Rick Bensignor – A Special Extended Discussion On Markets, Currencies, Gold, Energy and Bitcoin
Rick Bensignor, President of Bensignor Investment Strategies joins us for a special extended conversation on how he is trading a wide range of sectors. We start with the extended 12 week run that has brought many broad averages in the US to all-time highs. We also look at the market breadth. Next we ask about international markets, some at all-time highs and another in a bear market. We also focus on the US Dollar and Rick’s more bearish outlook. We wrap up the interview with comments on gold, oil, natural gas, uranium and Bitcoin.
Whether you agree with Rick’s calls or not, he has been consistently outperforming the markets and selling long positions at opportune times. Please let us know what you think of the extended interview format and if you would like to see more of these longer interviews.
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Updated : Deeper?
Some up and some down: Big had a big day but got cancelled out. But Green $169.65 … don’t know how many data errors in that figure until morning.
I don’t get the fuss over Hercules Silver even when they came out with their initial results that propelled the stock, I just didn’t think it was that great and I felt that BIG was overblown. DT
I tend to agree DT. Those guys used to be Bald Eagle Gold, then they completely shifted commodities and renamed the company to Hercules Silver after acquiring a totally new project with a mediocre silver resource in place. (the silver does have some value though).
Then they decided to drill under the silver resources and hit one drillhole of pretty good copper, which did show promise, and the market went just totally bananas over it. However it was a far cry from the discovery holes for Filo or Solaris, so the huge retail uproar was a bit startling.
However, that hole did attract the attention of Barrick after just 1 drill hole where they came in and invested for a 15% stake, so they must have seen something that got them quite animated (as that is pretty unusual for Barrick). Then we saw all these big guns in the resource investing also get positioned in Hercules Silver too, but again… all on the back of just 1 discovery hole. It suddenly became a really BIG deal…. Well after that, the company put out some ok copper intercepts on the next few follow up drill holes, and then there was a BIG overreaction back to the downside.
Like I discussed with Erik Wetterling, when we unpacked the Hercules Silver trading, it was a BIG overreaction to both the upside and then again on the downside, when it is still so early on. One drill hole doesn’t deserve a $350 million market cap, even it if was encouraging, and likewise the market didn’t need to just crater when the next few drill intercepts weren’t eye-popping outrageous. They’ve only put like 4 holes down into the copper so far, so for goodness sakes, it is early days still and they’ll need 50-100 holes just to know what they even have.
It’s been a fascinating study in sentiment and momentum in both directions, but those moves and sudden valuation changes didn’t really make a lot of logic sense. I’m rooting for them to have some better drill holes as this sector desperately needs some new economic copper deposits, but it is going to take a number of drill holes and some patience to know what is going on at depth. At least they are funded for more exploration with the money Barrick brought into the company, so we’ll see how things develop in 2024.
It is one of my few green stocks. The drill results that tanked it were not that bad for the copper contact. It was no where near as good as Benton’s today which earned them a 11% loss. Vizsla went up yesterday on the GDXJ rebalance but trashed today. I-80 went up on drill results yesterday but down today. Stillwater can’t get going no matter what. District Metals slowly creeps up with no news. American Eagle gold goes up and after decent gains gets walked back. All of them get walked back when Lithium, copper, silver, nickel etc get false press about no demand when all normal supply projections show supply can’t meet demand. Mine development time is ignored as insignificant. Cost of development of mines ignored. Majors don’t have enough resource. On and on about false rhetoric to maintain suppressed prices. Cost of goods sold is ignored by paper markets. Idaho has never been known to have porphey copper. Barrick has been sitting on their hands in investment- something like two investments amounting to $25 million in Hercules. Rio Tinto staking land. Rio Tinto possibly using CIBC to buy shares on open market. CEO pumping drill core. Rick Rule pumping core. Goldfinger covering. Suspect they need to move West or Northwest. CEO making Forward Looking Statements with some confidence. I heard similar things about Emerita and their drill results and expanded resources did nothing but take down the price. I heard the same thing during Great Bear’s whiplash climb until they were sold out before even having a resource. The days of fundamental and technical block checking are gone. The powers that be want low prices, trolls and chaos with hopefully getting a resource without paying for it. Just look at Banyan with 6 mil or so ounces of Gold. Might as well be reporting dusters at their price. The moral of the story is, this is not your Father’s Junior Explorer markets unless your father grew up on the streets of New York before Elliott Ness.
Good points Lakedweller2, and it is just that kind of dismal sentiment market, where even most good news gets shrugged off by investors, or sold off.
