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.
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This Wealthion interview centers on Rick Rule’s current portfolio positioning, his view on gold and oil, and his broader macro fear of a credit accident. Rule says the precious-metals bull market remains intact because the underlying circumstances that support gold have not changed since 2000, and he frames the recent drawdown as a normal correction within a long bull market. He explains that he sold some silver not because he turned bearish on precious metals, but because silver had moved from a hated speculative asset to a less attractive capital allocation than silver equities. …
Near term, gold can still wobble as the market swings between geopolitical headlines and rate expectations, while oil may be vulnerable to pullbacks even after a strong move. The immediate risk is credit-market stress if liquid ETF wrappers meet illiquid junk bonds.
Over the next several months, the more important question is whether slowing growth and higher fiscal strain push policymakers toward easier money. If that happens, gold should reassert itself and credit weakness could spread beyond private markets.
The structural view is that fiat savings keep losing real value and that gold remains a long-duration store of purchasing power. Separately, years of underinvestment in energy and brittle credit-market plumbing imply higher systemic volatility over time.
The gold and silver bull market is still intact despite sharp corrections.
Rule says the 1970s bull market had multiple 25% corrections and the current backdrop for gold remains unchanged.
Silver is less attractive than silver equities for new capital because the stocks can rerate even if silver only goes sideways.
He says the stocks were priced as if silver were far below current levels and offered better valuation upside.
Oil was the new hate trade and he bought it, but at current prices he would be less aggressive as a new buyer.
Rule says the trade was timely, but he would tell people to wait unless they have no exposure.
Do you think it's fair to say that in February precious metals performance indicated the bull market was intact?
Rule says the correction was normal within a longer bull market, and the macro conditions supporting gold have remained intact since 2000 and especially since 2018.
Are you still in a psychology of selling mood or has that pivoted a bit?
Rule says he sold silver because silver stocks became a better value, moved some capital into physical gold, and bought oil and gas stocks as the new hated sector.
Are you already trimming [oil] there or are you still firmly bullish?
Rule says he would sell if trading, but because he is investing, he is staying with the position and expects higher oil prices by 2029.
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