The Trust Collapse Is Here: Gold, Silver, Copper, Uranium and the Real Asset Reset

Context: Rick Rule is the founder of Rule Investment Media and one of the most experienced natural resource investors alive — 50+ years in the sector. Formerly at Sprott Inc. This Kitco interview covers gold, silver, copper, and uranium.

Key Takeaways:

The "bubble in trust" is bursting. For four decades, markets were supported by expanding trust in central banks, sovereign debt, and the dollar's reserve status. That trust is eroding in real time, and capital is flowing into hard assets.

Gold miners are finally catching a bid. After years of gold rising while mining stocks lagged, the earnings breakout is triggering an M&A wave. Majors need to replace depleted reserves. Junior miners with quality deposits are historically undervalued.

Silver could squeeze — even if COMEX cash-settles. Industrial demand (solar, electronics) is growing while mine supply is flat. Even if a delivery squeeze is resolved by cash settlement, the underlying supply-demand imbalance still drives physical prices higher.

The gold bull market has been underway since 2000. Rule measures performance in purchasing power, not nominal price — gold has been appreciating steadily for 25 years.

Copper faces a structural deficit with no near-term fix. 30 years of underinvestment. AI data centers adding demand on top of electrification trends.

Rule's current allocation: ~40% cash and liquids, deployed capital in undervalued oil and gas, selective gold equities, and resource companies with strong management.

He recently sold 25% of his junior gold stocks — not bearish on gold, but redeploying into better opportunities. Emphasizes ruthlessly cutting losers.

Why it matters: Rule brings the practitioner's perspective. He's evaluating whether a specific mine can produce gold at $1,200/oz and sell it at $5,000/oz. His "bubble in trust" framework connects the macro thesis to the micro reality of capital flowing into physical assets.