Rick Rule

The Silver Strategy Every Investor Should Know | Rick Rule

• Top takeaway Rick Rule argues a parabolic down move in metals wouldn't surprise him and he is keeping powder dry for it, while stressing he is not predicting it.
• He sold 25% of his junior mining positions this past October, during a parabolic up move, applying his 50-year lesson that parabolic up moves are the time to sell.
• He sold again this past January after physical silver went parabolic.
• He points to metals prices drifting gradually lower, metals equities falling more rapidly, and broad equity weakness — the tech sell-off — as conditions that could set up a sharp down move.

Rick Rule sells into parabolic up moves — he sold 25% of his juniors (small exploration miners) during last October's rally. He applied the same discipline to physical silver, selling into January's parabolic move rather than chasing it higher. He watches for a 'psychotic break' lower: gradual declines in metal prices typically come with faster drops in metals equities. Rule is not predicting a downturn but keeps dry powder ready in case broad equities weakness turns into a parabolic metals sell-off.

Keith Bodnarchuk, CEO of Cosa Resources | Rule Symposium 2026: Rick Rule interviews

• Top takeaway He sets the test for exploration management as the ability to answer valuable, unanswered questions, saying that in exploration you make money by focusing on management teams that can do that, and asks what the company can accomplish in the next 12 to 18 months to raise market knowledge of its asset base and reproduce the share-price response it saw before.
• He pushes on the share register rather than the geology, asking how much of the stock is closely held and arguing that the concentrated ownership behind Iso Energy, where NexGen held roughly half, is what let identical news move the stock further than a normal peer, framing float as an amplifier of results.
• He demands financial specifics instead of narrative, asking first for market capitalization and the closely held percentage and then pressing on what fully funded actually means in cash terms and how long it lasts before the next financing.
• He frames the company for attendees as a joint effort between Inventa Capital, which he calls a multi-company incubator, and Denison, which he describes as an established 50-year-old player in the Athabasca Basin, staffed by explorationists with a track record of discovery and holding assets Denison could not address during its mine construction.
• He also promotes his own 2026 Natural Resources Investment Symposium, held July 6 to 10 in Boca Raton, noting the money-back guarantee on attendance, the vetting of every exhibitor and the pre-conference interviews, and closes by disclosing that he is a shareholder in Cosa Resources and thanking the company for its support and sponsorship.

Cosa Resources drilled uranium at Murphy Lake North in March 2026 — 5m at 0.55% plus 0.5m at 1.7% — roughly doubling its share price. Denison Mines took just under 20% of Cosa in 2025 in exchange for 70% of three projects, including Darby, sitting next to Cigar Lake. Athabasca Basin rock runs far richer than the global average of 0.1% uranium, and the Hurricane deposit the guest helped find averaged 34.5%. Hitting uranium at only 250-260 metres, near the McLean Lake Mill, cuts exploration cost and lowers the deposit size needed to build. Cosa holds just over C$18 million after a recent raise, funds drilling at roughly C$200,000 a hole, and sees runway into 2028.

Ignore The Panic. This Is When Fortunes Are Made | Rick Rule

• Top takeaway The guest calls the mid-2026 pullback across gold, silver and resource equities a buying opportunity, saying rising long-term interest rates and a stronger dollar have knocked down gold quotes and gold stocks while leaving the conditions for a gold bull market in place; he puts the broad resource bull market roughly a year and a half out and notes gold has fallen from about $5,500 to roughly $4,400-$4,500 with high-quality junior stocks off about 40%.
• On oil he expects prices to go lower before higher, because roughly $110 oil destroyed demand in poorer countries such as Sri Lanka, Bangladesh and Bolivia, and then forecasts a real shortage in 2029 or 2030 driven by about five years of underinvestment in sustaining capital of $1-2 billion a day, a shortage he says an armistice could not end.
• On copper he expects weak demand and some dishoarding for the balance of 2026, with high oil prices acting as a tax on the broad economy, but says the price five years out will be much higher after 30 years of underinvestment; he cites a paper presented at Metals Week in London that the ten largest copper producers need $250 billion over ten years just to hold output, a figure inflating 8-10% a year to about $370 billion in five years, against demand growth of 1.5-4.5% a year.
• He says he would only sell his gold after the budget is balanced, with the deficit around $2.5 trillion and debt near $39 trillion heading to $40 trillion, after roughly $120 trillion of unfunded entitlement liabilities is addressed, and after real interest rates turn positive; he puts the probability of that combination at nil, noting a 10-year Treasury paying about 4.5% against a purchasing-power decline he believes runs 8-9% a year is a losing rate.
• On repatriation he argues that after the United States took $300 billion of Russian assets, sovereigns have no reason to keep buying US Treasuries or storing gold and silver in the US, and that those governments have been given no second chance.

