Investors / stance tracking
What Rick Rule is saying
FollowFollowingUnfollowFormer CEO, Sprott US Holdings
49 dated public stances tracked since 2024-08-22, most recently 2026-10-13. Each line carries the date and the venue it came from; quotation marks mean verbatim. Methodology.
The stances below are c8alpha's editorial distillation of Rick Rule's public commentary — television, podcasts, and interviews — compiled by automated transcript analysis and dated to the episode they came from. They may lag the speaker's current view and may contain extraction errors. Text in quotation marks is verbatim from the episode; everything else is our paraphrase. Rick Rule is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
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49
tracked stances
31
themes
1
side flips
2026-10-13
last heard
Returns 90d +14.0% 75% correct · 32 calls · 180d +27.5% 76% correct · 25 calls · 1y +25.6% 76% correct · 25 calls
Raw direction-aware returns on public statements — long calls credited when the price rose, shorts when it fell, shorts capped at −100% — in a rising market this mostly measures who was long, not who has skill. Returns run from the stance date; calls are rarely closed publicly, so fixed 90-day / 180-day / 1-year horizons are used. A horizon shows only once it has fully matured, and only at 5+ scored stances. “% correct” is the share of those scored calls whose direction-aware return was positive at the horizon — in a rising market a bullish call is correct by default, so read it beside the market, not alone.
Scored calls
Every tracked call with at least one matured horizon: the rows behind the Returns line above. A dash is a horizon that has not matured yet.
| Date | Name | Call | 90d | 180d | 1y |
|---|---|---|---|---|---|
| 2026-07-10 | ENERGY | bullish | +19.2% | — | — |
| 2026-07-10 | COPPER | bearish | -3.9% | — | — |
| 2026-06-25 | WPM | bullish | +28.8% | — | — |
| 2026-06-25 | GOLD | bullish | +6.3% | — | — |
| 2026-06-25 | FNV | bullish | +24.4% | — | — |
| 2026-06-25 | COPPER | bullish | +9.8% | — | — |
| 2026-06-25 | AEM | bullish | +25.5% | — | — |
| 2025-10-20 | long UNKNOWN / long HL / long CDE | basket | +49.5% | +11.7% | -13.7% |
| 2025-10-20 | WPM | bullish | +34.6% | +41.9% | +25.1% |
| 2025-10-20 | PAAS | bullish | +49.4% | +49.9% | +13.7% |
| 2025-10-20 | IA | bullish | +94.6% | +92.3% | +77.7% |
| 2025-10-20 | GOLD | bullish | +8.5% | +9.7% | -6.3% |
| 2025-07-22 | long GOLD / long SILVER / long SILVER | ratio | +31.6% | +105.5% | +40.6% |
| 2025-07-22 | SILVER | bullish | +33.6% | +139.1% | +51.0% |
| 2025-07-22 | Gold Miners | owns | +47.5% | +90.0% | +41.8% |
| 2025-07-22 | China Equities | bearish | -4.5% | -1.4% | +9.5% |
| 2025-06-11 | long GOLD / long AEM / long GOLD / long FNV (+1 legs) | basket | +14.6% | +27.1% | +27.3% |
| 2025-06-11 | USD | bearish | -0.4% | -3.0% | -5.9% |
| 2025-06-11 | URANIUM | bullish | +17.0% | +33.3% | +30.9% |
| 2025-06-11 | MP | bearish | -100.0% | -100.0% | -100.0% |
| 2025-06-11 | Long Dur Treasuries | bearish | -4.8% | -4.3% | -4.4% |
| 2025-06-11 | GOLD | bullish | +8.3% | +25.0% | +25.3% |
| 2025-03-11 | URANIUM | bullish | +48.7% | +75.6% | +127.5% |
| 2025-03-11 | OGN | bullish | -37.3% | -32.6% | -58.6% |
| 2025-03-11 | BANKS | bullish | +6.8% | +21.0% | +17.5% |
| 2024-12-25 | GOLD | owns | +14.6% | +28.0% | +71.4% |
| 2024-10-26 | SILVER | bullish | -9.2% | -0.6% | +38.0% |
| 2024-10-23 | long AEM / long FNV / long NEM | basket | -9.9% | +21.6% | +62.3% |
| 2024-08-22 | URANIUM | bullish | +27.5% | +15.4% | +61.5% |
| 2024-08-22 | GOLD | owns | +6.6% | +18.0% | +35.4% |
| 2024-08-22 | ENERGY | bullish | +9.1% | +4.2% | +2.2% |
| 2024-08-22 | AEM | bullish | +2.1% | +20.4% | +71.0% |
View flips
Where the tracked view on a theme reversed between appearances — bullish to bearish or back. Dates are the episodes on each side of the turn.
