The KE Report

This Weekend Show connects the week’s biggest geopolitical catalyst - U.S. military action tied to Venezuela’s oil - and what it could mean for commodities and markets in 2026. Peter Boockvar lays out a contrarian oil thesis built on depressed prices, positioning, and shale maturity, while Brien Lundin explains why silver’s surge looks structurally different this time - driven by physical tightness and industrial buyers forced to compete with investors, all against a backdrop of critical-minerals policy momentum. Segment 1 & 2 - Peter Boockvar, Chief Investment Officer at Bleakley Financial Group and editor of The Boock Report, who weighs in on geopolitics, arguing the U.S. action in Venezuela doesn’t change his bullish long-term outlook for oil, and discusses why depressed energy, agriculture, and select commodities could play catch-up amid tightening supply, shifting sentiment, critical minerals policy, evolving AI investment dynamics, and the growing importance of long-term interest rates in 2026. Click here to follow Peter at The Boock Report - https://peterboockvar.substack.com/   Segment 3 & 4 - Brien Lundin, editor of the Gold Newsletter and host of the New Orleans Investment Conference, to discuss the historic surge and volatility in silver driven by physical supply constraints and investment demand, plus his outlook on gold, copper, lithium and uranium as the broader commodity bull market gains momentum. We discuss the equities for each commodity sector as well.  Click here to learn more about the Gold Newsletter. - https://goldnewsletter.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.  

In this company update, I’m joined by Tara Christie, President & CEO of Banyan Gold (TSX.V:BYN - OTCQB:BYAGF), to break down the latest drill results from the Powerline and Airstrip deposits at the AurMac Project in Yukon. Tara walks us through why these eight newly reported drill holes are technically significant, how they validate Banyan’s evolving geological model, and what they reveal about ongoing high-grade continuity, expansion targets, and future resource growth.   If you have any follow up questions for Tara please email me at Fleck@kereport.com.    Click here to visit the Banyan Gold website - https://banyangold.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.

Sean Brodrick, Editor of Wealth Megatrends, Supercycle Investor, Resource Trader, and contributing analyst to Weiss Ratings Daily, joins me to look at the continuation of a number of investing megatrends that did well in 2025 and are on track to keep outperforming in 2026.  We discuss strategies for portfolio management and some of his portfolio trades in gold, silver, copper, uranium, oil, antimony, and nexgen defense stocks in drones, rockets, robots, AI, and quantum computing.    We start off noting the strong end to last year technically with regards to where gold and silver closed up 2025, and how they started off this year with even higher levels, but more volatility in both directions and have pulled back some here in the mid-week.   In the larger silver stocks Sean got repositioned a couple of months back in both Pan American Silver and Hecla Mining in 2 of his respective publications and portfolios. He discusses some of the reasons why investors have not been pushing the silver stocks to higher valuations, that would be more in line with their increasing margins, revenues, or project economics.  Sean believes that many investors are waiting for a more substantial pullback in the silver price to buy that dip and get positioned into future silver sector weakness. We review the significance of this coming earnings season, for both silver and gold stocks, and how the record revenues will become too hard for generalist investors to ignore. Sean makes the case for both gold and silver running much higher in the year to come, but does believe that we likely need a short or medium-term consolidation first, before building the energy to bring in the next wave of investing capital to push the sector into the next breakout move higher. We talk about the strength of the physical markets over the paper markets, and how this is underpinning the higher prices and creating more traction at overbought levels than many short-term traders were expecting.   From there we broaden out the discussion to the whole commodity complex, which Sean believes will stay in momentum overall, and that these higher metals prices have the attention of manufacturers and fabricators that need a consistent supply of silver, or copper, or nickel, or other critical minerals.   It is possible that we may see some manufacturers and industry conglomerates come down and actually acquire silver or copper mines while they remain at such attractive valuations relative to the underlying metals prices, just to guarantee supply to their businesses. He points to the strength in copper and copper stocks recently and he is very constructive on the longer-term fundamentals for this commodity   Next, we get into the resurgence of nuclear power and strength in the uranium stocks over the last month coming into the new year, and why he remains bullish for the medium to longer term that this sector has much further to rerate higher.   He underscores the big triple digit gains that he and his subscribers realized in Energy Fuels (NYSE: UUUU) this year.  His interest is getting piqued in this sector once again, because after the large corrective move that the uranium stocks went through at the end of last year, they are now starting to demonstrate relative strength again over the last couple weeks.     Sean believes this commodities super-cycle will even begin to drag the lagging traditional energy sector and oil and gas stocks higher later in the year. We then contrast that potential for higher prices with some of the weakness seen in parts of the energy complex, after the recent geopolitical uncertainties developing after the US moved in on Venezuela, removing President Maduro over this last weekend, and seizing a few ships full of oil and desiring to get more US companies extracting that heavy oil.   The discussion on geopolitical developments then shifter over to the big budget spending allocated to building and acquiring next generation defense in the US and Europe and around the globe.    Sean highlighted Skywater Technology (NASDAQ: SKYT), as a recent winning position for he and his subscribers, in a fairly short amount of time, due to the increased focus on the defense sector.   He also flagged the integration of AI and quantum computing into both defense and the civilian sectors for drones and robotics to spur a “robot revolution” in 2026 and moving forward. We also point out that if governments and manufacturers want to build out all this next generation defense in drones, hypersonic rockets, rockets into space, and focus on the future potential through robotics, then it is going to take substantially higher amounts of many commodities including copper, silver, nickel, antimony, geranium, and select rare earths.   Click here to follow along with Sean’s work at Weiss Ratings Daily and Wealth Megatrends . Click here to learn more about Resource Trader     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.

