Apr il 1st , 20 23

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SILVER | URANIUM | GOLD | Hard Assets
 Silver : Ready t o Pou n ce on Next
Pu llback , 3/ 30/ 23
Several weeks ago, I posted a short article on the new platform, titled,"Silver: Testing Sept '22
Uptrend Line"

Now, three weeks later, we have rallied nicely and price is approaching a key resistance level;
the 2021"SilverSqueeze Downtrend Line" which has been rejected on multiple occasions
over the past 2+ years.

While the path of least resistance over the next few months remains higher highs and higher
lows, the daily chart is getting overbought just as key resistance is approached.
$24.78 served as stout resistance all through Dec/Jan/Feb and we are now back within
spitting distance of yet another re-test.
Daily RSI is 70.56. Anything over 70 is considered extreme overbought.
As a general rule, whenever testing clear resistance with an overbought RSI, expect at least a
short-term pullback.
The trend is now firmly UP, so the best strategy is to view any sharp corrections as BUYING
OPPORTUNITIES while not chasing when the crowds are euphoric, as is now the case.
When "Rocket Ship" emojis , and the like, are prevalent on social media...short-term
caution is warranted .
I do not expect a pullback all the way to the 200MA on the next reaction...but if it does
transpire...

.....I'll be ready to pounce.

~ Steve Penny

Ph ysical Allocat ion In Secu r ed St or age

w w w.Got Ph ysical.com
 David Br ady | Sr Mar ket Analyst | @GlobalPr oTr ader

Back t o Basics: Wh er e Next f or Gold?

FUNDAM ENTALS
S&P Low er s Ou t look On 4 Lar ge US Ban k s Af t er Recor d Deposit Ou t f low s
Large banks losing a huge $129bn of deposits - the biggest weekly outflow ever.
This banking crisis is far from over. Sound familiar?
Sim on Black : I Love How Ever yon e Pr et en ds t h e Ban k Cr isis Is Over ...
Everyone seems happy to close their eyes and pretend that the crisis is over despite so much
evidence to the contrary.
- " Deposit or s Have Fin ally Aw ok en" : Th e Secon d Wave of Th e Ban k Ru n Has Begu n ,
Bar clays War n s
- Yellen War n s Next Cr isis Cou ld Com e Fr om 'Sh adow Ban k s' An d Regu lat or s M u st
Act
- Rich ar d Br an son's Vir gin Or bit Dr eam s Cr ash as Fu n din g 'Not Secu r ed'
"Unfortunately, we've not been able to secure the funding to provide aclear path for this
company."
In summary, as I said the weekend of the collapse of SVB and Signature Bank, this is just the
beginning and it?s going to get a lot worse. People have lost confidence in the banks, all of
them! Withdrawals are still ongoing, and surprisingly, it?s hitting the big banks too.
Now Yellen is warning of more problems ahead and the liquidity crunch is now hitting the
corporate sector. The Fed and Treasury have a lot of bailouts to come and we know what this
means for Gold:
Add the fact that Powell admitted that the Fed is done tightening after the next 25bp hike on
May 3, if they go through with it at all. We know that the slowdown in rate hikes began at the
Nov 2 FOMC and Gold took off the next day.
What will the end of the tightening policy, the ?pause? do?
Throw massive bailouts on top of that and you see why I believe fundamentals are now
driving the bus in precious metals and miners. Finally, depositors seeking safety will
increasingly turn to the safest of harbors in a renewed inflation surge: Gold & Silver.
TECHNICALS

The closing price on the monthly chart above just hit a new record high. It was also a new
record high quarterly close. There are negative divergences on both the RSI and MACD
Histogram which could signal a pullback. More on that on the short-term charts. But the
MACD Line at the bottom just crossed its signal line, and based on the prior peaks in 2020
and 2011, it has a lot of room on the upside.
The weekly chart shows
that the Gold is on the
brink of being extreme
overbought. This is
typically worthy of at
least a short-term
pullback, much like the
one in February, which
would target 1900. The
MACD Histogram is also
negatively divergent.
But again, the weekly
MACD Line has broken
out to the upside and
with room to go much
higher, as shown on the
monthly chart. So, the
worst-case appears to be
a ST pullback before we
rally to the prior record
high of 2089 in August 2020.

