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The Dollar Will Lose 75% of Its Value. Here's What He's Buying | Rick Rule

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0:00 | 25:28

Rick Rule sold most of his physical silver this year and moved the money into silver mining stocks, a lesson in how a 50-year veteran actually positions.

Speaking with Kitco News at the Rule Symposium 2026 in Boca Raton, Rule said he sold roughly 80% of his physical silver after its parabolic run and rotated into the miners. "You need to sell parabolic up charts because they resolve to the downside," he said. The stocks were "priced discounting $35 silver in a $75 market," offering better upside, sideways, and downside than the metal itself.

Gold is a different bucket. Rule says he saves in gold, keeps liquidity in dollars, invests in senior gold stocks, and speculates in juniors. He placed the gold bull market in its "sixth inning" with a decade to run, and reaffirmed his call that the dollar will lose 75% of its purchasing power over 10 years, which could see gold triple. He also argued that real inflation runs far hotter than the official number, calling the CPI "the CP-lie" and putting the true rate for the average family closer to 8%.

Recorded July 08, 2026.

Special thanks to our sponsor, Aris Mining, for making this coverage possible. To learn more, visit: https://www.aris-mining.com/

00:00 - Welcome to the Rule Symposium
00:36 - The Mood on the Floor
03:39 - How to Pick Mining Stocks
06:43 - His Four Buckets and Battle Bank
08:29 - Gold Bull Market: The Sixth Inning
12:21 - Why Uranium "Cannot Go Wrong"
15:17 - The Oil Shock and Staying Disciplined
16:55 - Why News Makes You a Worse Investor
20:03 - Contrarian Investing and Common Mistakes
22:30 - The CPI "CP-Lie" and Final Takeaways

#Gold #Silver #RickRule #Copper #KitcoNews
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Disclaimer:  
The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

SPEAKER_00

Kitco News, on-site coverage of the Rules Symposium Natural Resource Investing is presented by Paris Mining.

SPEAKER_03

All right, welcome back to the show. I'm Jeremy Stafford live from the Rules Symposium at the beautiful Boca Raton Resort in Florida. Now the man I'm sitting down with next is spent about 50 years financing this business, and this week everybody else came to him. Now, this is his conference, his floor, his crowd. And what we talked a few weeks ago, we walked through the whole macro case for gold. So today, I don't want to repeat that. I want the thing you can only get standing right here, this mood in the room and what a 50-year veteran is doing with his own money right now and the oil shock he flagged months ago that just landed this morning. Welcome back, Rick Rule. Good to see you, Rick. I wanted to kind of talk to you about the mood on the floor because it's been an interesting show. I mean, a lot of people coming up, really excited about Gold's uh run-up, asking a lot of questions about the correction. But you've you've got the whole sector in this building. I mean, compared to last year, what what is the mood on the floor right now?

SPEAKER_01

Asking me about the mood at my conference around natural resources is like going to an evangelical church. You're asking the choir if they believe in God. Yeah, that's true. Okay, let me ask you a different way. Are they are people greedy or are they scared right now? No, people are greedy. Yeah. People are greedy. Now, understand that this audience has been conditioned. We've taught them to learn, to know that soft markets are sales. People instinctively are good at sales. Uh and the consequence of that is that this audience, which is an experienced resource audience, welcomes lower pricing because they're confident that pricing will do very well in the five-year time frame. This we have characterized, and our office, our audience believes, is the calm before the storm. Yeah.

SPEAKER_03

You know, that brings me to the question whether, you know, I I walk this floor, I've talked to a few people. Are you seeing new faces this year, first-timers, kind of generalist investors who never came before, or is it still those true believers?

SPEAKER_01

These are semi-first timers. The biggest part of our live attendance growth came from people who were live stream attendees last year. They're familiar with the conference, but they attended it in a different format. They wanted access, which they should, to the nonverbal form of communication that occurs at a live conference. Right, right, right.

SPEAKER_03

Uh just the education part. I mean, it's been incredible to watch you kind of build. It seems like a bit of a legacy project for you, no?

SPEAKER_01

Solely a legacy project. Uh, you know, I'm I've been very lucky. I've been in the resource business for 73 years. I've had good years and bad years. But the truth is I don't have to do anything for money anymore. I haven't actually had to do anything for money since 1990. This particular project, in conjunction with the rural classroom, is really truly an effect of my legacy. When I was a very young man, uh I received spectacular mentorship from some older people. If I didn't do that myself, I would dishonor the legacy, I would dishonor the debt I owe to those who taught me.