Joel Elconin, co-host of the PreMarket Prep show and founder of the Stock Trader Network joins me to outline the key investing themes in US equity markets for 2026. We discuss the upcoming macroeconomic data that matters, and circle around to a number of market sectors, getting his outlook on whether we’ll see a continuation or a reversal in the prevailing trends.   Key discussion points include:   2025 Market Recap & Broadening Participation – A look at index performance, the shift away from mega-cap dominance, and a broadening out in other sectors from biotech to small caps in the Russell 2000.   Macroeconomic Data On Tap – Joel points to jobs data coming out this Friday, inflation data next week, the upcoming supreme court decision regarding tariffs, and in just a few weeks the kick off of Q4 earnings season.     Dovish Fed Policy Is Anticipated In Mid-2026 -  Joel notes that so far the TLT longer-duration treasuries are not reacting, but typically monetary policy only really affects the short-duration rates.  Lower rates should help small caps and be a boon to the financial sector. A Technical Outlook on the S&P 500 and Nasdaq Indexes – Joel shares the technical levels he is watching on a shorter-term basis for support and resistance; but notes that with markets still up in uncharted waters, that there are no easily identifiable resistance levels.   Government Defense Budget and New Guidelines Created Volatility In The Defense Stocks – Joel highlights how all the new restrictions from the government with regards to management and company incentives sent defense stock reeling lower, but the announcement of $1.5 Trillion in a military spending package sent them right back higher again.   Rotation Trade Into Low P/E and Value Stocks Is The Big Theme at present – There is capital that has rotated out of the Mag 7 leadership and into a broader range of value stocks like Berkshire Hathaway, auto manufacturers like Ford and GM, home builders, healthcare stocks, and consumer staples.  Geopolitics are also playing a factor of investors seeking safer brands and investing names. Click here to visit Joel’s PreMarket Prep website   Click here to visit the Stock Trader Network   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.    

Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Underground Alpha, joins me for our monthly longer-format discussion on the stew of different macroeconomic factors, continuing to fuel the commodities supercycle in silver, gold, uranium, copper, lithium, and opportunities in their related resource stocks.   We start off discussing record closing prices at the end of last year on the monthly, quarterly, and annual charts for silver, gold, platinum, copper, and overall strength in many other industrial and critical minerals.   It has been challenging for investors to keep track of all the different new developments when one considers the inclusion of even more metals on the official critical minerals list, the Chinese export controls on silver that started in January in addition to all the export controls on other commodities, the recent US intervention in Venezuela for access to heavy crude oil, the upcoming appointment of the new Fed chair that will be more dovish, the upcoming supreme court decision around the legality of tariffs, the arbitrage in many metals between the physical price and paper price on various exchanges, and all of the ongoing macroeconomic factors on inflation, debt, GDP growth, and fiscal policies that were already in place before all these new factors arose.   With regards to the precious metals, Nick states that we are clearly in the middle of a solid bull market, where investors should adopt a “buy the dip” mentality, similar to what we’ve seen for well over a decade in the general us equities in the S&P 500 or Nasdaq.  We review the how the valuations of PM producers and developers have not kept up with surging metals prices, and how they are undervalued on many metrics. We discuss the slow adoption and participation from generalists and institutions into the gold and silver stocks, but that it is gradually starting to happen, and should further accelerate after we see Q4 earnings season reported, starting in a few weeks. He underscores the large pools of money still sitting in other sectors or on the sidelines that have the potential to rotate into this sector as valuation metrics become to compelling to ignore.  Nick states that if 2024 was the year for gold, and 2025 was the year for silver, then 2026 will be the year for precious metals stocks.   Next, we shifted over to the growing investing theme around energy coming into this year and how that plays into the need for more commodities like uranium, oil, natural gas, copper, and lithium.  We really cover a lot of ground here in this portion of discussion, spending a good deal of time laying out the fundamental investing thesis for nuclear power and supply/demand imbalances for more uranium.  We then expand the conversation into some of the drivers that have pushed copper to all-time highs again over the last few weeks, and some of the Cu companies on Nick’s radar.  Wrapping up we get into why he has been highlighting lithium and Li stocks over the last few months as a key contrarian commodity play tying into the growth in energy storage, and why he believes that trend will continue for the balance of this year.   Click here to follow Nick’s analysis and publications over at Digest Publishing   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.

