contrarian, valuation-driven investing in gold, silver, and miners
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Rick Rule comes across as a veteran resource investor and market commentator who speaks in highly valuation-driven, contrarian terms. Across the supplied material he emphasizes capital preservation, liquidity, and exploiting crowd psychology rather than forecasting with precision. He repeatedly frames himself as a credit-oriented investor who thinks in probabilities, asset scarcity, and relative valuation. He also presents as an active operator/advocate in the resource-investing ecosystem, with recurring references to his own symposium, media platform, and portfolio repositioning.
Rule’s recurring economic worldview is broadly inflationary, hard-asset bullish, and skeptical of official narratives. He repeatedly argues that fiat purchasing power erodes over time, that reported inflation understates lived inflation, and that shortages, underinvestment, and geopolitical shocks can create powerful price moves in energy and metals. He favors buying when an asset class is hated, cheap, or psychologically out of favor, and he often sees weakness as a setup for future returns rather than a warning sign. In resources, he stresses the importance of sustaining-capital deficits, declining production, reserve replacement problems, and M&A as the practical route to growth. He is also notably cautious on credit conditions, warning that high-yield ETF proliferation and easy leverage could intensify a 2008-style contraction. Overall, he is structurally bullish on gold, selective on silver, constructive on oil, and deeply attentive to how policy, liquidity, and investor psychology shape nominal prices.
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Preview:Rick Rule, in an interview with host Steve, argues that gold's recent weakness is ~90% driven by USD strength from higher nominal interest rates and ~10% by momentum-chasing. He draws a historical parallel to 1975, when politically forced rate cuts ignited a gold rally from $100 to $850. He expects rates to stay elevated near-term, pressuring gold, but sees eventual political capitulation that could spark a major gold bull run. He also reviews specific resource equities: Freehold Royalties, Centaurus, Banyan, Snowline, Saturn Metals, Mote Metals, and Equinox Gold, offering candid rankings and rationale.
Preview:Rick Rule discusses gold, the flawed CPI, and the strong US dollar as a headwind for gold in the near term. He argues real inflation far exceeds reported figures, making bonds a losing bet in real terms. The core of the interview is a masterclass on junior mining speculation: screen for the top 1% of management teams with directly relevant track records, interrogate CEOs on their single biggest unanswered asset question, and invest in your own education before risking capital. He announces a new paid newsletter with real-money trade tickets.
Preview:Rick Rule argues silver stocks still look cheaper than silver itself, oil stocks may weaken near term before a later supply squeeze, and gold remains the long-duration store of value if high rates eventually give way to fiscal pressure. He also expects a major precious-metals M&A wave as miners buy growth rather than rely on exploration.
Preview:Rick Rule methodically walks through the arithmetic of US fiscal insolvency — $159 trillion in total liabilities against $175 trillion in private net worth, with the gap widening by $4 trillion annually — to argue that dollar devaluation is inevitable and gold is the natural hedge. He extends the thesis to oil: structural underinvestment means the next supply crunch will come not from geopolitics but from years of cannibalized capex, and it won't be solved by an armistice. The video's clickbait title ("IT'S OVER! The Fed Just Ended Gold & Silver") barely matches the transcript; this is a long-cycle natural resource thesis built on patience, arithmetic, and a 30-year track record at Exxon-style capital allocation.
Preview:Rick Rule used this Q&A session to review conference takeaways and then answer subscriber questions across gold, silver, royalty names, and resource explorers. His core message was that the recent weakness in gold and related miners is mostly a function of higher U.S. nominal rates and a stronger dollar, and that the bigger catalyst over the next cycle is lower rates after politics and tightening start to hurt housing, durables, and bond markets. He was broadly constructive on several miners and explorers he knows well, but kept separating good geology from bad timing, remote logistics, and financing risk.
Preview:Rick Rule and Steve Barton answer premium-member questions from the recent symposium, focusing on rankings and catalysts across gold, silver, copper, uranium, oil and gas, and frontier exploration. The core message is constructive on resource equities and commodities over the next several years, but selective: he prefers quality deposits, strong capital allocators, and situations where share prices have fallen faster than underlying value.
Preview:Rick Rule argues that gold, silver, and resource equities are in a pause rather than a peak, with the real catalyst still coming from policy and supply-side stress. He is constructive on gold as a currency hedge, prefers major gold miners for most investors, sees M&A and takeover activity as a major return driver, favors silver stocks over physical silver for leveraged upside, and thinks oil stocks are likely to stay weak near term even though the long-term supply outlook is deteriorating.
Preview:Rick Rule joins host Darrell Thomas to discuss gold, silver, and Battle Bank. Rule views gold as savings—he buys physical gold with every dollar of conference profit and stores it at Battle Bank because he believes the dollar is losing 8%+ purchasing power annually, not the 2.6% CPI claims. Silver, by contrast, is pure speculation for him: he will only buy when it is widely hated and mocked, which it currently is not. The conversation doubles as a pitch for Battle Bank, now open with $130M in deposits and $80M in gold deposits, offering multi-currency accounts, checkbook IRAs, and credit lines collateralized by precious metals stacks.
Preview:A short interview with veteran resource investor Rick Rule at the 2026 Rule Symposium. Rick tells young investors to invest in themselves first — through self-education, understanding their risk tolerance, and reading foundational books like Hazlitt's *Economics in One Lesson* and Graham's *The Intelligent Investor* — before allocating to gold, silver, or anything else. On allocation, he ranks his preferred resource sectors: oil & gas (best sector, most underweight), then gold stocks (rarely fairly valued, but are now), then copper (production shortfalls coming), then uranium (easy money made, but "certain money" still ahead). Gold is framed as a purchasing-power preserver, not a speculative vehicle.
Preview:Rick Rule discusses the recent silver price decline, framing it as typical cyclical behavior within a secular bull market. He argues sentiment has turned bearish while fundamentals (supply deficit, industrial demand) haven't changed, making silver more attractive at lower prices. He sold most physical silver near the January top but is now accumulating silver equities — Wheaton Precious, Pan American, Abra, and Vizsla Silver — because they were already discounting much lower silver prices. He rejects the idea of a long-term silver manipulation conspiracy but acknowledges short-term market manipulation exists. A new competing silver exchange in Singapore is viewed as positive for price discovery.
Preview:A roundtable-style junior mining discussion centered on gold, silver, copper, uranium, and select royalty/development names. The speakers argue that the recent pullback in precious-metals equities has created a better entry point for quality projects, especially cash-rich developers, royalty companies, and permitted assets in safe jurisdictions, while the long-term bull case remains supported by currency debasement, central-bank buying, and commodity scarcity.
Preview:Rick Rule argues the recent weakness in resource markets is constructive because it has reopened bargains in oil, gold, silver, and mining equities. He remains bullish on the sector over several years, but expects near-term softness in oil and many resource stocks before the larger supply and policy issues turn into a stronger move.
Preview:Jeremy Saffron frames the week at the Rule Symposium as a split-screen in gold: strong long-term conviction, but a sharp correction that exposed a wide divide in sentiment. The discussion centers on gold, silver, copper, the Fed, and the broader inflation/currency debate, with guests arguing that the correction does not negate the larger monetary case for precious metals and hard assets.
Preview:Rick Rule lays out a long-term precious metals thesis: gold at $15,000/oz within 10 years driven by US fiscal arithmetic (159T total liabilities vs 175T private net worth), with silver outperforming gold on a percentage basis once generalist investors return. He separates gold (savings) from silver (speculation), advocates buying silver when it's hated, and names specific silver miners he's adding to (Wheaton, Pan American, Abra, Vizsla). Near-term he expects malaise through summer, then a year-end upside surprise as inflation fears return.
Preview:Rick Rule discusses his recent selling (25% of junior miners in October, 80% of physical silver in January) and argues the correction has created valuation discrepancies where good companies fell more than bad ones — without fundamental rationale. He expects further near-term weakness driven by less political pressure to cut rates and economic hangover from the Gulf conflict, creating a 3-6 month buying opportunity before a rebound fueled by eventual rate cuts and multi-decade supply shortages in extractive industries.
Preview:Rick Rule argues the recent silver surge was sentiment-driven, not fundamentally transformed, and says he sold 80% of his physical silver near the top because he buys hated assets and silver stopped being hated. He remains bullish on silver equities, cautious on physical silver until sentiment collapses again, and constructive on oil as a longer-duration commodity theme. He also uses the interview to restate his long-term gold thesis: fiat purchasing power erodes, so gold remains a store of value, with silver as a higher-beta companion once precious metals leadership broadens again.
Preview:Rick Rule sits down for an interview at a conference, explaining his recent rotation out of physical silver (sold 80% near $75) into silver mining stocks, which he argues were still priced for $35 silver. He maintains gold as a long-term savings vehicle, reiterates his structural dollar debasement thesis (75% purchasing power loss over 10 years), and makes a supply/demand case for copper driven by demographics and decades of underinvestment rather than AI narratives. He also discusses his new community bank (Battle Bank), positions the gold bull market in the "sixth inning," and warns that with nothing currently "hated," the easy contrarian money has already been made — but certain money remains in structurally under-supplied commodities.
Preview:Rick Rule sits down with Darl (The Money Levels Show) at the Rule Symposium 2026. The conversation covers the growth of the conference, Rule's unwavering gold-saving conviction (buying every dollar of after-tax conference proceeds in physical gold), his speculative-but-patient approach to silver, the thesis behind Nations Royalty and Uranium Royalty, and a detailed pitch for Battle Bank — his new community bank offering multi-currency accounts, gold-backed lending, and self-directed IRAs. Gold at $4,100 is framed as "not down" on a multi-decade view; silver is for buying only when hated, which it isn't yet.
Preview:Rick Rule sits for an interview and makes a deeply contrarian, long-term bull case for gold and precious metals equities. He argues gold is "stupidly underowned" at 0.5% of US savings vs a 2% four-decade mean, and that dollar purchasing-power erosion will drive a reversion that multiplies demand four-fold. He sees no reason to sell gold before a US fiscal reckoning that is "functionally nil" in probability, likens the setup to the 1970s, and warns that rising all-in sustaining costs will squeeze miners while favoring incumbent producers. He endorses Agnico Eagle as a large-cap holding and Palisades Gold Corp as speculative warrant-bank optionality for those who can afford the risk. The conversation is long on macro conviction but deliberately avoids silver-specific predictions or short-term calls.
Preview:Rick Rule lays out his multi-decade commodity thesis across gold, silver, copper, and uranium, arguing gold is in the "sixth inning" of a bull market that began in 2000, with 10 years left. He frames gold as a savings asset inversely correlated to faith in the US dollar — which he expects to lose 75% purchasing power over a decade. He's cautious on silver near-term (sold physical, rotated into silver stocks at a discount), structurally bullish on copper and uranium on supply deficits, and believes near-term gold weakness is possible through 2026 but irrelevant to the decade-long structural case.
Preview:Rick Rule presents a gold bull thesis anchored on US fiscal unsustainability: $40T debt, $120T unfunded entitlement liabilities, and an 8-10% real inflation rate that makes Treasuries a guaranteed real loss. He argues gold's market share in US savings is 0.5% vs. a 2% mean — reversion alone means 4x demand. The silver trade already played out (he sold at the parabolic top in January 2026), redeploying into physical gold, oil stocks, and silver stocks priced at a discount. Silver miners face structural challenges from byproduct producers who extract silver at $0.50-0.60/oz. The core investment case is downside protection: gold preserves purchasing power; everything else is upside optionality.
Preview:Rick Rule argues gold remains the clearest long-term store of value because U.S. real rates are still negative in his view, fiscal deficits are unfixable without major political change, and gold ownership is still far below historical norms. He also says oil and select miners are set up for structural shortages because the industry has underinvested in sustaining capital for years, while silver is now a more tactical speculation than a core holding after its recent surge.
Preview:Rick Rule says the natural resources crowd at his symposium is still greedy, not scared, and that the best opportunities remain in buying what is hated, not chasing what is already loved. He frames gold as a savings asset, silver as a now-stretched speculative trade, copper as a structural supply deficit, uranium as a long-duration beneficiary of energy-security politics, and oil as a separate underinvestment story independent of near-term war headlines.
Preview:Maggie Lake interviews Rick Rule and several natural-resource executives at the 2026 Rick Rule Symposium. The panel argues that resource markets are in a "calm before the storm" — structurally under-supplied, under-owned, and primed for a dramatic repricing. Gold is framed as the "apex predator" returning to the monetary system, with central-bank buying overtaking US Treasuries as the number-one reserve asset. Silver supply is constrained by its byproduct nature and permitting bottlenecks. Uranium's apparent spot-price weakness masks a steadily rising long-term contract price. Rick Rule's core discipline: "buy low or just say no" — and by that yardstick, monetary metals still qualify, while copper and uranium do not. The overarching message is that individual investors can hedge the coming commodity squeeze by owning the very resources they consume.
Preview:Rick Rule delivers a deeply contrarian interview on junior miners, gold stocks, oil & gas, and systemic credit risk. He sees the 40% junior resource selloff as a gift for patient capital, expects commodity softness through H2 2026 on a strong USD and delayed rate cuts, and identifies Canadian oil & gas and royalty/streaming companies as his highest-conviction allocation ideas. His most vivid warning: high-yield bond ETF structures could trigger a 2008-style liquidity crisis, with the Fed far more constrained today (120% debt/GDP vs. 40% in 2008).
Preview:Rick Rule argues that the current setup favors patience in resource investing: sentiment in junior miners is weak, many good and bad names have sold off together, and he sees better entry points emerging in gold stocks, oil and gas, select Canadian energy names, and royalty/streaming companies. His biggest near-term worry is not metals per se but a credit-event risk in high-yield bond ETFs, where illiquid underlying bonds could force bad liquidations if retail investors rush for the exits.
Preview:Rick Rule argues that gold and gold stocks remain the most attractive part of the resource market because the sector has repriced on sentiment rather than fundamentals. He expects a softer second half of 2026 for commodities and US-dollar-denominated assets, but thinks patient investors can use any weakness to buy high-quality names at fair prices.
Preview:Rick Rule argues that in junior mining, management quality matters as much as or more than the commodity itself, because exploration is a knowledge business. He highlights serially successful teams, prospect generators, and patient capital as the best way to catch rare multibaggers. He also extends the same framework to copper, oil, uranium, and lead: near-term prices can move on shortages or sentiment, but the durable opportunity comes from long-term underinvestment and structurally poor supply economics.
Preview:Rick Rule discusses his macro outlook for precious metals, emphasizing gold as a purchasing-power hedge against a dollar he believes will lose ~75% of its value over the next decade. He explains why he sold 80% of his silver position near the top, why he isn't buying physical silver yet, and why he prefers silver stocks over bullion. The conversation also promotes his upcoming natural resources investment conference.
Preview:Rick Rule argues the most alarming setup is a credit stress scenario where rising rates and forced ETF selling create a self-reinforcing liquidity problem. He stays constructive on selected resource equities—especially gold stocks, oil and gas, royalties/streams, and high-quality juniors—but says the second half of 2026 could be softer for gold, copper, and oil prices before patient investors get better entry points.
Preview:Rick Rule, interviewed at his 2026 Rule Symposium, argues the recent 35-40% pullback in quality resource stocks is a gift. He sees M&A as the dominant theme — majors haven't invested in exploration for 15 years and will have to buy growth. He reaffirms his bullish silver-producer thesis: silver stocks discount today's lower prices but will re-rate dramatically when gold momentum resumes and generalist capital floods the tiny silver equity silo. He dismisses gold-standard rumors as political theater and emphasizes deposit quality over jurisdiction.
Preview:Rick Rule argues that the most attractive opportunity right now is in hated second- and third-tier gold mining stocks, especially juniors, because they are extremely cheap relative to fundamentals and are being pressured by a risk-off tape. He still prefers higher-quality precious-metals names for most investors, but for those willing to do the work and تحمل volatility, he is buying the lower-tier miners as a cyclical low within a secular bull market.
Preview:Rick Rule argues that oil markets narrowly avoided physical shortage during the recent Middle East conflict, with near-term price weakness likely over the next 90-120 days due to demand destruction in poor countries. His core thesis is structural supply scarcity arriving ~2029-2030 from years of $1B/day deferred sustaining capex — a shortage that cannot be solved by peace deals. He advocates 10%+ portfolio allocation to oil stocks on a 5-year view, views peak oil demand as far beyond his lifetime, and notes that $6-11T in alternative energy investment has reduced fossil fuel market share by only 2% (83% to 81%). He also promotes his upcoming natural resources investment conference.
Preview:Rick Rule lays out the conditions under which he would sell his gold — balanced US budget, addressed entitlements, and positive real interest rates — and argues the probability of all three occurring in the next five years is "nil." He frames gold's pullback from $5,500 to ~$4,400 as a buying opportunity and discusses sovereign gold repatriation, the decline in foreign demand for US Treasuries, his upcoming natural resources conference, and the launch of Battle Bank.
Preview:Rick Rule argues that oil, commodities, gold, and silver are all being mispriced through the lens of a weakening dollar. He says the recent oil spike reflected war-driven scarcity and demand destruction, but the bigger story is deferred capital spending that could create structural oil shortages in coming years. He is broadly bullish on energy and precious metals, but cautious near term on commodities because he thinks the economy is weaker than believed and the Fed may stay hawkish for a few months.
Preview:Rick Rule sits down with Dunigan Kaiser to make a deeply bullish long-term case for gold, oil, copper, and natural resources broadly. He argues the US government's seizure of Russian assets has permanently damaged demand for US Treasuries and gold storage on US soil, while $120T in unfunded liabilities and deeply negative real rates mean he will not sell his gold. He sees current price weakness in gold and junior miners as a buying opportunity, oil heading toward a structural supply shortage by 2029-30, and copper much higher over five years despite near-term demand headwinds. The conversation blends sovereign-confiscation risk, commodity supply deficits, fiscal unsustainability, and contrarian buying psychology.
Preview:Gold closed its worst quarter in 13 years, then surged >2% back above $4,100 after new Fed Chair Kevin Warsh signaled inflation risks have come down, reinforced by a soft jobs report (57K vs. 113K expected). The episode features Rick Rule (50-year veteran), Jeff Sarti (Morton Wealth, ~$3.5B AUM), and Chris Vermeulen — all broadly bullish on gold's direction but differing on timing. Rule argues the Fed will capitulate by year-end and resume QE, drawing a 1970s analogy where gold ran from $100 to $850. Sarti says Western investors never really bought gold, leaving massive upside, and the bond market is the real signal. Vermeulen sees a potential dip to ~$3,600 before a run toward $8,000–$8,600. The miners are flagged as priced for ~$3,350 gold — a deep discount.
Preview:Rick Rule outlines a bullish long-term case for gold and gold equities, arguing we're entering a "spectacular period" akin to 2000–2010. He advises accumulating gold on summer weakness, favors prospect generators as the highest-probability exploration strategy, highlights Tether's growing role in royalty consolidation, and warns investors against the three cardinal sins: chasing momentum, insufficient research, and mismatched time horizons.
Preview:Rick Rule argues that lower prices in gold, silver, and oil are opportunities rather than warnings if you think in terms of value, not momentum. He says he is a structural gold buyer, a speculative silver trader, and bullish on oil equities and oil services over a multi-year horizon because current price weakness is obscuring underinvestment and future supply constraints.
Preview:Rick Rule interviews Craig Parry (Inventa Capital) ahead of the 2026 Rule Symposium. Parry walks through his track record — NexGen Energy's Arrow discovery, Skeena's SK Creek gold mine, Vizsla Silver, and the recent Vizsla Royalty sale to Elemental Altius for $330M. He candidly addresses the tragic cartel violence against Vizsla Silver workers in Sinaloa, Mexico, and signals improving government support. His current passion play is Vizsla Copper, drilling in Alaska with promising early intercepts (44m at 8.2% Cu). The interview is a standard pre-conference exhibitor segment: part credentials, part outlook, and a pitch for investors to meet the Inventa Capital team in Boca Raton.
Preview:Rick Rule and Albert Lu use this live Q&A to frame the natural resources market as entering a soft, volatile summer rather than a lasting breakdown. Rick argues that higher nominal rates, a stronger dollar, and a 90-120 day hangover from recent oil spikes will keep commodities and gold muted near term, but he remains constructive on precious metals and industrial materials over 5-10 years and wants viewers to build a shopping list for bargains.
Preview:Rick Rule argues that gold and especially gold stocks are cheap on a long-term value basis, with miners looking like the cheapest he has seen in 40 years. He is constructive on oil-related names too, but mainly as a future buying opportunity after the recent selloff, while preferring oil services and integrated quality names over trying to bottom-pick crude itself.
Preview:Rick Rule discusses his bullish long-term outlook on gold, silver, copper, and oil, driven by a decade-long bear market in USD purchasing power and chronic underinvestment in natural resources. Near-term, however, he expects copper and oil prices to weaken before recovering, and he views the current pullback in gold and silver as a buying opportunity. The conversation is tied to his upcoming conference and framed around stress-testing investment theses.
Preview:Rick Rule argues that higher long-term rates and a stronger dollar have created a better entry point for gold, silver, energy, and base metals rather than invalidating the bull case. His core message is that underinvestment, fiscal deterioration, and geopolitical distrust of U.S. asset custody make hard assets and certain resource producers more attractive, while near-term price weakness is mostly noise.
Preview:Rick Rule, in conversation with host Jeremy, argues precious metals are in a cyclical decline within a secular bull market. He's positioned with excess liquidity after selling 25% of juniors (October) and 80% of physical silver (January), and is now selectively buying beaten-down exploration and M&A-target names. He expects eventual leadership rotation from gold to silver, emphasizes silver equities over physical silver, and sees the junior share-price collapse as setting up a wave of accretive M&A over the next 6+ months. His core framework: buy quality, do the work, and wait for takeover premiums on vetted names.
Preview:Rick Rule interviews Keith Bodnarchuk, CEO of Cosa Resources, a uranium exploration junior in Saskatchewan's Athabasca Basin. Bodnarchuk outlines Cosa's strategic partnership with Denison Mines (~19.9% owner), the March 2026 discovery at Murphy Lake North (5m of 0.55% U including 0.5m of 1.7% U), and why proximity to the Hurricane deposit and McClean Lake mill matters. The company has ~C$18M in treasury and is drilling now. Key thesis: tight share structure (~55% held by insiders/strategics), a proven discovery team (ex-IsoEnergy Hurricane), and shallow, cost-effective targets create asymmetric upside if follow-up drilling hits higher-grade uranium.
Preview:Rick Rule argues that AI is genuinely useful as a data-comparison tool, but most mining executives are using it as a fundraising story. His bigger point is that he still prefers value-oriented investing in natural resources and financials over chasing expensive tech narratives, while acknowledging he has no clear view on the worth of companies like Anthropic, SpaceX, Nvidia, Microsoft, or Apple.
Preview:Rick Rule argues the recent gold selloff is mostly a function of higher nominal U.S. rates and a hawkish Fed, not a broken gold thesis. He says he owns gold as insurance against fiat currency debasement, but would gladly sell more if governments restored fiscal discipline and positive real yields.
Preview:Rick Rule argues that gold and silver remain in a secular bull market, but the near-term setup is uncomfortable: higher U.S. real rates and a stronger dollar could pressure precious metals first before eventual policy capitulation turns bullish again. He ties the thesis to heavy debt burdens, the likely need to monetize deficits, and the idea that miners/streamers are still pricing gold too conservatively despite a coming wave of mining-finance transactions.
Preview:Rick Rule argues the recent gold and silver selloff is mainly a higher-rate / stronger-dollar story, not a broken precious-metals thesis. He thinks near-term gold weakness likely drags silver marginally lower too, but that silver should later outperform again when gold regains momentum and generalist money returns. He also gives snapshot rankings on major miners, favoring Agnico, Franco-Nevada, and several names with strong pipelines or optionality.
