Silver Fundamentals and Shortage Dynamics

Stijn Schmitz welcomes back the legendary Rick Rule to the show. Rick Rule is Investor, Speculator, Founder & CEO of Rule Investment Media. In this wide-ranging interview, Rule provides insights into various commodity markets and economic trends, highlighting key perspectives on precious metals, oil, and global economic dynamics. Reflecting on the remarkable performance of commodities in 2025, Rule notes that gold has actually been steadily growing at 9% compounded annually since 2000. While he doesn’t expect the same parabolic moves to continue, he believes gold will continue to appreciate over the next decade.

For silver, Rule discusses significant market disruptions, including changes in trading patterns in Dubai and China, and notes that industrial demand remains structurally inelastic.

Regarding the broader economic landscape, Rule offers a stark assessment of the US dollar’s purchasing power, which has lost 97% of its value since 1913. He predicts a potential further 75% loss in purchasing power, suggesting that governments will likely continue to inflate away debt obligations. This perspective underpins his strategy of saving in gold and maintaining liquidity in US dollars. In the commodity sector, Rule sees significant opportunities in copper, oil, and select mining stocks. He emphasizes the long-term supply constraints in copper, driven by decades of underinvestment and lengthy permitting processes. For oil, he recommends companies like Exxon and Canadian producers, noting the sector’s current undervaluation.

Timestamps:
00:00:00 – Introduction
00:00:40 – 2025 Commodity Rally Drivers
00:01:25 – Gold Bull Market History
00:02:52 – Silver Shortage Fundamentals
00:05:49 – Silver Market Disruptions
00:08:00 – Silver Demand Inelasticity
00:12:40 – US Dollar Purchasing Power Loss
00:17:13 – Fiscal Challenges and Inflation
00:19:17 – Precious Metals Miners Value
00:23:20 – Private Placements
00:25:25 – Oil and Gas Opportunities
00:32:25 – Hated Commodities Overview
00:36:00 – Coal & Copper
00:44:20 – Concluding Thoughts

Guest Links:
X: https://x.com/@realrickrule
Website: https://ruleinvestmentmedia.com
YouTube: https://www.youtube.com/@RuleInvestmentMedia
Classroom: https://ruleclassroom.com

Rick Rule has dedicated his entire adult life to many aspects of natural resources securities investing. Besides the knowledge and experience gained in a long and focused career, he has a global network of contacts in the natural resources and finance sectors.

Mr. Rule is a frequent speaker at industry conferences and is regularly interviewed for radio, television, print, and online media outlets concerning natural resources investment and industry topics. Prominent natural resources-oriented newsletters and advisories frequently quote him. Mr. Rule and his team have expertise in many resource sectors, including agriculture, alternative energy, forestry, oil and gas, mining, and water.