SPEAKER_03

Yeah. Very well said. And I you do something at this conference nobody else does, and I think that there's a lesson for everyone watching here. I mean, you you only let a company exhibit on this floor if you own them yourself or in the accounts that you kind of manage. Now, you just turned away, I think, more than 130, right? I mean, in plain terms, what's the red flag that gets a company out?

SPEAKER_01

I have to own them.

SPEAKER_03

Yeah.

SPEAKER_01

If we don't own them, they don't come on the floor. It doesn't mean that there's lots of good companies that I don't own.

SPEAKER_02

Yeah.

SPEAKER_01

My deal with my attendees for 30 years of this conference is that every exhibitor would be vetted. That doesn't mean that every exhibitor is appropriate for every account. What it means is that to the best of my ability, the companies that are presenting here, irrespective of whether they're investment great or speculative, are suitable for purpose. Right, right.

SPEAKER_03

Makes sense. Uh, you know, most people watching can't come and vet a hundred companies in in person. So give them that home version a little bit. I mean, what are the two or three things that a regular investor should actually kind of check before they're buying a mining stock?

SPEAKER_01

Well, you actually hit it inadvertently in the way in. The average investor should limit the number of stocks in their portfolio to the number of hours per month that they're willing to work studying companies. You're willing to work 30 hours, you can have 30 stocks. 10 hours, 10 stocks. For me, I have a staff. I have geologists, I have engineers, I have financial analysts, and I myself spend at least 40 hours a week uh studying. So I could own 160 stocks plus because I have a whole team that does it. Most people have lies. And for them, they need to construct constrict the number of stocks they have in their portfolio to the number of hours per month they're willing to work.

SPEAKER_03

Now, right now, I mean, we just had, I think of Adrian Day just coming on the show. And I mean, you know, he was he was buying some haircuts last week and he goes, Oh, maybe I should have waited, but it's fine. So that long-term thesis is still there. Is this a buying opportunity now?

SPEAKER_01

Absolutely, yeah. Could it go lower? Of course. Bernard Baruch famously said, the only guy who bought at the bottom and sold at the top was a liar. It didn't happen.

SPEAKER_03

Uh, we could talk about your own money because I think we talked about this at PDAC, but you made that big move. I mean, earlier this year you sold something like 80% of your physical silver. You rotated into silver mining companies. Walk people through that process and whether it played out as you hoped.

SPEAKER_01

Uh the process went like this. I save in gold. Gold is not a speculative asset for me, it's a savings asset. Yes, I would sell it in the right circumstance, but we aren't close to that circumstance. Silver was different, it was a speculative asset. I bought physical silver because silver was hated. And I know that the easy money in cyclical businesses occurs if you have the guts to buy hate. When I bought silver, it was less than 20 bucks an ounce, and people hated it. And my thesis was that over time that hatred would dissipate and the ship and the price of silver would rise. Well, that happened. And when it happened, I didn't decide if there was a new thesis that should keep me in silver or whether I should transfer my speculative capital from silver to something else. When I looked at it, I said, you know, you thought that silver could go to 50. It didn't. It's 75. There's a parabolic upchart. You need to sell parabolic upcharts because they resolve to the downside. Is there a better use of capital? Yes. 50% of the money went into silver stocks. Why silver stocks not silver? Here it becomes arithmetic. If the silver price goes up, the silver stocks do well. If the silver trades sidewise, sideways, by definition, you make no money. But the silver stocks were priced discounting $35 silver in a $75 market. So the silver price could fall and the silver stocks could still do well. If the silver price fell because of the discount in the silver stocks, arithmetically the silver stocks would fall less than the silver. Same upside, better sideways, better downside, better speculation.

SPEAKER_03

Now you talked about gold as is kind of a savings and the gold miners still look cheap relative to the metal, obviously. But are you making the same move now in gold? I mean, are you selling a little bit of metal to buy the miners, or is that just a completely different call?

SPEAKER_01

For me, I save in gold. And despite the fact that I don't need to, I save a lot. It helps me sleep nights and stay calm. All of the net profit from this conference will be invested in physical gold in my account. Placed by the way in Battle Bank. I save in gold. I maintain liquidity in US dollars. I invest in senior gold stocks and I speculate in junior gold stocks. Those are very different buckets.

SPEAKER_03

Now, I know Battle Bank is here this year. I went and had a nice little conversation. You're getting closer and closer. People are getting excited about it. Is this kind of the next phase for you? I mean, are you been waiting for this for a while?

