Rick Rule Predictions

[5:04] My belief, and I can bore your audience if you want with all arithmetic, is that the US dollar will duplicate its performance in the decade of the 1970s, which is to say it will lose 75% of its remaining purchasing power the next 10 years.

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[5:19] And gold, I think, will maintain its purchasing power. Gold will today, as it has always done, buy you a very fine men's suit. Maybe not at a hotel this expensive, but at a reasonable place. It'll buy you a very fine men's suit, an ounce of gold. And 10 years from now, it'll buy you a very fine men's suit. That same men's suit in US dollars will probably be a $15,000 suit in 10 years.

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[6:00] The market share of gold and precious metals related securities in the United States relative to other savings and investment assets is 1/ half of 1%. Figuratively, this is a pimple on an elephant's behind. The four decade mean market share is 2%. If gold reverts to mean, gold and precious metals, related securities reverts to mean, demand increases four-fold in the largest savings and investment uh asset uh country in the world. And that's what I think is going to happen.

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[28:13] The shortage that we have coming up is structural. The shortage that we have coming up will be a consequence of by then $2.5 trillion dollars of underinvestment. And you can't solve that with an armistice. You have to solve it with uh a $2.5 trillion capital input. And you can't input that in a month or two months or three months... The price response that you saw in calendar 2026 from $55 to 115 was artificial and temporary. The structural imbalance that you're going to see coming forward is structural.

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[8:49] 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 10 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.

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[9:23] 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.

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[9:23] 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.

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[17:36] my suspicion, since you asked me, is that US 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.

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[20:49] Copper will be higher in nominal prices and higher in real prices 5 years from now, absent a depression, guaranteed.

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[9:55] right now, we're using more copper than we produce. And you can only use more copper than you produce when you have surplus inventories. We're about 3 years away from being out of inventories.

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[16:58] The shortage that's coming to us in 3 years is structural and you won't be able to end it with an armistice.

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[21:02] 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.

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[23:33] The government will tell you that the dollar is losing its purchasing power to the extent of 2 and 1/2% a year. The real number for your family is eight.

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[6:08] There's a parabolic up chart. You need to sell parabolic up charts because they resolve to the downside.

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[5:48] I think there's less pressure on the US Fed to lower interest rates. I think ultimately they will, but I don't think they'll have to in calendar 2026.

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[5:48] I think there's less pressure on the US Fed to lower interest rates. I think ultimately they will, but I don't think they'll have to in calendar two 2026. That means relatively strong US dollar.

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[6:25] I think the economy in the second half of 2026 is going to surprise people for it with its weakness.

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[6:37] I expect as an example the copper quote to be flattened down.

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[17:04] I believe make no mistake that over 10 years the gold price the nominal gold price is going to be markedly higher than it is today.

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[17:22] I think right now that the oil quote and the oil stocks are in freefall and the oil market is a better market than any other natural resource stock. So if I looked at what I'm likely to allocate to the most over the next six months, it's likely to be the oil and gas business.

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[22:06] I believe that both the royalty and the streaming companies have the best 10 years that they've ever had in front of them in terms of allocation.

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[41:30] they might not have a good summer, but 5 years from now they won't remember this summer.

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[42:00] I think we're coming into a truly spectacular period of time. The difficulty, and you know this, Trey... Uh I I think we're coming into a period like the early part of the decade 2000 to 2010.

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[3:30] In the very near term, I'm pessimistic as to the gold price.

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[1:19] I think in the very near term that US policy makers are prepared to allow the market to set the tone of US interest rates and that suggests to me that interest rates will go higher in the US.

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[3:08] my suspicion is towards the end of this year, you will see them capitulate uh and both force interest rates down to the extent that they can and uh monetize uh the debt and deficits including the debt uh associated with the recent Iran conflict through quantitative easing.

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[12:53] In the decade of the 70s, according to the office of management and budget, the US dollar lost 75% of its purchasing power over 10 years, which is what I believe happens over the next 10 years.

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[21:50] I think minimally there will be $50 billion in new transactions in the next 10 years. Minimally. Uh, and by the way... the nominal number will be much higher 70 or 80 billion.

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[38:42] I think that changes in two or three years. Uh I think you have a market right now where the owners of the companies, the shareholders, particularly institutional shareholders are insisting on a very rigid fiscal discipline. uh I think that changes because I think the concern over the next two years will be the ability of companies to maintain or or increase their production

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[41:45] I think over the next five years the prices that are going to be paid for those discoveries uh are going to be surprisingly stiff.

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[36:01] I think uh a characteristic of the upcoming bull market in precious metals uh will be eventually a leadership transition from gold to silver.

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[13:13] There is zero doubt that we're going to have lower supplies. We made this argument uh Adam, you and I uh at the end of 2025 around oil... There is zero doubt that copper supplies will fall over five years. You needed to work 15 years ago to increase supply now.

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[8:31] the amount of copper demand that is going to be expressed in the market will not be able to be satisfied at a price that the market is willing to pay. It just isn't possible.

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[43:03] The probability uh that uranium uh is the fuel uh of the AI business is 100%.

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[33:52] I believe that we will over the next 10 years experience at least a reversion to mean.

