Weekend Show – Mike Larson & Matt Geiger – Slow Money Shift Out Of The US, Gold The Major Beneficiary
Welcome to the KE Report Weekend Show!
This week, we explore the growing shift of capital out of the U.S., impacting both equity and bond markets. Investors remain defensive, with gold emerging as the clear winner while the U.S. dollar continues to weaken. We also dive into the ongoing outperformance of gold stocks and where the best opportunities may lie in the current environment.
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!
Also check out our Substack where we email you summaries of Daily Editorials and the Weekend Show! Click here to check it out.
- Segment 1 & 2 – Mike Larson, Editor-in-Chief at MoneyShow, kicks off the show outlining how market volatility, US policy uncertainty, and the erosion of traditional safe havens are fueling a powerful move into gold and potentially marking the beginning of a multi-year rotation out of US assets. He discusses how global capital appears to be shifting from US dominance toward international markets and hard assets, especially precious metals, and warns that this may not be a short-term trend but the early stages of a generational market transition.
- Segment 3 & 4 – Matt Geiger, Managing Partner at MJG Capital, wraps up the show outlining how tariffs, geopolitical shifts, and safe haven demand are reorienting global capital flows and driving renewed interest in gold, critical minerals, and select junior miners. He discusses how the end of U.S. equity dominance could redirect trillions into commodities, why rare earth processor Neo Performance Materials is a top conviction pick, and how strong insider buying and selective junior exposure are shaping his current fund strategy.
It’s funny how the audit that Musk promised about Fort Knox has been swept under the carpet, somebody must have whispered in Trump’s ear. LOL! DT 🤣🤣🤣
The sooner The US abandons their “World Reserve Currency” status will be the sooner they can get back to honest money and an honest economy. It’s too bad they didn’t see a long time ago how it had destroyed their industry. DT
Your 2nd guest is real negative on the US. Yes we have been into a correction but to say the 17 yr bull market is over says he’s crazy. I love the up and downs of these markets. Options are premium priced now and my account is growing leaps and bounds. He needs to go hide under a rock.
What’s crazy is calling the guest crazy for saying that the bull market is over. Not only is Geiger’s view not crazy, it is almost definitely accurate. The longest bull market in history is indeed over.
Stan Harley called it on December 4th, which was exactly true for the DOW — while others did a weak retest, and then failed. He says 4-1/2 years sideways/down.
It’s now a trading range market. Learn to trade, folks! BDC
The herd might’ve realized that an epic top was coming if it knew that the Dow never made a new high versus gold after September 2018 despite going up another 70% versus the dollar. There was no such discrepancy at the 1999/2000 top. That top vs gold happened just a few months ahead of the top vs the dollar.
Dow:Gold is down 75% since topping in August, 1999.
https://schrts.co/UKFQtdqr
Sound money exposes the fact that the record long bull market that just ended was really just a countertrend move in an enormous secular bear market.
Everyone in America should understand debt, America is a debt institution. America is a great illusion; America is a giant Ponzi scheme, we all know how Ponzi schemes end. It doesn’t mean America can’t come back but it won’t be overnight as Trump thinks. America will see a “Depression”.
We have entered bear territory where you get a relief rally, and the average investor will think it’s over and then down she goes again. This can go on for 10 to 25 years. DT
CAT is down 56% in 15 months vs GDX has a long way to go before finding a long term low. For now, an oversold bounce is possible.
https://schrts.co/vPptjzIy
Watched a short video on Baidu here in China..a huge new CAT machine rolling onto a jobsite. They doing okay against cheaper Asian manufacturers of similar equipment.
Cat large excavators are manufactured in China. Caterpillar has 3 large manufacturing plants now in China, plus one in Brazil, and one in Japan. DT
https://www.tradingview.com/x/Gx95Vwam/
CAT : Look Left : Gotta Love Trading View!
https://www.tradingview.com/x/Ww5SEfMG/
CAT : CW(F) : Near Perfection!
All – I did a quick look at Neo Performance Materials (NEO.TO) and wonder why they don’t have an OTC listing? They have a bit of history and have been paying a small quarterly dividend for several years so it appears to be a real and going concern that is actually making money. But why no US listing at all? I have no issue with a listing on the Toronto Exchange but tiny miners are available via the OTC. Is that listing onerous in some way or does it require some transparency that the company doesn’t want to reveal? While I find Geiger’s reasoning for adding Neo’s stock to his portfolio interesting, perhaps even compelling, I do wonder why no US listing?
Beyond that having been burned by the rare earth mania in the past I am cautious about investing in them in the future. What is rare about rare earth metals is the ability or willingness to process them which is well known to be a very toxic process. My hesitancy is elevated by what “The Donald” wants – he wants this to occur in the US. So, when and where are they going to put such a facility in the US or perhaps Ontario? Estonia ain’t gonna cut it.