Victor Cantore, President and CEO of Amex Exploration Inc. (TSXV: AMX) (OTCQX: AMXEF), joins me for an update on all the development work, metallurgical studies, and exploration results that will be feeding into the upcoming bulk sample, and 2-Phase economic studies around their 100% owned high-grade Perron Gold Project located in Quebec, Canada.  Additionally, the Company has made 2 recent acquisitions in Ontario, in addition to staking claims, substantially increasing the size of their land position across this deformation zone of gold mineralization.   We start off getting a sense of the high-grade nature from their updated Resource Estimate, hosting 2.3 million ounces of gold in all categories, with 1.615 million in Measured and Indicated, and 698,000 in Inferred.  The largest portion of those resources come from the Champagne Zone, but with strong contributions from the Grey Cat, Gratien, Western Denise, and Team Zones.     There have been metallurgical studies demonstrating above 95% recovery rates of the gold from these different zones, with upwards of 99% recovery rates at the Champagne Zone, using gravity separation on the front end and cyanidation on the back end, without the need for a flotation process in the middle.  This keeps the processing very simple and straightforward.     The workstreams are leading towards updated economics in Q1 of this year, envisioning an initial 4-5 year toll-milling scenario where high-grade ore is trucked to a nearby mill, generating the revenues to pay for the 2nd phase processing plant on their property.  This will all be preceded by a coming bulk sample from the Champagne Zone that will produce enough gold during 2026 and early 2027 to generate ~$100Million at today’s metals prices, and this will fund the move into toll milling from 2028 through 2032.   The most recent Preliminary Economic Assessment (PEA) at US$2,500/oz gold Bas Case assumptions highlighted a Post-tax NPV5% of $1.085Billion, with an Internal Rate of Return (IRR) of 70.1% and 1.4 year payback period. Victor outlined how these economics are far surpassed to the upside when factoring in the metals sensitivities of todays spot gold pricing backdrop.    We also got into the exploration focus of the company that plans to drill 100,000 meters, from both around the known deposit at Perron, as well as their newly acquired Perron West, Abbotsford, Hepburn, and staked lands in Ontario, Canada. There will be plenty of drill assay news coming out to the marketplace consistently throughout 2026 as the Project resources continue to grow.   We wrap up discussing the financial health of Amex Exploration, after having raised $37Million in the most recent financing, which saw their key strategic shareholder, Eldorado Gold Corp, increase their holdings to a 27% position.  We note the expanding analyst coverage, coming first nations agreements, permitting updates, and other key milestones on tap for 2026.     If you have any questions for Victor regarding Amex Exploration, then please email them into me at Shad@kereport.com, and we’ll get those addressed or covered in future interviews.     In full disclosure, Shad is a shareholder of Amex Exploration at the time of this recording.   Click here to follow the latest news from Amex Exploration   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 Mike Burke, Director and Vice President of Corporate Development at Sitka Gold (TSX.V:SIG | OTCQB:SITKF | Frankfurt:1RF), to discuss new drill results from the Rhosgobel area and outline a big exploration year ahead at the RC Gold Project in Yukon. Recent drilling continues to increase the scale and continuity at Rhosgobel, while the company prepares for a 60,000 meter fully funded drill program in 2026 aimed at better defining the size and economics of the broader Clear Creek Intrusive Complex. Key discussion points include: Rhosgobel Growth - New results from 11 holes expand the mineralized zone to ~975 meters along strike, with the system remaining open in all directions. Depth Potential - Gold mineralization confirmed to ~400 meters depth, with geological analogs suggesting much greater vertical potential. Tungsten Byproduct Opportunity - Encouraging indications of tungsten highlight possible critical-mineral upside. 2026 Drill Program - Up to 60,000 meters of drilling planned, primarily focused on Rhosgobel, with additional targets.   If you have any follow up questions for Mike 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: 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.