SPEAKER_01

Well, this is my seventh bank. Many people don't might know that. It's my second bank in the same incarnation of the same management team. So I'm hugely excited about it because I love banking. And I believe in community banks. Uh Battle Bank is a community bank where community is defined by aspiration rather than by geography. Battle Bank is a bank designed around a community that you see here. It makes perfect sense that I would be involved in a bank for this community simply because I know my customer and my customer acquisition cost is zero. I have a durable competitive advantage serving an audience that I've served for 50 years. And banking is a very good business if you don't make mistakes. I've been successful at most of them, but every business is difficult.

SPEAKER_03

Now, you've described gold as kind of being in roughly what the third inning of a nine-inning kind of game. After this correction we just went through, where are we right now?

SPEAKER_01

I think we're in the sixth inning. I believe the gold bull market, at least for me, the gold bull market began in the year 2000. I think we've got ten years left. So we're in the sixth inning. Understand that in most financial markets, the best part of the move, the hyperbolic move, comes towards the end. I believe specifically, getting the baseball analogy aside, that gold will trade inversely to faith in the US dollar. Faith in the US dollar, because of nominal interest rates, is relatively high now. But the arithmetic around the US dollar is profoundly bad. I believe specifically, and I said this the last time you and I interviewed, that the dollar will likely lose 75% of its purchasing power over 10 years, which suggests that the gold price in nominal terms, US dollar quoted terms, could be a triple over 10 years. It's not a bad move.

SPEAKER_03

No, it's not. And it's not just gold and silver for you anymore, obviously. Uh you've been putting real money into copper as well, and I want to talk about that because for someone who kind of only thinks about gold, make the big picture case, right? Why copper? Why now?

SPEAKER_01

Well, copper is simple supply and demand. First of all, right now, we're using more copper than we produce. And you can only use use more copper than you produce when you have surplus inventories. We're about three years away from being out of inventories. That's the way it works. At Metals Week in London last year, they presented a fantastic paper saying that to maintain current levels of copper production, understanding that they're in deficit, to maintain current levels, the ten largest copper mining companies in the world have to invest $250 billion. Several problems with that. The first is they don't have the money. Yes, they can get it, but they don't have the money. The second is that you're maintaining production in an industry that's in deficit. The third problem is that copper demand is growing. So the deficit, assuming that you maintain production, is gonna fall. The money that we need to invest in copper now, in order to impact copper supply five years from now, needs to have been invested 15 years ago. You cannot make up for 20 or 30 years of systemic underinvestment in five years. Absent a depression. Absent a depression. Copper will be rationed by price.

SPEAKER_03

You know, it's interesting. I turned on uh just before coming down here, I think I turned on CMBC at one point, Bloomberg, just to see what the mainstream was talking about. And and we got this uh NVIDIA crack right now with the AI trade. I mean, it shredded, they shed at about a trillion dollars since May, and now people are going, oh, maybe that's gonna affect copper. Maybe there won't be a bullish trend. Is that the contrarian take that you kind of look for?

SPEAKER_01

It's misinformed. Yeah. Uh the baseline trend in copper is demographic. There are more people being born every day than are dying. There's more people on Earth. And the people on Earth, particularly in emerging and frontier markets, want to live like you do. A materially abundant life is an energy-intensive life. There's a billion people on this planet today that have no access to primary electricity. In 20 years, they're going to. It's going to take copper to generate that power. It's going to take copper to get that power to them. It's going to take copper for them to use it. Yes, AI is going to work. People ask me here at the conference, well, what do you think of NVIDIA? The truth is, I don't think of it at all. I can't spell it. I understand copper. I understand that there's been 30 years of underinvestment in copper. I don't have the sophistication to talk AI. And by the way, most of the people who invest in it don't either. I'm not panning it. I'm just trying to say that the copper market is easier to understand than the AI market.

SPEAKER_03

Yeah, and you know, you you could say the same as well for uranium. I mean, you said it could be kind of one of the best places to be for the next decade. In plain terms, uh, for our audience watching, I mean, what does a regular person need to understand about that?

SPEAKER_01

Well, what they need to understand about uranium is that structurally, this is a market that cannot go wrong. The easy money has been made. The easy money was been made by the people who bought uranium when it was hated. That's over. People don't hate it. A few things people need to know. The first is that uranium is the only source of base load power that doesn't generate carbon. The second thing that people need to know is that politically, the world doesn't hate uranium anymore. Six or seven years ago in my country, the United States, being a proponent of uranium, I thought my picture was going to be in the post office wall, and not in pleasant terms. Now these morons want to subsidize me. The winds of change are all over the place. Technology favors uranium. Much more recently, the last uranium boom was heralded in 1973 by the Arab embargo when people became concerned about energy security. We had a wake-up call four months ago in the Gulf. The Arab oil embargo caused the French nuclear fleet to be built, the fourth largest in the world. It caused the Japanese nuclear fleet to be built, the third largest in the world. For 50 years we had a vacation from the concerns about energy security. Now it's first and foremost on everybody's mind. Finally, the nature of the uranium market is going from a spot market to a term market, unlike any other commodity in the world. So a simple-minded securities analyst like Rick Rule can do forecasted forecasted prices and volume based on contract as opposed to supposition. Uranium will over 10 years be the easiest commodity to value of any commodity on the planet. These are structural changes. There's no rhetoric here, there's no narrative here, there's no emotion here. It's all arithmetic, and the arithmetic is all good.