How about Calibre Mining putting out 112 g/t gold over 4 meters and being down -5% most of the day only to close at parity. It was a freakin’ 459 gram meter hole and nobody cared…..
___________________________________________________________________________________________________
Calibre Continues to Intercept Bonanza Grade Drill Results Along the Multi-Kilometre Panteon VTEM Gold Corridor at the Limon Mine Complex; Drilling Intersects Include 111.92 g/t Gold over 4.1 metres
30 Jan 2024
https://ceo.ca/@globenewswire/calibre-continues-to-intercept-bonanza-grade-drill
{1} Hercules Silver
October 10, 2023 – Hercules Silver Intersects 185 Meters of 0.84% Cu, 111 ppm Mo and 2.6 g/t Ag, Including 45 Meters of 1.94% Cu in First Deep Hole Drilled at Hercules
(So the market went totally bonkers for this hole of 185 meters in length of 0.84% Cu, with 0.111% Mo. Yes, that’s a good copper drill hole, but put it in context with the holes I’ll post underneath this for comparison purposes).
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{2} Libero Copper
April 26, 2022 – Libero Copper Intercepts 557 meters grading 0.89% CuEq (0.62% Cu and 0.083% Mo) at Mocoa From First Hole
(A really great drill hole, but the market barely even reacted at all to 557 meters grading 0.89% CuEq… That was 3 times longer than the Hercules hole and one of the better copper intercepts in 2022 – WTF?)
[Granted Libero had social pushback after that in Ecuador, where they couldn’t continue drilling, and the whole idea of continuing exploring there unraveled, but from a strictly drill hole perspective this one was waaaaay better and barely even a notice from the retail hordes… but alas… no newsletter writers were pumping it].
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{3} Solaris Resources
– January 14, 2021 – Solaris Reports 1,067m of 0.60% CuEq From Surface, Expands Limits of Warintza Central to the North, Northeast
(Now that was a solid discovery drill hole from Solaris back in 2021. It should be noted it was over 5.5 times as long as Hercules Silver’s hole, but slightly lower grade)
– February 22, 2021 – Solaris Reports 600m of 1.0% CuEq and 462m of 1.0% CuEq From Surface, Continued Expansion of Warintza Central
(the follow up hole from Solaris post discovery was shorter at 600 meters, but at higher 1% copper grades and far juicier than what investors have been getting animated about lately)
– March 22, 2021 – Solaris Reports 922m of 0.94% CuEq From Surface in Continued Expansion of Warintza Central
(again, 900 meters is a really long mineralized hole at 0.94% copper… the market started getting really excited here and rightly so… as we are seeing a trend develop)
– April 19, 2021 – Solaris Reports 800m of 0.83% CuEq From Surface including 370m of 0.94% CuEq; Continued Expansion of Warintza Central
(this hole had the same basic grade as Hercules, but 4 times as long, and the same grade as Libero’s but 200 meters longer. It wasn’t even as impressive as the other 3 holes that preceded it, but it was clear this was a massive copper system starting to shape up)
– May 26, 2021 – Solaris Reports 1,029m of 0.73% CuEq From Surface, Expands Warintza Central to +1,100m Strike; Maiden Drilling Set to Commence at Warintza East
(again, another 1,000 meter copper equivalent drill hole, at 0.73% copper…. and the hits just kept on coming. It is easy to see why the market got animated, but even after 5 copper whoppers in a row we didn’t see a company like Barrick come in and take a 15% stake in it or so many high net worth resource gurus flock into it).
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{4} Filo Mining – This is the copper explorer that is now a developer that really moved the most over the last few years, but it is easy to see why investors got so excited after a pattern of solid drill holes.
– Jun 15, 2021 – Filo Mining Reports 1,081m at 0.88% CuEq; including 352m at 1.16% CuEq at Filo del Sol
(The market did react in a big way to this discovery hole from Filo and rightly so, it was over 1,000 meters long!)
– Jul 19, 2021 – Filo Mining Reports 1,378m at 0.71% CuEq; including 676m at 0.92% CuEq at Filo del Sol
(Importantly, then Filo followed that discovery hole up a month later with another zinger almost 1,4000 meters long.. and then they started getting real traction).
– Aug 4, 2021 – Filo Mining Reports 425m at 1.55% CuEq, including 4m at 5,045 g/t Silver at Filo del Sol; Extends the deposit another 750m to the North
(then a month later Filo put out yet another hole here, shorter in length, but much higher in CuEq grade, and some stunning bonanza silver grades…. It was game on for Filo and well deserved!)