The daily chart provides the

most compelling argument
for a pullback. Both the RSI
and the MACD Histogram are
negatively divergent at higher
highs in price.
Furthermore, the MACD Line
looks like it is turning over.
Interestingly, the 50DMA is at
1900, the primary target
should a pullback occur.
SENTIM ENT
Sentiment remains extremely bullish up here which also justifies at least a short-term
pullback. A drop to 1900 would just be another higher low in an upward trend with the next
resistance at the record high of 2089.
POSITIONING

The chart above shows the cumulative change in the net position of the banks over the past
3 weeks. The banks, aka ?Swaps?, increased their net short at the third fastest rate in the
history of the Comex. This is a huge warning sign. The fact that the Funds, aka ?Money
Managers?, are loading up long, just reinforces that warning. The odds certainly favor a
pullback. Alternatively, the bullion banks get run over by events. But seeing is believing with
that scenario.
INTER-M ARKET ANALYSIS
DXY
Remember this chart from Feb
23? To put it mildly, it?s playing
out better than expected. If
this continues, there is the
possibility of a bigger pullback
in Gold to the 1750 area if DXY
rises to 111 before it dumps
below 100 or even sub 90. But
there are two big caveats to
this. Gold and the DXY can rise
together. Second, what would cause the DXY to rise so dramatically? A sudden drop in the
euro driven by the collapse of Deutsche Bank?

Alternatively, ?a?at 106 in the peak in wave B and the dollar is heading directly down below
100 in wave C.
The point being that the DXY doesn?t provide any concrete evidence one way or the other,
BUT it does present the possibility of a far bigger reversal in Gold than currently anticipated.
While it?s a low probability at this time, if the DXY turns back up and Gold turns down, keep
this scenario in mind and adjust accordingly.
REAL RATES

It?s also worrisome that Gold divergence from 10Y real yields has seldom been greater. Either
real yields have to fall, or Gold has a decent correction ahead.
This supports the pullback theory also.
CONCLUSION
There are 3 primary scenarios:
- Gold goes straight up to 2089. Probability: Moderate.
- Gold falls to 1900, then heads higher to test 2089. Probability: High.
- Gold falls to 1800 or 1750. Probability: Low at this time.
The second scenario has the highest probability because Gold is negatively divergent on the
daily chart, and overbought and negatively divergent on the weekly chart also. Sentiment
remains extreme bullish. But perhaps most importantly in the very short-term, the Banks are
racing to get short at almost the fastest rate in history!
The only caveat is that fundamentals may dominate all of the other signals, especially if the
Fed is one more hike and done and we get another negative headline with respect to the
banking system in the US.
These outcomes are not mutually exclusive because the next FOMC is not until May 3 and we
don?t know ?when?the next US bank hits the wall. In the meantime, the Banks could get their
pullback, aided by a much stronger Non-Farm Payrolls report and higher than expected
inflation data, or the collapse of Deutsche Bank pulls the rug from under the euro.
Unfortunately, and honestly, I don?t know the precise outcome, but what I am confident of is
that the Fed is close to done, there will be more banks getting into trouble, and Gold and
Silver are going much, much higher in the months to come, regardless of whether we get a
pullback or not, nor how deep it is. I would consider such a reversal a final gift.
Final note: I?ll provide updates on Silver, GDX, and SILJ, early this coming week.
~ David

Gold CoT Silver CoT Plat in u m CoT

Cor e Por t f olios Updat ed 3/ 31/ 23
- In Feb '23, I liqu idat ed m y pr eciou s m et als explor er s an d
developer s in f avor of qu alit y r oyalt y plays an d m id-t ier
pr odu cer s w it h explor at ion pot en t ial.
- Th e st ock s above r epr esen t t h e basket of specu lat ion s t h at
I w ou ld ow n if I st ill desir ed exposu r e t o su ch st ock s.
- We'll con t in u e t o pr ovide com pan y u pdat es, as w ell s
Bu y/ SellAler t s on t h ese st ock s, as if I did ow n t h em .
 BITCOIN: Wat ch $30k Closely

This is not a crypto-focused service, but I know many of you have exposure to Bitcoin, which
is testing a critical level.
Tomorrow marks the end of both the month and quarter.
A monthly/quarterly close above key $30k resistance would be significant, and likely attract
the attention of many who previously swore off the sector following the Sam Bankman Fried
shenanigans and tomfoolery.

I explained "How I'm Playing the Meltup Thesis" in the March 11th SilverChartist Report you
can see HERE.