The guest argues a long shortfall in sustaining capital sets up a genuine oil shortage around 2029-2030 that no armistice can end. Shale wells produce up to 80% of their net present value in two years, so deferred upkeep drives steep decline rates and future supply gaps. Gold falling from $5,500 is framed as a buying chance: he sees a decade of eroding dollar purchasing power and no path to positive real rates. Copper needs $250 billion just to hold output flat, build costs inflate 8-10% a year, and the deficit still widens through 2050. Silver supply tracks base metals, since recycling and copper byproduct output dominate, leaving silver exposed to upstream underinvestment.

Why Gold Bulls Should Not Fear This Selloff | Rick Rule

• Top takeaway Argues the selloff does not change his long-term bullish case: volatility and cyclicality are normal in a bull market, and gold is falling on higher nominal US interest rates and a hawkish Fed rather than on any change in the fiscal fundamentals he watches.
• Says he is a structural buyer, not a seller: he wants lower gold and gold-equity prices through the summer of 2026, is keeping liquidity dry for a possible parabolic down move, and calls the weakness in quality names a gift to generalist investors.
• Estimates the US dollar is losing 8-10% of its purchasing power a year versus official US inflation of about 2.8%, and says he would need a roughly 10-12% 10-year Treasury yield — about 200 basis points of real yield — to prefer it over gold.
• Rejects the permabull label: he sold 25% of his juniors during last October's parabolic up-move and his physical silver in January's, advising investors to sell parabolic up-moves and buy parabolic down-moves.
• Calls the net present value of more than $120 trillion in unfunded US entitlement liabilities the biggest debt problem — bigger than private credit, which he judges manageable in size though its collapse victims are politically well connected.

Higher nominal US interest rates and a hawkish Fed explain the gold selloff, Rule argues, while the fiscal problems behind gold remain unresolved. He ranks $120 trillion in unfunded US entitlement liabilities, not private credit, as the biggest debt problem hiding behind gold's case. Official inflation is understated, he says: saving in gold shows the US dollar losing 8 to 10% of its purchasing power annually. As a structural buyer he wants lower gold equity prices, calling quality names like Agnico Eagle and Franco-Nevada a gift to generalists. Precious metals hold under half a percent of US investment assets versus a 2% forty-year mean, so mean reversion could quadruple demand.

Rick Rule: These Commodities Are Mind-Bogglingly Underpriced

Rick Rule argues copper and uranium are dramatically underpriced given that new mine supply takes 13-17 years while AI data center demand creates urgent, near-term physical constraints. Decades of underinvestment across commodity sectors mean sustaining capital is insufficient to maintain current production, and Rule believes price rationing will inevitably correct this imbalance. AI-driven efficiency gains in mining operations are not yet reflected in resource company valuations, effectively giving investors what Rule calls free warrant upside on future production.

Live Q&A with Rick Rule and Albert Lu

• Top takeaway On the apparent US-Iran agreement around the Strait of Hormuz, Rule expects oil to fall further than the market assumes if the peace holds, because 90 to 120 days of very high prices has destroyed demand in poor countries rather than added supply; he says a break below $60 would produce a pronounced negative reaction in oil stocks and tells investors to be ready, arguing that decline is the entry point for anyone holding a bullish long-term view on shortages caused by roughly a billion dollars a day of underinvestment in sustaining capital.
• On gold he welcomes a lower price because he wants to buy more, argues a hawkish new Fed chair is bad for gold through a stronger US dollar, and expects gold equities could sell off through August 2026 while noting major gold equities already discount $3,900 to $4,000 gold against published earnings estimates of $3,300.
• He defines himself as a credit analyst first, focused on the liability side of the balance sheet and bond covenants, says his expertise is specific to natural resources and conventional financials rather than general, and holds that money is made on the delta between price and value.
• He says the muted market reaction to the recent spectacular drill holes means the exploration sector is not paying up for discoveries, which he expects to let buyers pick up confirmation holes cheaply this summer.
• He argues natural resources are extraordinarily cyclical and you must be a contrarian to do well, enduring several years of poor returns, and that exploration is psychologically easier than technology because a $50,000 drill hole can find a $20 billion deposit against odds of about one in 3,000.

