teams and securing financing independently.
Macro Tailwinds Remain: Rate cuts amid rising inflation, debt burdens, and geopolitical instability continue to support gold and silver. Dave sees corrections more likely in time than price, with long-term momentum firmly intact.
 
Stocks / ETFs Mentioned: GLD, SLV, GDX, GDXJ, NEM
 
Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter. 
 
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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.

Michael Oliver, CEO and founder of Momentum Structural Analysis, joins us to share how he sees the technical momentum setup in silver, gold, precious metals stocks, copper, oil, the Bloomberg commodities index, US general equities, and bonds.
 
We start off getting his technical outlook silver, where Michael is pounding the table here that silver is going to make a crazy move higher and in less time than people are expecting.  He stated, “It’s white knuckles time,” and likens this period to where silver was in 1979 and 2010 before big sudden moves higher.  He believes a move over $100 in the next 6 months is probable, and it could go as high as $200; the inflation-adjusted high for silver.
 
Michael reminds listeners that silver has not kept up with the decay of the monetary unit of fiat currency debasement, like gold has and that it has made a mistake.  As a result, it is really going to catchup to where it should have moved more suddenly than most are expecting and then enter a new reality at a much higher level.
 
With regards to gold, it has kept up better with the decay in the monetary units, and this is what will keep sending it higher, not geopolitics or flash in the pan fear events.  Those play a part, but the loss of fiat purchasing power is what is ultimately been moving gold higher since becoming unpegged from the dollar many decades ago.  “Currency debasement is the fuel in the tank of the monetary metals.”
 
Michael is not expecting an imminent correction in silver and gold, and believes we’ll see one in a few more months at the end of the year or beginning of next year; but that will precede an even bigger leg higher in the monetary metals.
 
He is not as animated by the potential in copper, and feels while it could double from here, it won’t be anything as fast or as pronounced as what we see play out in silver.  As a general outlook, he expects that copper, and other base metals, and oil to stay more in alignment with the more gradual catchup move higher that we’ll see play out in the Bloomberg commodities index. He anticipates the commodity indexes to get more in alignment with the moves in gold, which we have not seen in a very long time.
 
Michael postulates that when the US bonds and general equities markets really start to roll over, that a portion of investors will rotate funds into gold, silver, and the PM equities.  He believes there will be a shocking loss of confidence in the bonds and US stocks, and that capital flows and rotation into gold and silver will put more fuel onto the upward price pressure already underway.
 
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.
 
Click here to follow along with Michael Oliver’s analysis

Rauno Perttu, CEO and Chairman of Provenance Gold (CSE:PAU) (OTCQB:PVGDF), joins us for a comprehensive exploration update on the Eldorado Gold project in eastern Oregon; across both their Eldorado West and Eldorado East claim block areas.  We also get into Oregon as a mining jurisdiction and dispel some common misconceptions.
 
Eldorado West is where most of the historic work and modern exploration work has been completed, and it hosts a historical resource estimate of 1.98 million oz at 0.75 g/t gold, with ~22,000 meters (m) of historical drilling. On October 8th the Company announced the first step-out drilling results from the Herman Area of its Eldorado West gold project, significantly expanding the potential scale and scope of gold.
 
Highlights from these step-out holes:
 
Drill hole #ED27 returned 25 g/t gold over 44.20m, within 179.83m of 0.67 g/t gold 
Drill hole #ED28 returned 1.01 g/t gold over 108.20 meters within 0.82 g/t gold over 172.21m
 
Drill holes ED27 and ED28, the first holes completed in the newly permitted Herman Area, are located 730 meters south of recently reported hole E26; and intersected broad, pervasive intervals of strong gold mineralization from surface. These 2 holes also identified a new mineralized contact zone between the host sedimentary rocks and the diorite which is shallow-dipping, laterally extensive, and projects south, west, and northwest of ED27 and ED28.  The company will continue stepping out in future drilling to test the limits of the system before then working on validating and expanding the historic resources.
 