I've got a very small seat at the table ($HIVE, $BTC, $ADA, $LINK) but only speculating with
money I am willing to lose.
From my perspective, precious metals offer the most favorable risk/reward profile and
uranium miners remain my favorite speculation. Copper miners / royalty plays are buy and
holds for the next decade+.
~ Steve
 J ef f Clar k | Sr Analyst , TheGoldAdvisor .com |
@TheGoldAdvisor

M in in g St ock Updat es 3-31-23

Not much news this week, but before that...
The 121 Conference in Vegas was not well-attended, but this conference is basically one to
one meetings (hence the name) so "attendance" is not the best measure of success, since
many of the people here carry around million dollar checkbooks. The idea of these is to
match up companies with potential big investors. Not pension fund types, but more like
money managers, family office managers, high net worth investors, etc. And yes, newsletter
writers.
None of Steve's companies were present, but that's not too surprising, since it was mostly
early stage companies. "Conference season" is winding down, and will soon give way to site
tour season. It's been a busy year, but I'm looking forward to visiting some projects.
Just some brief mentions this week before I head to the airport...
M AG SILVER (M AG)
Management reported 2022 results. Not too much to note here, as the real story is Juanicipio
reaching nameplate production, which they report should be mid-to-late 2023. MAG owns
44% of the asset.
Ju an icipio

The company reported a net loss in Q4 but a gain in 2022. With the plant now in the final
ramp-up phase, capital costs should wind down.
The average head grade (the grade going through the mill) is 520 g/t silver, a level you don't
find in most silver operations. That's an "equivalent" figure, as the mine also contains gold,
lead, and zinc.
lMAG also continue with a substantial exploration program.
If you ow n t h is st ock con t in u e t o h old f or t h e silver bu ll m ar k et .
URANIUM ENERGY CORP (UEC)
VP Scott Melbye was re-elected as President of the Uranium Producers of America (UPA).
The UPA was founded in 1985 to "promote a sustainable and strong domestic uranium and
conversion industry..."
If you spend any time talking to Scott you'll come away with the impression that he is
extremely knowledgeable about this industry. The only person I can think of that would
compete with his depth of experience is Paul Goranson at enCore Energy.
I think Scott's quote in the press release is worth noting, as it highlights two of the core
reasons for investing in nuclear energy at this point in history:
?I am honored to serve again as UPA President during this exciting time in our
industry where so much bipartisan support exists for clean, carbon-free
nuclear energy. The key focus of our organization is to continue emphasizing
the importance of a revitalized U.S. uranium industry, especially in light of
world events with Russia in Ukraine, and Chinese threats to Taiwan. Absent a
robust domestic production industry, America?s critical and strategic mineral
requirements, including uranium, are increasingly vulnerable to supply
disruptions.?

This obviously brings continued attention to UEC, too.

Plan t o h old t h is st ock f or t h e du r at ion of t h e u r an iu m bu ll m ar k et .
EM X ROYALTIES (EM X)
The company reported 2022 results, and everything for this growing royalty firm is going in
the right direction: revenue more than doubled last year, and recorded positive net income
instead of a loss. Operating cash flow was also higher, and they ended the year with $15.5
million in cash.
The company now has 6 producing royalties, which means cash flow is going to jump
substantially; a reasonable estimate would be $30 million in cash flow by the end of the year.
This is a big reason to own this stock.
BTW,H.C. Wainwright recommends the stock and projects it will hit $4 this year. When you
glance at the current price you'll see that's more than a double.
EM X is a bu y f or t h e gold bu ll m ar k et .
Have a good weekend, everyone. ~ Jef f
Kyle Heinemann | "Ahead of t he Cur ve Weekly Digest "

Spr in g Is Com in g
Pablo Neruda (1904-1973), was born Ricardo Eliécer Neftalí Reyes Basoalto on July 12th,
1904, in the town of Parral in Chile. Neruda was the son of José del Carmen Reyes, a railway
worker, and Rosa Basoalto, a teacher.

Pablo Neruda led a life charged with poetic and political activity. In 1923, he sold all of his
possessions to finance the publication of his first book, Crepusculario (?Twilight?). The
volume was published under the pseudonym ?Pablo Neruda,? which he adopted in memory
of Czechoslovak poet Jan Neruda. He later admitted to using the pseudonym to avoid
conflict with his family, who disapproved of his occupation as a poet and political activist.

His success as a poet led to a long career as a diplomat, in the Latin American tradition of
honoring poets with diplomatic assignments. In 1927, Neruda began serving as honorary
consul in Burma, then was named Chilean consul in Buenos Aires, Argentina in 1933, and
later that year was transferred to Madrid, Spain. Neruda was in Madrid in 1936, at the
outbreak of the Spanish Civil War.
Living in the midst of atrocities of war, including the murder of his close friend, García Lorca,
deeply affected Neruda and changed the way he wrote. He went from one of writing love
sonnets to one of political activism and his eyes being opened to the world that truly
surrounded him.
The combination of Neruda's outspoken nature and his vast ability to chronicle the
horrendous events of the Spanish civil war led to his recall from Madrid in 1937. He moved
to Paris and helped settle Spanish republican refugees in Chie, then acted as Chilean Consul
to Mexico for four years.

