# Craig Hemke - Gold & Silver Markets: Q2 Mining Margins and Technical vs. Fundamental Drivers

Page: https://stenobird.com/podcast/the-ke-report-5642261/craig-hemke-gold-silver-markets-q2-mining-margins-and-technical-vs-fundamental-drivers
Text version: https://stenobird.com/podcast/the-ke-report-5642261/craig-hemke-gold-silver-markets-q2-mining-margins-and-technical-vs-fundamental-drivers.md
Podcast: [The KE Report](https://stenobird.com/podcast/the-ke-report-5642261)
Published: 2026-05-26T18:52:57+00:00
Episode link: https://kereport.podbean.com/e/craig-hemke-gold-silver-markets-q2-mining-margins-and-technical-vs-fundamental-drivers/
Audio file: https://mcdn.podbean.com/mf/web/7gscn8456zf9qbg9/2026-05-26_-_Craig_Hemke7igjv.mp3
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JSON: https://stenobird.com/v1/public/podcasts/the-ke-report-5642261/episodes/craig-hemke-gold-silver-markets-q2-mining-margins-and-technical-vs-fundamental-drivers
Duration seconds: 1278

## Resource

In this Daily Editorial, we are joined by Craig Hemke, founder and editor of the TF Metals Report, to parse through the conflicting signals currently driving the precious metals sector. Despite broader market optimism and a rally in mining stocks today, gold and silver prices have remained relatively flat. Craig shares his insights on what is causing this divergence and what investors should expect next. Key Discussion Points: Navigating Market Optimism and Option Expiration: Craig discusses the broader market indicators, including a rally in the bond market, falling crude oil prices, and the impact of the June gold option expiration day, and how these factors are influencing underlying asset prices. Technical Frustrations vs. Strong Fundamentals: A look at why the short-term technical charts look weak, contrasted against the strong fundamentals, massive free cash flow generation, and aggressive share buybacks currently seen across the mining sector. Evaluating Second-Quarter Expectations: While PM prices are flat/down this quarter after a blowout Q1 margins may not break the consecutive records seen over the last year, Craig explains why Q2 earnings will still be incredibly robust compared to historical averages. Leverage Strategies for Investors: Craig details his personal investment thesis, focusing on why he targets the lowest-cost producers to maximize safety and leverage as the long-term macroeconomic picture unfolds. The Risks of Central Bank Liquidations: A deeper look at what could potentially disrupt the long-term bullish outlook for precious metals, specifically highlighting the threat of sudden central bank selling and currency defenses, as observed with Turkey earlier this year. Click here to visit Craig’s website - TF Metals Report - https://www.tfmetalsr…

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