SPEAKER_03

Even a younger generation. I mean, they can see a TikTok video now, they think, okay, nuclear maybe is greener. Right. It's it's it's im it's it's interesting.

SPEAKER_01

It's lovely to be 73 in that sense. Mostly it's not, but it's lovely to be 73 and understand the impact of change and understand too the fact that change is not forecastable, but it's observable. Most of my competitions are expectation of the future is set by their experience in the immediate past, and that's wrong. Uh most anticipation is recent experience rather than extrapolation of history. And if I have an advantage over many of my peers, it's that extrapolation and the reference to arithmetic rather than rhetoric that matters.

SPEAKER_03

I mean, back in the spring, you flagged uh Iran and straight aforemes oil shock is the big kind of wild cord for for this year, 2026. Now, today, president called the ceasefire over. The U.S. hit Iran again, oil's ripping about 6% the last time I checked. Is this the scenario that you've been warning about playing out even more? What are your thoughts here?

SPEAKER_01

I'm not a geopolitical analyst, so I won't speak to that. I will say that I had a fear the last time that you and I talked that the conflict was irresolvable in the sense that the Iranian leadership prevailing was an existential concern for them, and it's an existential concern for the Israelis. My own personal belief is that the United States has no business there. Uh Mr. Trump doesn't have me on a speed dial, so he doesn't consult me. Uh for reasons that are non-financial, uh, I'm old enough now to prefer that young people didn't die. Uh separate in part from finance. In terms of trying to make a financial forecast, I don't know how to do it.

SPEAKER_03

Yeah. But I mean, you're looking more at any oil and gas companies right now?

SPEAKER_01

I mean, are they a consequence of this? I don't make decisions based on information that I can't process. I don't know what's going to happen in terms of peace or war. I am making oil investments because, as you and I discussed before, the industry is underinvesting in sustaining capital by a billion dollars a day. The shortage that we experience today is artificial. It's due to war. It can be ended with an armistice. The shortage that's coming to us in three years is structural, and you won't be able to end up with an armistice.

SPEAKER_03

Yeah. Does it ever surprise you, Rick? I mean, I think you know, these headlines that we see, they're, they're, they act as such a volatile trigger for not only equities, but I mean oil pricing, et cetera. I mean, ironically, gold sold off today because higher oil revives the inflation fear, and now the markets are pricing in this Fed rate hike, right? Some banks have even come out today and trimmed their forecast on gold. I mean, is this just the breather inside the bigger bull market?

SPEAKER_01

And uh do you think we're gonna have a little bit of a little bit of a little bit of I can't tell you what the market's gonna do in the near term. My suspicion, and by the way, I don't invest based on my suspicions, but my suspicion, since you asked me, is that U.S. interest rates will stay nominally strong and gold will be nominally weak, perhaps for the balance of 2026. But that doesn't matter. Structurally, the dollar's toast, not relative to the Canadian dollar, not relative to the euro, but in an absolute sense, structurally the dollar's toast. So I'm sort of unconcerned about what happens in 2026. I got plenty of money to get me through 2026. I'm vitally concerned about what happens over the next decade.

SPEAKER_02

Yeah.

SPEAKER_01

As to news, um, I have found that too many people rely on news because it allows them to feel as opposed to think. It's easier to feel. It's easier to have your motivation be something that doesn't require you to do any work. Uh mercifully, in my life, by the time I was 30, I learned that that was the wrong way to invest. And so I get to compete with people who handicap themselves.

SPEAKER_03

That's interesting. That's interesting. And I mean, the investors on the ground at this conference, they do understand. I mean, they learn amazing things on stage here. I watched a couple of panels, and I have to ask you, because it's something that struck me this week is you know, Hong Kong launched its old gold clearing system, right? Singapore's building one. Uh, even London shifted into aging hours, which is uh interesting. So the East isn't buying the metal right now, it's building the machinery. So, what are your thoughts on the Western investor? Just talking to the people on the room here. Is there gonna be more general?

