Rick Rule on Debt, Inflation, and the Real Drivers of the Gold Market

Rick Rule, President & CEO of Rule Investment Media, joins Kitco Mining’s Digging Deep with Paul Harris to explain why he believes the strength in precious metals reflects a long-term erosion in purchasing power, not a short-term cycle. Rule argues that gold performs best when confidence in fiat-denominated savings breaks down, noting “a gold bull market and conversely a bond bear market has been underway since the year 2000,” driven by persistent negative real interest rates and growing fiscal strain.

Rule also explains why he reduced his physical silver exposure and rotated into silver equities, arguing the opportunity now lies in valuation gaps rather than chasing the metal itself. He outlines why mining companies could surprise on earnings and cash flow as analyst assumptions lag reality, and why expanding margins, not headline prices, ultimately drive long-term value in the sector.

In this interview, Rick Rule also discusses:
- Why debt, deficits, and unfunded liabilities continue to erode purchasing power
- Why inflation, not default, is the most likely path governments use to manage obligations
- The widening gap between metal prices and mining equity valuations
- How royalty and streaming companies may prioritize growth over dividends

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00:52 — Macroeconomic Risks and the Case for Gold and Silver
03:10 — Debt, Real Interest Rates, and Gold’s Long-Term Outlook
11:47 — Producer Earnings, Margins, and Analyst Assumptions
15:41 — Risk Management, Silver Stocks, and Investment Strategy
32:25 — Global Policy, Critical Minerals, and Mining Capital Allocation
41:30 — Final Thoughts on Precious Metals and the Cycle Ahead
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Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.