Preview:Rick Rule argues that the best mining deals are becoming harder to find as more money crowds into the sector, so disciplined investors need to focus on moat, risks, and the size of the prize versus the cost of the test. He also says silver is no longer hated the way it was years ago, which makes him less excited tactically, while gold/silver miners could become more attractive again if a renewed rate-rise or sentiment washout pushes them back into disgust.
Preview:Veteran resource investor Rick Rule argues the recent gold selloff is a normal and healthy part of a secular bull market, not a reason to panic. He frames higher nominal US rates and a hawkish Fed as the proximate cause, but insists the structural case for gold — unpayable US debt, $120T in unfunded entitlements, and 8-10% real purchasing power erosion — remains fully intact. Rule sees further summer weakness as a buying opportunity, especially in high-quality gold equities like Franco-Nevada, Wheaton Precious, and Agnico Eagle. He discusses private credit risks, the Iran conflict's fiscal drag, Canadian government bailouts, and his new Battle Bank venture. The overarching message: lower prices are a gift for structural buyers who understand why they own gold.
Preview:Rick Rule says AI is powerful when it is used to query constrained, data-heavy problems, but he has no view on AI valuations or broad tech market pricing. The rest of the interview is a strong bullish case for gold and select mining equities, especially high-quality explorers, prospect generators, and politically risky but geologically prospective copper belts, with the caveat that a rough summer could create a buying opportunity.
Preview:Rick Rule argues the near-term setup for gold is vulnerable because higher U.S. rates would likely strengthen the dollar and pressure dollar-denominated assets, including gold. But he maintains the longer-term thesis remains intact because he expects the U.S. political system to eventually capitulate to debt-service pressure, force rates lower, and monetize deficits, which should be supportive of gold and precious metals.
Preview:Rick Rule argues that investing works best when capital is divided into liquidity, core holdings, growth, and speculative buckets, and when speculation is managed by repeatedly asking what unanswered question a company can still answer. He uses examples from exploration stocks to show why he sells into euphoria when a target is reached before the thesis is proven, and buys more when drilling or other data materially improve the odds.
Preview:The speaker argues for a selective, quality-first approach to resource investing: stay cautious on the economy and commodity prices in the near term, but remain bullish on long-term copper, silver, and certain gold names. He repeatedly prefers strong operators, real deposit quality, and disciplined capital allocation over cheap stories or companies that need too much faith.
Preview:Rick Rule is bullish on resources over the medium and long term, but he thinks the near-term setup for gold, miners, and some energy names is choppy because U.S. rates are still high and expensive oil could slow growth. He highlights several specific opportunities—GoGold, Dundee, Peyto, Birchcliff, Equinox, Nickel, Meteoric Resources, and Brazil-linked development stories—while stressing patience, permitting, and financing risk.
Preview:Rick Rule argues that the recent weakness in gold and gold stocks is largely a rate-and-dollar story in the near term, but that the bigger problem is the market cycle: he says he is reducing risk in the strongest, highest-quality parts of precious metals and putting new money into the riskiest exploration names because that is where mispricing is now showing up. He also broadens the discussion to energy and commodities, saying higher oil prices and the global scramble for compute/data-center power will favor large, hard-to-supply markets like copper and uranium, with geopolitical shocks accelerating investment in energy security.
Preview:Rick Rule argues that gold’s weakness in 2026 was driven less by geopolitical fear and more by a stronger U.S. dollar, higher real rates, and the temporary appeal of yield-bearing instruments. He thinks political pressure will eventually force lower nominal rates, which would improve gold’s chart and intensify the real-rate problem for savers.
Preview:Rick Rule argues that gold and silver are still attractive because he expects ongoing U.S. dollar debasement, persistent debt/entitlement problems, and a policy response of low real rates plus money creation. He frames gold mainly as a store of purchasing power rather than a trade, and says he prefers silver stocks over physical silver because he sees better relative value there.
Preview:Rick Rule gives a broad natural-resources tour centered on uranium, platinum, copper, iron, and select miners. His clearest near-term call is that copper could drift lower in the very short run on higher rates, margin calls, and weaker Chinese demand, while uranium remains his preferred long-duration idea because supply is constrained and energy-security concerns are reviving nuclear interest. He is also constructive on platinum as a contrarian bet against the consensus that internal combustion engines are disappearing, and he favors large diversified miners like BHP and Rio if investors can tolerate volatility.
Preview:Rick Rule argues that gold usually leads major precious-metals rallies, with silver then outperforming once broader investors enter the space. He ties that setup to rising physical silver demand, especially in India, and to a broader scarcity story across energy and copper that he thinks will ration prices higher over time.
Preview:Rick Rule argues the next decade should be strong for natural resources, but only for investors willing to endure sharp volatility and cyclical drawdowns. He remains constructive on gold, oil, uranium, and select miners, while emphasizing that the easy money in hated commodities has largely passed and that the best returns now come from buying quality on weakness rather than chasing momentum.
Preview:Rick Rule argues that gold is still the right long-term store of purchasing power because government debt, unfunded liabilities, low real rates, and money creation are likely to persist. He is bullish on gold and selected gold miners, cautious near term on oil equities, and expects oil could weaken first before becoming tighter again later as underinvestment shows up.
Preview:Rick Rule used the Q&A to argue that recent geopolitical and rate news may create better entry points in oil and gold, while also highlighting a handful of exploration names and capital-allocation themes. His tone was broadly bullish on long-term resource scarcity but tactical about short-term pullbacks, especially in oil stocks and gold equities.
Preview:Rick Rule argues the recent weakness in gold and silver is mainly a rates-and-dollar story, not a broken bull market, and he expects precious metals to improve once U.S. policy turns easier. He is much more emphatic on the long-run setup in copper and uranium, where he sees deep supply deficits from years of underinvestment, while favoring the highest-quality miners and streamers over lower-quality names.
Preview:Rick Rule argues that gold remains a long-term store of value, but lower prices are currently more attractive to him as a buyer. He is constructive on select gold and silver miners, especially names with strong balance sheets or underappreciated deposit leverage, while expecting near-term weakness in oil and oil stocks if Middle East supply normalizes. He also frames the conversation around fiat debasement, debt, and the idea that markets often misprice value because most participants focus on price rather than underlying worth.
Preview:A long gold-and-silver conversation centered on fiat debasement, central-bank gold buying, and why physical precious metals look more attractive than nominal bond yields. The speakers argue that spot prices are only a reference, that gold is a savings vehicle rather than a trade, and that silver may lag gold until broader generalist participation arrives. They also widen into a broader macro frame: dollar hegemony is weakening, foreign governments are diversifying away from Treasuries, and the AI/data-center boom runs into an energy constraint.
Preview:The speaker argues that the current mix of war-driven oil disruption, years of underinvestment in resources, and a weaker U.S. dollar is creating a repeat of the 1970s resource bull market. He is bullish on gold as a store of purchasing power, constructive on oil and gas because shortages have been pulled forward, and especially bullish on uranium as a longer-lasting energy-security winner.
Preview:Rick Rule argues junior mining has moved from a crowding-driven, easy-money financing environment to one where selective buying matters again. He thinks a rough summer may give investors better entry points, especially in sub-$250M market-cap juniors with real drill results, infrastructure, and the ability to build on existing mills rather than fund standalone plants.
Preview:Rick Rule argues that gold should be treated as savings, not as a trading asset. He says he keeps buying gold when he has spare liquidity, rarely sells unless a far better opportunity appears, and views the recent pullback as mostly a function of higher U.S. nominal rates and changing liquidity rather than a broken long-term thesis.
Preview:This is a long interview-style market discussion centered on gold, silver, purchasing power, and the macro consequences of war, deficits, and energy prices. The speaker argues that markets are a venue for buying undervalued businesses, not a truth-telling “subject,” and says broad selloffs can be beneficial if one remains solvent. He is bearish on the idea that a peace announcement would quickly erase the economic damage from the conflict, and he thinks higher energy prices and war spending are feeding credit stress and a heavier Treasury refinancing burden. He also says Canada has underperformed largely through policy mistakes and underused energy and human capital. On hard assets, he frames gold as savings meant to preserve purchasing power, says he mostly saves in gold, and notes that after a “hyperbolic up move in silver” he sold 80% of his physical silver and moved proceeds into gold and short-term Treasuries.
Preview:Rick Rule argues that broad market selloffs are opportunities because he treats markets as venues to buy fractional ownership of businesses below value, not as a signal in themselves. He is bullish on gold as long-term purchasing-power protection, skeptical of gold's near-term path, constructive on select gold miners and Canadian natural gas, and believes the recent Iran war and higher rates are worsening deficits, liquidity, and credit conditions.
Preview:Ric Rule argues that the important gold driver is not war itself but the fiscal and monetary response to war: higher deficits, pressure on long bonds, and eventual currency debasement. He pairs that macro view with a resource-stock tour, preferring quality silver, royalty/streaming, and copper names, while warning that much of the current tech/AI excitement and IPO activity may be drawing liquidity away from other sectors.
Preview:Rick Rule uses the episode to argue that resource investors should lean into exploration, hold discounted holding companies when management is trustworthy, and think long-term about commodities and energy. He highlights unusually strong copper drill hits, a structural bull case for commodities tied to India’s growth and broader electrification, and specific views on Gold Mining Inc. and Lion Zone Metals.
Preview:Rick Rule framed the session around two themes: the Rule Symposium is evolving toward younger natural-resource entrepreneurs and more oil and gas, and he thinks parts of the junior resource space are finally translating fresh money into standout drill results. He used that setup to answer viewer questions on copper demand, gold, royalty companies, nickel, silver, and several specific miners and spinouts, while repeatedly emphasizing sum-of-the-parts valuation and buying disliked assets in weak markets.
Preview:Rick Rule argues that gold is savings, not a trade, and that the U.S. and Canada are headed toward dishonest default through money-supply expansion rather than explicit repayment. He is bullish on gold and uranium over the next decade, cautious on silver after selling into a speculative melt-up, and skeptical of valuing high-multiple tech names or the S&P 500’s narrow breadth.
Preview:Rick Rule argues that gold is primarily a savings vehicle for protecting purchasing power, not a trade, and that the next decade is likely to be favorable for precious metals because of fiscal stress, high liabilities, and the likelihood of dishonest default through liquidity creation rather than honest repayment. He is more mixed on silver near term, saying he sold it in January after a speculative melt-up, but remains constructive on gold and long-term copper while expecting the next 6 months in copper could be difficult.
Preview:Rick Rule argues that gold is savings, silver is a speculative position, and the current setup still favors precious metals over a multi-year horizon because of debt, money creation, and potential policy repression. He also says silver had become too crowded in January, so he sold it, while gold remains something he wants to hold through volatility rather than trade.
Preview:Rick Rule argues that resource investors should focus on the “boring middle” of development, where discoveries have been made but the market has not yet fully priced in permitting, feasibility work, financing, and eventual M&A. He is constructive on senior gold miners over a multi-year horizon, sees M&A staying active, and thinks oil is already moving into real physical shortage pricing, especially outside North America. He also highlights tax treatment, leverage discipline, and a few niche resource names and publications he thinks investors should study.
Preview:Rick Rule argues that his edge is buying what is hated, undervalued, or forced into index-driven demand, while avoiding areas he cannot value well. He is bullish on oil, uranium, and select resource names, but wary of parabolic moves and overexcited crowd behavior. He also expresses skepticism about mega-cap tech valuations and says the market’s breadth is too narrow, with too much of the S&P 500 dependent on a small cluster of stocks.
Preview:Rick Rule argues that gold’s recent weakness is mostly a liquidity and timing issue, not a broken thesis: in his view, gold is best understood as insurance against fiat purchasing-power loss, and he thinks that realization still has further to spread. He is more constructive on uranium, saying the easy money has already been made but the stronger part of the move may still lie ahead because of rising global power demand, nuclear restarts, and a renewed focus on energy security.
Preview:Rick Rule argues that recent geopolitical shocks have accelerated interest in energy security, but the more important investment edge is in long-duration supply shortages across uranium, oil, and especially copper. He says uranium demand should rise over the next several years, oil may spike if the Gulf conflict persists, and copper is the clearest structural shortage because the industry has underinvested for decades and new supply takes far too long to bring online.
Preview:Rick Rule says the gold-mining M&A cycle is already underway and will likely intensify, with scale and liquidity increasingly driving valuation. He is constructive on consolidators and takeover candidates like Equinox, Mayfair, and Dakota Gold, but cautious on projects with financing issues or serious jurisdiction risk like Mount Todd and Vizsla Silver.
Preview:Rick Rule argues that the market is being driven more by passive flows and momentum than by fundamental valuation, which makes him cautious on broad indices and megacap tech. He is constructive on resources he believes are structurally underinvested—especially oil, uranium, gold, and copper—while warning that near-term price action can be volatile and often inverted from what momentum traders expect.
Preview:Rick Rule argues the resource bull market is still alive, but the best gains now come from owning quality scarcity assets rather than chasing the old hated-entry-point trades. He is broadly constructive on uranium, copper, and oil over longer horizons, while stressing that oil’s easy-money phase is gone and near-term volatility matters more than the long-term thesis.
Preview:Rick Rule argues that resource investing still works best when you focus on balance sheets, execution, and jurisdictional risk rather than headlines. The main current themes are gold/mining consolidation, uranium’s renewed strategic relevance from energy security, and selective oil/gas exposure after the Straits of Hormuz shock. He is constructive on large, liquid mining franchises like Equinox after merger-related selling, and on uranium names such as Paladin, while being more cautious on speculative explorers and politically difficult jurisdictions.
Preview:Rick Rule argues that investors are back in a "silly season" where narrative is outrunning facts, especially in resource financings and junior/speculative mining. He urges listeners to spend more time on specialized industry sources and due diligence, then pivots to specific resource ideas: water-rich California farmland and water-rights owners, West African gold developer Predictive Discovery, and a bullish long-run view on senior gold miners. He also says he expects an active M&A market for the next two years and remains constructive on oil, though he thinks the market is pricing in shortages before the physical reality fully shows up.
Preview:Rick Rule argues that gold is a long-term store of purchasing power, but near-term weakness is explained by dollar strength and higher rates. He is even happy for gold to fall so he can buy more. He also makes a broader case that oil, energy infrastructure, and politically risky resource projects such as Venezuela are underinvested and could offer large opportunities, while the U.S. fiscal position supports a higher long-rate risk premium and reinforces the gold thesis.
Preview:Rick Rule argues that silver is becoming the better speculative play than silver itself—especially through higher-quality silver miners—while copper faces a near-term demand/financing headwind but a very strong long-term supply deficit. He also stresses that in resource bull markets quality, patience, and a concentrated portfolio matter more than chasing too many names.
Preview:Rick Rule argues gold still looks strong over a 10-year horizon because the real issue is dollar debasement, not day-to-day gold price action. He is constructive on select miners and developers, especially where scale, M&A optionality, and regional infrastructure can unlock value, but he is cautious on names with financing, operating, or geopolitical/security problems. On uranium, he remains bullish structurally, citing energy security and underbuilt supply, though he thinks the market will work more slowly than many expect.
Preview:Rick Rule argues that gold remains his preferred store of value over the long run, oil is likely to be constrained by years of underinvestment and Middle East disruption, and resource investors need to think hard about political risk and liquidity. His core message is that the next decade could feature weaker U.S. dollar purchasing power, higher nominal gold prices, and structurally tight commodity markets, even if the next few weeks are noisy and impossible to call.
Preview:Rick Rule’s main message is that resource investors are back in “silly season,” where narrative is outrunning facts, and the solution is to educate yourself before speculating. He then answers viewer questions across oil, gold miners, uranium, water rights, and select junior/resource names, generally favoring businesses with real assets, strong balance sheets, or corporate catalysts over story stocks.
Preview:Rick Rule interviews Alexandra Woodyer Sherron of Empress Royalty Corp about her background, the company’s royalty/streaming model, and where Empress is trying to grow next. The core message is that Empress has already built a cash-flowing portfolio, is now self-funding with revenue and cash, and is looking to redeploy capital into additional producing, development, and selective exploration deals.
Preview:Rick Rule interviews Neil Woodyer about Aris Mining’s history, asset base, capital structure, and multi-year growth plan in Colombia and Guyana. Woodyer argues Aris is moving from developer to ~500,000 oz producer with a visible path toward 1 million oz, funded largely by existing cash flow and balance sheet strength.
Preview:Rick Rule interviews Snowline Gold CEO Scott Berdahl about Snowline’s Yukon gold discovery, the scale and economics of the Valley deposit, and what could still add value from here. Berdahl argues Valley is a large, high-grade, near-surface system with unusually strong strip ratio and NPV, while the next value creation phase is more likely to come from step-outs, depth testing, and finding additional hotspots in the district than from simply drilling the existing core tighter.
Preview:Rick Rule interviews Keith Neumeyer about his background, First Majestic Silver, and why he prefers buying unloved mining assets and building them with strong local teams. The conversation centers on First Majestic’s growth, its balance sheet, and Neumeyer’s decision to hold some treasury value in physical precious metals rather than cash.
Preview:Rick Rule used the Q&A to argue that the resource market is in “silly season,” where investors are paying for stories instead of facts, and he urged viewers to educate themselves before speculating. Most of the questions then focused on natural resource names, oil, gold, uranium, and M&A, with Rule repeatedly favoring high-quality assets, tax-aware takeover situations, and patience over leverage.
Preview:Rick Rule argues the market is back in a "silly season" where investors are paying for narrative instead of facts, especially in resource financings. He spends most of the session answering subscriber questions on oil, water rights, speculative miners, uranium, and takeover strategy, with a recurring theme that education, patience, and jurisdiction matter more than hype.
Preview:Rick Rule argues that gold’s recent weakness is mostly a dollar-strength and rates story, not a broken thesis. He remains structurally bullish on gold, oil, silver, and copper over longer horizons, but keeps stressing near-term uncertainty, liquidity, and political risk.
Preview:Rick Rule argues that gold and mining equities benefit from a mix of higher real-world inflation than official CPI suggests, rising debt-service pressure, geopolitical competition for minerals, and a friendlier policy environment under Trump. He is explicitly bullish on owning more gold over a 5-10 year horizon, but says current weakness is welcome because it lets him add at lower dollar cost.
Preview:Rick Rule argues that gold should be understood primarily as a long-duration savings asset, not a trade, and he thinks the current secular bull market began in 2000 and still has years to run. He pairs that with a structural bearish view on the U.S. dollar, saying the antidote to gradual debasement is gold, and he ties the same logic to silver and mining equities where he sees value in long-life assets, consolidation, and geopolitical optionality.
Preview:Rick Rule argues that still-high real borrowing costs and rising debt-service pressure will eventually force lower rates, which he thinks could trigger a sharp gold move within a quarter. He also says geopolitical conflict, especially around Iran and the Middle East, reinforces the case for hard assets, while mining policy in the US, Mexico, and Latin America is increasingly favorable to miners. A big part of his pitch is that the mining sector is entering a stronger M&A phase as majors need production and investors reward scale.
Preview:Rick Rule argues that gold remains a long-term store-of-value trade because fiat currencies are losing purchasing power, the U.S. is weaponizing the dollar, and central banks are still accumulating bullion despite near-term pressure from high U.S. rates and a strong dollar. He extends the same logic to silver/precious metals as portfolio insurance and says oil is a separate geopolitical trade that could fall sharply if the Middle East conflict de-escalates.
Preview:Rick Rule argues that long-life mining assets are systematically undervalued by standard NPV models, because those models ignore the “tail,” exploration upside, and future re-rating as reserves are expanded. He uses Hemlo, Franco-Nevada, Alamos, and a silver royalty/deposit in Sinaloa to illustrate how patient capital, good operators, and large optionality can create substantial hidden value. The transcript also emphasizes jurisdictional risk: the best geology can sit in dangerous places, and the market often discounts that risk too heavily or too lightly depending on the moment.
Preview:Rick Rule interviews John Black of Regulus Resources and Aldebaran Resources about two large copper-gold porphyry projects in Peru and Argentina. The discussion centers on deposit size, grade, development path, capital intensity, and why both assets could be attractive takeover targets for major miners.
Preview:Rick Rule interviews Shane Williams, CEO of West Red Lake Gold, about the company’s Madsen mine restart in Red Lake, Ontario. Williams frames the opportunity as a classic “unloved asset” turnaround: the team bought a previously failed mine with substantial sunk capital at a distressed price, brought it back into commercial production in January, and is now ramping toward nameplate capacity while pursuing a hub-and-spoke growth strategy around the existing mill.
Preview:Rick Rule interviews Roger Lemaitre, CEO of Homeland Uranium, about Homeland’s early-stage uranium strategy. The core pitch is that the company is trying to build a meaningful, conventional U.S. uranium mine out of historic resources in northwest Colorado, with the best current focus being the Crossbones project after a weaker-than-hoped Coyote Basin drill program.
Preview:Rick Rule argues that the near term is too uncertain to time, but the longer-term setup in oil, copper, and uranium is still constructive because demand growth and energy-security needs are colliding with years of underinvestment. He says he was wrong on the short-term move in copper and oil, but remains bullish over 5–10 years on structural deficits in all three markets.
Preview:Rick Rule argues that gold remains a long-duration savings asset and that the U.S. dollar will likely lose substantial purchasing power over the next decade. He also spends much of the discussion comparing mining companies, favoring Agnico Eagle for its culture and execution, while preferring district-scale consolidation plays like Newmont’s potential move on Seabridge’s KSM over lower-quality, high-risk assets.
Preview:Rick Rule interviews Javier Reyes of Luca Mining about the company’s turnaround strategy in Mexico. Reyes says Luca is using local operating expertise and ownership alignment to buy permitted, undercapitalized Mexican assets, fix community and operating issues, drill aggressively, and then grow production organically and through acquisitions.
Preview:Rick Rule interviews Daniel Henao of Mineros. Henao argues Mineros is still undervalued despite a roughly 10x re-rate since he and partners bought into it, because the company is a long-lived Latin American gold producer with growing output, expanding processing capacity, and a meaningful exploration/development pipeline. He emphasizes cash generation, dividends and buybacks, and says Nicaragua is operationally supportive for mining.
Preview:Rick Rule interviews Luis Azevedo, chairman and CEO of Bravo Mining, about the Luanga PGM project in Brazil. The discussion centers on Bravo's large palladium-equivalent resource, the economics from the PEA, the upcoming PFS in Q3, a plan to vertically integrate via an on-site smelter in a Brazilian free zone, and early exploration upside that could expand the story into IOCG mineralization.
Preview:Rick Rule interviews Andy Schectman of Miles Franklin ahead of the 2026 Rule Symposium. The conversation focuses on Miles Franklin’s bullion business, why Andy believes precious metals IRAs can be useful near retirement, and what he sees as the main industry pitfalls, especially promotional IRA sales tactics and opaque coin structures.
Preview:Rick Rule argues silver equities remain cheap versus silver, but he has rotated out of physical silver after its sentiment flipped from hated to crowded and parabolic. He expects higher rates and a stronger dollar to weigh on gold and silver in the very near term, while also saying those same higher rates can be constructive long term if they reflect rising fiat-money risk and loss of confidence.
Preview:Rick Rule argues that a major commodity regime shift is underway: oil shocks, supply-chain fragility, higher deficits/rates, and geopolitical disruption are tightening resource markets, with uranium and certain energy names as the clearest long-term beneficiaries. He is bullish on Canadian oil and gas, offshore/conventional exploration, fertilizer-linked commodities, helium, and especially uranium, while warning that the near-term stronger dollar and higher rates may temporarily damp commodity prices.
Preview:Rick Rule argues gold's long bull market is still intact and likely far from over, with gold serving primarily as a store of purchasing power rather than a short-term trade. He prefers silver stocks over physical silver on valuation and optionality grounds, is selectively adding liquidity and then speculative exposure, and thinks commodity scarcity plus war-driven stress support higher prices over time.