Rule expects peace to drag oil toward the high $50s, a capitulation he says could hand long-term buyers a strong entry point this summer. A hawkish Fed should keep gold equities weak through August, but he sees major gold miners discounting prices well above published estimates. Two standout drill holes, one in Argentina's Vicuña district and one in Kazakhstan, landed with only muted market reaction, hinting exploration value is underpriced. Mining's capital demands explain why most projects reach the market through public equity after years of patient private funding. For bulk commodity investors, he screens for top-quartile costs and top global returns on capital, not headline production growth.

Rick Rule: I’m Buying This Type of Junior Mining Stock (Ignored Value=Opportunity)

• Top takeaway Rule says he is in buying mode with no intention of selling, and expects a rough summer in the juniors to bring the prices on his watchlist closer to where he wants to buy.
• He argues the market is not yet in a discovery phase: recent spectacular drill holes with large geophysical signatures are not being fully priced, and he expects the market for very high quality projects to improve over the next two to three years.
• He avoids private placements in this market because too many writers are pushing deals through without warrants, and prefers open-market buying, sometimes offering to help a company tighten its market before it raises.
• His view on deposit size shifted after an interview at his own conference: he now looks for 700,000 to 1.2 million ounce Abitibi deposits that can be trucked to existing mills instead of avoiding them like a plague.
• He expects AI to be good at analysing large datasets such as geochemistry, satellite imagery and a thousand well logs, but says it cannot replace the judgement built on 50 years of asking the right questions.

Rule is buying junior mining explorers now, expecting a rough summer in the gold market to deliver the lower entry prices his watchlist requires. Drill results are landing, yet markets no longer price them in, leaving what he sees as quality discoveries underpriced. He trades the gap between price and value, ignoring pre-market moves and analyst signals that carry no information for him. At-the-market (ATM) programs, which sell stock gradually into the market, give large miners cheaper capital than brokered placements. Small Abitibi deposits now work if their ore can be trucked to existing mills instead of building a plant of their own.

Live Q&A with Rick Rule

Rick Rule answers viewer questions on natural resource investing, sharing his framework for evaluating speculative mining opportunities. Rule stresses that successful resource investing requires extreme selectivity, focusing on management quality and avoiding sub-par projects. The discussion covers macroeconomic drivers for precious metals and how to filter opportunities using the Pixys 12 criteria.

Rick Rule: What I'm Buying and What I'm Selling | Jimmy Connor

Rick Rule won't touch parabolic chip names he can't value, a stance that exposes how narrow the S&P/NASDAQ rally has become. Higher oil is structurally priced in even if a Gulf truce pulls prices back, because decades of under-investment leave 2029-2030 tight. Rule treats uranium as a 10-year no-brainer and welcomes lower prices to add more, citing Asian energy-security restarts after 50 years. Gold is savings, silver is speculation; he sold silver in January on a parabolic chart and still owns gold as a fiat hedge. Copper is a 5-year no-brainer on 30 years of under-investment, but a tough six months likely if rising rates force Chinese inventory liquidation.

Government Says Inflation Is Low. Your Bills Say Otherwise.

Rick Rule argues that official CPI figures understate true cost-of-living increases, meaning conventional inflation measures fail to reflect real purchasing power loss. Long-duration U.S. Treasury bonds pose hidden risks, as fixed yields around 4% may not adequately compensate for the actual erosion of purchasing power. Rule holds short-term Treasury securities for liquidity while avoiding longer-duration government debt, favoring assets that better protect against real inflation.

Uranium Solves Energy Security

Rick Rule argues uranium's high energy density gives it a unique advantage for national energy security over other fuel sources. France and Japan built nuclear fleets after the 1973 Arab oil embargo, showing how geopolitical shocks drive nuclear adoption. Renewed geopolitical risk today mirrors past oil shocks, which Rule believes creates a strong macroeconomic tailwind for uranium demand.

Rick Rule: Gold will Soar Over The Next 10 Years

Rick Rule argues that rising U.S. deficits and unattractive long-duration bonds create a strong macroeconomic backdrop for gold over the next decade. A wave of mergers and acquisitions is approaching for gold miners, with Rule highlighting Equinox, Calibre, and Orla as potential acquirers or targets. Rule sees uranium demand rising due to global energy security concerns, favoring developers like NexGen and UEC, alongside Uranium Royalty's acquisition strategy.