Eldorado East now includes the recently acquired 5,867 acres where there is ground-work, sampling, and drill permitting underway and is expected to be ready to drill by Spring 2026.  There are historical resource estimates at Sunday Hill with roughly 170,000 oz at 23.15 g/t gold and the Randall Mine area with roughly  50,000 oz at 8 g/t gold.
 
We then shift the conversation over to common investor misconceptions about mining and mineral development in eastern Oregon, and some of the permitting progress being made by other nearby companies in that part of the state with local stakeholders and the government.
 
Wrapping up we shift to the financial health of the company to execute on their immediate work initiatives, and how things could even be expanded more rapidly moving into next year.
 
The estimates mentioned within are considered to be historical in nature, should not be relied upon, and is provided only for historical context on development of the property. A Qualified Person has not completed sufficient work to classify the historical estimate as a current mineral resource, and it predates current CIM (Canadian Institute of Mining, Metallurgy and Petroleum) categories. Provenance is not treating the historical estimate as a current mineral resource or reserve. Significant data compilation, redrilling, resampling and data verification will be required by a qualified person before the historical estimate can be classified as a current resource.
 
 
If you have any follow up questions for Rauno about Provenance Gold, then please email us at Fleck@kerport.com or Shad@kereport.com.
 
Click here to follow the news at Provenance Gold

In this Daily Editorial, we are joined by Jim Tassoni, CEO of Armored Wealth Strategies, for his monthly trader’s perspective. Jim is a momentum trader, and this month’s discussion focuses on the broad commodity rally - from gold and silver’s powerful uptrends to renewed strength in copper and uranium - as well as why energy markets remain laggards.
We cover:
Precious metals leadership - Gold, silver, and the miners (GDX, GDXJ, SIL) continue to trend higher across all timeframes. Jim discusses how he manages momentum trades through tactical trims and add-backs while staying aligned with the dominant trend.
Trading through volatility - With the VIX crossing above 19–20, Jim is reducing position sizes, banking partial gains, and waiting for pullbacks to re-enter. He emphasizes risk management and trend discipline as volatility returns.
Actionable levels in gold and copper - Jim outlines his current playbook: trimming gold near $4,160, reloading around $3,895, and maintaining a bullish bias above $3,510. He’s also long copper from ~$4.94, with a risk line near $4.81 and upside target around $5.26.
Uranium momentum trade - Long since early May, Jim continues to trail stops higher while trimming into strength as uranium equities remain one of the best-performing segments in the commodity space.
Energy divergence - While metals rally, oil and natural gas remain weak. Jim stays short crude oil and explains why the lack of catalysts and capital rotation into metals and uranium have left traditional energy behind.
Market psychology & capital flows - How investor focus and “hot money” rotation are driving performance across sectors, and why discipline and clear exit levels are essential in volatile markets.
Stock & ETF Symbols Mentioned: GDX, GDXJ, SIL, COPX, GLD, SLV, VIX, WTI, URA
 
Click here to visit the Armor Wealth Strategies website to keep up to date with Jim and what he’s trading.
 
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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.

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to recap the Nordic Funds and Mines conference last week in Stockholm, Sweden and some of the resource companies that stuck out to him with attractive catalysts on tap to build future value.
 
We start off discussing the key takeaways from the conference with regards to the quality of the event, the various metals in focus, investor sentiment, and some of the silver and gold companies where he sees an attractive value proposition.
 
Erik highlights a precious metals producer with expansion potential and an antimony credit, a PM developer with a potential permitting catalyst along with exploration upside, and true grassroots exploration story in the Golden Triangle, funded for a compelling drill program next exploration season.
 
 >> The companies we discuss in this interview are:
 
Americas Gold and Silver Corp (TSX: USA) (NYSE American: USAS)
Silver Tiger Metals Inc. (TSXV: SLVR) (OTCQX: SLVTF)
Juggernaut Exploration Ltd (JUGR.V) (OTCQB: JUGRF) 
 
Click here to follow Erik’s analysis over at The Hedgeless Horseman website
 
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.