Preview:Rick Rule argues that gold is likely to be soft in the very near term in U.S. dollar terms because higher U.S. rates are pulling money into the dollar, but he sees that weakness as an accumulation opportunity rather than a warning sign. His broader thesis is that debt, deficits, sanctions, and the weaponization of the dollar are eroding trust in fiat currencies, which makes central-bank gold buying and long-term bullion ownership rational.
Preview:Rick Rule argues that gold remains structurally bullish over the next decade because fiat purchasing power is eroding, but he expects near-term softness in gold in USD terms if higher U.S. rates persist. He is more constructive on the long-run commodity backdrop than on the immediate tape, while warning that oil is especially sensitive to any de-escalation in the Strait of Hormuz war risk.
Preview:Rick Rule says the immediate setup for resource investors is dominated by the Iran/Strait of Hormuz conflict, which he thinks could trigger a renewed oil shock, higher food/input prices, and a wider liquidity squeeze. He remains constructive on oil, uranium, gold, silver equities, and select royalty/resource names, while stressing that the best opportunities now are increasingly in smaller, hated, or politically difficult jurisdictions.
Preview:Rick Rule argues that gold’s main attraction is that it is hated and therefore cheap relative to the risks he sees in fiat money, deficits, and understated inflation. He uses historical examples from uranium, silver, and gold to frame a contrarian strategy: buy scarce commodities when they are ignored, and store wealth in gold when real yields are negative.
Preview:Rick Rule interviews Collin Kettell about Palisades Gold Corp’s business model: building junior resource companies, financing them for warrants, and monetizing a large warrant portfolio. The discussion centers on how Palisades created value through New Found Gold, now owns stakes and warrants across many juniors, and claims its net asset value far exceeds the share price. Kettell says the opportunity set in junior financing has gotten more competitive, but argues Palisades already built the portfolio advantage.
Preview:Rick Rule interviews Ned Jalil, CEO of Collective Mining, about the company’s Colombian copper-gold-silver discovery and how it plans to turn early exploration into a large-scale resource. Jalil says Collective is well financed, drilling aggressively, and targeting a first maiden resource in the first half of 2027, with a longer-term goal of building a tier-one mine.
Preview:Rick Rule interviews Benoit La Salle about Aya Gold & Silver’s Moroccan silver growth story. La Salle frames Aya as a first-mover, single-jurisdiction producer with strong cash flow from Seguela and a second tier-one development asset at Boumadine, and he argues the stock’s earlier selloff was driven by a short attack that the company rebutted. The pitch is that Aya can keep expanding ounces and production through aggressive drilling, while the balance sheet and jurisdictional stability reduce financing risk.
Preview:Rick Rule interviews Chad Williams of Honey Badger Silver about the company’s portfolio of Canadian silver assets, especially Prairie Creek, and the strategy to close the gap between asset value and market cap through de-risking, financing discipline, and nearer-term production steps.
Preview:Rick Rule says he has already finished building liquidity and is now deploying capital selectively into hated, high-quality resource names, especially potential takeover targets in gold/silver. His longer-term highest-conviction call is uranium/nuclear power, which he sees as the main beneficiary of energy-security concerns and AI/base-load demand, while he remains constructive on copper, cautious on lithium, and more nuanced on oil after the Gulf war lifted prices.
Preview:This is a Q&A between Steve Barton, Rick Rule, and Rudy Fronk on Seabridge Gold’s KSM project. The core message is that KSM has been de-risked enough—through permitting, early construction, infrastructure buildout, First Nations agreements, and rising gold/copper prices—that a major JV partner may finally step in, despite the lingering Tutor dispute.
Preview:This is a long-form interview about Seabridge Gold’s KSM project, focused on why Rudy thinks the asset is now closer to a joint venture and eventual build than it was in prior years. The core pitch is that KSM is a giant, permitted, de-risked, capital-efficient gold-copper project in British Columbia, with enough past spend, infrastructure, and First Nations support to make a partner transaction and eventual construction increasingly realistic.
Preview:Rick Rule interviews Sean Roosen about Osisko Development’s Cariboo gold project and the company’s path to production. The discussion centers on a fully permitted, financed underground gold mine in British Columbia, the company’s ongoing drilling and expansion potential, and the possibility of materially increasing reserves and resources through conversion and step-out drilling.
Preview:Rick Rule interviews Cody Penner about Nations Royalty, a publicly listed, majority-indigenous-owned mining royalty company. The discussion centers on its ownership structure, current royalty portfolio, and the idea that the stock is a leveraged play on future royalty additions and on progress at Seabridge Gold’s KSM project.
Preview:Rick Rule interviews Sean Wade of Power Metal Resources about the company’s capital-allocation model: buy, advance, and monetize early-stage resource investments, then recycle cash into new optionality. Wade argues Power Metal is materially undervalued versus cash, listed holdings, and unlisted assets, and says recent exits and new positions create several potential multi-baggers.
Preview:Rick Rule argues that years of underinvestment in gold, oil, and uranium will force a powerful re-rating of scarce real assets, with gold miners likely to consolidate and energy/uranium benefiting from supply tightness. He frames the current market as a fair entry point, not a cheap one, and says the key is to think in long time horizons rather than daily price moves.
Preview:Rick Rule argues that markets are entering a long-cycle scarcity regime where liquidity, gold, uranium, copper, and select resource equities matter more than crowded financial assets. He stresses that the timing is uncertain, but says the math of inflation, underinvestment, and energy security should eventually overwhelm complacency.
Preview:Rick Rule interviews Brian Dalton of Altius Minerals about the company’s royalty model, its long-lived asset base, and why he thinks the stock still offers value after a long compounding run. Dalton argues Altius owns diversified royalties on potash, base metals, lithium brines, iron ore, and renewables, and that royalty cash flows can keep growing as operators expand mines and energy assets. He also cites a recent Nevada gold royalty monetization as a powerful example of the upside embedded in early-stage backing.
Preview:Rick Rule interviews Shawn Khunkhun of Contango Silver & Gold about the company’s cash-flowing Alaska producer, its development pipeline, and the claim that growth can be funded without dilution.
Preview:Rick Rule interviews John Florek, CEO of Emperor Metals, about two Southern Abitibi gold projects: a near-term production asset at Lac Pelletier and a larger growth asset at Duquesne West. Florek argues the company is underappreciated because rising gold prices and existing regional infrastructure should make both deposits more economic without building standalone mills.
Preview:Rick Rule argues the world is entering a bond-market and currency-regime stress period where real inflation is far higher than official CPI, making nominal bond yields and dollar savings look weak on a real basis. He says that, as in the 1970s, the likely response will be some mix of financial repression, liquidity creation, and de facto currency debasement, which should support gold, silver, and certain resource equities over time.
Preview:Rick Rule argues that the market is shifting from anticipatory pricing to actual shortage pricing in energy, especially around the Strait of Hormuz, and that this is feeding into higher yields, a stronger dollar, and rising recession/credit-contagion risk. He says he is increasing liquidity rather than chasing assets, while still favoring oil services and remaining constructive on long-term investing discipline.
Preview:Rick Rule argues the US is heading into a long inflationary debasement cycle where the dollar keeps losing purchasing power, rates stay under political pressure, and hard assets outperform. He favors gold, gold miners, and oil, while warning that short-term rate moves or a temporary peace in the Gulf could create tactical volatility but not change the bigger setup.
Preview:Rick Rule interviews Van Simmons, founder of David Hall Rare Coins, about rare coins, bullion, grading standards, and how to avoid bad actors in the hard-money space. Simmons argues that bullion remains supported by debt and monetary debasement, platinum looks attractive versus gold, and rare coins are increasingly compelling because ultra-high-quality items are outperforming average collectibles.
Preview:Rick Rule interviews Guy Goulet, CEO of Cerro de Pasco Resources, about the company’s unusual thesis: controlling historic tailings and stockpiles from a once-giant Peruvian polymetallic mine and potentially reprocessing material that was never fully recovered. Goulet argues the project is more advanced than a normal mining story because the material is already mined, and the key work is sampling, permitting, metallurgy, and processing-path decisions rather than new excavation.
Preview:Rick Rule interviews Sam Spring, CEO and President of Kincora Copper, about the company’s prospect-generator model, New South Wales focus, and partner-funded drilling strategy. Spring presents Kincora as a tightly held, cash-backed junior trying to turn geological optionality into scalable copper-gold discovery value while simplifying the portfolio around Australia.
Preview:Rick Rule interviews Ammar Al-Joundi about why Agnico Eagle has compounded for decades: it operates in stable regions, keeps deep local knowledge, retains employees unusually well, and grows by extending existing long-life mines. The discussion focuses on Detour, Malartic, Nunavut, Upper Beaver, and a Finland/Nordic consolidation as examples of Agnico’s brownfield-heavy growth model.
Preview:Rick Rule argues that silver remains attractive, but he prefers silver miners over physical silver for his own portfolio because the equities offer better asymmetry and he has a long track record of holding Pan American Silver through volatility. He broadens the discussion into a warning about manipulated interest rates, rising inflation expectations, and the possibility—though not his base case—of a credit-liquidity event if high-yield ETFs face redemptions against illiquid bonds. He also emphasizes China’s strategic use of silver and gold, and argues India’s long distrust of government makes official bond-purchase campaigns unlikely to displace gold buying.
Preview:Rick Rule interviews Caleb Stroup, president and CEO of Headwater Gold, about the company’s Nevada-focused gold exploration model, its partner-funded/joint-venture hybrid strategy, and near-term drill and permitting catalysts. The conversation emphasizes a cash-rich balance sheet, insider and strategic ownership, and a growing inventory of exploration targets rather than a single flagship asset.
Preview:Rick Rule interviews Ian Bamborough, Managing Director of Saturn Metals, about Saturn’s Apollo Hill gold project in Australia. Bamborough argues the project is a simple, bulk-tonnage, open-pit, heap-leach gold mine with strong economics, a large and growing resource, and a clear path from pre-feasibility to definitive feasibility study later in 2026.
Preview:Rick Rule interviews Christian Easterday, CEO of Hot Chili, about the company’s copper project in Chile and what could re-rate it over the next year. The core pitch is that Hot Chili now combines a large, coastal, lower-elevation copper resource with a major new higher-grade discovery, plus unusually valuable water rights in a water-scarce region, all of which could improve economics and reduce dilution risk.
Preview:Rick Rule interviews Darren Gordon of Centaurus Metals about the Jaguar nickel sulfide project in northern Brazil. The discussion centers on project scale, low-cost power, updated economics, and the immediate need to secure project financing and move toward a final investment decision.
Preview:Rick Rule argues that gold and high-quality gold equities are attractive as protection against long-run US dollar debasement, even though near-term higher rates can pressure them. He says liquidity is expensive but essential, precious-metals allocation is still extremely low, and the setup resembles the inflation psychology lag seen in the late 1960s/1970s.
Preview:Rick Rule argues silver stocks can be more attractive than physical silver when they are priced far below the metal and the investor has the patience to hold through volatility. He also warns that rising bond yields and weak credit structures could eventually matter more than headline equity moves, though he frames a 2008-style credit event as possible but not his base case.
Preview:Rick Rule argues silver miners still offer better speculative upside than physical silver, but he frames the choice as portfolio-specific rather than universal. He is also bullish on gold, oil and gas, and uranium over longer horizons, while warning that rising rates and credit stress could create systemic risks.
Preview:Rick Rule argues that gold is a long-term savings asset, not a trade, and that silver and miners may still be volatile even after strong runs. His bigger macro warning is that a severe liquidity shock or oil-supply disruption could hit almost all assets at once, so investors should prefer liquidity, check balance sheets, and avoid overlevered positions. He also says the current Gulf/Strait of Hormuz crisis makes uranium and nuclear power look like the clearest longer-term beneficiary.
Preview:Rick Rule interviews Tara Christie, President and CEO of Banyan Gold, at the Rule Symposium 2026. Christie outlines her Yukon upbringing and hands-on mining background, then details Banyan's AurMac project: an existing resource of 2.2M oz indicated + 5.4M oz inferred, ~$650M CAD market cap, $70M+ in cash, and a recent $52.2M Franco-Nevada royalty deal. Key catalysts include an imminent resource update emphasizing high-grade starter-pit zones, a 70,000m 2026 drill program, a PEA in H2 2026, and step-out exploration across 10 satellite targets. She frames Banyan as a rare >5M mineable-ounce North American project with exceptional infrastructure (hydro power on-site, roads, flat topography).
Preview:Rick Rule interviews Stuart Gale of Meteoric Resources about the company's Caldeira rare earth project in Brazil. Gale argues Caldeira is a world-scale ionic clay deposit with unusually strong grade, low capital intensity, low operating costs, and major infrastructure advantages, and he says the company is moving through DFS and permitting toward a final investment decision.
Preview:Rick Rule interviews Amir Adnani about Uranium Energy Corp’s growth, asset base, and strategy to build a vertically integrated U.S. uranium business. Adnani argues UEC is unusually well positioned because it owns large permitted resources, licensed processing infrastructure, no debt, and a strong cash position, while U.S. uranium supply remains heavily import-dependent.
Preview:Rick Rule interviews Jason Kosic and Jonathan Odd of Hemlo Mining about the Hemlo gold mine acquisition and their plan to unlock value through drilling, higher throughput, and technical reinterpretation. The discussion centers on Hemlo’s long operating history, existing infrastructure, the gap between current production and mill capacity, and how much upside may remain in a mature Canadian gold asset that has already produced over 25 million ounces.
Preview:Rick Rule argues that the U.S. is already on a path of currency debasement rather than honest default, and that physical gold plus quality gold equities remain under-owned relative to history. He connects rising gold, oil, and debt math to a coming purchasing-power shock for fixed-income savers.
Preview:Rick Rule says the recent silver spike is hard to explain with confidence, but likely reflects improving liquidity and animal spirits rather than a clear fundamental catalyst. His more actionable view is on gold/mining equities: he has been adding liquidity, worries about the war’s fiscal and oil-price aftermath, and expects gold M&A to accelerate as miners use acquisitions to maintain production.
Preview:Rick Rule argues that the US is heading into a prolonged inflation/debasement regime, not a clean crisis but a gradual erosion of purchasing power that will punish cash-heavy and fixed-income portfolios. His remedy is to save in gold and other hard assets, with especially strong preference for quality precious-metals companies and royalty names because the sector is still underowned and gold prices are far above the assumptions embedded in analyst models.
Preview:Rick Rule argues that natural resources equities still have upside, especially oil, gold, and select copper names, but that investors must balance that against a real liquidity-crisis risk that could force overexposed holders to sell. He is constructive on consolidation, takeover candidates, and certain uranium and gold projects, while staying selective and often agnostic on specific names he does not know well.
Preview:Rick Rule argues that natural resource equities still have upside despite strong runs, but investors must balance that against a real possibility of a 2008-style liquidity shock. He is constructive on oil, gold, copper, uranium, and select M&A beneficiaries, while repeatedly stressing portfolio sizing, time horizon, and balance-sheet liquidity.
Preview:Rick Rule interviews Matthew Allen, CEO of Andean Silver, about the Cerro Bayo silver-gold project in southern Chile. The discussion centers on the asset's existing infrastructure, large resource growth, upcoming drilling and feasibility work, and the gap between market value and underlying project value.
Preview:Rick Rule interviews Alastair Still of GoldMining Inc. about the company’s large gold/copper portfolio, its balance-sheet assets, and how management is trying to turn long-held optionality into development value. Still argues the company owns a sizeable resource base across the Americas, plus stakes in Gold Royalty and U.S. GoldMining that together nearly match the company’s market cap, leaving the operating assets underappreciated.
Preview:Rick Rule argues that the current setup is simultaneously constructive for resource equities and dangerous for the broader market: oil/gold/copper and select miners still look attractive, but higher rates, inflation, and liquidity stress could trigger a sharp equity selloff. He leans toward owning quality resource names, takeover candidates, and assets with strong free cash flow, while being selective on development risk and short time horizons.
Preview:Rick Rule argues that gold is a superior long-term store of purchasing power, not because gold itself is becoming more valuable, but because the U.S. dollar’s purchasing power is likely to keep eroding. He thinks the dollar will remain the world’s main reserve/transaction currency for about a decade, yet its hegemony is fading as central banks diversify into gold and as the U.S. weaponizes dollar-based systems. He is also enthusiastic about tokenized gold, saying it could remove gold’s transaction friction and potentially restore gold as usable money, while still leaving room for physical bullion outside the financial system.
Preview:Rick Rule interviews Tony Reda, CEO and co-founder of Tectonic Metals, about the company’s Flat Gold project and why it has attracted a $92 million financing despite no formal NI 43-101 resource yet. Reda argues the project has district-scale potential, multiple deposit targets, strong drill success, and upcoming catalysts including more drilling, a maiden resource in early 2027, development work, and eventual PEA.
Preview:This is an interview-style promo for the 2026 Rule Natural Resources Investment Symposium, centered on Rick Rule introducing Sprott Wealth Management CEO Rob Villaflor. The conversation is less about a market call than about Sprott’s business model, its specialization in natural resources investing, and why the firm believes it has an edge versus generalist wealth managers.
Preview:Rick Rule argues the immediate market shock is geopolitical and energy-driven, but his main investment conclusion is that uranium/nuclear power is the clearest beneficiary, with precious metals also supported by debt, deficits, and likely inflation. He is more cautious on industrial metals in the near term, saying they should rise over time but could dip first if a slowdown hits, while admitting his energy call was “lucky” because war accelerated the thesis.
Preview:Rick Rule interviews Keith Boyle, CEO of New Found Gold, about the company’s Queensway project and the recently acquired Hammerdown/Pine Cove mill package. Boyle argues the company is transitioning from discovery to a de-risked production path: tight 5x5 meter drilling improved confidence in the resource, the mill acquisition lets phase one avoid duplicating processing facilities, and near-term work is focused on permits, technical updates, early works, and ramping Hammerdown while Queensway is advanced. The central investment case is a high-grade, low-capex mine build with meaningful exploration upside along a 110-km structural corridor.
Preview:Rick Rule interviews Marc Bishop Lafleche about Ecora Royalties’ shift from a legacy met coal royalty toward a diversified critical-minerals royalty platform. The main message is that Kestrel is winding down, but new copper, base-metals, and uranium-linked royalties are expected to extend and grow cash flow over a much longer horizon.
Preview:Rick Rule interviews Adrian Day about his background, his global investing approach, and where he currently sees value. Day says he is most constructive on gold over the next 3–5 years, but believes several other commodities and especially foreign equities are more undervalued on a risk/reward basis right now.
Preview:Rick Rule argues that inflation is being underestimated and will increasingly squeeze households, businesses, and fixed-income savers. He says the U.S. has lived through an unusually benign 1982-2022 regime, but the 2023-present period is a different setup: higher inflation, higher volatility, and a likely erosion of dollar purchasing power that he thinks will be largely solved by inflating away debt rather than honest default.
Preview:Rick Rule argues the best opportunities are now in hated oil and gas, with uranium still attractive for structural reasons. He thinks the Gulf conflict has accelerated an already-existing underinvestment problem, but his bigger concern is that shortages, credit stress, and liquidity shocks could hit markets harder than most investors expect.
Preview:Rick Rule says the Gulf conflict is primarily an oil and liquidity story, with immediate implications for energy prices, Treasury yields, the dollar, and credit markets. He is cautious near term: oil could reprice sharply if disruptions continue, gold could stay soft while the dollar is strong, and leveraged or refinancing-dependent companies may be vulnerable. Over the long run, he remains bullish on gold as a store of purchasing power and sees the current environment as supportive of careful positioning in commodities and defensive liquidity.
Preview:Rick Rule interviews Walter Coles about Skeena Gold & Silver, focusing on the transformation of the high-grade Eskay Creek project from a historic underground mine into a large open-pit development with strong economics. Coles argues the project is unusually rich, fully funded, and nearing production, with significant upside from reserve growth, low-cost hydro power, and First Nations partnership alignment.
Preview:Rick Rule interviews Charles Downie of Eagle Plains Resources about the company’s prospect-generator model, balance sheet, and near-term exploration catalysts. Downie argues Eagle Plains is unusually capital-efficient: it has cash, securities, real estate, a consulting business, and a history of spinouts that have returned value to shareholders while preserving the core listing.
Preview:Rick Rule interviews John-Mark Staude, CEO of Riverside Resources, about Riverside’s prospect-generator model, its history, partner ecosystem, and upcoming catalysts. The core pitch is that Riverside has used major-company funding and technical leverage to generate projects, keep royalties, and create shareholder value through spinouts while remaining lightly diluted and cash-backed.
Preview:Rick Rule interviews Magna Mining CEO Jason Jessup about Magna’s Sudbury-focused copper-nickel-platinum group metals strategy, emphasizing the company’s existing cash flow, permitted brownfield assets, and infrastructure advantage. The tone is upbeat and promotional, but the core investment case is straightforward: use cash from McCreedy West and ore-sale agreements to restart nearby mines with relatively low capex.
Preview:Rick Rule argues that gold is still in a long secular bull market because the dollar is losing purchasing power, not because gold is becoming "expensive" in real terms. He links that view to central bank buying, reserve repatriation, distrust of U.S. custody and sanctions power, and the growing role of physical gold in global trade flows. His 10-year framework is explicitly long-dated and conditional: he refuses to call near-term price targets, but thinks a 75% dollar purchasing-power decline would make $12,000-$15,000 gold plausible, possibly with overshoot.
Preview:Rick Rule argues that gold is becoming more important both as a savings asset and potentially as a transactional medium because the U.S. dollar and Treasury system are being weakened by debt, sanctions, and what he sees as monetary weaponization. He is constructive on gold over a 10-year horizon, while refusing to give a near-term price target, and he thinks tokenization plus trusted custody could make gold spendable again.
Preview:Rick Rule says the oil rally was driven by structural underinvestment that the Iran conflict only accelerated, and he still prefers North American oil equities selectively while raising cash for a possible liquidity-driven drawdown. He is also increasingly constructive on uranium as an energy-security trade with a longer runway than oil.
Preview:Rick Rule interviews Hugh Agro, CEO of Revival Gold, about a US gold developer with two brownfields projects: Mercur in Utah and Beartrack-Arnett in Idaho. Agro argues the company is unusually attractive because it already controls major infrastructure, has large existing resources, and can advance to production with relatively modest additional capital while retaining exploration upside.
Preview:Rick Rule interviews Paddy Nicol, CEO of Origin Royalties, about Origin’s royalty-plus-prospect-generator model. Nicol argues Origin can create royalties at low net cost by funding early-stage exploration through partner money, while the company also earns meaningful cash flow from existing royalties and exploration fees.
Preview:Rick Rule interviews Robert Quartermain about Dakota Gold’s Homestake district strategy in South Dakota. Quartermain argues the historic camp is still underexplored, especially to the north, and that Dakota is using drilling, a strong balance sheet, and a focused development plan to turn that geology into a mineable project.
Preview:Rick Rule interviews Dana Samuelson of American Gold Exchange about the importance of liquidity, dealer reputation, and counterfeit risk in physical precious metals. Dana argues that the best products are the most widely traded, easiest to price, and easiest to resell, and he warns against exclusive or obscure products that can trap buyers when they try to exit.
Preview:Rick Rule argues for owning resource exposure only where the setup is asymmetric, liquid, and strategically scarce: gold as insurance, silver as a speculative trade that has already matured, uranium as a long-term “inevitable” but timing-uncertain theme, and select miners/juniors as better vehicles than the underlying commodities. He is bearish on broad, passive exposure to coal and rare earths, and instead prefers very specific companies with low costs, takeover appeal, or access to constrained supply chains.
Preview:Rick Rule used the Q&A to argue that many resource names should be judged by balance-sheet reality, financing structure, and project quality rather than headlines. He was constructive on select gold, uranium, oil, gas, royalty, and specialty metals ideas, but repeatedly stressed that political risk, financing risk, and operational detail still matter.