– Nov 12, 2021 – Filo Mining Reports Q3 2021 Results; Ramps up to Five Rigs at Filo del Sol
(so with some momentum, an uplisting to the TSX, and now 5 drill rigs, Filo just kept on soaring higher and the rest is history)
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I posted all that just to put some of the better copper drill holes from exploration stocks in context and to show the pattern of successive long intercept copper holes that Solaris and Filo put out in that really started getting the wheels turning. Those runs make more sense then the recent parabolic move higher we saw for a much shorter single drill hole in Hercules is the main point. Again, I hope Hercules puts out some 800 – 1,000+ meter copper drill holes and backfills their valuation, but it is still early days and the proof will be in the copper pudding…
Look at it another way… Barrick has ties to the Carlyle Group.
Spooky….
Hey ,,, put up Benton (thanks if you do)
Libero has a reverse split pending if anyone looking to buy it. I think…
Somebody pumped Helium into the corpse of Santacruz Mining, it is starting to show life after death, or is it a near death experience. Anyway, a little bit of good news goes a long way in these markets. LOL! DT 😉
Lakedweller2 – Personally I gave up on Libero when they couldn’t keep drilling to follow up on the big hit mentioned above in early 2022 from Mocoa. They’ve been in damage control ever since then, and just recently sold their Big Bulk project to Dolly Varden, and canceled their option on Esperanza. I’m not sure what is left to pursue, other than if they vended in new projects and a new team.
DT – Good one on the Helium pumped into Santacruz Silver. Yeah, it’s had quite a lift higher the last few days due to the SILJ rebalance. Nice to see it have a more prominent position in SILJ now, and moving forward. Also, I’m finally back to parity on my more recent trading position in it.
There have been some phenomenal trades in Santacruz back in 2016, and from 2018 into mid 2019, and from 2020 into 2021, and then a lot of whipsaw swing or position trades the last few years. Overall it has been one of the silver stocks that has outperformed in my portfolio.
I sold the rest of my entire position in late 2022 to book the tax gain in it against other tax losses from that year. As a result, I had to start over and rebuild the position starting in Jan 2023, and then added to it in Feb, May, Jun, and Aug of last year. Overall I was underwater on that trade until this recent pop higher, so bring on the helium gas… 😉
Ross Beaty – Unprecedented Gold Market Discrepancy: The Worst in Decades
Jan 29, 2024 – Kitco News
00:00 – Introduction to Ross Beaty
01:41 – Ross Beaty’s Macro Thoughts on Gold
04:28 – Disconnection Between Gold Prices and Equities
06:24 – Gold Market Predictions
07:51 – Investment Advice in Current Market
09:44 – Equinox Gold’s Challenges and Strategy
11:35 – Predictions for Market Movement
14:02 – The Role of Copper in Green Energy Transition
16:49 – Consolidation in the Gold and Silver Market
18:41 – Ross Beaty’s Involvement and Predictions
Hi Ex, I listened to the video you posted with Robert Friedland yesterday, I thought it was odd how he mentioned Northern Dynasty, which has been given up for dead a long time ago. Friedland is an OOTB thinker, and he sees a big future for copper. He mentioned how The EPA has shut down NDM, but he sort of intimated that someday the old dog might start wagging its tail again. They do have a plethora of riches; I believe there are 55 billion pounds of copper. With a change of leadership in Washington it just might happen but it won’t be for a very long time. DT
Yeah, the Pebble project that Northern Dynasty had has a long storied past where it was just around the corner from getting permitted over and over again for the last 15 years. Many thought when Trump was in office and making claims to streamline many government process and get rid of excessive red tape that maybe that was the window to get it done, and there was a whole other pump cycle in Northern Dynasty, but it was blocked by a number of groups once again.
No doubt they’ve got the metal goodies in the ground there, but it is repeatedly an issue with the salmon breeding there and environmental lobbyist groups and other NGOs have made it a special point to never let that mine get the green light. If it ever did, it would be a true Tier 1 asset, but I’m not holding my breath on that happening anytime soon.
Hi Ex, I just connected the dots on Santacruz after what happened on Monday. The clue was SILJ and the big winner was Santa. LOL! DT
Speaking of the Carlyle Group, did I mention that Jay Powell was a partner at the Carlyle Group.