We’re joined by TG Watkins, Director of Stocks at Simpler Trading and editor of Profit Pilot, for a breakdown of Monday’s sharp market rebound following Friday’s China-driven selloff. TG shares how his Moxie Indicator helped flag the correction in advance, why volatility was flashing warnings, and how he’s now positioning into the next phase of this bull market.
Key topics discussed:
Friday’s selloff setup: how rising VIX + Moxie divergences signaled a short-term top
Monday’s rebound: why TG views it as “healthy” and what must confirm a true uptrend
Trading framework: waiting for price to reclaim moving averages and Moxie > 0 before sizing long
Sector leadership: nuclear energy, AI infrastructure, and drone stocks still showing strong relative strength
Commodities watch: gold and silver looking stretched; uranium and copper remain structurally bullish
Webinar preview: TG’s upcoming Thursday, Oct 16 session on spotting divergences, Moxie signals, and risk management strategies
Stocks / ETFs Mentioned: SPX, UVIX, VIX, RUT, IBIT, FNGU, FNGS, GDX, SIL, SILJ, URA, URNM, UUUU, SMR, OKLO, COPX, COPJ, XLE, RCAT, DNA, GEV
 
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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.

This weekend’s KE Report dives deep into the gold market’s extraordinary run through the eyes of generalist investors and traders. We explore what’s driving the bull market in PMs and trading strategies for those invested in the metals and equities.
Chief Investment Officer Peter Boockvar explains why gold’s move isn’t a “fear trade” but part of a global currency realignment, while fund manager Dana Lyons breaks down how to manage profits, hedge risk, and identify the next sectors poised to lead.
Segments
Segment 1 & 2 - Peter Boockvar, Chief Investment Officer at OnePoint BFG Wealth Partners and author of The Boock Report on Substack, explains that gold’s surge past $4,000/oz is being driven by multi-year central-bank buying and de-dollarization (with rising ETF inflows), not “safe-haven” fears. He also highlights silver’s catch-up potential and tight supply, improving margins for gold/silver miners, copper’s constructive setup amid disruptions, a contrarian-bullish view on oil & gas, growing government interest in critical minerals, and the importance of watching for parabolic tops.
Click here to follow Peter at The Boock Report on Substack
 
Segment 3 & 4 - Dana Lyons, fund manager and editor of Lyons Share Pro, wraps up the show assessing the sharp pullback in precious metals on Thursday. We discuss trading strategies he is using - urging against chasing, advocating trimming “windfall” gains at Fibonacci/technical levels (with GLD support near 330), and favoring redeployment into emerging relative strength. He notes his risk models remain bullish, is watching uranium/nuclear, and recently added exposure to biotech and Ethereum while using broader-market hedges rather than sector shorts.
Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services
 
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.

In this Daily Editorial (Fri, Oct 10), Marc Chandler, Managing Partner at Bannockburn Global Forex and editor of Marc to Market, unpacks China’s post-holiday policy salvo and what it means for markets, AI supply chains, and resource equities. We cover how export restrictions on rare earths and processing tech, new EV battery curbs, and port levies on U.S. ships raise the stakes - and why the U.S. response could entrench a longer, messier standoff.
Key Discussion Highlights
What China just did (and why it matters): Tightened export controls on rare earths and processing know-how; added limits on EV battery tech; announced special levies on U.S.-flagged cargo calling at Chinese ports - an escalation that targets chokepoints rather than finished goods.
Semis vs. rare earths - who has leverage? The U.S. tried to corner advanced chips; China is signaling control over inputs (rare earths, high-performance magnets) that feed chips, defense, and electrification.
AI growth at risk: If rare earth processing and magnets get squeezed, it reverberates through data centers, networking gear, and robotics - potentially clipping a major slice of U.S. growth attributed to AI investment.
Market reaction and setup: Dollar strength faded; Nasdaq/S&P rolled over after fresh highs; meanwhile, U.S.-linked rare earth names caught a bid as investors handicap supply-chain reshoring and strategic stockpiling.
Policy path from here: Tariffs vs. talks - what skipping APEC signals; why “first-mover” domestic processors may see sustained support; the transparency problem when governments take equity stakes.
Beyond rare earths: Where China’s vertical integration and scale may pressure next (think pharma ingredients), and why Western timelines (3–10 years) make near-term substitution challenging.
Stocks / Symbols Mentioned
MP Materials (MP) • Energy Fuels (UUUU) • Trilogy Metals (TMQ.TO) 
 
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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.