Most-argued themes
| Theme | Stances | Lean | Mix | Last |
|---|---|---|---|---|
| GOLD | 6 | 6 bullish | 2026-10-13 | |
| URANIUM | 3 | 3 bullish | 2025-06-11 | |
| AEM | 2 | 2 bullish | 2026-06-25 | |
| COPPER | 2 | 1 bullish / 1 bearish | 2026-07-10 | |
| ENERGY | 2 | 2 bullish | 2026-07-10 | |
| Long Dur Treasuries | 2 | 2 bearish | 2026-10-13 |
Tracked stances
bullish / bearish is a view they argued; owns / short is a position they said they hold.
None of the four sell conditions are remotely close to being met (balanced budget, debt-reduction political accord, unfunded-liabilities accord, 10-year Treasury with a 9–11% handle reflecting a real yield premium); the 1970s analog where gold rose 26-fold as…
“there would need to be a balanced US federal budget... a 10-year Treasury with a nine or a 10 or an 11 handle”
Jeffrey Gundlach vs. Rick Rule: Has the Fed Lost the Bond Market?
2026-10-13
Long Dur Treasuries
bearish
Jeffrey Gundlach · video
The Fed can hold the short end but is losing control of the 10-, 20-, and 30-year as bond vigilantes return; a 5% nominal yield is actually a -3% real return given ~8–10% annual dollar purchasing-power deterioration
“I'm not receiving five, which is the nominal interest rate, but rather losing three”
Jeffrey Gundlach vs. Rick Rule: Has the Fed Lost the Bond Market?
Copper has retreated from all-time nominal highs but remains above $6/lb — still far from a 'buy low' entry point relative to where it was trading just a few years ago
“we're still over six bucks. No. That's not buy low”
90d -3.9%
Inside the 2026 Rick Rule Symposium: Top Investors Sound the Alarm
Oil has made a full round trip back to pre-war price levels, making it the one commodity in the natural resource complex that now qualifies as 'buy low' relative to recent history
“Oil has gone a whole round trip since the war. That starts to look more interesting”
90d +19.2%
Inside the 2026 Rick Rule Symposium: Top Investors Sound the Alarm
Snowline Gold holds a grassroots gold discovery in the Yukon that Rule describes as stunning; management quality is exceptional (CEO grew up prospecting, earned MIT degree), which Rule views as a critical multiplier on the physical resource in a high-risk…
“Snowline separated apart from the profound nature of the deposit — the young man who runs that company is for speculators a gift from God”
90d +6.3%
Rick Rule: Buy Gold Now Before The Crowd Comes Back
Said again: 2026-07-10 (Wealthion)
The Tethyan belt (Romania through Mongolia) and analogous political-risk jurisdictions are structurally under-explored because capital avoids countries ending in -stan and other geopolitical hot spots, yet host world-class porphyry copper deposits; AI-aided…
“If I had to pick one place in the world to look for copper myself, it would be in the Tethyan metallogenic belt”
90d +9.8%
Rick Rule: Buy Gold Now Before The Crowd Comes Back
2026-06-25
JUNIOR MINING PROSPECT GENERATORS
bullish
Wealthion · video
Prospect generator companies use intellectual capital rather than physical capital to originate exploration ideas and bring in JV partners, avoiding equity dilution; Rule's 50-year track record shows a 30% success rate (23 economic discoveries, 22 takeovers…
“A 30% plus success ratio in 50 years... two standard deviations better than had I employed a different approach”
Rick Rule: Buy Gold Now Before The Crowd Comes Back
Agnico Eagle is the senior gold miner Rule points to most frequently as exemplary management quality, with CEO Omar Al-Joundi cited as a top-tier thinker; poised to benefit from gold price and AI-driven operational efficiency gains in its large-scale mills
90d +25.5%
Rick Rule: Buy Gold Now Before The Crowd Comes Back
2026-06-25
THIRD-TIER ROYALTY COMPANIES
bullish
Wealthion · video
Tether — now the largest non-sovereign Treasury holder — is publicly pursuing the thesis that third-tier royalty companies are substantially cheaper than second-tier by most valuation metrics, and is funding larger-than-normal acquisitions to merge them into…
“The third-tier royalty companies are substantially cheaper by most valuation metrics than the second-tier royalty companies”
Rick Rule: Buy Gold Now Before The Crowd Comes Back
Franco-Nevada is the highest-quality end of the gold royalty spectrum; appropriate for investors who want gold equity exposure without the work, letting the decade take its course
“They'll buy Franco-Nevada, they'll buy Wheaton Precious, they'll buy Agnico Eagle”
90d +24.4%