The trouble with you Lake is that you don’t get it. You are in Hercules spec play that will leave you whining about losses. Take a look at Santacruz Mining in 2023 they produced 22 million silver equivalent ounces. Now look at First Majestic in 2023 they produced 26 million equivalent ounces, First Majestic sells for over $6 CDN, Santacruz sells for 32 cents. All you have to do is buy something when it is cheap and sell it when it is expensive. Capiche! DT
I thought you would have learned something from getting “personal” with Marc. I am not going to respond to your insecurity.
(Had you read and understood my comments, you would have understood that I was green on Hercules “after” the pullback. My comments are directed at “corruption” and I provide proof. We aren’t in a contest with each other.)
As far as Marc is concerned, he attacked everyone not just me. I could see his personality from day one.
As far as you are concerned, I get fed up with you whining all the time about losing your money because of a corrupt society that you believe is responsible for your losses. You will never understand that we are all in the same boat. When we make a decision to invest in something we are responsible for our choices, not society. You need to grow a pair.
I’m glad you aren’t going to respond although you already did because nothing ever changes with you. DT
Identifying intervention is not whining unless you find corruption acceptable.
Attacking people personally like you and Marc did to each other and to others, is an abnormal personality trait. Despite most finding such attacks distasteful and destruction to conversation, it is apparent that some people find a lack of self discipline to have respect for others and find such behavior beyond their ability to contain. It is that uncontrollable nature that is indicative of personal insecurity that is most disturbing. Please attempt to control your personal attacks on others. The way to determine you are out of bounds, is when you have conversations like the above.
What you really don’t like is me telling you that like a broken record you should look at yourself for change the system isn’t going to change for you. Corruption has been going on since the beginning of time it’s like manipulation it is meaningless because it keeps happening no matter what rules or regulations are passed or what laws are invoked. The only thing a person can do is stay on the right side of the law and if the system can’t deal with your concerns, you will just have to live with it until something changes in your favor or doesn’t. Talking corruption endlessly has nothing to do with day -to -day trading yes, we must live with it but to talk incessantly about it is meaningless. I thought you weren’t going to respond to me, but you obviously can’t let it go. DT
Being Career Military and a Career Prosecutor didn’t prepare me to lay down against wrongdoing. Both jobs require an oath to the Constitution and not blind obedience to a “Criminal System” or an illegal order of a tainted leader. Sorry if that offends you and is threatening. I would have not used my own account as an example had someone given me access to their trading account. But propriety and personal privacy are democratic principals which fortunately still matter a little bit. I am sorry you feel trading violations by those with somewhat of fiduciary duty are of no concern, but they are to me as well as discrepancies pointed out by “Save Canadian Mining” concerning Naked Shorting and failing to cover. Fortunately a mining entity was concerned enough to take a case to the Southern District of New York and win. The Court stated you can hold your “Broker” responsible for allowing Naked Shorting. Now that may upset you also that a Court would see that dealing with corruption matters as the Court has to recognize in such a ruling that “Regulators” are not doing their job. That is also significant as it is an attempt to force responsibility on “someone” for a criminal act. And not just walk away.
It has never been about you … it is about people that think attacking another person personally, rather than just talk issues “without getting” personal, is a way to have a superior argument. If your facts are weak or you don’t have facts, just go after the person and tell them everything you don’t like about them that has no relevance to the issue, and somehow you are a “winner” of some self fabricated game.
My point has been and always has been, I don’t care who I am addressing, I want to offer something to the Conversation. The best source of my comments is my own experiences and education. If I don’t agree with something, I try to offer facts or opinions about the “subject” and do not think it is productive or effective communication to attack the other party. In fact, it is objectionable in a Court of Law for the Lawyers or the Judge to make “any comment” toward another Lawyer, Judge, witness, Juror, Court Reporter, Bailiff or even the Defendant of a “personal” nature “as it has no relevance” to the subject matter of the Case. That may be why I am sensitive to personal attacks on the Kereport as they give no relevance to anything that transpires on this site. I can’t say why you or Marc or anyone else insists on making things personal. I just don’t want to be involved. I don’t even like writing this stuff but I don’t want to be part of that game.
If you don’t want to be part of a discussion just walk away and end it, but you can’t. Just walk away like you said you would, why keep replying. If you honor your word and not respond to me it’s over! Simple! That means not responding to this post. DT
Can’t help you DT.
I can’t help you either, Lake! You don’t honor your own words.
NatGas Week: http://tinyurl.com/yuhf293f
Consolidated at 2.065 with a pop.
Deeper targets in play.
Short cover?