Commodity expert Rick Rule: Prefers silver mining stocks over physical silver, sees epic investment opportunities in oil and gas stocks.

Key Insights from Rick Rule's Interview on Commodities Investment:

• The oil industry faces a structural supply crisis. The stigmatization of the sector over the past decade has led to a severe lack of capital investment, with companies paying dividends by cutting maintenance capital expenditures (i.e., 'cannibalizing' themselves). The global oil industry suffers from a daily capital expenditure shortfall of $10-20 billion, which will trigger significant supply shortages in the coming years. The U.S. shale oil sector has already drilled 85% of its high-quality wells, reaching its production capacity peak.

• The rise in oil prices is highly predictable. Low oil prices are self-correcting, and supply-demand imbalances will drive prices to $85-90 per barrel within the next 3-4 years. Currently, most oil company stock prices reflect only the net present value at $60 per barrel, representing a discount of over 30%, while offering approximately 6% dividend yields, providing a high margin of safety.

• Investments should focus on high-quality companies. Only 10%-15% of oil companies (such as Exxon Mobil and some private family businesses) are consistently investing in future capacity. These firms will reap the greatest benefits during the rising oil price cycle. Investors should avoid companies that 'cannibalize' their long-term capacity to pay dividends.

• Natural gas serves as a critical transitional energy source. The United States has established comprehensive natural gas infrastructure, ensuring stable supply for both domestic and international markets. Natural gas is essential for peak-load power generation and electricity consumption by AI data centers, and demand will continue to grow until nuclear energy can be widely adopted (which may take about 10 years). Investment priorities should include companies with sustainable infrastructure (such as EQT and Devon), as well as Canadian natural gas enterprises with higher political risks but greater potential.

• Precious metals investment strategies require adjustment. Following a rapid rise in silver prices, silver mining stocks offer greater leverage compared to physical silver (as stock prices have yet to fully reflect expectations of high prices). Rick Rule has liquidated 80% of his physical silver holdings, reallocating funds to silver mining stocks and physical gold, achieving 'partial profit-taking on speculation and transitioning to savings.'

Rick Rule, a legendary figure in natural resources investment, noted in an interview on January 26 that the current oil and gas sector presents rare investment opportunities not seen in his decades-long career. He expressed optimism about energy price trends over the next 3-4 years.

This seasoned investor employs a unique 1-10 rating system (with 1 being the highest score) and awarded the oil and gas sector a top score of '1.' He emphasized that global demand for fossil fuels remains robust, while supply contraction caused by prolonged underinvestment will exert significant upward pressure on prices in the coming years.

Meanwhile, Rule revealed that he has made significant adjustments to his personal portfolio: selling 80% of his physical silver holdings and shifting funds into silver mining stocks. He believes that high-quality silver mining stocks offer more substantial valuation leverage and return potential than physical silver in the current cycle.

Rick Rule is renowned in the natural resources and precious metals investment field for his profound industry insights and steadfast contrarian investment style. He has served as an executive and investment advisor for several international mining companies and has hosted an annual natural resources seminar for over 30 years. Rule consistently advocates using gold as a measure of real wealth and has repeatedly stated publicly that silver often exhibits stronger price elasticity than gold during precious metals bull markets.

Demand for fossil fuels will continue to grow.

Despite global investments of $6 to $11 trillion in alternative energy over the past decade, the share of fossil fuels in the global energy mix has only decreased from 83% forty years ago to 81% today. The International Energy Agency (IEA) has significantly postponed its forecast for peak oil demand from 2030 to 2060, a dramatic revision that further validates Rick Rule's long-standing perspective.

Rule emphasized: 'The world will need more energy in all forms.' He clarified that he is not opposed to renewable energy but pointed out that fossil fuels will remain indispensable for the foreseeable future. Data shows that after 45 years of massive investment, alternative energy sources have only gained approximately 2% market share.