Alexandra Woodyer Sherron, CEO of Empress Royalty Corp | Rule Symposium 2026: Rick Rule interviews

• Top takeaway Rule says he is a personal friend of the CEO and an investor in Empress, and calls royalty and streaming the best part of the capital stack for investors.
• Much of his airtime promotes the July 6-10, 2026 Rule Symposium in Boca Raton: only companies the sponsors own shares in can exhibit, all sessions are recorded, and attendance carries a money-back guarantee.

Royalty and streaming finance (upfront cash for a share of future output) gives metal-price exposure without the operational challenges of running mines. Empress Royalty targets smaller deals large streamers ignore, drawing technical capacity from its Endeavor Financial partnership to keep overheads low. Four producing assets in Peru, Mexico, Mozambique and South Africa delivered $17 million revenue in 2025 and $9 million in Q1 2026. The CEO argues Empress is undervalued: just under C$100 million market cap versus roughly US$100 million net asset value at $4,000 gold. Growth stays self-funded: $19 million held in gold, silver and cash plus a $20 million debt facility, with three deals in deep due diligence.

Neil Woodyer, Chair and CEO of Aris Mining | Rule Symposium 2026: Rick Rule interviews

• Top takeaway Rule says he vets every public-company exhibitor and refuses more than he accepts, and that a company only appears on his conference floor if he owns shares himself, which he calls due diligence; he discloses that he is a shareholder in Aris Mining.
• He says Rule Investment Media interviews every exhibitor before the symposium and records the whole event, including simultaneous breakouts, so attendees can watch and replay sessions.
• He offers a money-back guarantee on the symposium whether attended live or streamed, and says about one tenth of the fees charged have been refunded across three decades of such guarantees.
• He says Woodyer has made him money twice, and that he looks forward to hosting him at the Boca Raton symposium.

Neil Woodyer says Aris Mining can run at 500,000 ounces a year on its own, with a million-ounce path behind it. Cash of roughly $470 million plus about $400 million a year in cash flow funds construction without new outside financing. Gold reserves stand at 9.3 million ounces across the two producing mines, Sote Norte, and a Guyana project in study. The Guyana project targets about 250,000 ounces a year for 20 years, but needs roughly $800 million to build. Woodyer's method is buy and build: fund a capital-short mine, take control, then shrink oversized project designs.

Scott Berdahl, CEO of Snowline Gold | Rule Symposium 2026: Rick Rule interviews

• Top takeaway Rule discloses he owns Snowline stock and calls Valley, by his estimate, a spectacular discovery.
• He applies Jonathan Goodman's minimum 2-to-1 NPV-to-capital test and judges that Snowline fits well within it at the gold prices and costs current at the time of the interview.

Snowline Gold's Valley deposit holds 7.9 million measured and indicated ounces at 1.2 g/t (grams per ton) and remains open. A surface starter pit of 2.9 million ounces at 2.3 g/t with a 0.1-to-1 strip ratio (waste moved per ore mined) anchors the economics. The PEA (preliminary economic assessment) shows C$3.4 billion NPV (net present value) at C$2,150 gold against C$1.7 billion capex; spot prices imply roughly C$11.4 billion. A C$2.5 billion market cap values Valley at about 0.2 times spot-price NPV, clearing Jonathan Goodman's minimum two-to-one NPV-to-capital standard. Growth lies in new hotspots across the intrusion and at depth, while district infrastructure lowers the bar for future Yukon discoveries.

Paul Huet, CEO and Chairman of Americas Gold and Silver | Rule Symposium 2026: Rick Rule interviews

• Top takeaway Rule discloses that Americas Gold and Silver is held in his own accounts, presenting the interview as his vetting of the company on the audience's behalf.
• Rule promotes his July 6-10, 2026 symposium in Boca Raton on the grounds that sponsors must own shares in every exhibitor they accept and attendees get an unconditional money-back guarantee.

The guest credits a repeatable playbook — consolidate assets, fix management and mining method, restore capital — for two prior companies sold at large gains. Long-hole stoping (a bulk mining method replacing hand-held jacklegs) cut stope cycles from 12 months to 26 days, the speaker says, without diluting grade. Heap leaching ore that needs milling — skipping mill capital — plugged the pad and cut recoveries, a failure mode the speaker calls well known. The CEO reports M&I resources (measured and indicated — the more certain categories) up 19% with grades up 21% since his team arrived. The CEO says eliminating $85 million of debt — Eric Sprott's silver loan converted to equity plus a retired gold stream — restores balance-sheet strength.