Preview:Rick Rule interviews Seabridge Gold chairman and CEO Rudi Fronk about the KSM copper-gold project, Seabridge’s valuation gap, and the company’s near-term catalysts. Fronk argues Seabridge trades at a deep discount to the after-tax NPV of KSM, that major pre-construction spending has de-risked the permits and site work, and that a joint-venture partner for KSM plus the planned Courageous Lake spinout could unlock value.
Preview:Rick Rule interviews Bradley Langille, CEO of GoGold Resources, at the 2026 Rule Symposium. Langille details GoGold's Los Ricos silver district in Mexico: a 2,000 tpd underground mine at Los Ricos South (permit expected in 2026), followed by Los Ricos North. The company holds ~$270M cash, no debt, and generates $70-85M/year free cash flow from its Parral tailings project. At spot prices, the Los Ricos district carries a ~$4.5-5B NPV inside a ~$450M enterprise value wrapper — a roughly 7-10x value gap. The key catalyst is the imminent construction permit for Los Ricos South.
Preview:Rick Rule interviews Ian Harris, CEO of Copper Giant, about the company’s flagship Mocoa copper project in Colombia. Harris argues Mocoa is now large enough, and sufficiently de-risked, to move from resource definition toward economics and permitting, with a PEA targeted for Q4 2026 and continued drilling, baseline studies, and community work through 2027.
Preview:Rick Rule interviews Zach Flood, CEO of Kenorland Minerals, about Kenorland’s project-generation model for grassroots gold exploration. The core pitch is that Kenorland can create discovery exposure without heavy dilution by staking large land positions, farming them out to partners, and retaining minority interests and royalties, with Renard cited as proof of concept and several current drill programs seen as near-term catalysts.
Preview:Rick Rule frames the upcoming Rule Symposium as a highly curated resource-investing event and uses the Q&A to give a series of company-specific views. The market tone is constructive on gold, selective on uranium and rare earths, cautious on small strategic metals, and still positive on energy names where he sees strong assets plus shareholder-friendly management. He also repeatedly emphasizes that valuation only matters when tied to tangible assets, financing, permitting, and management quality.
Preview:Rick Rule argues gold’s recent drop is a normal correction inside a still-intact secular bull market, not a breakdown. He says liquidity is tightening, some forced sellers likely emerged, and the stronger U.S. dollar plus higher long rates have temporarily pressured the gold price in USD terms. He then shifts to energy: if Persian Gulf disruptions persist, oil/LNG rationing by price could trigger recession risks and highlight how fragile global supply chains are. That, in his view, reinforces a much longer-term bullish case for uranium and uranium equities because nuclear power is hard to displace and supply is structurally constrained.
Preview:Rick Rule interviews David Cole, CEO of Elemental Royalty, about the royalty/prospect-generator model, Elemental’s scale after the merger, and why the business benefits from discovery, commodity prices, and portfolio size. Cole argues that the hybrid model—generating royalties, buying royalties, and selectively buying equity—creates long-duration value, and he highlights Tether as a major strategic shareholder now aligning crypto capital with hard-asset royalties.
Preview:Rick Rule argues the Gulf conflict is an immediate oil shock that has not fully hit yet, with much of the market move still anticipatory. He sees near-term pressure on the economy, a temporarily stronger dollar, gold potentially sideways-to-lower in the very short run, but remains structurally bullish on gold, uranium, and commodity shortages over the next decade.
Preview:The transcript is a bullish, supply-side oil argument: the speaker says years of underinvestment, depleted top-tier drilling inventory, and rising emerging-market demand are setting up structurally higher oil prices. He argues current price strength is still mostly anticipatory, but if floating inventory is not released quickly, the market may move into genuine price rationing.
Preview:Rick Rule argues that gold and silver are still reasonably valued in the context of rising debt, higher yields, and a weakening long-run fiat backdrop, but he is more constructive on gold as a savings asset than on silver as a straight holding. He says silver is better expressed through mining stocks than physical metal, while platinum is mainly a geopolitical supply speculation tied to South Africa, Russia, and Zimbabwe. Across the piece he emphasizes that the U.S. dollar remains dominant, but its purchasing power and global trust are eroding, which he thinks supports gold over time.
Preview:Rick Rule argues that investors should think in long-duration terms: hold a meaningful but not concentrated allocation to gold and other precious metals, because he expects the purchasing power of the U.S. dollar to continue eroding over the next decade. He also pushes a broader self-help message: invest in your own skills, save more, stay inside your circle of competence, and build direct distribution channels for ideas rather than relying on academia or legacy media.
Preview:The transcript is a commodities-and-macro debate centered on Rick Rule’s view that the current turmoil is an “ugly speed bump” inside a much larger bullish setup for gold and resources. Near term, he thinks an oil shock or Strait of Hormuz closure could hurt growth and temporarily pressure gold, but medium-to-long term he expects policy response, monetary debasement, and years of underinvestment to drive a resource supercycle.
Preview:A bullish but nuanced gold thesis: the speakers argue gold should at least double over the next decade, possibly 3–4x, because the US dollar is likely to lose purchasing power as money supply expands and global demand for dollars weakens.
Preview:Rick Rule argues that a closure of the Strait of Hormuz would create an immediate energy shock that could hurt growth and even pressure gold in the very near term, but he sees that as only a temporary setback inside a much larger bullish setup for commodities and gold. His broader view is that decades of underinvestment, especially in oil, industrial metals, and sustaining capital, mean the world was already headed toward a commodity super cycle; the war merely accelerates the inevitable. He also frames U.S. fiscal policy as structurally inflationary and ultimately supportive of gold because the government will likely dilute liabilities through currency debasement rather than honest default.
Preview:Rick Rule and Albert Lou use this Q&A to discuss resource-market setups, with the biggest emphasis on uranium, gold-related juniors, oil/geopolitics, liquidity risk, and how to evaluate resource companies. Rule is constructive on several resource themes but repeatedly stresses discipline, balance-sheet strength, and skepticism toward simplistic valuation shortcuts.
Preview:Rick Rule argues that gold is a long-duration store of purchasing power in a world where fiat currencies are likely to keep eroding. He thinks a near-term energy shock or war could initially hurt gold by slowing the economy, but that the policy response—lower rates, QE, and more currency debasement—would ultimately be bullish for gold and commodities. The broader theme is a commodity supercycle, with gold leading at times and the CRB index and industrial inputs later confirming the move.
Preview:Rick Rule uses the Q&A to argue that the current setup is dominated by energy and liquidity risks. His biggest immediate concern is that any prolonged disruption around the Strait of Hormuz would push up energy prices sharply, strain LNG and industrial inputs, and potentially feed a broader credit squeeze. He is constructive on several natural resource names and themes — especially uranium, gold, and selected oil/gas assets — but repeatedly stresses balance-sheet quality, liquidity, and skepticism toward simple valuation shortcuts.
Preview:Rick Rule argues that in mining, especially for silver and uranium, the decisive edge is not just finding a deposit but understanding whether it can be financed, built, and operated profitably. He repeatedly emphasizes capital stack optimization, relevant geological experience, and the difference between technical success and economic success. He also makes a bullish case for strategic, long-life uranium assets like NextGen Energy, arguing that tail value, permitting progress, and contracting options can justify premium valuations.
Preview:Rick Rule argues the precious-metals complex can have a long bullish stretch, but silver remains a high-volatility, cyclically driven trade rather than a stable hold. He prefers silver stocks over physical silver for asymmetric upside, keeps gold as a long-term savings vehicle against fiat debasement, and treats platinum as a geopolitical/supply-disruption speculation.
Preview:Rick Rule argues that the best mining capital allocation comes from per-share value creation, and he uses Agnico Eagle’s Finland M&A as the clearest example. He is constructive on Agnico’s discipline, skeptical on broad lithium economics, and bullish on uranium as a beneficiary of energy-security concerns, especially after geopolitical shocks around key shipping lanes and nuclear-fuel politics.
Preview:A long-form interview between Steve Barton, Mike Rothman, and Rick Rule argues that the oil market is much tighter than consensus believes and that the Iran/Epic Fury disruptions accelerated an already-bullish setup. Mike’s core claim is that years of underinvestment, overstated spare capacity, and bad demand data mean inventories were already headed lower before the conflict; Rick adds that delayed sustaining capex and weak drilling economics in North America make rationing by price increasingly likely. They both frame the current move as early-stage rather than exhausted, with diesel and delivered prices showing the physical squeeze before headline crude fully reflects it.
Preview:Panel interview on gold, inflation, debt, and commodities featuring Rick Rule and Dr. Mark Thornton. Both argue the Strait of Hormuz disruption is an immediate cost shock that can hurt growth and precious metals in the very near term, but it strengthens their longer-run view that fiat currencies will keep losing purchasing power and that gold and commodities remain in a multi-year uptrend.
Preview:Rick Rule argues that silver equities can still look attractive relative to silver itself because most Wall Street/Bay Street models are effectively valuing miners at a lower silver price than the current market. But his preferred way to make money in silver is not to chase the metal at any price — it is to buy when the sector is hated, which he says was the case when silver was below $20 and sentiment was full of “disgust and hate.”
Preview:Rick Rule argues that gold, silver, and especially critical minerals are being reshaped by geopolitics, with governments increasingly stepping into mining and supply-chain buildout. He also sees Barrick at a strategic crossroads, thinks rare earths outside China are becoming investable, and believes indigenous stakeholders may be the key to resolving the Seabridge–Tudor KSM dispute. The video is partly a market discussion and partly a long promo for the Resource sector conference and its livestream.
Preview:Rick Rule argues that the Iran/Hormuz conflict is pushing energy markets into anticipatory pricing rather than true scarcity, but that a prolonged disruption could still force a much sharper repricing across oil, LNG, helium, nitrogen fertilizer, and possibly industrial metals. He also uses the moment to make a broader resource-investing case: geopolitical stress should favor uranium and nuclear power, and rising resource nationalism is making ownership risk and payment structure more important for miners.
Preview:Rick Rule argues that silver and silver miners can still be strong long-term investments, but industrial demand will self-regulate as prices rise through substitution and efficiency improvements. His core framework is that precious metals bull markets can include severe corrections, so investors need a time horizon and risk tolerance that match the asset. He also prefers physical gold for conservative investors, sees consolidation and acquisitions as necessary across major miners, and is constructive on platinum and copper for different supply-demand reasons.
Preview:Rick Rule argues that the mining sector’s most important deals are the ones where infrastructure and geology create real per-share accretion, not just headline premiums. He is bullish on disciplined M&A by Agnico and G Mining, cautious on lithium because he thinks the real bottleneck was processing rather than resource scarcity, and strongly positive on uranium because energy security concerns are reviving official support for nuclear power and for tier-one undeveloped uranium assets like NextGen.
Preview:Rick Rule answers viewer questions on natural-resource stocks, emphasizing valuation discipline, jurisdiction risk, and liquidity awareness. He is constructive on several silver, gold, copper, uranium, and royalty names, but repeatedly stresses that he prefers large, high-quality deposits, strong operators, and clear catalysts over hype or story stocks.
Preview:Rick Rule fields investor questions on ~30 natural resource equities, cautioning about a potential liquidity crisis from high-yield bond ETFs while expressing concern over the Strait of Hormuz closure. He discusses his cash-raising posture, evaluates silver equity vs. metal timing, and gives granular stock-level takes on uranium, copper, gold, nickel, lithium, and royalty companies, emphasizing valuation discipline and jurisdictional nuance.
Preview:Rick Rule answers audience questions on resource equities, emphasizing quality deposits, capital discipline, and jurisdiction-adjusted valuations rather than broad commodity calls. The discussion spans Luca Mining, Discovery Silver, lithium, uranium, nickel, rare earths, silver, copper, oil, bonds, and Battle Bank, with Rick repeatedly preferring large, high-quality assets and warning against leverage, weak covenants, and complacency about liquidity.
Preview:A hybrid monologue/interview blending Lynette Zang's thesis on an imminent overnight gold revaluation as systemic collateral collapse approaches, with Rick Rule's pragmatic take on junior mining as a capital-destroying sector where only the top ~10% of companies generate value. Zang argues history shows governments reprice gold suddenly when confidence breaks; Rule warns speculators are too narrative-driven, impatient, and under-diversified, and that success requires deep research and multi-year holding periods. The transcript is heavily padded with identical repeated passages and promotional material for Rule's portfolio-ranking service and investment conference.
Preview:Rick Rule argues gold should be treated primarily as savings/insurance because it is extremely liquid, globally accepted, and better at preserving purchasing power than cash. He says he personally sold most of his physical silver after a parabolic move, moved a portion into gold, and would only re-buy silver if sentiment became deeply hated again. He is more constructive on gold than silver over the next decade, while still seeing selective opportunity in silver miners, gold miners, and certain hated resource jurisdictions and oil explorers.
Preview:Rick Rule argues that gold is best understood as savings/insurance rather than a trade, while silver is more of a speculative asset. He says he wants gold prices lower so he can add, but would only buy silver again if it became widely hated, as it was in past cycles. He also argues that miners—especially smaller gold names—still offer value and that M&A should continue in the sector.
Preview:Rick Rule argues that commodity investors are still underestimating a deeper supply problem: years of deferred sustaining capital, inflation in replacement costs, and geopolitical damage that will take years to repair. Near term, he thinks oil could fall if the Middle East conflict resolves, but he says the longer-run energy and fertilizer setup remains constructive, with LNG, potash, and selected low-cost resource names benefiting from scarcity and installed infrastructure.
Preview:Rick Rule argues that the best opportunity in precious metals is not physical silver itself but silver equities, which he thinks are mispriced relative to current metal prices and offer better downside protection. He explains that he sold physical silver into a parabolic move, rotated into silver stocks, some oil, and gold, and now prefers patience over short-term trading. He remains bullish on gold, silver, and natural resources over a 5- to 10-year horizon, but says near-term silver is no longer hated enough for him to buy physical silver again.
Preview:Rick Rule uses this appearance to advertise a copper-focused conference, but the real substance is a broad precious-metals, copper, oil, and credit-market macro thesis. He argues the US dollar’s purchasing power will fall materially over the next decade, making gold the best store of value, while silver and silver equities may outperform gold for speculators and copper becomes increasingly scarce and eventually must be rationed by price. Near term, he is worried about Middle East war risk, private credit stress, and a possible liquidity event, so he is adding to cash and only selectively holding mining and energy positions.
Preview:Rick Rule argues that physical silver was a strong speculative buy when it was hated and cheap, but that setup has now changed: sentiment is no longer negative enough for new physical silver purchases, and the recent parabolic move is more of a sell/trim signal than a fresh entry. He prefers reallocating into undervalued silver equities, some oil names, and gold as core savings/insurance, while still expecting a multi-year bull market in natural resources.
Preview:The speaker argues for holding more gold and more cash, while reducing silver exposure after a sharp speculative run-up. He sees gold as a liquidity reserve and says current conditions in rates, Treasury funding, credit, and bank balance sheets justify a defensive posture even if a full crisis never arrives.
Preview:Rick Rule argues that gold is now a better liquidity/sleep-at-night holding than cash, while silver has lost some appeal after a hyperbolic run and was trimmed as a speculation. He is most constructive on uranium and copper, especially uranium as a beneficiary of energy security and Japan’s reactor restarts, and he also stresses that a banking/liquidity shock could still hit equities hard even if it is less likely than not.
Preview:Rick Rule argues the commodity backdrop has become more constructive, especially for oil, fertilizers, helium, and gold, but he keeps separating tactical trade effects from longer-term structural shortages. His core message is that the market may be too complacent on energy disruption in the near term, while years of underinvestment in sustaining capital still point to tighter supplies later this decade. He also says gold remains a necessary savings asset, silver is less attractive right now as a speculative vehicle, and the best opportunities are likely in selective natural-resource stocks rather than broad sector exposure.
Preview:Rick Rule uses the episode to promote his upcoming copper boot camp, arguing that decades of underinvestment, rising demand, and long mine lead times will force copper to be rationed by price. He also answers viewer questions on Argentina, uranium, royalties, zinc, specific miners, and his decision to raise cash amid geopolitical and credit risk.
Preview:Rick Rule used the Q&A to argue that copper, uranium, parts of Argentina, and select gold/silver and royalty names remain attractive, but the near-term macro backdrop is increasingly dominated by the Strait of Hormuz risk, higher oil, and possible liquidity stress. Steve Barton mostly facilitated audience questions and promoted the Rule Classroom Plus and copper boot camp.
Preview:Rick Rule argues that the current Middle East conflict, especially any disruption around the Strait of Hormuz, is already acting like a tax on the global economy and could turn into a much worse oil shock if the blockade persists. He also says the Fed is losing control of rates, that weak Treasury auctions and refinancing needs may force either higher rates or more money printing, and that both paths are bad for bonds, housing, and inflation. His practical response is to hold cash rather than chase yield, while favoring single-asset mid-tier gold producers and remaining cautious about credit and banking risk.
Preview:Rick Rule argues that the recent weakness in gold and gold equities is a buying opportunity, not a warning sign. He says the war premium is usually short-lived, while gold’s real driver is currency debasement and declining purchasing power, and he is personally buying more gold while having sold most of his silver. He also thinks gold equities are setting up for a major M&A cycle over the next two to five years as production declines and new discoveries remain scarce.
Preview:Rick Rule frames the transcript around two linked ideas: the compounding power of fixed-cost leverage in real assets, and a bullish, supply-constrained view of copper that he thinks will eventually force materially higher prices. He also discusses Abra/Diablillos as a highly rated speculative silver-gold story, emphasizing that the latest hole is meaningful less for the headline grade than for what it implies about the broader mineralized district.
Preview:Rick Rule argues the Iran/Hormuz shock is an oil-and-credit problem that could worsen fast: higher delivered oil prices, recession risk, weaker Treasury demand, and growing liquidity stress. He says he is raising cash despite seeing value in gold, uranium, and smaller gold producers, because the downside of a liquidity event is high.
Preview:Rick Rule argues the market is underpricing an emerging energy shock tied to the Strait of Hormuz, with oil/LNG potentially repricing sharply within weeks if the disruption persists. He is also constructive on uranium because of renewed geopolitical urgency, reactor restarts, and the possibility that a lot of sold uranium was actually leased and must be repaid. On copper, his near-term view is cautious because recession fears and higher rates could soften prices, but his medium- and long-term thesis is strongly bullish: the world has underinvested for decades, grades have fallen, replacement capital is huge, and copper will eventually have to be rationed by price.
Preview:Rick Rule argues copper is entering a multi-year supply squeeze driven by decades of underinvestment, falling ore grades, long permitting delays, and rising demand from electrification and data centers. He says the market will eventually ration copper by price, with major upside for quality producers, long-life deposits, and select explorers/financiers.
Preview:Rick Rule argues that recent weakness in gold is not a breakdown in the bull case but a chance to add, because the bigger drivers are still currency debasement, rising deficits, and eventual monetary easing. He is also worried about credit conditions and the mismatch between liquid ETF wrappers and illiquid junk bonds, which he thinks could create a 2008-like problem if redemptions accelerate. Beyond that, he repeats his long-held message that compounding comes from patience, tenacity, and buying quality resource assets that may become strategic takeover targets over a multi-year horizon.
Preview:Rick Rule argues gold equities are more attractive when they are weak because the market is over-discounting costs and underestimating gold’s upside. He expects gold-stock consolidation and M&A to become a major theme over the next few years, especially among mid-tier producers and adjacent deposits with existing infrastructure.
Preview:Rick Rule says the Gulf conflict and higher oil prices are a near-term macro shock that could hurt growth, inflation, and copper demand, but he remains structurally bullish on energy, copper, uranium, and royalty/streaming equities over the next several years. His repeated message is to separate tactical caution from long-term conviction: be selective now, but expect scarce resources and quality resource finance names to benefit over time.
Preview:Rick Rule and Lobo Tiggre argue that gold and silver still make sense as long-term monetary hedges, but they are not calling the current pullback a true buying opportunity yet. The discussion centers on gold’s role as a store of purchasing power and crisis liquidity, the weakness of most mining listings, and the danger that even good miners can get dragged down in a broad liquidity squeeze.
Preview:Rick Rule argues for patience, liquidity, and selective exposure to miners rather than short-term chasing. He is cautious on near-term copper and iron ore, constructive on gold and copper over longer horizons, and prefers gold stocks to silver stocks on a risk-adjusted basis.
Preview:Rick Rule argues that the recent weakness in gold and silver should be viewed as a buying opportunity rather than a structural problem, with the biggest relative opportunity now shifting from bullion into mining equities. He also makes a broader case that years of underinvestment in oil and gas, plus rising input costs and a weakening purchasing power of the dollar, support higher nominal energy prices over time even if there can be drawdowns first.
Preview:Rick Rule argues that the recent surge in oil and related geopolitical stress is likely to ease if the ceasefire holds, which would pressure crude back down into the $65-$75 area and cool the momentum in energy equities. He uses that same macro setup to frame a constructive but very selective long-term case for copper and, more broadly, for high-quality natural resource assets, while warning that gold and silver may still need a deeper correction or consolidation after their rally.
Preview:Rick Rule argues that he has not abandoned precious metals, but rotated out of most physical silver because the speculation worked, into silver stocks, gold, oil and gas, and cash. He says the bigger story is rising geopolitical and energy risk, persistent inflation, tighter liquidity, and long-run underinvestment in copper and energy.
Preview:Rick Rule argues that the recent pullback in gold and silver should be viewed as a buying opportunity, not a thesis break. He says the macro setup that has supported precious metals since 2000 remains intact, and he is reallocating toward physical gold, silver stocks, and select junior gold equities after prices weakened. He also says the oil and gas trade remains structurally attractive because of years of underinvestment, but he is more cautious on new energy entries at current prices.
Preview:Rick Rule argues the Strait of Hormuz conflict is a broad macro shock that could lift commodity prices, slow growth, and tighten credit; his immediate response is to raise liquidity. The Q&A then moves through rankings on miners, royalty names, oil and gas, and copper, with Rick repeatedly favoring quality, low-financing-risk assets and warning that credit markets may get worse before they get better.
Preview:Rick Rule argued that the Strait of Hormuz conflict raises near-term commodity and credit risk, with oil, LNG, fertilizers, and even copper already pricing in disruption. He said he is raising liquidity because a credit squeeze and broader market contagion are now more plausible, while still favoring select resource names, especially copper, gold royalty, and higher-quality producers.
Preview:Rick Rule and Lobo Tiggre argue that the Iran war is supporting higher long-run hard-asset prices, but near-term liquidity and dollar strength can still pressure gold, silver, miners, oil, and other risk assets. Both are cautious on chasing strength now, prefer cash optionality, and see select opportunities in uranium, copper, and some energy names only on better pullbacks.
Preview:Rick Rule argues that the Persian Gulf crisis could create a real global energy shock, with the Strait of Hormuz mattering more than the commonly cited 20% figure because over half of export crude flows through it. He says North America is relatively insulated, but Asia and resource-intensive sectors elsewhere could face shortages, higher input costs, and potentially broader financial contagion. He also emphasizes maintaining liquidity, saying he personally has been adding to gold on weakness while also holding more short-term U.S. dollars.
Preview:Rick Rule argues that a Gulf/Straits of Hormuz disruption would create a messy, highly volatile commodity and FX setup rather than a clean one-way trade. In the very near term, forced selling and a rush into the deepest, most liquid markets support the US dollar and Treasuries while pressuring gold, even though he says gold has already “done its job” as liquidity. He also highlights hidden supply-chain risks in helium, LNG, fertilizers, aluminum, copper, and iron if the disruption lasts months, while noting North American helium could become competitive if Gulf supply remains constrained.