Dave Erfle, Founder and Editor of Junior Miner Junky, joins me to review the hurricane of fundamentals factors that are fueling gold, silver, platinum, and copper to new all-time highs to here in the first few trading sessions of 2026.   We also dive into how this affecting the PM mining stocks.    We start off reviewing the very strong close to 2025 with many metals closing up the year at the all-time closes on the monthly, quarterly, and annual charts, and how that moved pricing into this year in a strong technical posture.   Dave notes that many of the macroeconomic and geopolitical factors that have developed over the last few months, did so after silver had already broken out of a 45-year cup and handle consolidation pattern.   Dave points out that we thought we had a “perfect storm” of factors in place last year with the central bank buying, runaway fiscal debt, Fed rate cuts, and dollar weakness throughout the year, and then all these other factors started stacking on top of those to form a huge hurricane of additional factors.   Silver and gold were named strategic and critical minerals in the Fall of last year. Trump will be naming a more dovish Fed head to come in mid-year for more rate cuts. China announced that they’d begin export controls on silver to start this year, which have now been implemented as of January 1st. Some large financial institution got on the wrong side of a large short position and was forced to cover and unwind, spiking the futures prices even higher. The US moved into capture and remove President Maduro in Venezuela over this last weekend, after a series of military exercises in the Caribbean Sea.   We reviewed the recent strength in the physical metals prices over the futures prices.   There has been an ongoing backwardation in silver physical spot prices over the silver futures prices at the end of 2025 and into 2026. There has been a large arbitrage spread in favor of the Shanghai silver price in China over the COMEX silver price in Chicago for the last few weeks. He points out that the series of recent COMEX margin increases are being used during low-volume holiday weeks to tamp down the silver future prices, but yet they’ve just rallied right back higher again. Dave feels this is a different macro backdrop than when we saw this same process from the CME back in 2011 that marked the top of that prior cycle.   Dave notes that while many precious metals stocks have already gone up multiple-fold on a percentage basis over last year, that it has gotten to a point where many stopped reacting as much to metals prices that have continued moving to even higher levels.   He notes that with the US stock market indexes having also kept hitting new all-time highs over last year that this has kept generalists from focusing much on resource stocks thus far. Dave recounts how the prior cycle started moving strong from 2001-2003, then consolidated, then moved even higher from 2005-2008, leading into the Great Financial Crisis of mid-2008-early 2009, before moving up even higher for 3 more years into the 2011 top. During that time the HUI index, the TSX Venture Composite index, and the HUI:S&P 500 ratio charts, all had a series of big moves that then consolidated sideways to down for a period, before building up the energy to then blast to even higher levels. He believes we could see a similar pattern play out this time where mining stocks move big, then consolidate sideways despite rising prices, or even corrective moves, but then move in a series of rallies following that were more an more investor capital begins to pour into the sector.   Wrapping up we talk about where the gold and silver stock valuations are today at $100 and below for an ounce of gold delineated in the ground or $2-$5 an ounce of silver defined in development projects. We look to the recent takeover transaction of Probe Gold by Fresnillo for a mere $58 a gold ounce in the ground, over their 10 million ounce deposits in Canada. Dave highlights that he and his subscribers continue to hold full positions in AbraSilver Resource, despite being up 4X on their position, because he believes it may be in play as a takeover candidate in the year to come (after putting out their DFS and confirming Argentina RIGI approval). At present they are getting a little over $5 an ounce in the ground for a valuation, which is on the high-end of what other silver developers are currently garnering. We debate whether we’ll start to see higher valuations in future merger and acquisition deals, on the best development projects, considering the huge margins that the PM producers are enjoying at present.   Click here to learn more about Dave's Junior Miner Junky newsletter   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.