Keith Neumeyer, CEO of First Majestic Silver Corp. | Rule Symposium 2026: Rick Rule interviews

• Top takeaway Rule argues First Majestic's edge is buying long-life producing assets starved of capital and intellectual leadership — citing San Dimas — whose best days he believes are probably ahead given its exploration success.
• He credits Neumeyer with the courage to enter Mexico and to stay in silver when few would, and with attracting a top-rate Mexican operating team rather than importing foreign management.
• He discloses he has invested behind Neumeyer for three decades and says every public-company exhibitor at his July 2026 symposium is owned in the sponsors' accounts, which he presents as evidence the exhibitors are vetted.

Keith Neumeier built First Majestic Silver by buying Mexican mines abandoned during downturns and reviving them with capital and trusted local management. His recurring pattern - First Quantum in copper, First Majestic in silver, First Mining Gold in gold - is entering out-of-favor sectors early. First Majestic keeps $938 million cash and 60 million ounces of gold and silver in its vaults rather than sell at prices it views as low. He screens management track records first, warning that the same mining deals resurface for decades, sometimes under new names. First Mining Gold shows the contrarian playbook: eight nearly bankrupt companies bought in 15 months during the 2014-2015 gold-sector downturn.

Taylor Melvin, President & CEO of Ivanhoe Electric | Rule Symposium 2026: Rick Rule interviews

• Top takeaway Rule discloses that he owns Ivanhoe Electric in his own personal account, and frames the conference rule that every public exhibitor must be held in sponsor accounts as a vetting test rather than an endorsement, adding 'no guarantee' that the stock rises.
• Rule says the most telling detail in the conversation is the BHP joint venture, because BHP has its own Falcon geophysical technology but chose Typhoon in this venture, which he frames as a large user's endorsement.
• Rule invokes a classroom rule of thumb to favour companies whose net present value is at least twice the upfront capital, a test Melvin says Ivanhoe's roughly $3 billion Santa Cruz NPV clears before satellite deposits and upgrades are counted.
• Rule argues that building a modern underground copper mine on private land removes the state-federal nexus that he says has left the Resolution deposit in permitting limbo for 28 years.
• Rule says his conference's money-back guarantee has stood for three decades with only about one-tenth of one percent of tuitions refunded, which he cites as evidence the content pays for attendees.

Private land in Arizona removes the federal permitting nexus that left the Resolution deposit in 28 years of limbo. A published feasibility study puts Santa Cruz at an after-tax NPV of $1.4 billion at $4.25 copper, plus $240 million per 25-cent price move. Management puts Santa Cruz near $3 billion after-tax NPV at $6 copper against $1.24 billion of initial capital, under $20,000 per ton. The first 15 years average 160 million pounds of copper a year at 92% recovery, with reported all-in costs near $2 a pound. Growth options run beyond Santa Cruz: 2.7 million tons at Texaco, undrilled sulfide, and 50% stakes in Typhoon-explored joint ventures.

Matthew Piepenburg, Partner of VON GREYERZ AG | Rule Symposium 2026: Rick Rule interviews

• Top takeaway Rule vouches that his symposium vets every exhibitor and service provider, and says he has never received a customer complaint about Von Greyerz's services.
• He promotes the 2026 Natural Resources Investment Symposium, July 6-10 in Boca Raton or by livestream, and directs viewers to contact Matthew Piepenburg via VG.gold as their single point of contact.

Piepenburg frames gold as wealth preservation — insurance against fiat (government-issued) currency debasement and banking counterparty risk — not speculation. He argues bond markets and credit and debt cycles are the signals that matter, calling this a critical turning point for gold. Von Greyerz stores client metals outside the banking system in Swiss and Singapore vaults, sourcing from refineries with a trading desk for liquidity. His multi-asset education came from running a family office after the tech bubble, where bond traders taught him the most. High-net-worth clients reach Von Greyerz partners directly through VG.gold; the firm serves clients in more than 90 countries.

Live Q&A with Rick Rule and Steve Barton 📱

Rick Rule and Steve Barton host a live viewer Q&A session focused on natural resource investing fundamentals and current market opportunities. Rule emphasizes evaluating mining companies against the Pixys 12 criteria, prioritizing management quality and balance sheet strength. The discussion covers macroeconomic drivers for precious metals and strategies for allocating capital across various mining project stages.