The Julia La Roche Show #330 Rick Rule: I Sold 80% of My Silver — Here's Why and Where I'm Putting It Now
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Jan 20, 2026 
Rick Rule, a renowned natural resource investor and co-founder of Battle Bank, shares his insights into the frail state of the global economy. He explains his decision to sell 80% of his physical silver, redirecting funds into silver mining equities. Rick discusses America's staggering liabilities, potential inflation-induced defaults, and the expected impact of AI on jobs. He also critiques the Federal Reserve's influence and outlines the necessity of innovation to tackle fiscal challenges.
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Commodities Reveal Hidden Economic Weakness
- Rick Rule argues commodity prices show the global economy is weaker than people assume, with tight supply but soft demand signals.
- Precious metals are surging because investors fear deteriorating fiat purchasing power and seek stores of value.
Debt Math Points To Inflationary Default
- Rick Rule lays out U.S. on- and off-balance-sheet liabilities near $160 trillion versus ~$167 trillion private net worth.
- He concludes dishonest default via inflation is the likely political path to reduce real debt burden.
Gold Is Defensive But Highly Volatile
- Gold tends to preserve nominal purchasing power when fiat currencies lose value and will be volatile with large drawdowns in bull cycles.
- Expect recurring 30–50% pullbacks even inside a multi-year uptrend.