Rick Rule, speaking from his Rule Symposium, says the correction is a buying opportunity, gold is in the sixth inning of a bull market that started in 2000 with 10 years left, and the dollar will lose 75% of its purchasing power over a decade, making gold a potential triple in nominal terms. He explains his signature trade: he sold 80% of his physical silver after it ran from under $20 to $75 and rotated half the proceeds into silver stocks that were pricing in only $35 silver, giving him the same upside with better sideways and downside math. He calls copper “certain money” (absent a depression it will be rationed by price after 30 years of underinvestment and a needed $250 billion the top 10 miners don’t have), calls uranium the easiest commodity to value over the next decade, and says precious metals’ US market share is 0.5% versus a four-decade mean of 2%, so mere reversion to mean quadruples demand.
Dollar loses 75%, gold triples: Rule believes gold trades inversely to faith in the US dollar, which is structurally “toast” in absolute terms; he expects 75% purchasing-power loss over 10 years and gold possibly tripling in nominal dollars, though gold may stay nominally weak for the balance of 2026.
The silver-to-silver-stocks rotation: He bought physical silver under $20 when it was hated, sold 80% at $75 into a parabolic chart (“sell parabolic up charts, they resolve to the downside”), and moved half into silver equities discounting only $35 silver — same upside, better downside.
Copper’s guaranteed squeeze: Consumption exceeds production, inventories run out in about 3 years, and maintaining output requires $250 billion the 10 largest copper miners don’t have; the needed investment should have been made 15 years ago, so absent a depression copper gets rationed by price.
Uranium’s structural lock: It’s the only carbon-free baseload source, political hatred has flipped to subsidies, the Gulf conflict reprised the 1973 energy-security wake-up that built the French and Japanese nuclear fleets, and the shift from spot to term contracts makes uranium the easiest commodity to value over 10 years.
CPI is the “CP lie”: Rule says the real deterioration of a family’s purchasing power since 2020 is about 8% a year, not the government’s 2.5%, and precious metals’ 0.5% share of US investment assets versus a 2% four-decade mean implies fourfold demand growth on reversion alone, likely with an overshoot.
Reporting from Deyang, China, Clive Thompson argues Hong Kong is one of the most attractive stock markets in the world: over five years the Hang Seng fell 14.19% while earnings rose 13.23%, versus the S&P 500 up 73.37% on just 18.67% earnings growth, leaving Hong Kong at 13.4x trailing earnings against 32.6x for the S&P, with a 3.27% dividend yield triple the S&P’s 1.03%. He is funding the move by cutting US semiconductor exposure to under a quarter of what he held, predicting the cyclical chip sector will lose 50% or more when supply overtakes demand, though he caps Hong Kong at 5-8% of his portfolio because Chinese political risk could lock up shares the way Russian stocks were frozen. He names all 20 of his Hong Kong holdings, including BYD, Tencent (held via Prosus at a discount), CNOOC, Ping An, PopMart, and the Green Tea Company, and sees roughly 50% upside over two to three years as the P/E reverts from 13x to 16-17x on top of forecast earnings growth.
The valuation gap: Hang Seng down 14.19% in five years with earnings up 13.23%; S&P 500 up 73.37% with earnings up 18.67%, a roughly 90% performance spread he says makes no sense, with trailing P/Es of 13.4x versus 32.6x and 2027 earnings growth forecasts converging (16.4% HK vs. 17.4% US).
Funding source — the semiconductor exit: He has cut his US tech to less than a quarter of prior holdings, arguing semiconductors are a cyclical business priced as if today’s growth lasts forever, and expects 50%-plus losses in some chip names when the cycle turns.
The 20-stock list: Holdings include 361 Degrees, Bosideng, China Medical Systems, CNOOC, BYD (“selling significantly more cars than Tesla, making significantly more profit” at a fraction of the multiple), Jiangxi Copper, Ping An, Luk Fook, PopMart, Yadea, Tencent via Prosus, and Alibaba.
Green Tea Company deep dive: His newest buy (symbol 6831) is a ~800-outlet restaurant chain with zero debt, 1.2 billion cash, 38.9% EPS growth last year, 23.3% forecast annual growth, an ~8% dividend plus a special dividend in August — but it trades below its May 2025 IPO price, so stale IPO holders and lockup expiries cap the near-term upside.
Political risk and the property crash: He caps China exposure below 10% because sanctions could freeze holdings like Russian stocks; the Evergrande-led property collapse destroyed household confidence in investing, but he judges that crisis behind us, implying a return to a 16-17x P/E and ~50% total upside in two to three years.
Banyan Gold CEO Tara Christie tells Daniela Cambone the stock is up 70% year-to-date approaching a $700 million market cap, yet still trades at just $50 an ounce and 0.16x analyst NAV versus peers at 0.4-0.6x, with the Q4 2026 PEA meant to close that gap before a cash-rich major takes the company out cheap — the thing she says costs her the most sleep. Banyan holds 8.6 million ounces at the AurMac project (3.64 million indicated, 4.98 million inferred), open in all directions since it was drilled out at $1,500 gold to only 200 meters, with one deep hole ending in 15 g/t material at 350 meters, and advisor John Robbins is having “10 million ounce club” hats made. With roughly $60-70 million in treasury funding the largest Yukon drill program this year (32,000 of 70,000 meters done by early July), highway access across the property, grid power, a newly permitting-friendly Yukon government, and shareholders including Rick Rule and Ross Beaty, she calls $4,000 gold a great price and expects $6,000.
Deep value at $50 an ounce: Banyan trades at 0.16x NAV versus peers at 0.4-0.6x despite a 70% YTD stock gain and near-$700 million market cap; Christie is rushing the PEA out so the market sees the economics before majors with fat margins buy the company too cheaply.
8.6 million ounces and growing: AurMac holds 3.64 million indicated and 4.98 million inferred ounces, drilled only to 200 meters at $1,500 gold, open at depth with a hole ending in 15 g/t at 350 meters; the morning of the interview Banyan released new high-grade results from a zone outside the resource estimate.
Largest Yukon drill program: 32,000 of 70,000 meters were complete by early July, funded by a $46.5 million financing plus the Generative Gold Yukon portfolio acquisition, with treasury of $60-70 million carrying the company through the PEA and into January 2027 drilling.
Infrastructure and permitting tailwinds: The highway transects the property, grid power crosses it, site visits run nearly year-round, and the new Yukon government has added permitting trackers, staff, and First Nations timelines that Christie calls a positive shift after the territory’s overhang.
Heavyweight validation and gold outlook: Rick Rule hired a metallurgist and geologist to scrutinize the data and turned out to be buying the stock, Ross Beaty and John Robbins are shareholders; Christie, who grew up placer mining when gold was $300, says $4,000 gold means “fantabulous” major margins and expects an easy path to $6,000.
Cut through the clutter and mainstream media noise. Get free, concise dispatches on vital news, videos and opinions. Delivered to Your email inbox daily. You’ll never miss a critical story, guaranteed.