Weekend Show – Peter Boockvar & Brien Lundin – Market Uncertainty, Recession Fears, Tariff Wars, Gold At $3,000
Welcome to The KE Report Weekend Show!
On this weekend’s show we focus on the continued decline in US markets, how tariff wars are impacting markets, and the outperformance of precious metals with gold now at $3,000.
If you enjoy the weekend show please go back through our website (https://www.kereport.com/), Podcast (https://rebrand.ly/KER-Podcast) and YouTube Page (https://www.youtube.com/@theKEReport) to listen to all our market commentary and company interviews. Please subscribe and leave us a review.
- Segment 1 and 2 – Peter Boockvar, Chief Investment Officer Bleakley Financial Group and Editor of The Boock Report on Substack kicks off the show with a deep dive into market weakness, the impact of U.S. tariffs on global trade, the fading AI stock rally, growing investor interest in commodities like gold and industrial metals, and the Fed’s tough position on rate cuts.
- Segment 3 & 4 – Brien Lundin, Editor of the Gold Newsletter and our host at the New Orleans Investment Conference (November 2-5 2025) joins us to discuss the growing investor momentum in gold and silver stocks as they finally respond to rising metal prices. He discusses the sector’s outperformance, strong earnings, and increased interest from generalist investors shifting capital into mining equities.
Haha! 😆
https://www.tradingview.com/x/UgpIcgeg/
DOLLAR : Expander Pattern Bottom.
Holding : Gold Topping?
https://www.tradingview.com/x/UCRMIhwS/
GDX : Top Test Coming Soon,
Pull Back Possible.
https://www.tradingview.com/x/2c7bvjsB/
NatGas : Brakes Being Applied.
BDC – good GDX chart. It is going to be intersting to see if it gets capped at that resistance or if it can break on through to the other side.
Thanks, Ex! However, if that gap at 38 is going to fill at all, it’s probably better done now. This would also enable more bargain basement buying before the Black Friday crowds flood the scene.
Gold at $3000 is fair and fully priced. Significantly higher would mean economic mayhem in too many quarters. Things may look bad, but not irrecoverable, yet. Higher priced Gold would mean Hell for too many – possibly all.
A truly stable currency (the Dollar?) is an absolute necessity for an expanding wealth basis that can enable our voyages beyond Earth.
How good are we? BDC
Maybe you need a strong USD but other nations don’t need a strong USD in a deglobalised world.
Yeah good thoughts guys on the US dollar. When we are talking about a strong or weak or stable greenback, we are talking about the US dollar as a reflection or inverse of the 6 main currency pairs in the dollar index, but that is just our fiat currency in relation to others.
In gold terms, the lack of purchasing power in all fiat currencies is on full display, as gold breaking out to all-time highs in all currencies on the planet is evidence that fiat purchasing power is at an all-time low. This will only persist, so over time whether the dollar is strong, weak, or stable, it is irrelevant from the standpoint that it will only lose more and more purchasing power, and this will be reflected in the price of gold and on the price of all items for that matter.
Like it or not the stage is set for a major, major gold BOOM! DT
Brumple – Note the “?” after “Dollar”.
Even centralization is not the problem: It’s the leadership! Bad leadership stains every major power today, including Russia. They are all factions in a Mafiya competition, and are the current Power reality (which may be shifting, but very slowly).
Our best course is to influence events toward better outcomes. Any severe collapse is antithetical to this idea. BDC
BDC, Russia does not suffer from bad leadership, I think you are listening to the drums that the mainstream media wants the public to believe. Putin has revitalized the Russian economy after the fall of the Soviet Union. The leaders in The West have by and large destroyed their economies. After 25 years of Putin Russia is strong again economically and militarily. DT
DT – Operation Mockingbird (yes, ongoing!) media has no influence on my thinking. I ignore it.
Putin’s lineage traces back to Yuri Andropov, who was the KGB chief and premier who directly instigated the breakup of the Soviet Union. Andropov was a neo-Bolshevik and countered the later USSR break away from his Trotskyite roots by initiating its destructive process. Mikhail Gorbachev was his project, with Putin his KGB underling. Many true Russian nationalists understand this. They are purged when too outspoken – literally jailed!
Things are rarely, if ever, as they seem. BDC
BDC, You say, “Things are rarely, if ever, as they seem. Surely, when you are talking about Putin and Cliff Dropoff, you must realize that what you are talking about is exactly the same thing that goes on in the home of the Brave and the land of The Free. LOL! DT
DT – Gen. Patton thought the worst enemy was the Russian, yet he was murdered not by Russians but those in DC that control the US government (to this day, all sides). BDC
P.S. Cliff Dropoff?
BDC, Yuri Andropov’s nickname in the Western media at that time was Cliff Dropoff! LOL! DT 😉
Trumps actions are needed but the CPI is going up which means more inflation in an environment where there will be declining job prospects. The trade war and the paring down of government jobs will see the US economy shrink even more. DT
I think it is rally time in general stock market and PM equities. Top holdings TSLA, GOOG, DAL, MSFT, PAAS, AG, EXK. NEM, GOLD
The divergence between SPXL (lower) and TECL (held) was telling. Up for now.