Glenn Jessome, President & CEO of Silver Tiger Metals (TSX.V:SLVR – OTCQX:SLVTF), joins us for a comprehensive update on all the development work going on at ground level now that  the Company has secured all of the required approvals and permits from the Mexican Federal Environmental Department (“SEMARNAT”) to construct the El Tigre Stockwork Silver-Gold Project in Sonora, Mexico.  We also discuss the upcoming underground PEA, set for release later this month, the coming regional drill programs to the north and south of El Tigre, and the capital management flexibility that the company has moving into 2026.   With all approvals for the Project now granted, Silver Tiger is advancing the El Tigre Project towards construction over the 18-month plan, as outlined in the October 2024 Preliminary Feasibility Study (PFS) for the Project. Glenn shares with us the many earlier-stage initiatives their operations team, led by VP of Operations, Francisco Albelais, was working on for the last half of 2025,  like building the 365 day per year haulage road, and the 6 months of detailed engineering work that is mostly completed and gives them a large head start on hitting the ground running now that the permit is in hand.    Glenn highlights that in addition to more land clearing and surface earth works, that a key initiative is optimizing the road already built with a new bridge currently in review with engineering and slated to be built over the next few months.  Another priority is the building of the camp to house all the staff that will be working on-site from here on out.  Additionally, there will be water wells completed, and all the workstreams that flow into the final engineering plan.    All of this derisking sets the company up for even better debt terms, and gives them a huge head start into the eventual mine construction beginning over the course of this year.   We also recap all the exploration, development, and derisking work that has gone into the upcoming imminent release of the Preliminary Economic Assessment (PEA) for the underground mine, set to release to the market later in January. The team at Silver Tiger has been compiling the last 5 years of work delineating the 113 million ounces of silver equivalent resources in the high-grade veins, shale, and sulphide zones underground portion of El Tigre, the metallurgical studies, and engineering work to be able to release the upcoming PEA early in Q1.   This report will center around the already permitted underground scenario utilizing an 800 tonnes-per-day (tpd) mill, and focusing on the initial first 10 years of mine life.   With regards to the capital management strategy, and the coming debt term sheets and how the company will fund the remaining capex for the mine build, Glenn shares the flexibility and optionality that their team now has, after having raised CAD$40 Million bought deal financing with a syndicate of underwriters led by BMO Capital Markets and Stifel Nicolaus Canada in the late Fall last year.  When combined with the ~CAD$30 million the company already had in their treasury, they essentially have a large percentage of the US$85 million capex needed to build the bulk tonnage surface mine at El Tigre.  This means that they can negotiate less restrictive debt covenants, giving them the flexibility to keep pursuing work on the underground strategy, as well as regional exploration to the north and south of El Tigre.      If you have any follow up questions for Glenn regarding Silver Tiger Metals, then please email them into me at Shad@kereport.com.   In full disclosure, Shad is a shareholder of Silver Tiger Metals at the time of this recording, and may choose to buy or sell shares at any time.   Click here to follow the latest news from Silver Tiger Metals   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.  

Craig Hemke, Founder and Editor of the TF Metals Report, joins me to kick off the first full trading week of 2026, reviewing the strong close to end last year, and the even stronger start to this year in gold, silver, copper, and the precious metals stocks.   We also break down the macroeconomic factors that matter moving into the year to come.   We start off reviewing the big moves higher today across the metals complex with gold, silver, copper, at or near all-time highs in what is typically a quite seasonally strong period of the year for this part of the commodities sector.   Craig points out that while the metals have been undeniably strong, that the related mining stocks have only had lackluster responses over the last few weeks, considering how much their profit margins and project economics have expanded. This brings up the lagging valuations in lieu of the much higher average metals price in Q4 over Q3, where gold, silver, platinum, and copper all closed the month of December, the fourth quarter, and the year at all-time high closes on the longer-duration charts. Craig feels that this is what is truly germane for institutional investors and analysts as they tend to block out the short-term noise and focus on the longer-term trends in motion.   When we look at where metals prices are here to kick off the year in early January they are a levels that are so much higher than those average prices in Q4, that it is hard to imagine that Q1 isn’t going to see even higher average metals prices, and thus even higher record revenues or project economics. This raises the question of why more investors are not getting in front of those trends and bidding the quality mining shares much higher than they’ve responded thus far? Craig feels a great deal of this lack of leverage in the mining stocks lately is coming from sympathetic lack of belief from most investors that these prices are going to stay up at these levels.   One factor that has continued to tamp down futures pricing in gold, silver, platinum, and palladium over the last few weeks has been the COMEX rising of margin requirements.   Many investors are concerned that if this raising of margins requirements persists that it could trigger a selling cascade lower.  Craig weighs on the history and dynamics around these moves by the Chicago commodities exchange.    The conversation then transitions over into what factors are going to keep underpinning higher metals prices.  We review the arbitrage between the physical and paper markets both in terms of the current backwardation between higher spot prices over future prices, and from prices seen on the Shanghai exchange versus the COMEX. Craig mentions that while he doesn’t feel there is a direct safe haven bid today after the weekend geopolitical events between the US and Venezuela, that it still may underpin other nations central banks to keep buying gold and diversifying out of US dollars as a precaution. Another key factor he is watching is what we’ll see in 2026 with regards to central bank monetary policy here in the US, once Trump installs a more dovish head to the Fed mid-year. Craig also continues to watch for potential yield curve control through monetary policy, if the interest rates get too extreme in either direction. Following up on our last conversation, and looking ahead to Craig’s coming 2026 Macrocast report due out later this week, we revisit the potential for Scott Bessent and the treasury department to monetize aspects of the US balance sheet (notably a potential repricing in gold) to help fund a sovereign wealth fund.   Click here to visit Craig's TF Metals website:   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.    

