Rick Rule says his silver position “as a speculation, has run its course,” and he is now looking for opportunity in equities, discoveries, and consolidation. Speaking with Kitco News at PDAC 2026, the President and CEO of Rule Investment Media explained why he exited physical silver after a major move. “I bought silver some years ago because it was hated,” he said. “I was wrong. It quadrupled.”
Rule said he redeployed about half of the proceeds into silver stocks, arguing that parts of the equity market still reflect more conservative pricing than the metal itself. He also said the industry is entering a new phase as older exploration spending begins to bear fruit. “We’re coming into a very, very, very exciting period throughout the value chain and mining,” he said, adding that when a real discovery is made, “it will be bought for eye-popping multiples.” Rule expects consolidation to build, and he challenged official inflation data, saying, “I think the conventional measures of inflation are lies.”
Recorded March 02, 2026.
00:54 – Silver to Stocks
02:34 – Exploration Payoff Cycle
03:50 – M&A and Takeovers
06:50 – Royalties and Consolidation
09:33 – Institutions and Dumb Money
13:18 – Dividends vs Sustaining Capex
16:11 – Taking Control
18:41 – Silver Squeeze Reality
20:04 – COMEX Force Majeure
23:44 – Borrowing Against Bullion
25:16 – Rule Symposium Breakdown
29:53 – Uranium Copper Inevitables
31:37 – Copper Pretenders Warning
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28 Comments
PLEASE TELL RICK many of us have done the math and put our US inflation approaching 20% and could be higher if Joe Average knew how to price in the deflation of the dollar. Great Conference! Trying to watch every video. Great work Jeremy and Crew.
the easy silver trade is over because its corrupt.
Thank you Mr Rick Rule
Hecla should be at $40
20% physical Gold Silver Platinum Palladium Rhodium.
always good to hear what Rick has to say, great interview
Gold is on track for a major win again
remember he's in the "black eye" club
He is very specific on what he sells and why, but it sounds in "general" to many listening. Silver has not even started its search for real price discovery. He is talking speculation and he may be right on that. SPECULATION is not what most of us watching this video are doing. He is talking about investing and making "fast" profits with his personal strategy. Sound advice, if that is what you are doing. I am too old for fast profits and do not have millions sitting on the side for me to fall back on when my positions tank. I have been in miners for two years now. Some stocks were up 200%…now have dropped to ~120% gains. That is the easy money he speaks of. Got in early while prices were low, held too long and "lost" a nice chunk of profits. If I had rotated as he does, I would be up quite a bit more than I am now. But I am playing long, safe game. Miners will rise again, they have not even started to find their true worth. I did sell all my First Majestic stock, cartel country in turmoil makes me nervous. Took that profit and bought more shares of mining companies I already own stock in, small batches at a time as the prices continue to drop. I will see!
"I'm an old guy, a seasoned deciever" . They get rich by taking advantage of our ignorance. That's why these billionaires go out of their way to do these interviews. Lies and misdirection.
Rick Rule is a smart man. I learn so much listening to him.
Thank you Rick for such an informative video with solid backing loogic. I have found some of the contemporary analyst , rather than presenting new information that is helpful in understanding and determining next moves, simply repeat the same data from previous videos with few changes. I feel they still want the money they receive for the video presentation but aren't capable of adding new insight or perspectives from which to analyze information. You (and Alastair) seem to have hit your stride and enjoy the hell out of playing "cerebral chess" exposing the nefarious players in a disgustingly corrupt system. At any rate Rick, thank you once again for invaluable information and presenting it in a logical and usable format!
The real trade is physical silver and gold
He like the great grandpa I never had
Rick always blesses us
Expensing a building in year one is an actively dumb idea. Probably helps explains why China has empty cities. We used to have much shorter depreciation for real estate pre-1986, and we ended up with empty office buildings. You could persuade me that it could be shorter than 39 years for commercial real estate (it is not 33 years, as Rule said). Would Rule increase tax rates to offset th revenue loss?
Midstream pipelines, notably EPD tax deferred 7+% and 26 year dividend aristocrat. Great for older people who will hold it until passing and then leave it to heirs with an adjusted basis to current price at your passing. And the 7+% is currently tax free.
Thanks for having RR on!
KEEP STACK the Critical Mineral called SILVER.
Add RARE EARTHS to your research.
Ignore the Silver haters.
But, Jim Rickards thinks gold will double in the next 12 months.
And it's all dumping, there's no silver completely manipulated it's all lies
Wen g/s?
It's collapsing
cpi keeps the old age pension down.
and russia rick
…. and sell the stocks for cash after they are loved again and sell the cash for silver after cash is loved again …
Thanks for sharing.
Wouldnt a surge in oil price destroy miners, as its expenses would rise?
Betcha while rick is advising folks that the silver squeeze is not happening, behind the scenes he's buying it up like an insane crazy man, along with silver miners 😂🎉 don't do what they say, do what they do!