TSLA did manage to regain its 200 week MA by Friday’s close but serious damage has been done to its technical picture.
https://stockcharts.com/h-sc/ui?s=TSLA&p=W&yr=3&mn=11&dy=0&id=p47028175083&a=1716139328
Some resistance levels to watch:
https://stockcharts.com/h-sc/ui?s=TSLA&p=D&yr=1&mn=0&dy=0&id=p39758282127&a=1930783272
The 30 week MA is 27% above the current price and still rising. If it turns down before price can get back above it, it will be one more source of selling.
https://stockcharts.com/h-sc/ui?s=TSLA&p=W&yr=5&mn=0&dy=0&id=p04058233971&a=1272511077
Absolutely! I think general stock market is setting up for a nice spring rally. Apple is another stock to add to the buy list.
CJ, During January and February the general stock market turned ragged and unsettled, ((((TRADE WARS)))) and no wonder for with prices still near record levels and the future trend of business highly dubious it is altogether too easy to foresee a time of reckoning ahead.
With the stocks of the smart money investors (BUFFET) moving from strong hands to weak hands, now is not the time to have a hair of the dog, stocks when they fall and I have seen this lately move down very fast, one step up two down is where it is at in the conventional markets. CHEERS, DT
This is what I like about Heliostar:
Heliostar CEO, Charles Funk, commented, “Q4 2024 was a strong start to production for Heliostar. From the close of the transaction on November 7, 2024, to the quarter end, our operating mines generated over C$9.5M in cash flow. The Company’s cash position grew to C$7.7M, and we made the first repayment of our acquisition debt, which has now been fully paid down. The Company also recognized a C$90.5M accounting gain on the independent valuation of our Mexican assets, demonstrating the accretive nature of the transaction. We proceed into 2025 with a strengthened balance sheet, growing production and high-grade exploration results from Ana Paula and La Colorada. We are well set to build Heliostar further in 2025. Cheers, DT
+1 Nice to see Heliostar break up past the prior peak to a higher level this last week. Stellar action from H-star!
GoingToADollar @GoingToADollar
Welcome to our Penny -> Dollar series.
“Today, we’re looking at Heliostar Metals $HSTR.V, one of the best-performing junior miners of 2025. After bottoming at $0.18 in March 2024, it has now broken into Dollar Land.”
“How did this turnaround happen? Don’t worry, we’ll explain👇”
I sold my Hartbeestfontein, Driefontein, Kloof, Harmony, and Western Deep Levels long ago but I still have my Durban Roodeport Deep(DRD on the NYSE) which has been very strong lately. Does anyone here have an opinion on DRD or own it? Jim Blanchard of the Gold Stock Newsletter loved DRD so Brian Lundin must know about it. Blanchard thought that DRD was the most leveraged way to own gold back in the last century. Beware the Ides of March.
It’s strong, but keep tabs on a possible pull back this coming week.
(A likely better perspective Sunday night into Monday.)
Wow Bonzo those are some funky names. Lol
Harmony Gold and DRD Gold are the only ones that still trade. Those old South African stocks had funny Dutch names. Hartbeestfontein was my favorite name. I wonder what Brian Lundin thinks of DRD as he worked for Jim Blanchard who loved it.
Could there be a breakthrough in solar panel efficiency bringing its cost ever closer to zero?
The S&P Equal Weight ETF (RSP) is still up 10% since its January 2022 high but is down 33% versus GLD. This is one of the most important kinds of negative divergences yet probably the most overlooked.
A bounce might be underway after reaching fork support but there’s stout resistance about 10% above…
https://stockcharts.com/h-sc/ui?s=RSP%3AGLD&p=W&yr=7&mn=2&dy=0&id=p60889163093&a=1919753503
The Nasdaq is short-term oversold versus silver stocks but there’s no important low in sight.
https://stockcharts.com/h-sc/ui?s=QQQ%3ASILJ&p=D&yr=1&mn=5&dy=0&id=p81641770797&a=1345035942
PGE is a SLEEPER, zzzzzzzzzzzzzzzzzzzzzz! DT
There will be an end to the war in Ukraine and then the sleeper will wake up! DT
Gold is no longer a sleeper but Platinum, Silver, Palladium, and I will even include Rhodium are going to wake up! DT
SILJ:GDX is above its 50 day MA for the first time in 4 months with back-to-back closes above it. GDX will do well in the weeks ahead but SILJ will do better.
https://stockcharts.com/h-sc/ui?s=SILJ%3AGDX&p=D&yr=1&mn=0&dy=0&id=p09452737662&a=1930820300
China achieves quantum supremacy claim with new chip 1 trillion times faster than the most powerful supercomputers. If this is true Nvidia is going down on the elevator very fast. DT 🤣🤣🤣
That elevator is Made in China and this is just the beginning of a wave of innovation from China.