Preview:Rick Rule argues that gold’s recent weakness is a normal correction, not a broken bull market, and says he added to gold, silver equities, and oil stocks when they were cheaper. His bigger concern is a credit contraction driven by junk-bond and high-yield ETF structures, which he thinks could echo 2008 if liquidity demands force illiquid bond selling.
Preview:Rick Rule says the Strait of Hormuz conflict is a real commodity shock with potentially major second-order effects, but the near-term market reaction has been distorted by dollar strength, liquidity needs, and a rush into the deepest, most liquid assets. He argues oil, gas, helium, fertilizers, aluminum, and mining inputs could face severe disruption over the next 3–6 months if there is no political solution, while reminding viewers that investors should raise liquidity, think probabilistically, and avoid overconcentration.
Preview:Rick Rule explains his silver trade from $20 to $75, why he sold, and how he rotated into silver stocks, gold, and oil & gas. He now sees the biggest opportunity in gold equities, particularly M&A-driven junior miners, and details the behavioral mistakes most investors make — chasing momentum, lacking patience, and failing to understand downside risk.
Preview:Rick Rule argues that investors should prepare for a possible credit contraction or liquidity squeeze, not because a collapse is certain, but because a downturn could make even good assets cheap and create major opportunity for disciplined, liquid investors. He is especially worried about high-yield ETFs, private credit, and junk bonds whose underlying assets may be too illiquid to meet redemptions in a panic. He also ties the setup to resource nationalism, higher energy prices, and a strategic shift toward subsidized domestic resource and nuclear supply chains.
Preview:Rick Rule argues that gold remains in a bull market because the U.S. fiscal position is still deteriorating, which he thinks will ultimately pressure the dollar lower and support higher nominal gold prices. He also says the current pullback in gold and the 45%–50% drawdown in second-tier gold equities is normal within a larger uptrend and is creating selective opportunities in undervalued miners, small community banks, and a few unloved conventional oil-and-gas explorers.
Preview:Rick Rule argues uranium remains an attractive, still-not-crowded commodity trade because supply is constrained, utility contracting gives unusual pricing visibility, and his preferred operators can raise capital against long-dated offtake. He frames the opportunity as less about hype and more about doing the work, buying value before the market validates it, and staying patient through volatility.
Preview:Rick Rule and Justin argue that uranium is in a structurally tight setup: apparent inventories are misleading, the spot market is illiquid, utilities are being pushed into the term market, and geopolitical stress around the Strait of Hormuz is likely to accelerate nuclear restarts and new builds in Asia. Their core view is not a near-term price target but a supply-demand imbalance that could support materially higher uranium prices over time.
Preview:Rick Rule argues the Iran conflict, higher energy costs, and weakening credit conditions could together trigger a global slowdown, while his own portfolio is positioned to benefit from patience and cash. He also sees the current pullback in gold and gold stocks as mostly tactical, not thesis-breaking, and thinks the bigger opportunity is in quality miners, strategic assets, and eventually M&A.
Preview:Rick Rule argues that the gold bull market remains intact despite a healthy correction, and that the bigger setup is still currency debasement, rising debt, and a likely decline in US dollar purchasing power. He also says the most actionable opportunities are now more selective: second-tier gold stocks, small community banks, and a handful of unloved conventional oil and gas explorers in frontier markets.
Preview:Rick Rule argues that commodity investing is about recognizing inevitable outcomes before they become imminent, and he applies that framework to uranium, silver, coal, rare earths, copper, gold juniors, and select oil names. His strongest near-term emphasis is on buying quality natural-resource equities after selloffs, especially strategic juniors and producers that could re-rate on either operational progress or M&A, while avoiding crowded or structurally weak expressions of themes.
Preview:A panel interview with Darrell Thomas, Rick Rule, and Justin Hume argues that uranium still has substantial upside because demand is growing, above-ground inventories are tighter than they look, and geopolitical disruptions are increasing the appeal of nuclear power and stockpiling.
Preview:Rick Rule argues gold’s recent pullback is a normal correction inside a still-intact secular bull market, not a thesis break. He says silver has become less compelling as a speculative vehicle than select silver miners, and that the best current opportunities are in beaten-down junior gold names and some strategic resource equities that could benefit from liquidity stress, lower copper, or takeover optionality.
Preview:Rick Rule argues that gold, oil, and uranium are all being repriced by a mix of geopolitical stress and tightening liquidity. His core message is that recent gold weakness is a normal correction in a long bull market, while the more important shift is that energy disruption and supply fragility could drive structurally higher oil and uranium prices over the next several years.
Preview:Rick Rule discusses his worst macro fear: a potential run on high-yield bond ETFs driven by retail investors (MA and PA) who don't understand the underlying credit risk. He warns that ETF liquidity masks deeply illiquid below-investment-grade bonds, creating a 2008-subprime-like contagion risk. He pivots to opportunity: deeply discounted gold equities (40% off), uncrowded copper, and uranium benefiting from Asian energy-security builds. He also promotes his free portfolio review service.
Preview:Rick Rule discusses the recent gold and silver pullback in conversation with host Lucian. He frames gold's decline as normal cyclical behavior within a secular bull market, citing the Turkish Central Bank's 60-ton sale as a liquidity need rather than a loss of faith. He explains why he sold 80% of his physical silver — the hated-to-loved trade played out and silver stocks offered better risk-adjusted upside. He is now bidding on junior gold stocks (off 40-45%) with strategic acquisition potential, and would buy the world's top commodity producers on a broad equity sell-off. On geopolitics, he warns that 2-3 more weeks of Persian Gulf disruption could trigger energy rationing, a global recession, and lasting damage to energy markets.
Preview:Rick Rule argues that market drawdowns are where disciplined investors make money: buy when others are fearful, prefer high-quality precious-metals names, and don’t obsess over short-term price predictions. He says he is deploying liquidity into junior miners and silver stocks after selloffs, while favoring royalty/streaming businesses for their lower operating risk.
Preview:Rick Rule argues the recent weakness in gold, uranium, and copper is mainly a liquidity and leverage washout, not a broken long-term commodity thesis. He says rising private credit costs, stronger U.S. dollar conditions, and short-term traders unwinding positions are pressuring prices, while energy-driven cost inflation is simultaneously squeezing miners' margins. His core conclusion is that investors with enough liquidity and time horizon should use the selloff to buy high-quality gold and copper producers, because multi-year resource scarcity and underinvestment remain intact.
Preview:Rick Rule argues the recent selloff in precious-metals and junior-resource stocks is creating buying opportunities, especially in quality names that have been marked down sharply despite intact fundamentals. He is not calling a bottom, but he is using liquidity to add to high-quality gold, silver, royalty/streaming, and selected copper exposure on the view that sentiment has turned too negative.
Preview:Rick Rule and host Andy discuss the escalating global energy crisis driven by the Iran-linked war disrupting Strait of Hormuz flows. Rule explains that oil gave him his 2029 target move in 2026, that floating inventory is depleting, and that rationing by price is coming if the war persists. Beyond crude, he catalogs destroyed LNG capacity (Iran's Kar Island, ~25% of Qatar's), helium, nitrogen fertilizers, aluminum, and sulfur — all bottlenecked through Hormuz. The paradox: near-term war spending is causing long-end yields to rise despite Fed manipulation, collapsing gold, but Rule argues the ultimate political "kick the can" solution will be QE and artificially low rates — extremely bullish for gold longer-term. Rule hasn't sold his Exxon yet but may trim recent purchases; the setup remains structurally bullish but timing is uncertain.
Preview:Rick Rule argues that the recent gold pullback is tactical, not structural: rising long rates and higher oil can pressure miners near term, but fiscal stress will likely force QE and lower real rates over time, which he sees as strongly bullish for gold. He says he is using the selloff to buy high-quality names he already wants to own, while warning that the bigger systemic risk is a credit contagion in high-yield debt and illiquid bond ETFs.
Preview:Rick Rule argues the Middle East conflict has accelerated a pre-existing energy underinvestment problem, raising short-term volatility in oil and gas while creating longer-run beneficiaries such as uranium, nuclear power, and non-Gulf LNG projects. He also says the move in rates, the dollar, and war-related fiscal strain could ultimately support gold, and he sees the current weakness in gold, silver, and junior miners as an opportunity to buy.
Preview:Rick Rule and host Andy discuss the recent gold market selloff — characterized as the worst week for gold in 40 years — and why Rule sees it as a buying opportunity. Rule explains his structural bullishness on gold over a 5-7 year horizon, his shopping-list approach to accumulating quality miners at discounted NAVs, and his near vs. intermediate-term view on M&A. The conversation covers the current squeeze from lower gold / higher oil on miner margins, the importance of preparation for the upcoming Rule Symposium, and a cautionary anecdote about waiting for the absolute bottom.
Preview:Rick Rule discusses the macro and resource-market implications of the Persian Gulf conflict, arguing it exposes decades of underinvestment in natural resources. He sees structural inflation, higher long-term oil prices, and a weaker dollar as bullish for gold and select energy producers. He frames near-term gold weakness as a buying opportunity for long-term investors and warns of eventual US Treasury auction failure risk.
Preview:Rick Rule argues the Iran conflict is a major short-term shock to oil/gas and a broader catalyst for resource scarcity, but he says the biggest longer-run winners may be uranium, LNG outside the Gulf, and high-quality miners bought on weakness. He is bearish on near-term risk assets in the resource complex, but bullish on selective juniors, copper over a multi-year horizon, and royalty/streaming names as lower-risk exposure.
Preview:Rick Rule shares hard-won lessons from decades in natural resource investing: the danger of mistaking a bull market for genius, the imperative of contrarian positioning in cyclical industries, and why he recently sold most of his silver at ~$75/oz to rotate into silver miners (valued on $45 price assumptions) and unloved oil stocks. The core thesis is that precious metals had a strong enough run in 2025 that a plateau period is not unlikely, and that buying hate/selling love — however uncomfortable — is the only durable strategy in capital-intensive cyclical businesses.
Preview:Rick Rule delivers a Q&A session covering thermal/met coal's enduring bull case, the Strait of Hormuz disruption's impact on oil prices and potential recession, copper's structural supply deficit, and the streaming/royalty sector's financing role. He's bullish coal demand (2025 was a record year), sees oil rationing by price if the Hormuz disruption lasts beyond 2-3 weeks, and calls copper a "no-brainer" over a 5-10 year horizon. He also addresses specific mining equities and promotes upcoming events.
Preview:Rick Rule argues that mining and critical-minerals capital is entering a much friendlier funding and political environment, but investors still need to demand much better discipline on valuation, downside, and use of proceeds. He is constructive on BHP’s transition, Resolution Copper, Orion Resource Partners’ big raise, and Argentina as a de-risking mining jurisdiction, while warning that too many companies still cannot explain what their assets are worth today or how new capital will create value.
Preview:Rick Rule argues that a Persian Gulf shock is immediately bullish for gold and likely to tighten energy and funding conditions. He thinks the near-term oil move may be temporary if the conflict stays contained, but the bigger message is a longer structural backdrop of higher energy costs, more debt, easier policy, and a weaker U.S. dollar.
Preview:Rick Rule argues the US dollar will lose 75% of its real purchasing power over the next decade, driven by $153 trillion in combined on- and off-balance-sheet US government liabilities. He frames gold's recent move as driven by foreign central bank self-defense (post-Ukraine sanctions) rather than traditional real-rate dynamics, and believes gold could double to quadruple nominally over 10 years as it preserves absolute purchasing power. He sees a full-fledged precious metals bull market with "real legs," though cautions 2026 may pause after 2025's large move exhausted stored-up energy.
Preview:Rick Rule argues that the post-conflict environment is bullish for gold, gold equities, oil-related names, and disciplined resource investors, because he expects a weaker U.S. dollar, higher structural deficits, and eventually lower real interest rates and liquidity support. He also says the recent pullback in gold and gold equities is welcome from his perspective because it should improve entry points, but he thinks many junior miners still fail basic valuation and financing tests.
Preview:Rick Rule interviews Nick Hodge, publisher of Digest Publishing, as a pre-conference preview for the 2026 Rule Natural Resources Investment Symposium. Hodge describes his ~20-year career path from energy-stock newsletter writer to founder of his own publishing company. The conversation focuses on Hodge's generalist investment philosophy, his emphasis on share structure and management quality over geology when evaluating resource stocks, and a rundown of his product offerings (free podcast "Investing in Bizarro World," speculative newsletter "Underground Alpha," and accredited-investor deal letter "Private Placement Intel"). There are no specific market calls, asset picks, or macro forecasts in this transcript — it is purely an introductory promotional interview.
Preview:The speaker argues that the recent collapse in gold and silver is a volatile shakeout, not a thesis break, and may be signaling a larger crisis ahead. He ties the war-driven move in energy and any non-dollar oil settlement through the Strait of Hormuz to a broader erosion of the petrodollar and a longer-term shift toward harder assets and China-linked trade settlement.
Preview:Rick Rule interviews Frank Trotter about Battle Bank, a new online bank aimed at the Rule Symposium audience. The discussion centers on Battle Bank’s niche products—precious metals trading and storage, a metals-backed line of credit, foreign-currency deposits, retirement-account flexibility, and a high-yield cash account—plus the bank’s rollout, waitlist, and capital needs.
Preview:Rick Rule argues the current pullback in gold, silver, and miners is a feature, not a bug: a better entry point for long-term holders. He is broadly constructive on precious metals, energy, selected royalty/streaming names, copper, and some rare earth exposure, while warning that many junior and critical-mineral names are too narrow, too speculative, or too expensive after recent runs.
Preview:Rick Rule argues the recent selloff in gold, silver, and precious-metals equities is a buying opportunity rather than a warning sign. He says the long-term thesis remains intact, oil spikes may pressure miners’ margins, and several resource names still look attractive despite near-term volatility.
Preview:Rick Rule argues the pullback in precious metals, miners, and related equities is a buying opportunity rather than a thesis break. He is still constructive on gold, silver, royalties/streaming, oil, coal, rare earths, and some copper-linked names, while warning that higher oil, war-driven supply shocks, and financing constraints can create short-term pain and operational headwinds.
Preview:Rick Rule discusses the overheated state of resource markets in mid-2026, noting that oil stocks have already reached price targets he'd set for late 2027 and that there's "a lot to sell and very little to buy" by his contrarian framework. He dives deep into the Visla Silver / Panuco situation in Sinaloa, speculating about cartel negotiations gone wrong while maintaining his belief it's the third-best undeveloped silver deposit globally. He also shares blunt views on Trump, Iran, gold's real drivers (fiat debasement, not geopolitics), and the importance of genuine vs. performative social license in mining jurisdictions like Ecuador and Mexico.
Preview:Rick Rule interviews Jonathan Goodman about Dundee Corp’s strategy, history, and current portfolio. Goodman argues Dundee is materially undervalued versus its asset value, and that the company can create value by taking influential stakes in mispriced mining assets, helping advance them, and eventually monetizing them through either sales or long-term cash flow.
Preview:Rick Rule argues the precious-metals bull market still has years of runway, but the recent frenzy has made many mining deals too expensive. He says he prefers silver stocks over physical silver right now because producers can still re-rate even if the metal itself stalls, but he expects a volatility washout before he deploys more capital.
Preview:Rick Rule argues that gold and other hard commodities are being supported by long-run currency debasement, underinvestment, and supply deficits, but he repeatedly warns that the near term may not be explosive. His core message is very selective: most junior miners are worthless, political risk is often mispriced, and investors need patience, research, and tolerance for deep drawdowns to capture the few big winners.
Preview:Rick Rule argues that the best natural-resource investors succeed by seeing overlooked assets differently, acting decisively, and backing entrepreneurs willing to take asymmetric risks. The video is part personal investing history, part promotion of his Natural Resources Investment Symposium, and part defense of the idea that mentorship, talent, and hard work still matter more than consensus market opinion.
Preview:Rick Rule argues the mining sector is still in a broad bull market, but the space is now too crowded and too rich for him to chase most juniors right now. He prefers to wait for volatility, then allocate to better-quality names using NPV, timing, jurisdiction, and financing risk rather than narrative momentum.
Preview:The video is a market-risk roundup centered on the Iran/Strait of Hormuz energy shock: oil bulls argue the supply disruption can drive crude much higher, while bears see a fear-premium spike that should fade. The speaker frames Asia as the main regional loser, highlights possible spillovers into Treasuries, and notes that energy stocks may benefit even if crude itself retraces.
Preview:Rick Rule argues that the hard part now is not finding things to hate and buy, but finding anything he understands well enough to have conviction in. He contrasts his own capital-preservation style with Eric Sprott’s far more aggressive willingness to take large drawdowns in pursuit of huge winners, and then broadens the discussion into lessons from resource investing: leverage can kill, exploration risk is always high, small projects usually aren’t worth large risk, and the best outcomes come from backing proven teams and jurisdictions with meaningful scale.
Preview:Rick Rule argues the precious metals bull market remains intact, with sharp corrections being historically normal — gold fell 50% in 1975 during its 35-to-850-dollar bull run. He treats gold as a long-term savings asset that preserves purchasing power against dollar debasement (predicting a 75% purchasing-power loss over the next decade), and silver as a pure speculation to be traded, not held forever. He sold most of his physical silver near $75, rotated into mining stocks and physical gold, and would only re-enter silver after a big price decline or when it becomes truly hated again. On gold equities, he sees substantial upside: major miners valued on $3,200 gold assumptions are earning at $5,200, making positive earnings surprises likely.
Preview:Rick Rule argues that the recent pullbacks in precious metals are normal corrections inside a larger secular bull market, not a cycle break. He says gold should preserve purchasing power over time, silver should be treated as a more speculative trade than gold, and miners/uranium equities can offer more leverage than the metals themselves when valuations are still based on much lower spot assumptions.
Preview:Rick Rule argues the resource sector is still highly attractive, but only for disciplined contrarians willing to do deep work. He is bullish on gold, copper, uranium, and selected rare earth opportunities over multi-year horizons, while warning that many junior miners are worthless and that near-term moves can be very crowded.
Preview:Rick Rule discusses his long-term thesis for gold, silver, and copper, emphasizing patience, the declining purchasing power of the US dollar (he expects a 75% decline from 2025-2035), and the arithmetic inevitability of commodity supply/demand imbalances. He reveals personal portfolio moves: selling 25% of junior miners in October 2025 to eliminate downside, selling ~80% of physical silver after the parabolic move, and rotating into senior miners and silver stocks. The core message: invest in themes where the answer begins with "when," not "if."
Preview:Rick Rule discusses his oil and gas portfolio strategy amid Middle East geopolitical turmoil. He explains his thesis of deferred sustaining capital investments creating a supply crunch later this decade, but notes the market has already priced in 3 years of expected gains in just 6 months. He's holding Exxon but considering trimming Chevron, Occidental, and Canadian names, while paradoxically adding to hated microcap offshore explorers. He also flags copper's long-term structural deficit despite near-term oversupply, and outlines the broader commodity impacts from Strait of Hormuz disruptions beyond just oil (LNG, helium, sulfur, aluminum).
Preview:Rick Rule lays out a long-term gold and silver thesis: gold preserves purchasing power while fiat loses 75%, with royalty/streaming majors as "set and forget" plays. He sees an M&A boom coming in 2-3 years as majors regain capital access. On silver, he warns retail that a COMEX short squeeze is a fantasy — the exchange will always force majeure and cash-settle before dealers get trapped. Mexico/Peru are where real silver deposits live, but cartel violence is a growing risk, including at his own position in Vizsla Silver. Most investors should stick to beta via Franco-Nevada, Wheaton, and Agnico Eagle.
Preview:Rick Rule argues that serious silver investors must accept Mexico and Peru exposure, despite cartel and political risk, because that is where the best tier-one deposits are. He is constructive on gold as a long-term store of purchasing power, skeptical of fixed gold-silver ratio narratives, and broadly bullish on copper and selective nickel and potash assets over multi-year horizons, while warning that juniors require real work and risk tolerance.
Preview:Rick Rule joins Albert Lu to discuss his PDAC 2026 takeaways, concerns about private credit and high-yield ETF liquidity risk, the Iran war's impact on oil, and a detailed framework for evaluating investment performance across four portfolio buckets (savings, core, growth, speculation) with specific return and drawdown expectations. He remains bullish on oil's three-year thesis and copper's structural deficit, but is cautious on near-term junior resource pricing and private credit.
Preview:Rick Rule argues that the recent selloff in gold, silver, miners, and uranium is mostly a time-frame issue, not a broken thesis. He stays constructive on gold as a long-term store of value, on miners as undervalued versus higher gold assumptions, and especially on uranium because the market is shifting toward term contracts and better project financeability.
Preview:Rick Rule argues the biggest opportunity in precious metals is no longer simply owning metal, but managing exposure across physical bullion, miners, and liquidity. He says silver’s parabolic move was driven partly by speculation, which is why he sold most of his physical silver and rotated part of it into silver stocks, where valuations still looked cheap relative to the metal. He extends the same discipline to gold and junior miners, saying he took chips off the table after a huge run while keeping core exposure.
Preview:Rick Rule argues the current commodity backdrop is being driven by structural tightness in oil, uranium, gold, and silver, but the near-term price spikes in some names are mostly news-trade moves rather than clean long-term entries. He is bullish on high-quality commodity producers over multi-year horizons, while warning that traders should probably take profits after parabolic moves and be selective because many listed uranium juniors are junk.
Preview:Rick Rule and Paul Harris argue that copper is an underinvested strategic metal facing a structurally tight supply outlook, with long lead times, declining grades, rising costs, and political/social risk slowing new mine supply. They also highlight where they think value may exist: existing large assets, well-placed jurisdictions like Argentina and British Columbia, and early-stage exploration teams with proven discovery records.
Preview:Rick Rule and Paul Harris argue that copper is entering a structurally tight period because demand is rising from GDP growth, electrification, AI/data centers, and defense, while supply has been underinvested for decades and new mines are getting harder, bigger, slower, and more expensive to build. The discussion emphasizes that the best opportunities are not just in copper itself but in well-positioned producers, long-life assets, and selective exploration names—especially where valuation still ignores the long tail of mine life or where streaming can help solve the capital stack.
Preview:Rick Rule argues the Middle East conflict matters far beyond oil, because Gulf disruption can hit LNG, fertilizers, helium, aluminum, sulfur, and shipping. He is constructive on resource equities over the rest of the decade, but says a lot of the near-term upside in oil, copper, gold, and silver has already been pulled forward, so timing and position sizing now matter more than being directionally right.
Preview:Rick Rule argues the precious-metals tape has improved enough that his earlier silver purchase thesis has played out, so he sold most of his silver and is now more selective elsewhere in resources. His broader message is that royalty/streaming businesses are structurally advantaged as mining projects get more capital-intensive, while gold still has significant room to gain share in global portfolios.
Preview:Rick Rule sits down for a wide-ranging interview covering the real rate of inflation (which he pegs at 8-10%, not the official CPI), the silver market's physical-vs-paper dynamics, why exchanges will never get "squeezed" (they'll force majeure and cash-settle), gold's decadal outlook (modest 10-15% annual gains, not a doubling), and junior mining speculation rules. He also pitches Battle Bank's gold-collateralized lending product and promotes his Rule Symposium conference. The tone is pragmatic, skeptical of silver-squeeze narratives, and focused on investor psychology.
Preview:Rick Rule and Lynette Zang discuss gold and silver markets, centered on the thesis that precious metals prices are undervalued relative to fundamentals, that a shift in pricing power from West to East is underway, and that mining stocks are poised for significant revaluation due to conservative Wall Street consensus estimates ($3,200–$3,500 gold) that lag actual spot prices. Rule reveals he sold 80% of his physical silver to rotate into silver miners and gold, framing it as an arithmetic trade: even sideways metals prices justify higher valuations. Zang focuses on fiat currency debasement, the Shanghai premium as a signal of physical demand, and the Federal Reserve's insolvency.