Rick Rule: Buy Gold Now Before The Crowd Comes Back
2026-06-25
ALS
bullish
Wealthion · video
Altius is one of the larger, more familiar prospect generators Rule has been rewarded by over a career; fits his thesis that intellectual-capital-model explorers outperform physical-capital explorers by roughly two standard deviations in success rate
Rick Rule: Buy Gold Now Before The Crowd Comes Back
Wheaton Precious Metals is a top-tier royalty/streaming company offering gold exposure at quality; appropriate for investors who want to hold for a full cycle without active management
90d +28.8%
Rick Rule: Buy Gold Now Before The Crowd Comes Back
2026-06-25
EMX
bullish
Wealthion · video
EMX (now part of Elemental Royalty amalgamation) is the prototype prospect generator he helped build from founding; Tether's involvement as the dominant shareholder signals capital-backed consolidation of third-tier royalty companies toward second-tier…
Rick Rule: Buy Gold Now Before The Crowd Comes Back
2025-10-20
long UNKNOWN / long HL / long CDE
basket
Wealthion · video
The 'silver triumvirate' — First Majestic, Hecla, and Coeur Mining — offers legitimate silver-price leverage without political risk, with investor familiarity and cult-level retail followings that amplify upside when generalist money floods the sector
90d +49.5% · 180d +11.7% · 1y -13.7%
Rick Rule: When Silver Moves, It Moves Hard — Don’t Be Late
2025-10-20
long FRES / long BVN
basket
Wealthion · video
Fresnillo and Buenaventura offer real silver production with substantial project development pipelines at valuations that compensate for Latin American political risk, which Rick is willing to accept
Rick Rule: When Silver Moves, It Moves Hard — Don’t Be Late
Negative real interest rates (10-year pays 4.6% but USD purchasing power declines ~8%/yr), US debt/GDP at 120%, and $120T in unfunded entitlement liabilities create the best structural environment for gold in history
“there can't be a circumstance in the long term that is better for gold than that”
90d +8.5% · 180d +9.7% · 1y -6.3%
Rick Rule: When Silver Moves, It Moves Hard — Don’t Be Late
Despite doubling in share price, Wheaton Precious Metals is likely cheaper on net present value now than before the rally because the underlying silver and gold prices have risen so much more than the stock
“on a net present value basis it's probably cheaper than it was before the stock price doubled”
90d +34.6% · 180d +41.9% · 1y +25.1%
Rick Rule: When Silver Moves, It Moves Hard — Don’t Be Late
Pan-American Silver addressed post-acquisition cash starvation issues and is now generating substantial free cash flow while having increased its silver exposure through the Mag Silver acquisition
“they are generating boatloads boatloads of cash”
90d +49.4% · 180d +49.9% · 1y +13.7%
Rick Rule: When Silver Moves, It Moves Hard — Don’t Be Late
2025-10-20
IA
bullish
Wealthion · video
Junior silver miner run by Benois Lal whose prior venture (Seafo) demonstrated ability to build mining companies in frontier jurisdictions; short report allegations were categorically refuted on-record with reserves audited by Hatch and vetted by the EBRD
90d +94.6% · 180d +92.3% · 1y +77.7%
Rick Rule: When Silver Moves, It Moves Hard — Don’t Be Late
2025-07-22
long GOLD / long SILVER / long SILVER
ratio
Wealthion · video
Precious-metals bull markets follow a sequential cascade—gold leads, then silver outperforms gold on momentum and unit-cost appeal, then silver equities lever the silver move—and Rule expects to position along that chain in the current cycle
“relative outperformance silver to gold and then silver stocks to silver — I think we'll see in this market”
90d +31.6% · 180d +105.5% · 1y +40.6%
Rick Rule: Silver Will Outshine Gold in a 1970s-like Precious Metals Bull Market
2025-07-22
China Equities
bearish
Wealthion · video
Chinese rare-earth production costs are rising rapidly as environmental destruction once tolerated is no longer acceptable, eliminating a 25-year cost advantage, while geopolitical pressure is simultaneously driving demand for non-Chinese supply chains—a…
“find a widely held popular opinion that's wrong and bet against it — and this feels to me like just that”
90d -4.5% · 180d -1.4% · 1y +9.5%
Rick Rule: Silver Will Outshine Gold in a 1970s-like Precious Metals Bull Market
In every prior precious-metals bull market, generalist investors attracted by gold momentum eventually rotate into silver because of its lower unit cost, triggering dramatic outperformance (e.g., 10¢ → $65 for Coeur d'Alene in 1970–1981; sub-$1 → $45 for…