The first KE Report Weekend Show of 2026 sets the stage for a year that could look very different across commodities and energy markets. The show explores how precious metals captured investor attention after a volatile end to 2025, why sentiment toward hard assets appears to be shifting, and what that could mean as the new year unfolds. The conversation then pivots to oil and natural gas, examining how a weak commodity tape contrasted with resilient equity performance and why select opportunities may be emerging beneath the surface. Overall, the show focuses on big-picture trends, market psychology, and how investors might think about positioning for 2026 amid ongoing volatility and changing fundamentals. Segment 1 & 2 - Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, joins the KE Report Weekend Show to break down the explosive 2025 performance in metals - led by gold then silver - discussing fundamentals versus momentum, valuation shifts toward hard assets, index rebalancing volatility, and what these historic moves could mean for commodities heading into 2026. Click here to learn more about Bannockburn Capital Markets  - https://www.bannockburnglobal.com/   Segment 3 & 4 - Josef Schachter, founder and editor of the Schachter Energy Report and author of the Eye on Energy report, wraps up the show recapping a difficult 2025 for oil while highlighting how selective stock picking still produced strong gains. He outlines a bullish 2026 outlook, covering oil and natural gas price expectations, undervalued Canadian energy equities, dividend and growth opportunities, and the impact of LNG expansion and M&A across the sector. Click here to learn more about The Schachter Energy Report - https://schachterenergyreport.ca/   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.  

Christopher Aaron, Founder of iGold Advisor, Elite Private Placements, and Senior Editor at the Gold Eagle website, joins me to review his short-term and longer-term technical outlook on Silver, silver stocks via (SIL) relative to silver, Gold, and the long-term DOW:Gold ratio chart.   This is a longer-format video where we really dive into the technical analysis setups in the precious metals sector, and he lays out the historical case and patterns to why we haven’t even seen the really big moves yet in either the potential price targets for the metals or the catchup trade still in front of investors for the junior gold and silver stocks.   Christopher lays out the technical case for why silver is likely going up into a 3X-5X move from the $50 breakout, even if we see one more corrective consolidation move in the near-term.  He points to the propensity of commodities to make moves like this when breaking out of long base-building periods, citing prior moves like this in gold, copper, platinum, and oil.   We also check in on the SIL:Silver ratio chart and note the stark undervaluation and muted leverage thus far in the silver equities, and how they are going make a large catchup move in the years to come.   Next we shift over to his Christopher’s technical outlook on gold from a short to medium-term perspective, and in the context of all the historic data from the move in gold from pegged to the US dollar and post the unpegging and freely trading gold price over the last 5+ decades.   Wrapping up we discuss what he feels is the most important chart, the longer-term data from the DOW:Gold ratio, and that we are setting up for the “Fourth Turning” in how gold will be revalued relative to general US equities.   This is the key chart to follow as it relates to seeing a rotation from generalist investors in tradition equities to precious metals equities.   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.     Click here to visit the iGold Advisor website to follow Christopher’s analysis and private placement services . Click here to follow Christopher’s writing over at the Gold Eagle website

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/   -------------- 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/   ------------------- 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/   ---------------------- 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 Update Consistent runs above 100 tpd in Q4, improving logistics, and progress toward operational break-even. Drilling & Resource Growth First underground drilling in five years, targeting ~5,000 meters in early 2026 to grow the resource. Saudi Arabia Silver Project High-grade silver results from initial drilling and a back-in right to increase ownership to 45%. Financial Strength Into 2026 Warrant 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.