Preview:Rick Rule reflects on his silver exit — he sold physical silver after it quadrupled, redeploying ~50% into silver stocks that were pricing in only ~$45/oz silver at a time when spot was $75. He sees exploration discoveries from pre-2010 spending finally bearing fruit, expects a wave of M&A over the next 5–7 years (especially in royalty/streaming and among serial acquirers), and views the oil trade as temporarily disrupted by Iran/Straits of Hormuz but ultimately a play on years of industry underinvestment. He prefers deposit quality over political jurisdiction and argues that the best 10% of junior miners are far better than decades ago.
Preview:Rick Rule argues that the current precious-metals setup is less about a classic silver squeeze and more about market structure, liquidity, and disciplined portfolio rotation. He is constructive on gold and silver over time, but skeptical of viral squeeze narratives, insisting the real near-term risk is exchange rule changes or cash settlement rather than banks being forced into a true physical default.
Preview:Rick Rule argues gold's 2025 surge was "rear-looking" — delayed recognition of fiscal deterioration building since 2017 — and that the real natural buyer (US retail) isn't in the trade yet. He sees the precious metals bull intact for 5-10 years, driven by negative real rates and declining purchasing power. Even if gold and silver go sideways in 2026, he believes senior miners have 50% upside on valuation alone because analyst models use conservative $3,500 gold / $45 silver assumptions. He calls long-term US Treasuries "certificates of guaranteed confiscation."
Preview:Rick Rule argues that the easy money in physical silver has already been made, while the more attractive opportunities now sit in silver miners, other mining equities, and selected oil, gas, uranium, and copper names. He is broadly bullish on the resource complex, but his emphasis is on discipline, valuation, M&A, and finding quality teams and deposits rather than chasing headline price moves.
Preview:Rick Rule argues that the precious-metals trade still has room to run, but the easy money in some crowded names has already been made. He is constructive on gold, selective on silver, cautious on Mexico-specific risk after the violent event at Vizsla Silver, and opportunistic in oil and certain royalty/streaming and offshore exploration names.
Preview:Rick Rule discusses silver market nuance, gold's structural bull case, and mining equity opportunities. He debunks silver shortage narratives, explains Chinese strategic buying, warns about parabolic price risk, and sees gold miners as mispriced against $5,000+ gold vs. $3,500 analyst models. He also previews an M&A cycle favoring super-juniors and discusses gold's return as transactional money via digital platforms.
Preview:Rick Rule joins Lynette (The Silver Market) to promote Battle Bank, a new online bank launching February 17th with ~20,000 on the waitlist. Rule argues US real inflation is ~8% not 2.7%, making long bonds and yield-chasing strategies dangerous. He is bullish on natural resources (oil, copper, precious metals) on supply/demand fundamentals and bearish on sub-investment-grade credit ETFs and long-duration bonds. The interview is heavily promotional, covering Battle Bank's three differentiators: high-yield money market accounts, multi-currency FDIC deposits, and bullion-backed credit lines. Rule offers free natural resource portfolio evaluations at ruleinvestmentmedia.com.
Preview:Rick Rule argues silver is a trading/speculative asset, not a long-term savings vehicle, and says he sold some silver after it became crowded and parabolic. He rotated that capital into silver stocks, some gold, and oil/gas equities, while treating gold as an insurance/savings asset that he may hold for years. He also uses the episode to make a broader retirement and macro case: save more, use tax-advantaged accounts, and assume purchasing power will keep eroding under unsustainable Western fiscal conditions.
Preview:Rick Rule joins Lynette Zang for a wide-ranging interview on silver, gold, and systemic financial risk. He draws parallels to the 1970s stagflation era, arguing the US faces a similar debt-and-inflation trap: $159 trillion in combined federal liabilities against $167 trillion private net worth. Rule expects the government to inflate away its obligations, repeating the 1970s playbook where the dollar lost 75% of purchasing power and gold rose ~26x. He is structurally bullish on commodities (silver, gold, copper) driven by chronic underinvestment in supply and a billion new consumers entering the global middle class. Separately, he warns of a possible 2008-style liquidity event triggered by opaque derivatives exposure at major banks and the fragility of high-yield bond ETFs — liquid vehicles holding illiquid junk debt. His personal strategy: maintain dollar liquidity but save in gold.
Preview:Rick Rule, interviewed by Lynette Zang, draws parallels between today's fiscal environment and the 1970s inflationary era. He argues the US faces $159T in combined on- and off-balance sheet liabilities against $167T in private net worth — math that virtually guarantees a dollar devaluation path rather than honest default. He sees the next decade blending 1970s-style inflation with a 2000–2010 commodity supercycle, driven by resource underinvestment and a billion new electricity consumers. Real assets, particularly gold and commodities, are positioned as the beneficiary of this structural setup.
Preview:Rick Rule says the precious-metals bull market is still intact, but the silver trade has become much more tactical after a sharp parabolic move. He is bullish over years, skeptical of internet shortage narratives, cautious about chasing geopolitically driven oil or gold spikes, and increasingly focused on mining M&A and smaller-cap explorers.
Preview:Rick Rule argues he sold silver because the original speculative thesis broke: silver had become parabolic, the reasons he bought it were gone, and he preferred redeploying into silver stocks, gold, and oil/gas equities. He is constructive on precious metals, uranium, copper, and oil over longer horizons, but says the immediate oil move is mostly an Iran/Hormuz news trade and the metals correction was normal noise within a larger bull market.
Preview:Rick Rule argues that the metal markets are less about conspiracy than about price discovery, arbitrage, and exchange power. He says gold is his savings asset, silver was a speculation, and after silver rose sharply he sold 80% of his physical silver, redeployed some into physical gold, and prefers silver stocks over the metal when he wants leverage. He is skeptical that COMEX or similar exchanges would ever be forced into a dramatic physical default, and he thinks long-run price gaps between markets get arbitraged away rather than resolved by a headline “failure.”
Preview:Rick Rule discusses uranium market dynamics (structural deficit, contract market advantages, inventory misconceptions), the transformative power of AI in financial analysis and mineral exploration, political philosophy (support for Thomas Massie, critique of executive overreach), and the launch of Battle Bank — a gold-backed lending and deposit institution. The conversation ranges across commodities, technology, politics, and banking with Rule's characteristic libertarian framing.
Preview:Rick Rule argues gold’s 2025 breakout was the delayed response to years of fiscal deterioration and currency debasement, not a short-lived panic, and he thinks the precious-metals trade still has room to run even if prices pause. He is more constructive on mining and royalty equities than on physical silver at current levels, and he spends much of the interview explaining why arithmetic, not hype, should guide investors.
Preview:Rick Rule argues for a value-and-arithmetic approach to commodities and credit: he says silver has already delivered its speculative run, gold remains his savings asset, copper still looks underpriced versus looming supply deficits, and private credit has become dangerously overextended. He repeatedly stresses that price must be judged against value, leverage, and funding structure, not narrative or crowd fear.
Preview:A conversation between Lynette Zang and Rick Rule covering gold and silver as sound money, the manipulation of spot markets, the impossibility of retail traders beating institutions at short-term speculation, the upcoming Rule Symposium conference, the inevitability of a gold component in future currency resets (but not soon), and the importance of community resilience including food/water/energy security beyond just precious metals.
Preview:Rick Rule discusses the royalty & streaming sector's massive growth runway ($250B copper capex need), argues the big transactions are ahead not behind, explains the net present value paradox that undervalues long mine-life royalties, and reveals he sold 80% of his physical silver to rotate into silver stocks on an arithmetic basis. Also comments on B2Gold's Goose mine challenges, Clive Johnson's retirement, and analyzes select silver producers.
Preview:Rick Rule used the Q&A to argue that the Wheaton Precious Metals–BHP streaming deal is a template for future copper financing: copper majors can lower capital costs by selling precious-metal streams, while royalty/streaming firms get scalable growth with less operating risk. The rest of the session was a wide-ranging stock-and-commodity Q&A, with Rick emphasizing selectivity, jurisdictional risk, and the need to understand balance sheets, geology, and financing before buying juniors.
Preview:Rick Rule frames the interview around resource investing, with the most important near-term theme being the monetization of precious-metal streams inside big copper projects. He argues the Wheaton/BHP transaction shows streaming companies can pay much higher multiples for gold and silver revenues than base-metals operators, and that this will unlock substantial new deal flow over the next decade. The rest of the Q&A is a fairly candid tour of his rankings, current positions, and where he sees value or risk across silver, uranium, royalty companies, nickel, oil and gas, and select miners.
Preview:Rick Rule says the Wheaton/BHP streaming deal proves precious-metal byproducts in copper assets are worth much more when carved out into royalty/streaming vehicles. He then uses a long Q&A to rank resource names, reiterate that juniors are speculation, and argue that uranium, select silver names, and hated offshore oil plays still offer selective opportunity.
Preview:Rick Rule recounts his personal blow-up in the 1970s-80s resource bust, draws lessons about market cyclicality, and lays out his framework for evaluating junior resource speculations. He then surveys sentiment across gold (elevated, central-bank driven), silver (moderate among bugs), copper (boredom), platinum (mild), and oil (deeply unpopular but fundamentally unsustainably undersupplied). The core thesis: the cure for high prices is high prices, the cure for low prices is low prices, and oil is structurally mispriced below the cost of production.
Preview:Rick Rule says the junior/resource market had an unusually explosive 2025 and likely needs to cool off in 2026, especially after many investors became euphoric and late. He remains constructive on precious metals and industrial materials over a 10-year view, but says near-term returns may be partially used up, so he is holding lots of cash, having sold most of his physical gold and part of his junior stock book. He is redeploying selectively into hated areas such as oil and gas and into jurisdictions others fear, while stressing management quality, applicable track records, and scale as the keys to surviving high-risk resource investing.
Preview:Rick Rule explains why he sold 80% of his physical silver near $75 — not because he predicted the crash, but because silver had delivered everything he wanted as a speculation. He now sees high-quality silver miners as undervalued relative to spot silver (analyst models assume $40-45 silver vs. $75 spot), expects selected producers to outperform the metal over 12 months, and warns that parabolic moves in precious metals always correct violently — the 1970s bull market survived four 25%+ drawdowns. Separately, he's allocating aggressively to hated, illiquid frontier conventional oil explorers where he sees zero speculative premium and asymmetric risk/reward.
Preview:Rick Rule argues that the precious-metals and royalty/streaming complex had a spectacular 2025 because years of stagnation created a coiled-spring move, but he does not expect 2026 to repeat that magnitude. The interview is less a near-term trade call than a framework for where he thinks capital should flow: high-quality assets, strong teams, low-cost capital structures, and jurisdictions where geology and politics eventually align.
Preview:Rick Rule argues that while equities and resource markets are broadly strong, oil is tactically expensive today relative to a 3–4 million bpd surplus, even though an Iran-related disruption could briefly spike prices. His bigger thesis is copper: years of underinvestment, long permitting delays, and rising government take make a supply shortfall increasingly unavoidable, which should lift copper prices and benefit long-lived developers, royalty/streaming firms, and disciplined capital providers.
Preview:Rick Rule explains his silver strategy: he sold 80% of his physical silver near $75 (missing the move to $100) and rotated into high-quality silver miners whose earnings models still use ~$40 silver — creating upside even if silver goes sideways. He frames the recent pullback as normal volatility, cites the 1970s bull market where 25%+ corrections happened repeatedly without ending the trend, and reveals he's now allocating aggressively to hated, illiquid frontier oil & gas explorers where there is "absolutely no speculative premium."
Preview:Rick Rule sits for an interview focused on oil & gas investing, discussing structural underinvestment in global energy supply, the case for large-cap integrateds like Exxon, and the opportunity in deeply out-of-favor offshore exploration juniors. He expects near-term oil weakness but a supply deficit emerging by 2028-29 that forces prices well above $70.
Preview:Rick Rule predicts 2026 will deliver "breathtaking volatility" in precious metals and natural resources. He argues much of the performance expected in 2026 was pulled forward into 2025, so investors should expect a good year but not a great one. He reveals he sold 25% of his junior stock portfolio in August 2025 to recoup all invested capital, and is now bidding on unloved offshore oil & gas juniors in hated jurisdictions with asymmetric risk/reward (15-20:1 upside, 25-35% probability of success per play). Key themes: embrace volatility, sell parabolic moves, buy panics, and only speculate for 10-bagger outcomes.
Preview:A panel at VRIC 2026 featuring Rick Rule, Lobo Tiggre, and Ivan Cebasek discusses the structural copper supply deficit. The consensus: copper demand is rising inexorably (electrification, population growth, AI), while new supply is chronically bottlenecked by permitting, social license, capital costs, and the absence of major discoveries since 2015. No one gives a precise price target, but all are structurally bullish, with Lobo calling copper his "highest conviction trade" for 2026 while cautioning against chasing all-time highs. The panel identifies streaming companies as an underappreciated capital solution for funding new mines.
Preview:Rick Rule and Paul Harris discuss Latin America as a mining jurisdiction, focusing on how politics, permitting, and infrastructure affect copper, silver, gold, lithium, and uranium investment. The core message is that the region is more nuanced than simple left-right politics suggests: some left-leaning governments still enable mining when jobs and revenues matter, while some pro-mining leaders still face legal, regulatory, or security constraints.
Preview:Rick Rule and Paul Harris discuss how Latin American mining jurisdictions are shifting, with Rick arguing that geology, infrastructure, and politics are aligning most favorably in Chile, Argentina, and Guyana, while Peru, Panama, Colombia, Mexico, and Venezuela remain more mixed or risky. The most immediate focus is the fallout from the Sinaloa violence around Vizsla Silver, the likely need for higher security costs and deeper due diligence, and the broader idea that many governments talk one way about mining but behave another way in practice.
Preview:Rick Rule argues that 2026 should be a year of very high volatility in natural resources, not a repeat of 2025’s outsized gains. He is constructive on precious metals and oil over a multi-year horizon, but wants to buy on weakness rather than chase strength. His core message is portfolio discipline: sell parabolic strength, buy dislocated weakness, and size speculative resource bets around asymmetric payoffs, not small trades.
Preview:Rick Rule argues that gold, silver, copper, and uranium are all being re-priced by the same macro backdrop: persistent debt, weak purchasing power, underinvestment in supply, and a growing disconnect between official narratives and real-world costs. He is bullish on gold as a monetary asset, sees silver as having already done its speculative catch-up but still offering leverage through miners, thinks copper is a long-duration shortage story despite near-term weakness, and is increasingly constructive on uranium and Cameco because inventories look tighter than they appear and utilities may be too reliant on spot buying.
Preview:A panel at the Vancouver Resource Investment Conference argues the precious-metals rally is still structurally intact but very extended. The speakers broadly agree it is a bubble/frothy late-cycle market, with several of them recommending taking some profits now rather than trying to ride every last dollar higher.
Preview:Rick Rule discusses his macro thesis: the US dollar will lose ~75% of purchasing power over 10 years, driving gold much higher. He expects a healthy pullback in the gold bull market after 2025's strong run, but believes the secular trend is intact. He rotated out of physical silver at ~$75 into silver equities and oil & gas, and warns about produced-water liabilities in the Permian Basin as an underappreciated risk. On gold miners, he sees M&A and brownfield expansion as the only near-term reserve-replacement options given two decades of under-exploration.
Preview:Rick Rule argues the next decade looks like the 1970s: persistent inflation first, then an eventual deflationary resolution, with the U.S. likely to inflate away its debt burden rather than formally default. He says the arithmetic is the story—federal debt and unfunded entitlements are too large to service honestly, so the main winners should be owners of real assets, pricing-power equities, and selected resource names, while long-duration bonds, junk debt, and fixed-income retirees face the most danger.
Preview:Rick Rule argues copper is a near-certain long-term winner because supply constraints, underinvestment, permitting delays, and rising global electrification make higher nominal prices likely. He is also constructive on uranium because term contracts are improving economics and on rare earths because geopolitics and China’s environmental costs are raising non-China supply incentives, though he treats rare earths as highly speculative.
Preview:Rick Rule discusses precious metals, natural resources, and investor psychology in a conversation with an unnamed host. He argues that lower prices make silver and platinum more attractive, not less, and that most speculators are "very good at emotion and very bad at math." He highlights structural underinvestment in oil, supply tightness in uranium, and identifies Chile, Brazil, and Argentina as his top three resource-rich jurisdictions. A substantial portion covers his upcoming natural resources investment conference. The core message: lengthen your time horizon to turn negative surprises into positive ones, and buy narratives when prices are low, not after they've run.
Preview:Rick Rule says he has rotated most of his personal gains out of silver and speculative resource stocks and is now looking for hated, under-owned ideas: sulfide nickel, conventional offshore oil exploration in frontier markets, and selectively re-entering certain resource names only after taking profits elsewhere. He is constructive on several copper, uranium, gold, silver, and oil-linked names, but repeatedly emphasizes risk, jurisdiction, and valuation discipline.
Preview:A wide-ranging interview with a contrarian bank CEO who built his silver position on "buying hatred" near $20 and sold at $75-76 when enthusiasm returned. He holds gold as a multi-decade savings asset, with a sell trigger requiring a balanced US budget, positive real rates, and political consensus — conditions he sees as distant. He argues mining equities remain undervalued because analyst models use stale commodity price assumptions far below spot, setting up earnings surprises. On macro, he sees bond vigilantes re-emerging, real inflation at 8-10%, and US dollar hegemony gradually declining.
Preview:Rick Rule remains strongly bullish on precious metals over the next decade, arguing that the main drivers are US dollar purchasing-power erosion and negative real rates, not geopolitics. He frames the 2025–January surge in gold, silver, and miners as partly fundamental and partly a speculative blowoff, and warns that volatility and sharp pullbacks are normal in a bull market.
Preview:Rick Rule argues that the best opportunities remain in contrarian natural-resource trades, with uranium his top current preference, oil equities still underpriced relative to future supply stress, and select precious-metals names attractive after volatility reset sentiment. He frames silver and platinum as examples of why buyers should prefer weaker prices when the underlying narrative remains intact, while also emphasizing Latin America, especially Chile, Brazil, and Argentina, as key mining jurisdictions with differing political and infrastructure profiles.
Preview:Rick Rule argues that the best response to a huge silver/junior-resource rally is to take profits, not chase it. He says he sold 25% of his junior resource portfolio in October 2025 and 80% of his silver stocks last week because the move had become euphoric, sentiment had flipped from hate to moon-shot hype, and he wanted to turn paper gains into real capital.
Preview:Rick Rule argues that gold is in a durable bull market but may be short-term overbought, with silver likely to lead once the generalist crowd rotates in. Maria Smanova broadly agrees on precious metals but emphasizes corrections as healthy and extends the bullish case to copper, uranium, lithium, and other resources tied to electrification and infrastructure. Both speakers are constructive on the resource complex, but they stress that permitting, declining ore grades, and capital scarcity mean supply responses will be slow.
Preview:Rick Rule argues that the current euphoric junior-resource market is exactly when investors should be selling some exposure, not chasing more. His core message is cyclical discipline: make and take profits, keep purchase memos, and sell when the original thesis or unanswered question has been resolved or broken.
Preview:Rick Rule argues that gold and silver miners are still mispriced because analysts are using stale gold assumptions, which should lead to earnings and NPV upside surprises. He also frames gold as a savings asset for times of weak faith in fiat and institutions, while silver is something he buys when hated and sells when loved, warning that parabolic moves can reverse just as sharply.
Preview:Rick Rule discusses the structural bull case for copper and precious metals over the next decade, grounded in 30 years of underinvestment in exploration. He notes a subtle policy shift in the US — from obstruction to active support of domestic resource development — and flags uranium as uniquely advantaged by long-term contracts that lower cost of capital. Near-term caution (softer global demand, copper underperforming in 2025 despite supply disruptions) is balanced against a conviction that scarcity becomes unavoidable by decade's end.
Preview:Rick Rule says he sold most of his physical silver because the trade worked, the thesis weakened at higher prices, and the speculative opportunity shifted to silver miners, gold, oil and gas, and copper. He remains constructive on commodities overall, but prefers assets where valuation, leverage, and supply constraints give better upside than owning the metal itself.
Preview:Rick Rule discusses his personal portfolio derisking (selling 25% of juniors to eliminate all downside), his bullish thesis on gold/silver beta over alpha, the coming rise in all-in sustaining costs for miners, the extraordinary opportunity for royalty/streaming companies driven by copper-sector capital needs, and geopolitical observations about Trump and Canadian PM Carney.
Preview:Rick Rule argues the gold/silver/mining complex is in a powerful but overextended bull market: he remains constructive on the long-term setup, but thinks valuations are already ahead of themselves and that a pullback or re-rating risk is real. He says he reduced physical silver, rotated toward higher-quality silver equities, and expects earnings season to surprise because analyst price assumptions are still far too low versus realized gold prices.
Preview:Rick Rule argues that US fiscal math is unsustainable — $159 trillion in federal obligations against $167 trillion in private net worth — and that inflation will be used to inflate away the real value of entitlements. He forecasts the dollar losing 75% of purchasing power over 10 years, driving gold to a potential 3–4x nominal increase. He has rotated out of physical silver into higher-quality silver equities, expecting them to rerate 50–100% even if silver merely holds current levels, given expanding margins and analyst models still anchored to sub-$3,500 gold.
Preview:Rick Rule argues oil and gas equities are unusually attractive because the industry has underinvested for years, the world still relies overwhelmingly on fossil fuels, and today’s low-capital-spending environment is setting up a future supply shock. He is constructive on select oil and gas names that keep replacing reserves and funding sustaining capex, while warning that many high-dividend producers are effectively cannibalizing future production. He is also bullish on natural gas as a longer-lived infrastructure and power-demand story, but says the easy money has already been made in parts of the gas trade. On silver, he says he sold most of his physical holdings and prefers silver miners over metal because the equities now offer better leverage to flat-to-higher silver prices.
Preview:Alasdair Macleod and Rick Rule discuss the structural squeeze in silver (physical shortages, COMEX open interest declining while prices rise, China becoming a self-contained market), gold's vulnerability to short-term shakeouts from rising speculative positioning, and Rule's personal decision to sell 80% of his physical silver — not as a bearish call, but because the original contrarian "hate trade" thesis played out. He rotated into silver equities (priced for ~$40-45 silver) and physical gold. Both speakers remain structurally bullish on precious metals over the decade, driven by monetary debasement, but warn of guaranteed 30-35% corrections along the way.
Preview:Rick Rule argues that copper remains fundamentally attractive, but the best risk-adjusted exposure is not in early-stage speculation so much as in established producers and strategically positioned large companies. He repeatedly says the market has already learned to love copper too late, that supply cannot be meaningfully added fast enough, and that the real winners will be firms with operating mines, balance sheets, and construction expertise.
Preview:This is a hosted interview with Rick Rule and Frank Giustra arguing that gold is still in the early-to-middle stages of a secular bull market tied to a global monetary reset. Both see near-term spikes from geopolitics as secondary to deeper forces: dollar debasement, debt/deficit pressure, de-dollarization, and a shift toward gold as a monetary anchor.
Preview:Rick Rule argues the silver bull market is real but that physical silver is now less attractive to him than silver miners, where he sees bigger leverage to current prices and more mispriced optionality. He stays broadly bullish on gold, uranium, oil and gas, and especially Canadian oil and gas, but keeps emphasizing that his style is disciplined contrarian investing rather than narrative-chasing.
Preview:Rick Rule argues the macro backdrop remains supportive for gold and silver because fiat purchasing power is still being eroded, government debts and unfunded liabilities are unsustainable, and real rates are still too low versus inflation. He says gold likely has more room to run, but 2025 already captured much of the “coiled spring” move, so future upside should be more volatile and less explosive. The most notable portfolio action he disclosed was selling 80% of his physical silver after the move, then rotating part of that capital into silver miners and part into physical gold.