“when it does, as you know, it's truly truly truly dramatic”
90d +33.6% · 180d +139.1% · 1y +51.0%
Rick Rule: Silver Will Outshine Gold in a 1970s-like Precious Metals Bull Market
2025-07-22
Gold Miners
owns
Wealthion · video
Gold equities provide leveraged exposure to gold's purchasing-power thesis and are Rule's primary craft for growing his gold-denominated wealth, distinct from physical gold held as insurance
“owning gold stocks is one of the ways that I increase my store of gold”
90d +47.5% · 180d +90.0% · 1y +41.8%
Rick Rule: Silver Will Outshine Gold in a 1970s-like Precious Metals Bull Market
2025-06-11
long GOLD / long AEM / long GOLD / long FNV (+1 legs)
basket
Wealthion · video
Quality gold miners with per-share discipline and strong corporate culture are being rewarded in the current market while the GDX index—full of high-cost inefficient producers—sees sustained outflows; security selection is now finally working in the sector
“They're rewarding the Agnico Eagles, the Wheaton Precious, the Franco-Nevadas—businesses that are good businesses”
90d +14.6% · 180d +27.1% · 1y +27.3%
Rick Rule: A 1970s-Style Crisis Is Coming? Why Gold Will 4X as the U.S. Dollar Implodes
US will repeat the 1970s 'dishonest default' by inflating away 75% of the dollar's purchasing power, driving nominal gold prices 4x as savers disintermediate from bonds yielding negative real rates into gold
“I believe it is more likely than not that the nominal price of gold tracks the deterioration of the purchasing power of the US dollar”
90d +8.3% · 180d +25.0% · 1y +25.3%
Rick Rule: A 1970s-Style Crisis Is Coming? Why Gold Will 4X as the U.S. Dollar Implodes
Said again: 2025-07-17 (Wealthion), 2025-07-22 (Wealthion)
Structural shift: long-term offtake contracts with investment-grade counterparties (Southern Company, Duke, China General Nuclear) allow uranium junior producers to secure project financing at unprecedented certainty, lowering their cost of capital below any…
“over five years, the cost of capital in the uranium business will be cheaper than the cost of capital in any other resource business”
90d +17.0% · 180d +33.3% · 1y +30.9%
Rick Rule: A 1970s-Style Crisis Is Coming? Why Gold Will 4X as the U.S. Dollar Implodes
Said again: 2025-07-22 (Wealthion)
US cannot politically sustain honest default, so will inflate the dollar by ~75% over a decade as in the 1970s; simultaneously foreign central banks are selling Treasuries after dollar weaponization and negative real yields
“I think we reduce the purchasing power of the US dollar by 75% over 10 years”
90d -0.4% · 180d -3.0% · 1y -5.9%
Rick Rule: A 1970s-Style Crisis Is Coming? Why Gold Will 4X as the U.S. Dollar Implodes
2025-06-11
Long Dur Treasuries
bearish
Wealthion · video
True inflation of 7.5-8% per year against a 4.3% nominal yield produces a guaranteed -3% real return, and mirrors the 1970s when the 30-year Treasury lost 90% of purchasing power; disintermediation into gold is the logical response
“getting paid 4.3 in a currency where the purchasing power is declining by 7.5 means I lose 3% a year”
90d -4.8% · 180d -4.3% · 1y -4.4%
Rick Rule: A 1970s-Style Crisis Is Coming? Why Gold Will 4X as the U.S. Dollar Implodes
2025-06-11
ARA
bullish
Wealthion · video
Second of two identified tier-1 rare earth deposits (Buenaventura/Hochschild group, Brazil) with attractive project NPV vs enterprise value; less immediate financing pressure than Meteoric but requires long-duration speculative capital given political…
“attractive on a project NPV relative to enterprise value basis”
Rick Rule: A 1970s-Style Crisis Is Coming? Why Gold Will 4X as the U.S. Dollar Implodes
2025-06-11
FNLPF
owns
Wealthion · video
Among the few silver-adjacent producers with world-class reserve and resource quality; owns both despite meaningful social and political risk in their operating jurisdictions because reserve quality justifies the risk at current valuations
“Yes, I own them because they're superb companies with the view of reserve and resources”
Rick Rule: A 1970s-Style Crisis Is Coming? Why Gold Will 4X as the U.S. Dollar Implodes
MP will never achieve lowest-cost-quartile status globally in rare earths production, which disqualifies it from meeting Rick Rule's requirement for 20-30x speculative return potential on tier-1 deposits
“MP I don't think will ever be in the best cost quartile in the world. So, I won't go there.”