Alex Langer, President and CEO of Sierra Madre Gold And Silver (TSXV: SM) (OTCQX: SMDRF), joins me to  review the details of a planned two-stage expansion at its La Guitarra silver-gold mine complex located in Estado de Mexico, Mexico.  Additionally, production is ramping up at the higher-grade Coloso mining center, where dewatering and underground development are underway.  Mining has also just commenced at the Nazareno Mine, and ties into the overall expansion plans at the overall La Guitarra mining complex.
 
Alex discussed how the recent C$19.5 million financing is being deployed in part to purchase additional equipment and implement improvements at the mine to reduce costs and increase production grades and volumes in the near-term. These planned expansions would increase the site's nameplate processing capacity by 50% to a range of 750 dry tonnes per day ("tpd") to 800 tpd by Q2 2026. The site is currently operating at a rate of 500 tpd. This first expansion would involve the construction of a paste fill and thickener plant, the addition of a fourth ball mill and second cone crusher as well as an increase in the conveyor circuit's material handling capacity.
 
Subsequently, construction of a new, fully permitted, Dry Stack Tailings Storage Facility and addition of a second crushing circuit would increase processing capacity to a range of 1,200 tpd to 1,500 tpd by Q3 2027. The Company currently has access to the capital to complete these expansions, which we anticipate funding from the Company's treasury and cash flow, eliminating the need for further near-term capital raises.
 
We get into the higher-grade ore which will be sourced from both the Coloso and Nazareno Mines to augment the material from the La Guitarra Mine, and the ramping up of this blended material will raise the grades and recoveries of gold and silver, as well as start lowering costs over the next few quarters.
 
Wrapping up we discuss the preparations and early targeting work underway to engage in a significant exploration program at the East District concessions, which will include a drill program of over 25,000 meters.  The property hosts 8 different past-producing mines, with the first 2 priorities being to explore around the El Rincon and Mina de Agua mines.  
 
 
If you have any questions for Alex regarding Sierra Madre Gold and Silver, then please email them to me at either Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Sierra Madre Gold and Silver and may choose to buy or sell shares at any time.
 
Click here to follow along with the latest news from Sierra Madre Gold & Silver
 
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.

In this KE Report Daily Editorial, we’re joined by Joel Elconin, Co-Host of the PreMarket Prep Show and Founder of the Stock Trader Network, to discuss market dynamics amid the ongoing U.S. government shutdown and missing economic data.
With key reports like jobs and inflation delayed, Joel outlines what’s driving markets in the meantime and what could shift sentiment once data resumes.
Key Discussion Highlights:
No data, no problem? Markets remain steady despite a lack of government reports, with momentum trades and algos leading the way.
Earnings season ahead: Big banks kick things off next week, followed by mega-cap tech and retail - with expectations running high given lofty market levels.
Tariffs and guidance: Companies may use tariff uncertainty to lower expectations, but actual impacts appear limited so far.
AI & government stakes: A new phenomenon - the U.S. government taking positions in tech, healthcare, and resource companies - fueling strong rallies but raising sustainability questions.
Sector rotation: Homebuilders slump despite easing rates; value stocks and healthcare catching bids as mega-cap tech momentum fades (except Nvidia).
Retail & Robinhood: Retail traders remain dominant. Robinhood’s expansion into prediction markets could drive another wave of activity if pattern day trading rules are eased.
Stocks / symbols mentioned: AAPL, MSFT, NVDA, ORCL, AMD, INTC, PFE, HOOD, DKNG, PENN, DAL, PEP, XLV
 
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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.