Preview:Rick Rule joins host Daryl Thomas to deliver a brutally candid masterclass in resource-investing psychology: the gold-silver ratio is collapsing, silver has ripped to $80, and Rule has sold his physical silver — because the easy money is gone. He argues that a doubling price mathematically halves future attractiveness, that liquidity creates anti-fragility, and that round-tripping a bull market is the cardinal sin. The conversation contrasts Rule's risk-management-first philosophy with Eric Sprott's chase-the-reward aggression, driving home that every investor must personalize strategy to their own capital, psychology, and goals.
Preview:Rick Rule says the metals move was largely delayed price action finally catching up to a long-standing bullish setup, but he thinks the easy upside in bullion has partly been realized. He has sold about 80% of his physical silver after it reached his target and rotated into silver equities, select senior gold names, and some oil and gas, while keeping physical gold as a savings asset.
Preview:A precious-metals-focused roundtable promo argues that a long-running fiat-currency regime is breaking down and that gold and gold equities are already in a bull market. The speakers frame the move as part of a historical monetary reset, warn that debt monetization and currency debasement are unsustainable, and suggest the next phase could broaden from gold to “the best of the best” and then “the best of the rest” in the sector.
Preview:Rick Rule presents a disciplined, contrarian precious metals thesis: gold is savings/insurance and isn't for sale, but silver was a speculation bought to double — and now that it has doubled (~$80), he's taking profits despite believing it goes higher long-term. He makes a stark fiscal case with US liabilities at $158 trillion nearly matching total private net worth, and an annual deficit growing at $5 trillion. He favors silver miners (First Majestic, Hecla, Coeur) as leveraged catch-up plays with earnings surprises coming, and sees royalty/streaming companies entering a new growth phase driven by copper capex needs and resource nationalism. His overarching macro view: the US will inflate away its obligations as in the 1970s, causing a painful standard-of-living reset.
Preview:Rick Rule argues silver still has structural upside, but the easy speculative money has already been made. He says he is selling the physical silver he bought when it was hated, rotating some proceeds into higher-quality silver stocks, physical gold, gold stocks, and especially oil and gas, while emphasizing that investors should move from aggressive alpha toward broader beta exposure.
Preview:Rick Rule reflects on gold and silver's 2025 breakout, arguing the coiled-spring move has now partially unwound. He expects 2026 to reward disciplined natural resource investors but warns against expecting a repeat of last year's gains. He distinguishes gold as a long-term savings vehicle from silver as a speculative trade — one he's preparing to exit because his original thesis (undervaluation pop) has played out. The conversation covers silver market structure disruptions (London/COMEX arbitrage, lease-rate spikes, China's export restrictions, Dubai's growing role), gold miners' margin expansion, and the inflation-driven fiscal trap that underpins his multi-decade gold conviction.
Preview:A discussion featuring Rick Rule and Rob Kientz on the structural silver deficit, arguing that ~1 billion ounces of cumulative supply shortfall over five years has been masked by drawing down exchange stockpiles. With Chinese export controls, multipolar trading hubs, and inelastic industrial demand (solar demand insensitive up to $135/oz), silver is entering a phase where price must rise to incentivize mine investment. They see the gold-silver ratio compressing, silver potentially reaching $150–$200 this cycle, and do not expect a hard COMEX default but rather continued soft settlement and regional market fragmentation.
Preview:Rick Rule discusses the precious metals bull market, arguing it's a structural shift driven by decades of monetary debasement and government liability overhang rather than speculative excess. He highlights silver's recent outperformance relative to gold, explains why silver miners have lagged, and contrasts gold's monetary demand drivers with industrial commodities' supply-constrained setup. Near-term he is uncertain but longer-term he expects materially higher nominal gold and silver prices, a coming copper supply crisis, and a 1970s-style decade for tangible assets.
Preview:Bill Holter and Rick Rule discuss the structural shortage in the silver market, arguing that physical demand has overwhelmed paper markets. Key catalysts include China's silver export restrictions, Trump tariff-driven metal flows from London to the US, and LBMA/COMEX delivery squeezes. They frame silver's outperformance vs gold as the classic late-cycle rotation driven by speculators. Rule advises taking partial profits during speculative frenzies and outlines a disciplined gold-silver ratio swap strategy. He also notes most silver miners are poor companies but expects margin expansion if silver sustains above $50.
Preview:Rick Rule argues that several commodity markets are being driven by structural supply constraints rather than short-term headlines, with the strongest current opportunity in copper’s longer-term deficit, while silver and platinum-group metals are already more extended after sharp rallies. He is also cautious on near-term oil and bonds: oil looks oversupplied today, but underinvestment points to a tighter market in 2027-2028; bonds are unattractive if you think the dollar is losing purchasing power faster than CPI suggests.
Preview:The video is a gold-bullish interview built around Rick Rule’s macro case that the U.S. dollar’s purchasing power is in a long decline, which should translate into much higher nominal gold prices over time. A silver-company executive then adds the mining-side case: strong physical demand, tight supply, and a very leveraged setup for silver and silver equities.
Preview:Chris and Rick discuss the precious metals bull market, emphasizing that gold is a "must own" asset as fiat currencies deteriorate. They argue markets need one more euphoric phase before a sharp pullback — which they are waiting for as a selling signal. Silver remains a hold with more upside expected. Platinum's resurgence signals a mature bullish phase where metals become trades rather than accumulation targets. Rick makes a detailed case for gold's evolving dual role as both store of value and medium of exchange via digital gold tokens. Storage risks and solutions (SPROTT PHYSICAL Trust, Brinks vaulting, safe deposit boxes) are discussed at length.
Preview:Rick Rick Rule discusses gold/silver storage risks, the case for gold as a must-own asset enhanced by digital technology, US tax code as an obstacle to industrial revival, and the structural bull case for royalty/streaming companies driven by copper capex gaps, M&A, and resource nationalism.
Preview:Rick Rule discusses precious metals in a rip-roaring silver market, cautioning that while silver's parabolic chart likely needs a rest, genuine value remains in high-quality silver stocks where company-specific catalysts matter more than metal-price leverage. He emphasizes silver's unique supply structure — only ~18% comes from silver mines; the rest is byproduct — and warns that shallow sentiment-driven junior rallies are dangerous. He also flags abundant sidelined liquidity as a warning sign, notes weak copper/energy demand in Europe and China, and sees structural supply constraints across commodities.
Preview:Rick Rule discusses the Golden Triangle boot camp and then offers a nuanced take on silver: he's cautious on silver metal after a parabolic rally but remains constructive on select silver stocks where company-specific value catalysts exist independent of silver price. He explains the structural silver supply story — less than 20% comes from primary silver mines, with byproduct supply from copper/lead/zinc likely declining over the next 5 years — and frames his approach as value-driven, not momentum-driven. He has already sold silver stocks he owned purely for price leverage but retains positions in names where he sees internal value creation (Americas Gold and Silver, Pan American Silver, Vizsla Silver, Abra).
Preview:Rick Rule argues that gold and silver are in an early-stage bull market driven by dollar purchasing-power erosion, with near-term earnings beats for senior gold miners ahead. He warns the junior sector may be overextended, emphasizes the transformative potential of gold-backed stablecoins for transaction costs, and advocates royalty/streaming companies as the best risk-adjusted precious metals exposure.
Preview:Rick Rule argues the Contango/Dolly Varden merger makes strategic sense, especially because Rule says Rick Van Nieuwenhuysen and Sean Kungun are combining complementary strengths: project advancement, financing, and mine-building execution. He spends most of the discussion on British Columbia, the Golden Triangle, and why permitting/politics matter, then pivots to the 2026 setup in precious metals, silver, energy, copper, and nickel.
Preview:Rick Rule and Lobo Tiggre discuss the silver rally, debating whether it's a blowoff top or a supply-driven leg higher. Silver has caught up to gold on a percentage basis from 2015 lows and is now rising 3-4x faster than gold on up days — a classic late-cycle signal. Lobo leans toward supply constraints (copper mine disruptions reducing byproduct silver) as a legitimate reason for strength, though he's taken profits and is looking for a pullback. Rick stresses that the debasement trade has years to run but warns of inevitable 30-50% corrections, that most silver juniors are "stupidly overpriced," and that there are no no-brainer opportunities left. Both emphasize behavioral discipline over price prediction.
Preview:Rick Rule argues that precious metals are already in a bull market, while industrial metals are not yet fully there. He is constructive on gold and copper over a multi-year horizon, cautious on silver in the short run because the chart is stretched, and bearish on oil demand in the near term despite longer-term supply underinvestment.
Preview:Rick Rule lays out his structural gold bull case: real inflation far exceeds reported CPI (~8% vs ~4%), creating deeply negative real rates on Treasuries that drive savers into gold as "self-defense." US federal liabilities exceed $150T against $161T in private net worth, with deficits growing $4T/year against $5T in federal revenue — the math "doesn't math." He forecasts gold 3–4x over 10 years in nominal terms, warns of inevitable 30–35% corrections that will shake out the unprepared, and says miners will amplify moves 2:1 in both directions. His gold-sale conditions — balanced budget, entitlement reform, positive real rates — are so politically impossible that he sees near-zero probability of resolution.
Preview:Rick Rule, in conversation with Donnigan (likely Donnigan Kaiser of The Silver Market), lays out his deeply bullish long-term gold thesis built on the arithmetic of negative real interest rates, compounding US federal liabilities ($150 trillion+), and structurally accelerating currency debasement. He forecasts a 3x–4x nominal gold price over 10 years, cautions that a 30–35% drawdown is guaranteed somewhere along the way, and frames the challenge as psychological: most investors get shaken out of secular bull markets. He also distinguishes physical gold (insurance), quality gold equities (investment), and junior miners (speculation).
Preview:Luke Gromen and Rick Rule lay out a structural thesis that gold is replacing US Treasuries as the true global reserve asset, with gold already larger than Treasuries in global FX reserves. Gromen argues the dollar is already a minority share (~46%) when gold is included, and that only a few more years of central bank buying could push gold ahead of the dollar entirely — a monetary inflection point. Rule anchors his long-term bullishness in the math of US fiscal insolvency: $150T+ in aggregate liabilities against $161T private net worth, real inflation at 8-9%, and a 10-year Treasury that destroys ~40% of purchasing power over a decade. He sees gold rising 3-4x nominally over 10 years, with silver following, but warns of inevitable 30-35% drawdowns that shake out undisciplined holders. Both speakers frame the trend as structural, not speculative, driven by reserve realignment, debt expansion, and real rate compression.
Preview:Rick Rule argues the current gold and silver bull market is being driven by persistent erosion in fiat purchasing power, large and growing U.S. fiscal liabilities, and the political likelihood of lower rates. He thinks the move is still early enough to continue for years, but warns investors to expect violent corrections and to survive them psychologically and financially.
Preview:Rick Rule delivers a bullish thesis on gold, silver, platinum, and palladium, anchored in a decade-long decline in USD purchasing power. He argues gold will maintain — not increase — its real purchasing power while the nominal dollar price rises substantially (potentially $10,000–$15,000/oz in 10 years). Silver is positioned to outpace gold as the bull market matures and generalist investors arrive, a pattern consistent with prior cycles and already visible in 2025. He highlights the copper-silver byproduct linkage as an underappreciated supply risk and discusses platinum/palladium dynamics including Russian distressed selling and ICE vehicle longevity. He also promotes Battle Bank, a lending platform collateralized by precious metals.
Preview:Rick Rule argues that his best junior-mining returns come from backing high-quality people in hated markets, then selling into valuation and crowd recognition rather than waiting for perfection. He extends that framework to gold and oil: own beta first, prefer liquid high-quality names, and use dividends to offset being early. He is skeptical of niche metals, government “support,” and small speculative projects, while expressing strong preference for established cash-flowing energy and royalty names.
Preview:Rick Rule argues the precious-metals bull market has room to run, with gold likely benefiting from a 10-year decline in U.S. dollar purchasing power and silver potentially outperforming as investor attention broadens. He is bullish on gold, silver, platinum, and palladium, while treating rhodium as too small and too hard to handicap.
Preview:Rick Rule argues the silver juniors are still largely in a speculative, anticipatory phase, but could become “real” if upcoming quarters from names like Hecla, Coeur, Pan American, and First Majestic show meaningful operating improvement. He frames silver as potentially entering the classic transition where gold-led fear buying gives way to silver leadership, with high-quality silver juniors then outperforming sharply. He also extends the same “hate then rerate” logic to lithium and nickel, while emphasizing patience, selectivity, and multi-year holding periods rather than chasing junky promotional names.
Preview:Rick Rule argues that the next decade will be defined by weakening fiat purchasing power, periodic sharp pullbacks in gold, and a coming reckoning in energy and industrial materials after years of underinvestment. He says he has already rotated away from some junior miners into higher-quality gold names and oil/gas, while keeping liquidity across currencies and staying cautious on bonds and lower-quality juniors.
Preview:Rick Rule and Luke Gromen discuss the unfolding precious metals bull market, arguing gold ($8K-$12K target) and silver ($150-$200) face a decade-long structural repricing driven by inevitable yield curve control, financial repression, and a projected 75% loss in USD purchasing power. Silver is poised to take leadership from gold, with high-quality silver juniors offering potential 20:1 returns. Gromen frames Bitcoin as part of a "debasement trend" rather than a trade, while cautioning that short-term Bitcoin consolidation reflects NASDAQ correlation, four-year cycle PTSD, and delayed market recognition of the repression regime ahead.
Preview:Rick Rule argues that gold and silver are still early in a larger secular bull market, with gold likely to preserve purchasing power as the dollar weakens and silver poised to outperform once leadership rotates from gold into silver. He stresses that the best opportunities are in high-quality silver names, not generic “silver” stories, and says the current junior move is still anticipation rather than fundamentals.
Preview:Rick Rule argues that silver is approaching a potential leadership shift from gold, with high-quality silver producers and select juniors positioned to benefit if the market confirms the move. He also broadens the case to other commodity sectors—especially lithium, oil, and uranium—framing them as places where impatience, underinvestment, and supply bottlenecks can create mispriced assets.
Preview:Rick Rule argues that US fiscal arithmetic is catastrophic: $150 trillion in total obligations against $167 trillion in household net worth, with deficits growing by $4 trillion annually. He sees gold as the logical beneficiary of dollar devaluation, not because the USD necessarily loses to other fiat currencies, but because its absolute purchasing power is declining far faster than CPI suggests. He warns of 20-40% gold corrections within a secular bull market, using 1975 as the historical analog, and urges investors to anchor on arithmetic rather than narrative to avoid being shaken out. He also highlights the weaponization of the dollar (SWIFT, frozen Russian reserves) accelerating central bank gold buying as a neutral sovereign settlement medium.
Preview:Chris Vermeulen and Rick Rule discuss the near-term setup for precious metals. Vermeulen sees a final 1-3 month rally in gold (to $5,100-$5,200) and silver ($60s-$80s), triggered by equity market weakness rotating capital into hard assets — followed by a crushing dollar rally that kills the metals trade. Rick Rule takes the longer view: gold went too far too fast, 25% corrections are normal in this decade-long bull market, and a Fed rate cut would be "catastrophic for America, wonderful for gold." Both agree patience is required, but their timeframes and conviction levels differ sharply.
Preview:Rick Rule discusses gold's recent pullback as noise within a secular bull market, warns that a Fed rate cut would be "catastrophic for America, wonderful for gold," and details how he's repositioning his junior mining portfolio — selling 25% to eliminate downside risk and reallocating into beaten-down discovery-stage and prospect generator companies. He also covers European mining jurisdictions, his new bank venture, and the ongoing disconnect where juniors are issuing shares without warrants, freezing sophisticated investors out of private placements.
Preview:Rick Rule argues that gold’s pullback was normal after a very strong move and that the broader bull market is still in its early-to-middle innings. He frames any Fed rate-cut cycle as structurally bullish for gold and bearish for the dollar, while emphasizing that investors need patience, selectivity, and a willingness to hold through large drawdowns. He also discusses where he still sees opportunity in mining jurisdictions, financing terms, and the behavior of junior explorers versus more crowded development names.
Preview:Rick Rule discusses his long-term bullish gold thesis rooted in dollar purchasing-power erosion (~8% real annual decline), while cautioning that junior gold stocks recently got speculative. On uranium, he highlights a political turnaround — nuclear is now subsidized — but emphasizes that near-term demand from Japanese restarts and reactor life extensions matters more than long-dated SMR hype. He flags muted copper and oil prices despite supply disruptions as evidence the global economy may be weaker than reported. Kazakhstan uranium supply remains too opaque for him to hold Kazatomprom. Gold's recent pullback, he argues, is noise in a secular bull market; similar 50% corrections occurred in the 1970s bull run.
Preview:Rick Rule discusses gold and silver as multi-decade savings vehicles, not trades. He frames gold as insurance against a mathematical contingency (not doomsday), advocates for three-tiered exposure (physical insurance, quality miners as investments, juniors as speculation), and argues that young people face the brightest opportunity in history — provided they become problem-solvers and producers rather than passive consumers. He warns the next 10-15 years will be tougher than the last 40, with a reckoning around liquidity vs. solvency, but remains an optimist about human ingenuity.
Preview:Rick Rule and Mario Innecco argue that the US dollar's purchasing power will decline by ~75% over 10 years, driven by unsustainable government debt, persistent deficits, and accelerating global M2 expansion. Gold is projected to approximately triple nominally over that period as it reflects dollar deterioration. Silver is receiving unprecedented attention as central banks and sovereign entities (especially BRICS-aligned countries and India) begin accumulating it as a monetary reserve asset — a role it hasn't held since the 1870s. Rule also makes a case for deeply undervalued energy equities, arguing the oil sector trades at a 50-60% discount to NPV while paying 4-6% dividends.
Preview:Rick Rule argues the dominant market story is not nominal prices but liquidity, debasement, and relative scarcity. He says the U.S. dollar could lose 75% of its purchasing power over 10 years, which would imply a roughly 3x gold price, while oil and many miners still look cheap versus their long-run cash-flow and NPV potential. He is constructive on gold, selective on mining M&A, and bullish on oil and gas because he thinks the market is underestimating depletion and underinvestment.
Preview:Rick Rule lays out his thesis that the easiest money in the oil sector is buying hated, high-quality producers while they trade at steep discounts, and that uranium's structural deficit ensures the "sure money" is still ahead despite the easy money having already been made. He discusses his personal portfolio moves — trimming junior gold positions, rotating into de-risked gold majors/royalty companies, and accumulating Canadian oil names — and anchors everything in a 5-year patience framework: ask "when," not "if."
Preview:Mario Innecco and Rick Rule, interviewed on Metal Sense, argue that gold and silver are entering an explosive phase driven by central bank accumulation, fiat currency erosion, and an imminent shift from fear-based to greed-based buying. Gold recently printed above $4,000 and silver is testing the key $50 level. Rule frames gold as an insurance product against dollar depreciation and expects silver to decouple and outperform roughly 2:1 once generalist investors rotate into precious metals. Both dismiss bubble talk, citing historic under-ownership. The segment also features Innecco discussing an ultra-long-term Elliott Wave thesis (a "wave five" completion) that could signal a 34% single-day stock market crash corresponding with "end of empire."
Preview:Rick Rule argues gold is still a long-term store-of-value trade, even after a pullback, and says he remains heavily positioned in physical gold plus selected senior gold and oil names. He frames the recent sale of 25% of his junior gold stocks as a risk-management move after a hot financing tape, not a bearish call on gold itself.
Preview:Rick Rule argues gold is not a short-term trade but insurance against a long-duration loss of purchasing power and institutional misallocation. He is constructive on gold over the next decade, prefers high-quality senior miners if gold stays high or rises, and says the most important edge is understanding business quality, margins, and capital discipline rather than blindly buying names. He also says he has been reducing junior exposure and rotating some capital into physical gold, senior royalty/streaming names, Agnico Eagle, and hated oil-and-gas opportunities.
Preview:Rick Rule says he sold 25% of his junior mining bucket because the juniors had run too far, but he remains structurally bullish on gold and gold stocks over the next decade. He is rotating capital into assets he thinks are deeply hated: U.S. community banks and oil and gas, with a more selective stance on lithium and rare earths.
Preview:Rick Rule says he rotated further out of junior gold/silver risk after recouping his capital, redeploying into physical gold, royalty names, and especially oil and gas. He remains constructive on hated commodities and sees the current opportunity set as driven by cheap assets, strong operators, and improving capital access, with uranium, rare earths, select gold developers, and midstream infrastructure still on his radar.
Preview:Rick Rule argues the macro setup is still dominated by liquidity, fiscal excess, and a weakening dollar, with precious metals especially gold and silver benefiting over a long horizon. He is most constructive on gold as a monetary hedge, sees silver as more volatile but potentially more explosive, and says his best contrarian commodity idea right now is oil and gas, not uranium.
Preview:Rick Rule argues the silver bull market is intact and likely early, with the most explosive phase typically coming only after gold has already established the narrative and generalist money starts moving in. He says silver can move “hard” because investment demand matters far more than industrial demand in bull markets, and he thinks the current setup is being driven by negative real rates, weak fiat confidence, and severe supply tightness in tradable inventory and leasing.
Preview:Rick Rule argues that the precious-metals trade is getting crowded and may be vulnerable to a near-term air pocket, while oil is the cleaner contrarian bet because it remains hated and underinvested. He sees gold and silver as having already moved from hated to broadly loved, but says oil supply is being impaired by years of deferred sustaining capital, creating a longer-term setup for higher prices and attractive valuations in quality producers like Exxon.
Preview:Rick Rule argues the U.S. is in a long-running debt and entitlement ‘reckoning’ being handled via inflation rather than explicit default, which is why he is bullish gold and copper and skeptical of AI hype, weak labor productivity, and current policy fixes. He says the dollar will keep losing purchasing power, real rates are still too low, and resource assets should benefit as the system shifts toward higher capital scarcity and inflation.
Preview:Rick Rule argues the precious-metals bull market is still intact but has progressed into a more selective phase: gold has re-rated, silver is now catching up, and the highest-quality juniors are starting to move, while most names remain dangerous. He is personally trimming some junior positions and rotating into physical gold, top-tier precious-metals names, and oil/gas, which he sees as equally cheap and better risk-adjusted at this point.
Preview:This episode is a roundtable on the fragility of the dollar-centered financial system and the case for moving wealth into gold, silver, and, to a lesser extent and with disagreement, crypto. Andy Schectman argues the world is already shifting toward BRICS-led settlement rails and gold-backed trade, Rick Rule says the dollar may remain the least-bad reserve currency for a long time but still should not be held as a savings vehicle, and Alasdair Macleod is far more bearish on fiat credit and crypto, urging a move out of credit and into gold.
Preview:Rick Rule and Alasdair Macleod argue that the post-1982 macro regime is over: long-duration bonds, traditional diversification, and reliance on fiat-currency purchasing power are no longer enough. They see gold as the clearest hedge against declining real purchasing power, with Macleod calling physical gold the only real defense and Rule framing gold as a core but not exclusive allocation.
Preview:Rick Rule argues the gold bull market is still early despite the recent breakout, with foreign central banks still driving demand and a weakening U.S. dollar as the deeper force underneath. He thinks gold equities have moved earlier and faster than usual because the entire capital rotation down the quality ladder has accelerated, but he warns that many names are no longer cheap and volatility remains high.
Preview:Rick Rule’s main message is that viewers should rewatch the Rule Classroom conference tapes and use the community/lesson materials, because there was far too much content to absorb in one pass. On markets, he argues that a Fed rate cut could be the key catalyst for gold and anti-dollar trades, but much of that move may already be priced in. He also stresses that exploration drill results still matter a lot and highlights several names he thinks are worth paying attention to.
Preview:Rick Rule declares we are in a bona fide gold bull market with legs, driven by the long-term erosion of US dollar purchasing power. He warns that 85% of mining stocks remain worthless and bull markets are dangerous because they reward narrative over fundamentals. He sees the strongest near-term risks as an overcrowded anti-dollar trade and a potential global recession, but remains structurally bullish on gold for the next decade.