90d -100.0% · 180d -100.0% · 1y -100.0%
Rick Rule: A 1970s-Style Crisis Is Coming? Why Gold Will 4X as the U.S. Dollar Implodes
Uranium producers are locking in 15-20 year term contracts making spot price increasingly irrelevant to their economics, yet equities have fallen 50% alongside spot, creating a mispricing that patient investors can exploit
“the spot price is becoming increasingly irrelevant to the fortunes of uranium producers”
90d +48.7% · 180d +75.6% · 1y +127.5%
Rick Rule: Markets Plummeting, What to Buy
Well-capitalized community banks without commercial real estate overexposure will gain share as larger competitors with bad CRE portfolios are unable to lend, yet these banks trade at 6-7x earnings as if going out of business
“well-capitalized banks made absolute fortunes because the often bigger banks they were competing with were unable to lend”
90d +6.8% · 180d +21.0% · 1y +17.5%
Rick Rule: Markets Plummeting, What to Buy
2025-03-11
FFH
bullish
Wealthion · video
Fairfax Financial is a serially successful insurer run by Prem Watsa that functions as the Canadian equivalent of Berkshire Hathaway and is attractively positioned
“a serially successful insurer”
Rick Rule: Markets Plummeting, What to Buy
2025-03-11
CANADIAN OIL AND GAS SECTOR
bullish
Wealthion · video
Canadian O&G companies are cheap, generating strong cash flows even at transmission-constrained prices, Trump tariff headwinds are temporary noise, and the five-year outlook is exceptional with buybacks and dividends bridging any near-term volatility
“North American oil and gas market is cheap cheap cheap”
Rick Rule: Markets Plummeting, What to Buy
This junior royalty company represents the high-quality end of the junior resource space that is being actively funded and delivering strong performance in the current gold market
“the origin royalties are doing extremely well — they're on a tear”
90d -37.3% · 180d -32.6% · 1y -58.6%
Rick Rule: Markets Plummeting, What to Buy
2025-03-11
US SPECIALTY PROPERTY AND CASUALTY INSURERS
bullish
Wealthion · video
Specialty P&C insurance is an attractive business available at compelling valuations in the current downturn
“the Property and Casualty sector in the United States is a very good business”
Rick Rule: Markets Plummeting, What to Buy
2025-03-11
TOU
bullish
Wealthion · video
Tourmaline Oil is delivering spectacular financial performance even at constrained Canadian natural gas prices, representing the quality end of the Canadian O&G opportunity
“look at the financial performance of people like Tourmaline — absolutely spectacular”
Rick Rule: Markets Plummeting, What to Buy
Gold has compounded at ~8%/yr for 24 years as a purchasing-power preserver, and political pressure on the Fed to cut rates (devaluing the dollar) should accelerate its rise toward potentially $9,000–$10,000
“I don't own gold because I think it might go through 2700 — I own it because I'm afraid it's going to go to 9 or 10,000”
90d +14.6% · 180d +28.0% · 1y +71.4%
Wealthion’s Best Of 2024: Rick Rule
Said again: 2025-03-11 (Wealthion)
The world's highest-quality silver deposits are in Mexico and Peru; political and sociological risks are real but a great deposit worth stealing in a difficult jurisdiction beats a marginal deposit in a stable one, and local community support for mining…
“I would rather have a great deposit that was worth stealing than a crappy deposit that wasn't worth stealing in a good country”
90d -9.2% · 180d -0.6% · 1y +38.0%
Market Recap: Gold to $9,000 | Bullish Silver | U.S. Elections Market Impact | Fed Outlook
Said again: 2024-12-25 (Wealthion)
2024-10-23
long AEM / long FNV / long NEM
basket
Wealthion · video
Large-cap low-risk gold miners (Agnico Eagle, Franco Nevada, Newmont) lead every precious metals bull cycle first because they attract the initial wave of capital before momentum cascades down to mid-tier and junior names, consistent with the last four cycles