Upon returning to Chile in 1943, he was elected to the Senate and joined the Chilean
Communist Party. Due to his protests against President González Videla?s repressive policy
against striking miners in 1947, he was expelled from the Senate and had to live
underground in his own country for two years until he managed to leave in 1949. During his
years in hiding, he wrote and published "Canto General" (1950), which consists of
approximately 250 poems and constitutes the central part of Neruda?s poetic career.

In 1952 the Chilean government withdrew the order to arrest leftist writers and political
figures, and Neruda returned to Chile. Throughout his career, Neruda received numerous
prestigious awards, including the International Peace Prize in 1950, the Lenin Peace Prize,
the Stalin Peace Prize in 1953 and the Nobel Prize for Literature in 1971.
Pablo Neruda is one of the most influential and widely read 20th-century poets of the
Americas. However, New York Times Book Review critic Selden Rodman observed, ?No writer
of world renown is perhaps so little known to North Americans as Chilean poet Pablo
Neruda.? Numerous critics have praised Neruda as the greatest poet writing in the Spanish
language during his lifetime. John Leonard, in the New York Times, declared that Neruda
?was, I think, one of the great ones, a Whitman of the South.?

This is typically the part of the commentary where you are either mildly entertained or
mentally exhausted, but looking forward to me explaining where I am going and how this
biography is applicable to financial markets.
Then comes the rhetorical question: why am I bringing to your attention a Chilean poet,
diplomat and politician with a political bent toward communism?
It is not just on Neruda?s use of words that I care to focus your attention, but upon his
observations of the world that surrounded him.

It is a similar world that surrounds you and I still today.

"You can cut all the flowers, but you cannot keep spring from coming."

Transcendent writers are often some of the most perceptive people that you will ever
encounter. They are in tune with nature, politics, faith and the world at large that surrounds
them at a level most people cannot perceive or discern.

They "see things that others cannot see."

That may be why I am so drawn to this observation that Neruda made many decades ago,
and how it affects you and I in many ways still today.
Whether in relationships, organizations, or society as a whole, there comes a time when the
balance of power and the underlying momentum that swings the pendulum of change shifts
and no amount of manipulation can hold it back any longer. The voice of dissent can be
quieted ("you can cut all the flowers"), but the seasons of change cannot be denied.
As an idealistic young man, like many others tender in age, Neruda saw the world the way in
which he wanted to see it. It was filled with sonnets of love and compassion. It was only with
the passing of time and with personal circumstances filled with sorrow, did he experience the
sadness and challenge that life truly embodies.
Since October, I have done my very best job painting a picture for you. Many of you would
call it a story. I would call it the truth.

Again, please allow time to be my judge.

Spr in g is com in g.

I do not care about the narrative that Wall

Street, the Fed, the market makers, and the
rest of the financial media are trying to weave.
I do not care about CPI.
I do not care about PPI, CPE or any other
government or institutional data points that
are being offered up as evidence of the validity
of their narrative. These data points are
miscalculations, misjudgements or outright
deceptions. I will leave the assessment of the intentionality of these inaccuracies up to you.

Have you ever considered why you anxiously await a number, metric, "fact", or meeting
summary from a banking organization which long ago lost your full faith and trust?

Your lack of faith in those figureheads and organizations is why you are here, my dear
reader. It is why you purchased physical gold and physical silver as a hedge against the
inevitable results of their actions and policies.
It is this lack of trust that brought you here, to this commentary.
Their ?facts,? numbers and news are being used to spin a narrative that leaves you of f sides
an d of f balan ce. Yet the narrative is so compelling and widely accepted that very few can
discern its true effect and intent.
However, to use Neruda?s analogy, no matter how many flowers they cut, they cannot keep
Spring from coming.
- Th e m an ipu lat ion can n ot last .
- Th ey can alt er t h e scen e, bu t n ot ch an ge t h e season .
- In t h e appr oach in g m on t h s, w e ar e goin g t o h ar vest .
I hope that you enjoy the month of April.
I have every confidence that those of you that planted seeds alongside me in November are
about to experience a season of opportunity.

The Harvest is coming, but first, Spring. Alongside, Kyle

En d Not es
Pablo Neruda | Biography, Poems, Books, & Facts | Britannica
About Pablo Neruda | Academy of American Poets
Pablo Neruda | Poetry Foundation
 Im por t an t Disclaim er

The author of this newsletter is not a registered

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should not be construed as personal investment advice.
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