They have a listing on the OTC, symbol is NOPMF! I like their share count. DT
Neo Perfomance Materials has been around for a while, and in the prior rare earths boom from 2010-2012 they were a big deal. Then Molycorp (now renamed MP Materials, since coming out if bankruptcy) swallowed up the prior incarnation NeoMaterials in a merger that didn’t go well. Then the CEO of Molycorp waa removed and the CEO of NeoMaterials took over as the boss of the proforma company. It ultimately failed, but out of the ashes MP Materials and Neo Performance Materials were launched
Ucore Rare Minerals is also very advanced in working on downstream rare earths separation and has plans to have 2 processing facilities (one in Canada and one in the US).
Additionally, Energy Fuels is currently producing rare earths in the US, and they have purchased a few mineral sands projects internationally to source more rare earths to feed through their processing center. People know them from their uranium production, but many forget about their big transition the last few years to focus on rare earths too.
Hi Ex, I keep reading snippets about Energy fuels processing rare earths. I remember when you first mentioned them and how later they got into rare earth processing, I think if I was going to invest in the rare earth field, I would definitely check them out. DT
Yes, I think people mentally have them only in the uranium bucket, but Energy Fuels has spent the last few years transitioning to also become a player in domestic rare earths production.
The issue many REE companies have when trying to shift up to processing rare earth elements is that often there are radioactive elements that occur in tandem (like uranium, thorium, and many other hard to pronounce lessor elements) and most junior companies don’t have radioactive processing licenses, or the experience, or best practices to process such a mix of elements. In this case (EFR.TO)(UUUU) does have that expertise and capacity.
When Matt Geiger said Neo Materials was the only company doing rare earths separation in the US, that wasn’t entirely so.
Energy Fuels (EFR) (UUUU) – Expanding Proven Rare Earth Processing in the U.S.
“Energy Fuels recently commissioned its Phase 1 rare earth separation circuit at the White Mesa Mill in Blanding, Utah, capable of producing up to 1,000 metric tons of separated neodymium-praseodymium (NdPr) per annum.”
“The Company is currently designing and licensing its Phase 2 and Phase 3 rare earth separation capabilities, which will increase NdPr production to 4,000 to 6,000 metric tons per annum (when completed in the future), while also adding Dy, Tb, and perhaps other separated rare earth production. The Company also plans to design and license a separate monazite processing circuit to enable the simultaneous production of both uranium and rare earths.”
“The mill will also extract additional natural uranium from the monazite, thereby creating a unique North American critical mineral supply chain.”
Thanks – I went to there website and didn’t see it and when I tried to search in yahoo it didn’t turn up – sorry , I should have asked.
https://www.tradingview.com/x/FmlOjPfj/
DOLLAR : Slipping South?
Gold is up $48 to $3375! DT
Yup. Gold possibly taking a run at $3400 and Leafs win. Going to bed giddy. Lol
You got to be stark raving mad to watch the Toronto Maple LAUGHS they haven’t won a Stanley cup since Johnny Bower was in the net in 1967. That was probably around the year you were born, and you aren’t a spring chicken. LOL! DT 🤩🤩🤩
Came to Canada in the fall of 67 at almost 2 yrs of age….my dad got to experience a parade cuz he came earlier……..and I’m also a Vikings fan. Glutton for punishment. 😉
Here is my prediction…gold will hit 20,000USD before the Leafs win another Cup
Hope you’re right Terry…be amazing for gold to hit that before this summers leafs cup win. 😜
Staples vs Discretionary (XLP:XLY) telegraphed the end of the bull market in stocks 3 years ago and today the new direction looks solid.
https://schrts.co/mAkUyUBh
Around 11:12 PM Mountain 4/20
on Kitco — Bid/Ask 3,373.50/3,375.50
Spot on APMEX – $3,398.00 USD
Yikes!!
Gold futures just hit $3,400…
I said GOLD WAS going higher…………Tier One asset now…..
$3486…………will be equal to the HIGHs of the past….(inflation adjusted)
GSI….. 103 to 1 and counting….. …….. SILVER slippers….. need to play catch up for sure,
GSI……. I bet it is going higher…… then boom.
Problem today… is bit con and CBDC ,which has not been a concern in the past….IMO
GS ratio…… not GSI…..
Martin Wolf on Trump’s Shakeup of the Global Order
https://omny.fm/shows/odd-lots/martin-wolf-on-trumps-shakeup-of-the-global-order
Interesting episode of Odd Lots
The Orange Spoiled Brat King has popped the bubble and now we are going to see what the new reality looks like.
I’m curious what the wise hands do in this situation, that does not include me –;-}, so comments from folks who understand what they are doing will be interesting. If the explores and very junior minors don’t move after this I can’t imagine what will get them moving. As they say the tide is rising we will see who is still floating.
On Kitco:
Apr 21, 2025 9:58 AM NY Time
Bid/Ask 3,411.503/413.50
On APMEX – 4/21/25 @ 9:59 PM Mountain
Gold Spot Price $3,505.10 USD
Peter Grandich sold off his stock portfolio in 2021 and bought gold. He advised his wealth clients to do the same. That is what the smart money has been doing. They understand that the debt-based West is hopelessly broke. Only a few here get it! DT
https://www.zerohedge.com/news/2025-04-18/trumps-plan-fire-powell-launch-new-global-economy