“gold equities bull markets are always led by the biggest and the best”
90d -9.9% · 180d +21.6% · 1y +62.3%
Rick Rule: Why Gold Will Hit $9,000 & Your Wealth Depends On It
2024-10-23
NORTH AMERICAN NATURAL GAS PRODUCERS
bullish
Wealthion · video
A massive BTU arbitrage between Henry Hub/AECO spot prices (~$1.50 Canadian) and landed LNG prices in Asia/Europe ($10) is being closed by US LNG infrastructure build-out and industrial relocation to North America, setting up a major pricing reset in roughly…
“I see a major major major reset in the natural gas market 5 years out”
Rick Rule: Why Gold Will Hit $9,000 & Your Wealth Depends On It
2024-10-23
OIL AND GAS EQUITIES
bullish
Wealthion · video
Oil and gas is the best business among commodities with life-of-cycle returns on capital employed exceeding 15%; companies simultaneously making sustaining capex investments and returning capital to shareholders are generating exceptional free cash flows even…
“the oil and gas business is the best business”
Rick Rule: Why Gold Will Hit $9,000 & Your Wealth Depends On It
US total obligations (~$140T) are mathematically unpayable and can only be resolved by inflating away purchasing power, exactly as the 1970s playbook, making gold the primary hedge against dollar debasement.
“I own gold because I'm afraid it'll go to $9,000 or $10,000 — that's why I own it”
90d +6.6% · 180d +18.0% · 1y +35.4%
Gold: The Ultimate Hedge Against Soaring U.S. Debt | Rick Rule
Said again: 2024-10-23 (Wealthion), 2024-10-26 (Wealthion)
Agnico Eagle has compounded an edge through disciplined capital allocation, sustained AISC reduction, and a deep development pipeline — it outperforms because it out-competes, not merely because gold is up.
“They have outperformed the sector because they have outperformed the sector — they've allocated capital well for 20 years”
90d +2.1% · 180d +20.4% · 1y +71.0%
Gold: The Ultimate Hedge Against Soaring U.S. Debt | Rick Rule
The best operators are discounting ~$60 oil yet generating substantial free cash flow that funds both production maintenance and growing shareholder distributions, while chronic industry underinvestment limits supply response to any demand softness.
“It's absolutely impossible for me to understand why investors — not speculators — aren't over-allocating to the oil and gas base”
90d +9.1% · 180d +4.2% · 1y +2.2%
Gold: The Ultimate Hedge Against Soaring U.S. Debt | Rick Rule
A structural production deficit, accelerating Japanese restarts, Chinese new-build program, and — most importantly — long-term offtake contracts that let producers lock in ~$80 base price with escalators remove the commodity price risk that historically…
“The structure of the uranium market has changed completely — unlike any commodity in the world, the producers aren't held hostage to the spot market”
90d +27.5% · 180d +15.4% · 1y +61.5%
Gold: The Ultimate Hedge Against Soaring U.S. Debt | Rick Rule
Said again: 2024-10-23 (Wealthion)
A persistent $6+/MMBTU price arbitrage between North American spot gas (~$2) and European/Asian prices (~$8) is attracting billions in capital to gathering, processing, liquefaction, and industrial reshoring infrastructure that will compound returns over 5–10…
“There's an amazing arbitrage — $2 gas in North America selling for $8 in Frankfurt or Shanghai, and it costs a buck and a half to get there”
Gold: The Ultimate Hedge Against Soaring U.S. Debt | Rick Rule
2024-08-22
GLEN
bullish
Wealthion · video
Coal was far oversold on ESG narrative while global demand hit record highs in 2023 and is running ahead of that pace in 2024; Glencore in particular acquired Teck's world-class coal assets at ~1.5× free cash flow, a valuation that reflects sentiment not…
“Glencore managed to buy a world-class coal asset with 35–40 years of reserve life for one and a half times free cash flow — this is truly silly”
Gold: The Ultimate Hedge Against Soaring U.S. Debt | Rick Rule
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