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[43:23] the oil industry on a global basis was underinvesting in sustaining capital to the tune of a billion dollars a day and that would lead to higher prices by 2029, 2030. Uh, they're underinvesting by more than a billion dollars a day... the prices that we're paying today uh are prices that are likely to be with us in 2029 or 2030.

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[35:22] If you believe, as I believe, that the debt and deficits that we face in the United States and Canada will increase rather than decrease over time. The funding mechanism, the only funding mechanism that seems to me to be available is artificially low interest rates to lower the interest component on the debt and quantitative easing, which is to say spending.

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[6:22] the increase in US interest rates and the so-called flight to quality around the world is driving the US dollar higher and likely driving gold either sideways to down.

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[32:59] the circumstance I'm talking about which is uh the renewed political favor of uranium translating into higher uranium prices is a two or three or four yearlong project.

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[36:06] I suspect that we uh ran out of that epoch in 2022 with higher real interest rates and I think that we'll continue to have higher real interest rates over time because I think we're going to have uh higher levels uh of inflation. Uh if I'm right uh then equity markets are pricing in too rosy a scenario probably as a consequence of 40 years of benign economic times.

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[37:53] It would be difficult for me to believe that uh political forces allow him to be as hawkish uh as his statements have suggested that he would be.

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[5:28] the destruction of productive capacity in the Gulf both in terms of the Qatari liqufied natural gas infrastructure and the Iranian infrastructure on Car Island uh will take as much as 5 years to fix.

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[20:50] If we started looking for copper today, in my experience, as an example, grassroots exploration on a district scale takes a decade to pay off. We're talking about a circumstance where we meaningfully increase supply from frontier areas 15 or 20 years from where we push the start button.

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[18:48] I think that we're going to have to mine more copper over the next 30 years, not 15, 30 years than we've mined in all recorded history.

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[22:45] At the same time that demand is increasing at 2 and a half or 3% compounded a year, production is falling up between one and one and a half% a year. So the gap gets fatter and fatter and fatter.

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[31:03] When we ration by price, I say when, not if, society will find a way to save itself. Money is made by when the whole herd gets attracted to copper at 12 or $15.

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[4:27] looking further out for reasons that you and I discussed as much as a year ago, namely the deferral of a billion dollars a day in sustaining capital, the prices that you see today will likely be present in 2029

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[27:03] Uranium is actually the greatest beneficiary I think over time of the Gulf conflict... the clearest of all beneficiaries of the Gulf conflict is uranium and that will play out in the market over the next couple of years.

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[32:54] Robert was telling me that with the projected demand for data centers that we will consume more copper in the next 15 years than we've consumed in the history of humankind.

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[0:06] My biggest fear is with the proliferation of high yield ETFs, junk bond ETFs, the potential for a 2008 style credit contraction is very, very real.

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[34:34] my underlying thesis, and we've shared this on your show numerous times, is that over the next nine or 10 years, the US dollar loses 75% of its purchasing power, while gold likely maintains its purchasing power.

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[34:34] my underlying thesis, and we've shared this on your show numerous times, is that over the next nine or 10 years, the US dollar loses 75% of its purchasing power, while gold likely maintains its purchasing power.

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[6:53] M&A is going to be a big big theme next year. People say it's heated up, but it has nowhere near run its course.

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[7:37] They will, when I say they, I mean the big royalty and streaming companies will do more by way of transactions in the next seven years than they have in the last 40.

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[3:32] I actually believe that and there is now sufficient capital to follow up on good drill holes on good work. We're coming into a very very very exciting period throughout the value chain and mining. But I think two years from now we're coming into a particularly exciting period in the exploration side because there's been such a der of discoveries leading up to now. There's good results coming now and when a good deposit gets found, it will be bought for eyepopping multiples.

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[23:38] I think the oil price is going to 85 or 90.

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[24:00] I'm buying uh what I think is a company five years ago, five years from now, that will be worth two to three times what it's worth today

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[6:06] I don't think that either metal is going to move with the rapidity that they moved in 2025.

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[17:10] I guarantee you and I guarantee very little that in this bull market the gold price will from time to time fall back by at least 30%.

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[10:59] I think we have a dishonest default, which is to say that we honor the nominal value of our obligations while we inflate away the net present value of our obligations.

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[13:06] I will guarantee you, David, and I don't guarantee much, that the gold market in the next 10 years will fall by 30% or more at least twice.

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[9:54] I believe uh for reasons that you and I have discussed uh at infinitum perhaps even adnauseium uh that the purchasing power of the dollar declines for 10 years which means that the nominal price of gold increases for 10 years.

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[21:10] I would suggest to you David that peak oil demand doesn't occur in my lifetime and probably not in yours.

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[0:00] They pay you 4.5% in a currency which I believe is deteriorating in terms of purchasing power at 7.5% a year. You're losing 3% a year for 10 years. 3% compounded which means over 10 years gold likely goes in nominal terms much higher or rather gold holds its real value while the purchasing power of the dollar declines by 75%.

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[21:54] I think we have a circumstance that resembles very much the decade of the 1970s where according to the Congressional Budget Office, the US dollar lost 75% of its purchasing power. Stated differently, we had several years where the official inflation rate in the United States was in double digits, compounded.

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