Preview:Rick Rule argues the market is complacent, with the VIX signaling a “nobody’s afraid of anything” environment that he thinks is vulnerable to a fear-driven pullback. He remains constructive on precious metals and long-duration resource themes, but warns that junior explorers and crowded miners can get hit first if volatility returns; he is also bearish on dollar integrity if the Fed cuts into relative economic strength. A substantial portion of the conversation is a promotion of Rule Classroom and BattleBank, including his case for multi-currency banking, gold-collateral lending, and checkbook retirement structures.
Preview:Rick Rule says the precious-metals bull market is following a classic sequence: gold led first, quality producers are now leading, and the better explorers and juniors should follow later. He is constructive on many resource names but repeatedly stresses valuation discipline, warning that retail is becoming narrative-driven and that many weak stocks are rising for the wrong reasons.
Preview:Rick Rule argues the broad precious-metals bull market is real but increasingly crowded, with gold revaluation chatter mostly a short-lived narrative. He remains constructive on gold, silver, uranium, and oil-and-gas, but repeatedly says the best money is in high-quality producers and select developers, not the most speculative names.
Preview:Rick Rule joins CapitalCosm to discuss natural resource markets in a maturing bull phase. He warns investors about hubris, noting that the easy money has been made and discipline must return. His core gold thesis remains intact: US fiscal insolvency ($100T+ in entitlements, $37T on-balance-sheet debt), negative real interest rates, and persistent currency debasement will continue driving gold higher. He draws a parallel to the 1970s, where the dollar lost 75% purchasing power and gold rose 30-fold. Rule is not predicting a 30x repeat but expects gold's nominal gains to mirror dollar purchasing-power losses. He promotes his Gold Boot Camp Part 3 and his upcoming Battle Bank.
Preview:A bullish interview on precious metals equities with Jeremy Szafron (Kitco) and guest Rick Rule. Rule argues we are unequivocally in a precious metals bull market, evidenced by gold miners up 100–150% over 18 months, blowout earnings (Newmont), and cash-flow follow-through now materializing. He outlines a capital-deployment framework: tier-one names (Agnico, Franco-Nevada, Wheaton) remain core holdings, while he personally moves down the quality spectrum into cheap single-mine companies, African political-risk plays (West African Resources, Endeavour Mining), and early exploration — expecting the exploration space to catch a bid in 18–24 months. On M&A, he sees the current quiet as "calm before the storm," with majors sitting on cash and pressure to grow. His contrarian view on jurisdictions: no jurisdiction is truly safe, and he accepts political risk others shun.
Preview:Rick Rule argues that precious metals remain under-owned and that silver could see major volatility if futures-market cracks emerge, but a true exchange-busting short squeeze would likely be halted and cash-settled. He is bullish on gold as purchasing-power insurance, skeptical that governments will willingly back a currency with gold or silver, and sees creeping policy theft via inflation, taxation, and royalty changes as the more realistic risk than overt confiscation.
Preview:Rick Rule joins Jeremy Szafron on Kitco NEWS to argue that silver is following the classic precious metals bull-market sequence — gold leads, then gold stocks, then silver — and that silver's turn is approaching. He expects a futures-market squeeze that will be resolved via cash settlement rather than a catastrophic short-squeeze, but which will still be "extremely pleasant" for longs. He names a handful of silver equities and pivots to uranium, where he sees a coiled spring held back by recession fears but supported by rising term-market contracting, singling out Cameco's strong quarter as a proxy for the cycle.
Preview:Rick Rule argues the hard-asset bull market is broadening from gold into miners, silver, uranium, and copper, with trust in fiat systems eroding underneath it. He says the strongest near-term opportunity is still in quality gold and royalty names, but the next leg should eventually reach juniors and exploration names, especially if the market keeps rewarding cash flow and discipline.
Preview:Steve Burton interviews Rick Rule at the 2025 Rule Symposium in a rapid-fire lightning round. Rick gives brief bullish takes on ~12 resource equities he likes, spanning royalties (Aora, Gold Royalty Corp, Nation's Royalty), silver (GoGold, Argenta, Banyan Gold, Starcore), uranium (Uranium Royalty Corp, Uranium Energy Corp), and base metals (Magnum Mining). The common thread is backing proven operators (Brad, Frank Giustra, Jason Jessup) and buying distressed or overlooked assets. He's particularly bullish on uranium given regulatory tailwinds under Trump and on silver for a coming bull market. The interview closes with a pitch for the Rule Symposium tapes and Rick's World Classroom Q&A community.
Preview:Rick Rule argues that precious-metals investors are better off than they were a year ago, but that a bull market can still hurt people who become overconfident and stop applying valuation discipline. He emphasizes absolute valuation, management quality, jurisdictional fit, and waiting for the right probabilistic setup rather than chasing narrative-driven optionality.
Preview:Rick Rule argues that gold’s recent strength is the beginning of a much larger precious-metals cycle, with silver likely to outperform gold later in the move. He ties that view to long-term dollar debasement, negative real rates, and heavy U.S. debt/deficit burdens, while also highlighting uranium and rare earths as selective opportunities and pitching Battle Bank as a multi-currency, bullion-friendly bank.
Preview:This Wealthion symposium compilation argues that the U.S. dollar is entering a long decline in purchasing power, which should lift gold materially and likely give silver a catch-up rally. The speakers tie that view to debt, deficits, sanctions risk, Fed easing/QE, BRICS de-dollarization, and rising demand for hard assets and critical minerals.
Preview:Rick Rule argues that the key macro problem is not just CPI prints but the steady deterioration of the US dollar’s purchasing power, which he says makes gold, and eventually gold miners, an arithmetic hedge. He frames the recent rise in gold, silver, and some mining equities as part of a classic precious-metals bull market, while also arguing that Canadian oil and gas is deeply undervalued if policy becomes more supportive. The second half of the interview turns into a launch discussion for Battle Bank, which he says will offer multi-currency deposits and collateralized lending against precious metals.
Preview:Rick Rule, interviewed at his namesake symposium, argues the US has no viable path to honoring $100T+ in entitlement liabilities except dollar devaluation — mirroring the 1970s when purchasing power fell 75%. He sees gold in a structural bull market that has moved from "inevitable" to "eminent," with free cash flow now flowing to producers. He dismisses BRICS as a credible reserve-currency threat, disagrees with Jim Rickards on tariffs being beneficial, and stresses this is not a dollar-versus-other-fiats story but an absolute purchasing-power decline.
Preview:Rick Rule argues the gold bull market is still in an early-to-middle stage, with gold leading first, then large producers, then broader equities, and eventually silver and selected small miners. He says the most attractive opportunities remain in hated, off-radar resource sectors such as oil and gas, rare earths, platinum/palladium, and a few ASX-listed juniors, while warning that many of these ideas require patience, volatility tolerance, and jurisdictional risk acceptance.
Preview:Rick Rule argues the current precious-metals cycle could be exceptionally strong, with silver likely to see a record-setting blowoff top after gold leads and generalist investors crowd in. He favors owning gold as savings/insurance, silver as a higher-octane speculation, and emphasizes quality mining companies, liquidity, and discipline about selling when narratives become too popular.
Preview:Rick Rule argues the U.S. fiscal path is pushing the dollar lower over time and that this is constructive for gold, silver, and quality royalty/streaming names. He thinks the gold bull market is already well underway, with silver likely to take over later once generalists rotate in, and he repeatedly stresses quality, patience, and risk control for new investors.
Preview:Rick Rule ranks a large set of gold, silver, and uranium stocks as of June 30, 2025, using his net-present-value-versus-enterprise-value framework. His broad view is constructive on precious metals and especially uranium, but he emphasizes that many names are no longer cheap after the rally, so most ratings cluster around 4s and 5s rather than true top buys.
Preview:Rick Rule says the Middle East conflict has temporarily distorted oil and precious metals, but he still thinks gold is in a primary bull market while oil is not. He emphasizes valuation discipline in junior miners, argues the financing window is open, and gives a long list of stock-specific rankings across gold, silver, uranium, royalty, and oil names. He also spends significant time promoting the Rule Classroom, the Natural Resources Investment Symposium, and the idea that investors must distinguish accretive capital raises from dilution.
Preview:Rick Rule argues the dominant risks are macro, fiscal, and behavioral: investors should avoid fads, focus on probabilities, and expect a long period of dollar debasement rather than business as usual. He is constructive on gold and uranium over multi-year horizons, but frames the near-term set-up as highly sensitive to the Iran-Israel conflict, oil spikes, and policy errors at the Fed and Treasury.
Preview:Rick Rule argues that in junior resources, the right allocation depends on the investor’s goals, temperament, time horizon, and willingness to do work, but that in precious-metals bull markets the bigger opportunity is usually owning higher-quality companies and letting compounding work over time. He stresses that outsized gains come from a handful of big winners, not from minimizing every loss, and says optionality is still real but far less cheap than it was in the late 1980s and early 1990s.
Preview:Rick Rule argues the U.S. is entering a long period of inflationary adjustment driven by unsustainable debt, entitlement promises, and political unwillingness to cut benefits. He says the likely response is not honest default but gradual devaluation of the dollar, which should support gold, later silver, and selective natural-resource equities while making leveraged assets and housing harder to afford.
Preview:Rick Rule gives a wide-ranging ranking-and-Q&A on resource stocks, with the core theme that gold, silver, uranium, rare earths, and select energy names still offer leverage if the underlying assets are high quality and financing is sensible. He repeatedly stresses that management quality, deposit quality, capital structure, and financing terms matter as much as ounces in the ground, and that many juniors look cheap only if the gold/silver/commodity price assumptions hold.
Preview:Rick Rule argues the macro backdrop is already stagflationary, with soft oil and copper prices signaling recession-like demand weakness despite nominal jobs growth. On the resource side, he remains constructive on gold, uranium, platinum/palladium, and select miners/royalties, but emphasizes that the best opportunities are where capital structure, contracts, and supply deficits create durable leverage rather than just short-term momentum.
Preview:Rick Rule argues gold and silver are still early in a secular bull market, with gold only 'tolerated' and silver just starting to attract broader attention. He says generalist capital has barely arrived, money is flowing out of ETFs even as major miners rally, and the best risk/reward now is in prefeasibility developers with 5 million-ounce-plus deposits and in prospect generators. He repeatedly warns investors not to confuse a bull market with brains, and says discipline, time horizon, and valuation work matter more than chasing momentum.
Preview:Rick Rule discusses why DOGE failed to cut government spending, his gold bull market thesis including the conditions under which he'd sell gold, the high-grading phenomenon masking gold miner margins, critiques of Barrick's strategy and praise for Newmont's asset sales, and his stringent criteria for evaluating junior exploration companies. He also promotes his Rule Symposium in Boca Raton.
Preview:Rick Rule argues the U.S. is heading into a long period of currency debasement driven by unfunded entitlement promises and persistent fiscal deficits, and that investors should respond by owning real assets—especially gold and select resource producers. He is constructive on uranium, cautious but bullish on oil and gas, and expects the most durable opportunity set to remain in scarce industrial materials and mining names with strong balance sheets and low cost of capital.
Preview:Rick Rule sees the US entering a 1970s-style stagflationary period where the government will "dishonestly default" by devaluing the dollar — and gold is his chosen hedge. He argues the Fed has lost control of the long end of the yield curve, US fiscal arithmetic is irredeemable ($36T on-balance, $100T NPV of unfunded entitlements vs. $141T private net worth), and the only political way out is dollar depreciation. He expects gold to roughly mirror dollar purchasing-power deterioration, though not 30x as in the 1970s. He is not a Bitcoin maximalist nor dismissive — he finds it interesting but doesn't understand it well enough to save in it, and sees digitized gold on distributed ledgers arriving within ~2 years as a game-changer for gold's transactional utility.
Preview:Rick Rule argues that the US, Canada, uranium, gold, and silver are all in structurally important transitions, but he is most constructive on resource equities. He sees US sovereign credit as deteriorating, expects the dollar to lose purchasing power over the next decade, remains bullish on gold and gold miners, thinks uranium’s contract market has improved materially, and calls silver a later-stage but potentially explosive opportunity.
Preview:Rick Rule argues that market turmoil and weak sentiment are creating a set-up to accumulate quality commodities exposure, especially gold, select silver names, uranium juniors, and oil/gas equities. He says liquidity matters more than prediction, that gold is early in a bull market driven by dollar debasement, that silver is a later, higher-risk trade, uranium fundamentals are improving despite spot-price obsession, and energy is being priced as if recession is unfolding.
Preview:Rick Rule argues that the U.S. is entering a 1970s-like era of dollar devaluation, negative real rates, and rising fiscal stress, and that this makes gold and selectively chosen mining equities attractive. He says most mining stocks are worthless, but the best names are already in a bull market, with gold shares only beginning to catch up as margins expand and capital rotates down the quality curve. He also makes a strong case that political risk is universal, that silver is highly asymmetric but harder to understand, and that contrarian investing is essential because the precious-metals space remains tiny relative to U.S. savings.
Preview:Rick Rule argues the U.S. is likely to handle its debt and entitlement burden the same way it did in the 1970s: not by repaying it in real terms, but by inflating it away. He is constructive on gold as monetary insurance, silver as a speculative metal, and high-quality resource equities, while warning that most people should focus first on savings, liquidity, and their own behavior rather than conspiracy-style risks like the “great taking.”
Preview:Rick Rule joins Daniela Cambone to discuss Fed policy, a potential 1970s-style dollar devaluation, and his outlook for gold. He argues the Fed has lost control of long rates, expects the US dollar to lose 75% of purchasing power over 10 years, and sees gold as the natural hedge. He is building cash positions in anticipation of a possible 2008-style credit event, which he thinks could be triggered by a run on high-yield bond ETFs. The conversation also covers tariffs as "tragic" economic policy and serves as a promo for his upcoming Boca Raton conference.
Preview:Rick Rule argues the gold move is mainly a long-running response to fiat debasement, not a reaction to the latest headlines. He also says tariffs are taxes, mining policy will be shaped by political favoritism and subsidies, and the real opportunity is in select high-quality miners and politically aligned resource jurisdictions.
Preview:Rick Rule joins Wall Street Bullion to discuss the precious metals bull market, arguing gold's move from $250 to $3,250 is just the beginning of a secular trend driven by dollar deterioration. He maps out the predictable sequence of a mining bull market — commodity first, then senior producers (margin expansion now showing "blowout quarters"), then mid-tiers, then juniors — and contends we're still early in the senior-producer phase. The conversation also covers US-China tariff theater, plus Rule's three pieces of life advice for young investors. Substantial time is devoted to promoting Rule's annual natural resource investment conference in Boca Raton.
Preview:Rick Rule argues that Trump’s tariffs are just taxes that will mostly hurt ordinary consumers and worsen bureaucracy, while doing little to rebuild U.S. industry. He sees the tariff fight as political theater that will end in backroom deals, but he believes the bigger issue is the U.S. fiscal path: debt, unfunded liabilities, and dollar debasement. That backdrop, in his view, supports gold first, then broader precious metals strength, with silver likely lagging before eventually outperforming later in a bull market.
Preview:Rick Rule discusses how AI will widen the gap between winners and losers in mining investment — those who can use it as a tool for analysis will thrive, while mere information assemblers will be displaced. He reflects on investor psychology failures (impatience, greed, laziness), shares his own missed opportunities, explains why merchant banks trade at NAV discounts, and promotes his upcoming Rule Symposium and Boot Camp events. The conversation is interview-format, light on specific stock picks but heavy on behavioral finance and industry critique.
Preview:Rick Rule argues that investors should expect materially more volatility over the next couple of years, keep more cash or liquidity, and think in longer time frames. His core gold view is bullish: he thinks the U.S. dollar is being debased in absolute terms, gold still has room to run, and gold equities may be the next part of the trade to catch up. He is also bullish on selective Canadian resource stocks long term, but increasingly negative on Canada’s political direction under Mark Carney.
Preview:Rick Rule argues that a precious-metals bull market is already underway, with gold leading first and silver likely to take leadership next. He remains constructive on gold as a store of purchasing power, prefers physical metals over fiat savings, likes platinum as a speculative supply/demand trade, and sees uranium as interesting but probably later than gold/silver miners.
Preview:Rick Rule argues that the U.S. is repeating a 1970s-style debt and currency debasement cycle, and that gold should benefit as the dollar’s real purchasing power erodes. He is bearish on tariffs as a competitive strategy, skeptical that U.S. fiscal reform will meaningfully reverse deficits, and constructive on precious metals and natural resources—especially gold, with a later-stage case for silver and other commodities.
Preview:Rick Rule interviews Jonathan Goodman, CEO of Dundee Corporation, in a pre-Symposium conversation focused on Dundee's merchant banking model. Goodman walks through the due diligence "secret sauce" — a team blending CFA-trained financial analysts with geological engineers who "turn deposits upside down" to find value the market misses. He illustrates with two case studies: Reunion Gold (~$30M in, ~$150M out via G Mining) and FNX/Magnum Mining (Dundee bought FNX at $0.40, exited near $9, now back in the same assets through Magnum). He also flags Saturn Metals in Australia as a current mispricing: a heap-leach gold deposit that would be worth $200M+ in Nevada but trades cheaply because Australian retail investors lack heap-leach comparables.
Preview:Rick Rule interviews Tony Reda, CEO of Tectonic Metals, ahead of the Rule Symposium. Reda recounts his path from IR at Kaminak Gold (sold to Goldcorp for $520M) to founding Tectonic. The company's flagship Flat Gold Project in Alaska sits on Native corporation land in the same mineral belt as the 40M-ounce Donlin deposit. Recent drilling at Chicken Mountain returned a discovery hole with shallow, oxidized gold mineralization including high-grade intercepts (6m of 6g/t, 1.5m of 21g/t within broader 1.22g/t over 65m), with follow-up sampling showing even better grades. The target is 1.5km wide, and 86 holes have all hit gold. Reda emphasizes the alignment with Alaska Native corporations as a permitting advantage.
Preview:Rick Rule interviews Jean-Marc Lulin, CEO of Azimut Exploration, at the 2025 Rule Symposium. Lulin, a PhD economic geologist with three decades of Quebec experience, pitches Azimut as a technically driven prospect generator that has signed 39 option/strategic agreements with 19 companies (including Newmont, IAMGOLD) to minimize shareholder dilution. He highlights Quebec's world-class mineral endowment — particularly the Abitibi belt (comparable to Nevada's ~150M oz gold) and underexplored northern James Bay region — plus generous government support: 40% exploration rebates and favourable flow-through financing. The conversation covers gold, copper, lithium, and nickel-PGE targets, with emphasis on Azimut's systematic database-driven target generation and premium financings through Quebec institutions.
Preview:Rick Rule argues gold still has not attracted meaningful retail participation despite the recent price run, and he sees the move as early rather than exhausted. His core case is arithmetic: persistent deficits, inflationary dilution, and a likely “dishonest default” via dollar devaluation make gold a purchasing-power hedge, while most investors remain overexposed to narratives like AI and underexposed to precious metals.
Preview:Rick Rule lays out a long-term gold thesis grounded in US fiscal arithmetic: $130T+ in total obligations, persistent negative real rates for savers, and gold's tiny 0.5% allocation vs. a 2% four-decade mean. He expects the dollar to lose 75% purchasing power over 10 years — repeating the 1970s playbook — taking gold "much higher." On gold miners, he sees the sector entering a virtuous M&A and quality-rotation sweet spot. He also flags copper's structural supply deficit but warns that recession risk from economic nationalism could cap commodity upside.
Preview:Rick Rule discusses Canadian politics (Mark Carney vs. Pierre Poilievre), US fiscal insolvency ($130T in total liabilities), and the case for gold as an inflation hedge. He argues both Trump and Carney are populists running on rhetoric, and that the only way out of the US debt spiral is dollar debasement — which historically benefits gold. He also analyzes two Golden Triangle mining equities: Seabridge Gold (KSM project, high optionality on gold price) and Goliath Resources (interesting drill results but not yet a defined deposit).
Preview:Rick Rule interviews Peter Grosskopf, Chairman of SCP Resource Finance, as a promotional preview for the 2025 Rule Symposium. Grosskopf outlines his 30-year career in mining investment banking (Sprott, Newcrest Capital, RBC), describes SCP's differentiated model as a global, technically-focused resource investment bank, and discusses the proposed merger with ASX-listed Strata to create a publicly traded merchant bank. The conversation is light on market analysis and heavy on networking, firm positioning, and the value of long-term relationships in natural resources finance.
Preview:Rick Rule argues that gold is being supported mainly by central-bank buying and that Basel III matters more indirectly going forward than it did in the past, while silver is still the more speculative, later-cycle metal that can outperform dramatically once momentum arrives. He also views PSLV short interest as a potential squeeze setup, is bullish on physical metals as purchasing-power protection, and remains skeptical of gold-backed public currencies, Canadian monetary strength, and small high-grade mining stories relative to larger deposits. The second half of the video turns into a long pitch for his gold boot camps and the Rule Symposium, with heavy emphasis on educational value, vetted speakers, and a money-back guarantee.
Preview:Rick Rule argues that gold’s breakout above $3,000 is less important than the long-running debasement of purchasing power, and that the real story is physical demand, distrust of paper claims, and the likelihood of more official theater around U.S. gold reserves. He also says tariffs are economically harmful, the U.S. is headed toward a forced fiscal transition because of math, and Canada’s new direction under Mark Carney could deepen a left-leaning, interventionist policy path.
Preview:Rick Rule discusses gold, silver, and mining stocks in an interview format. He supports auditing Fort Knox but leans toward the gold being there. He sees silver juniors as a high-volatility, high-reward speculative play within a precious metals bull market cycle. His biggest concern is a potential liquidity crunch triggered by illiquid junk bond ETFs facing redemption pressure. He also promotes his upcoming Rule Investment Media conference and offers free portfolio reviews.
Preview:Rick Rule interviews Jonathan Goodman about Dundee Corporation’s natural-resources investing model: a debt-free holding company that uses deep technical due diligence to buy and help de-risk mining assets, often before wider markets recognize them. Goodman argues Dundee now trades at roughly half of stated NAV, has near-term cash infusions and multiple portfolio positions that could convert into cash flow over the next 12–18 months.
Preview:Rick Rule interviews Frank Trotter, CEO of Battle Bank, a digital community bank in formation. Trotter details his 40-year banking career — from Mark Twain Banks to co-founding EverBank (built to $28B) — and lays out Battle Bank's product suite: high-yield checking (~3.85%), precious metals services, foreign currency deposits (18 currencies), market-index CDs, self-directed retirement accounts, and precious metals collateralized lending. The bank has a 16,000-person waitlist and is acquiring Sterns National Bank to launch its national platform, targeting a late spring/early summer 2025 opening. A convertible note offering ($75K minimum, accredited investors) is open to pre-opening investors alongside Rule. Disclosure: Rule is both an investor and customer.
Preview:Rick Rule argues the setup remains favorable for resource investors because exploration results are improving while the market is still not rewarding them. He is constructive on gold, silver, and select out-of-favor commodities and explorers, but he frames the move as a sign of dollar weakness and broader monetary deterioration rather than a simple bullish gold call.
Preview:Rick Rule argues the U.S. has a structural budget problem so large that it will likely be solved by inflationary default rather than an explicit cutoff. He then gives a series of company-level views across miners, uranium, and a few oil/gas names, generally favoring high-quality optionality or producers with clear margin/leverage, while warning on political risk, weak capital allocation, or questionable project economics.
Preview:Albert Lu interviews Brian Lundin about the immediate post-CPI gold move, Fed expectations, tariffs, gold revaluation talk, and the outlook for miners, silver, and select resource names. The core message is that gold remains in a structural bull market driven by debt, persistent inflation, and a search for monetary protection, while mining shares may finally start to catch up as speculative money broadens out from AI and mega-cap tech.
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