SPEAKER_01

This is the wrong constituency because you are you're trying to extrapolate, as I say, you you're asking the choir in an evangelical church if they believe in God. Likely the answer is yes. Uh looking at it bigger, let's look at arithmetic. And the market share of precious metals and precious metals-related investments relative to other savings and investment classes in the United States is one half of one percent. We are as relevant to the broad economy as a pimple is to a blue whale. Okay? The four-decade mean is two percent. If demand returned to mean, it would grow fourfold. In circumstances like this, reversion to mean almost always means an overshoot. But let's assume we don't get an overshoot. If demand returned to mean, if the market share of precious metals and precious metals investing in a market, the United States, that accommodates 22% of the world's savings and investment assets were to return to mean, demand would grow fourfold.

SPEAKER_03

You know, you always get a comment or two about the contrarian calls. And I mean, you you've had some big contrarian voices uh all throughout this week. So where do you personally kind of draw the line between a contrarian warning that's genuinely worth hearing and you know, somebody that you think is maybe their thesis would never put your own money behind? It depends on who you are.

SPEAKER_01

Uh a hate buyer, which is the true contrarian, is opportunistic. Right now, nothing is hated. So there's no easy money in this market. The easy money is buying hate. There are structural advantages. Copper will be higher in nominal prices and higher in real prices five years from now, absent a depression. Guaranteed. No hate, no easy money, but certain money. Demand for uranium over the next 10 years is structurally higher. No hate, easy money's been made, the certain money is ahead of us. For people who are fully invested in natural resources, they can afford not to buy. They can become opportunistic, they can wait for things to be hated, they can wait for their a panic. For people who have one half of one percent of their net worth in gold and 99% in US dollars, where the purchasing power of their US dollars is almost certain to decline by 75%. They can't wait.

SPEAKER_03

Yeah. That 75% number just keeps coming back. Uh it's it's an interesting one. And you've always said that in this business you're either a victim or a contrarian, as you know. So turn it on our crowd. Uh a lot of general investors watching as well. You know, what's the one thing that you this entire gold room believes right now that you think may be flat wrong?

SPEAKER_01

There's a huge difference between inevitable, which is Thesis and eminent. Many people are strategically correct and tactically wrong. If you're investing in a thesis that'll take three years or four years or five years or ten years to play out, and you have trauma holding stock over a long weekend, you aren't going to have the courage of your convictions. The second thing is that most investors, including those here, don't work hard enough. It's one thing having a belief. It's another thing understanding enough about your investments that you understand the delta between price and value, and that you have enough confidence in your investment that in the inevitable perturbations, simply from volatility, you don't get shaken out.

SPEAKER_03

You know, there's a lot of people that are live streaming, they're wanting to kind of attend, they're learning more and more. I mean, last one, out of everything on this floor this week, I mean, what's the one thing that you kind of hope that every single person walks out of here actually understand her?

SPEAKER_01

Two things, I'm afraid. The first is that their understanding of inflation is wrong. Americans, even intelligent, learned Americans, believe that a deterioration in the purchasing power of their dollar is measured by the CPI. There's a wonderful phrase that the CPI is the CP lie. I would invite any of your listeners to informally construct a basket of goods and services that their family consumes. Look at the prices that they paid for that basket of goods and services in 2020 and the price that they pay today. The government will tell you that the dollar is losing its purchasing power to the extent of 2.5% a year. The real number for your family is eight. And juxtaposing that eight to two and a half should be the fundamental that people use to plan for their future. That's the first thing. The second thing is that there has been structural underinvestment in the means of production for a very long time. That doesn't mean that technology isn't a good place to invest, but you have to understand technology. If you understand a whole bunch about chips and semiconductors and servers, you can invest in NVIDIA. But if you're like me and you can't pronounce it, you can't invest in it. So that's what I would urge people to do. I would urge people to look at the fact that there's been structural underinvestment in extractive industries for 30 years while the economy has grown. And the simple balance of supply and demand means that the stuff of humankind, which gets more used as there are more people, uh the stuff of humankind is going to be rationed by a price.

SPEAKER_03

Nobody wants to stop consuming. All right. Rick Rule, always a pleasure. Pleasure. Of course. That was Rick Rule. Our thanks to him and his whole team for having us here. Now, here's what I keep coming back to. Rule doesn't tell you what to buy, he tells you how to think. Be a contrarian, own what you understand, and never stop doing your homework. In a week full of forecasts, that might be the most valuable thing in the building. Now we've got more from the floor here at the Rule Symposium in Boca Ratona all week. I'm Jeremy Saffron. See you next time.

SPEAKER_00

Kitco News, on site coverage of the Rule Symposium Natural Resource Investing, is presented by Eris Mining.