I had a beef steak yesterday in Guangzhou which was tender and juicy but had no flavor at all. Food scientists in China are experimenting with products that will make soil water and the American farm/farmer obsolete.
The Precious Metals Sector Is Getting Its Moment In The Sun
Excelsior Prosperity w/ Shad Marquitz (03-15-2025)
Gold, GDXJ, Silver, SILJ, Collective Mining (CNL) , Equinox (EQX) / Calibre (CXB)
https://excelsiorprosperity.substack.com/p/the-precious-metals-sector-is-getting
Buy low and sell higher, you got that down pat along with a nose for value. Well done.
Much appreciated Terry.
Hi Ex, the nose knows! LOL! DT 😉
Indeed… the nose is always trying to sniff out a good deal that doesn’t smell foul.
Hey Matthew. You got any opinion on Brixton at these levels??? Seems undervalued but I haven’t been following the story that closely anymore.
I hesitate to call any explorer undervalued but I think Brixton’s current market cap of about $40M Cdn is a good deal for what the company has and a better deal in a year like this one since I think copper, gold and silver will perform well. At the end of last year the company had $10.8M in cash and receivables so this year’s drilling should be covered.
Six weeks after its January low it was up 122% but has since pulled way back to +55% as it backtested broken resistance.
https://stockcharts.com/h-sc/ui?s=BBB.V&p=D&yr=1&mn=2&dy=0&id=p82075502304&a=1931039788
Appreciate the reply Matthew… I get what you mean by using term undervalued for an explorer …..was more of a case as compared to some other explorers with less potential but higher MC’s.
Brixton bottomed one day before this press release which is worth reading:
https://brixtonmetals.com/brixton-metals-identifies-several-new-porphyry-targets-from-its-2024-regional-prospecting-program-sampling-up-to-46-9-g-t-gold-35-3-copper-1525-g-t-silver-at-its-thorn-project/
Chairman and Chief Executive Officer, Gary R. Thompson, P.Geo., stated, “Our boots on the ground exploration approach has generated three new and exciting copper-gold porphyry targets that have never been drill tested. Brixton plans to drill some of these new targets in 2025 as well as follow up drilling on the Trapper Gold Target and Camp Creek Copper-Gold Target.”
CDE looks a lot better than many think. This is not the “B” leg of an ABC decline:
https://stockcharts.com/h-sc/ui?s=CDE&p=D&yr=1&mn=1&dy=0&id=p22623196556&a=1931069995
CDE took back its 50 week MA by one penny:
https://stockcharts.com/h-sc/ui?s=CDE&p=W&yr=3&mn=7&dy=0&id=p08918443306&a=1931081624
Thanks Matthew. I have a lots of CDE that I purchased in $7 range and currently down BIG. Hoping this will be a $10-12 stock in 1-2 year.
CaliJoe, I think your hopes will easily be exceeded and probably by a lot.
https://stockcharts.com/h-sc/ui?s=CDE&p=M&yr=12&mn=7&dy=0&id=t6684495425c&a=1931743283&r=1742239390570&cmd=print
HL is a Buy and CDE is a Buy but CDE is also a Buy when priced in HL.
https://stockcharts.com/h-sc/ui?s=CDE%3AHL&p=D&yr=1&mn=0&dy=0&id=p02501533470&a=1382182943
DT. EMO halted. 😮
WR, the stock market is built on dreams that you may make a fortune and retire on the gold coast with a glass of bourbon in one hand and a cigar in the other, I hope your dreams come true. DT 🤣🤣🤣
I pointed it out cuz you called a buy on it just last week.
Hi WR, I called it out as a trading buy, which would have worked out. Right now, I see EMO as a great trading stock. I will re-assess my thinking as we get closer to the end of the trial which is around July 15th, 2025. I will say one thing there are a lot of eyes on this play but with court awards you just never know until they happen. That is how I see it for now. DT
PMs topping into FOMC Wednesday.
Cull weak ones soon?
GLTA
It looks like the price of natural gas which is particularly vulnerable to supply issues in Europe could remain stable and probably in a slight downward movement because of the various supplies of new sources of LNG that will be coming online this year. If the war in Ukraine comes to an end cheap Russian gas may start to flow again. There is always a problem with a terrorist attack on receiving LNG ports in Europe or an attack on pipelines running through Turkey. DT
DT – Larry Pesavento is someplace overseas helping friends through what he believes is a historic market top. Could be. He still reported at TFNN. Today’s show:
https://www.youtube.com/watch?v=RLgLkUUGsHk
Technical, but side comments interesting. BDC
I haven’t watched yet but I agree this is a historic top. The bull market that began 16 years ago is over and it seems the long bond knows it.
https://stockcharts.com/h-sc/ui?s=TLT&p=M&yr=15&mn=0&dy=0&id=t8536944911c&a=1741857793&r=1742248365503&cmd=print
Matthew, tomorrow’s FOMC may be very interesting!
Hi BDC, I will watch it soon, thanks for the link. DT
I swear on my grandmothers dead cat , that , that’s not me doing a runner.
https://i.redd.it/u6ghfar1gqoe1.jpeg