Interview recorded - 17th of June, 2026On this episode of the WTFinance podcast I had the pleasure of welcoming back Rick Rule. Rick Rule is one of the most respected resource investors of the past forty years, and the former President and CEO of Sprott US Holdings.During our conversation we spoke about the economic resilience, ceasefire, the potential for a 10 year natural resources super cycle, FED more hawkish, energy and more. I hope you enjoy!0:00 - Introduction1:46 - Surprise of economic resilience4:57 - Demand destruction6:10 - Refilling strategic reserves7:15 - Precious metals risk off9:32 - FED more hawkish11:10 - Energy bullish17:58 - Energy services18:40 - Regions to benefit?21:33 - Gold &amp; Silver23:20 - Miners28:44 - Under loved commodities30:10 - One message to takeaway?Rick began his career 47 years ago in 1974 in the securities business and has been involved in it ever since. He is known for his expertise in many resource sectors, including agriculture, alternative energy, forestry, oil and gas, mining, and water. In 1990, Rick founded the business now known as Sprott US Holdings” merging in into Sprott Inc. ( SII) in 2011. He retired from Sprott Inc., in 2021, and resigned from the board of directors in 2023, but remains Sprott’s largest shareholder. IMr. Rule is a sought-after speaker at industry conferences, and a frequent contributor to numerous media outlets including CNBC, Fox Business News and BNN. Mr. Rule is actively engaged in private placement markets, through originating and participating in hundreds of debt and equity transactions.Rick Rule - Twitter - https://twitter.com/RealRickRuleLinkedIn - https://www.linkedin.com/in/rick-rule-1058921a/Website - https://ruleinvestmentmedia.com/Seminar - https://cvent.me/XOqdLa?via=WTFInanceWTFinance -Instagram - https://www.instagram.com/wtfinancee/Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfniTunes - https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4Twitter - https://twitter.com/AnthonyFatseas

Rick Rule: A 10 Year Natural Resources Bull Market Has Begun

WTFinance

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**Podcast:** WTFinance

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I think the next 10 years are going to be very good in the natural resources business. But in order to enjoy that, you're going to have to take a lot of volatility into account and a lot of cyclicality into account. It's odd that people buy financial assets differently than they buy physical assets. It would seem in financial assets as though everybody were in the store, the store announced a sale. And as a consequence of the fact that the goods were cheaper, everybody left the store. That's the wrong way to be.

That is the wrong way to be.

Right now, the road map is clear. Gold heading towards 12,000 to 15,000 structural oil shortages arriving by 2028 to 2029 on the back of years of underinvestment and uranium as a standout opportunity of the decade. He sees the current pullback in precious metals as a healthy consolidation within a secular bull market and has rotated from physical to silver into the miners. Rick Rule is one of the most respected resource investors of the past 40 years and the former president and CEO of Sprott US Holdings. He isn't here to tell you what is already moving. He's not here to tell you what is already moving. He is not here to tell you what is moving. He is not here to tell you what is moving. He is not here to tell you what is already moving. He is not here to tell you what is already moving. He is not here to tell you what is going to be.

He is here to tell you where the real money is made in patience, quality and discipline. Rick, thanks so much for coming back on the podcast. Rick Rule is a pleasure, Anthony. Thank you for having me back. Rick Rule is looking forward to the conversation. I think last time we spoke, it was just as the war in Iran has started. There was a lot of concerns about, I guess, the cutoff of the Strait of Hormuz, the cutoff of supplies coming out, especially oil and gas coming out of Qatar and other countries in that region.

Have you been surprised by, I guess, how well the global economy has been able to continue without that massive supply that was coming from there? Rick Rule is a question.

In anticipation of having to ration by price, which is to say real supply shortages. If the war is over, we've probably averted that. We lived off above ground inventories, including a massive drawdown of the U.S. and Chinese strategic reserves.

I believe that we were about to see ration by price. And if the war is over, the 200 or so cargoes north of the Straits likely alleviate the immediate premise of shortage. We will need to rebuild inventories on a global basis because inventories have been very, very, very much drawn down.

What I think will surprise many commentators is the amount of demand destruction that these prices have caused to occur in emerging and frontier markets. Anthony, if the price of oil rises where you are, and as a consequence, gasoline prices rise, when you drive to the filling station, you might cuss a little ...

Rick Rule: A 10 Year Natural Resources Bull Market Has Begun

Transcript

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Rick Rule: A 10 Year Natural Resources Bull Market Has Begun

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.