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
Special thanks to our sponsors, GoldMining Inc., U.S. Gold Mining Inc., UEC & URC for making this coverage possible.
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