This reality highlights the possibility of systemic undervaluation of oil companies. Many analysts still base their net present value calculations on the assumption that demand will peak in 2030, assigning almost no value to long-term cash flows beyond that point. However, with the prolonged cycle of oil demand now expected, these overlooked 'tail-end values' could be substantial.

Insufficient industry investment is brewing a supply crisis.

Rule warned of a severe lack of capital investment in the oil industry. It is estimated that globally, the shortfall in sustaining capital expenditure amounts to $10 billion to $20 billion per day. This 'self-cannibalizing' strategy, while boosting shareholder returns in the short term, could trigger a serious supply crisis between 2028 and 2030.

Rule cited an industry adage: 'The cure for low prices is always low prices.' At the current oil price level of around $55 per barrel, U.S. shale oil production has become uneconomical, and industry data indicates that approximately 85% of 'Tier 1' premium well sites have already been drilled. For the first time in his career, renowned oil entrepreneur Harold Hamm has fully suspended drilling activities, a signal of significant warning.

The number of active drilling rigs in the United States is 'plummeting like a boulder off a bridge.' While this will not immediately impact production levels in 2026-2027, the effects in subsequent years will be profound. Historical experience shows that similar disruptions in drilling activity during the COVID-19 pandemic eventually drove oil prices up to $90 per barrel.

Focus on high-quality companies.

Rule emphasized that investors must select companies committed to ongoing capital expenditures rather than those sacrificing future capacity to pay high dividends. He estimates that currently, only about 10% to 15% of oil companies are making the necessary sustainable capital investments.

Taking Exxon Mobil as an example, Rule’s analysis points out that the company's current valuation is only 70%-75% of its net present value at a $60 oil price. If the oil price rises to the $85-$90 range, its profit margin will increase significantly from the current 15%-20% to approximately 45%. This implies that in five years, its stock price could reach 2-3 times the current level, while investors can also enjoy a dividend yield of about 2.5% during this period.

Exxon Mobil has simultaneously invested billions of dollars in developing new projects in Guyana and acquired Pioneer Natural Resources for $60 billion to expand its proven but undeveloped reserves in the Permian Basin. This ability to generously reward existing shareholders while actively positioning for future growth is precisely the 'triple-win' quality advocated by Rule.

Natural Gas: New Opportunities in the AI Era

Unlike oil, natural gas is experiencing new demand drivers. Rule notes that the electricity needs of artificial intelligence and data centers have become strategic priorities for countries. Before large-scale deployment of baseload energy sources such as nuclear power, natural gas will play a key role in peak load adjustment and incremental power supply in the medium term.

The United States has invested hundreds of billions of dollars in building liquefied natural gas export facilities, collection networks, and transportation systems, forming the world's deepest and most stable supply system. Citing the perspective of Asian customers, Rule notes that they would rather pay $5 for U.S. natural gas than choose a $4 Middle Eastern contract because U.S. supplies offer the reliability of 'just-in-time delivery,' which constitutes a long-term competitive advantage.

Major Adjustment in Silver Strategy

Rule announced that he has sold 80% of his physical silver holdings, despite his long-term optimism about precious metals appreciating over the next decade. This adjustment stems from the positioning logic of his investment portfolio: silver has always played a speculative role in his allocation and must be compared with other speculative opportunities in terms of returns.

As silver rose from $20 to $75, Rule believes its speculative mission has largely been accomplished. He points out that even if the silver price remains at current levels over the next 12 months, silver mining stocks are still likely to rise sharply because the market valuations of these companies are mostly based on an assumption of $40 per ounce of silver. Recalculating the net present value at a $75 silver price would create significant room for valuation recovery in silver stocks.

"In a bull market, you only truly make profits when you cash out." Rule uses this to remind young investors. After completing the reduction, he transferred part of the funds into physical gold, shifting from speculation to savings; another portion was allocated to silver mining stocks to gain higher industry leverage.

Rule is skeptical of the much-discussed narrative of a "silver short squeeze" in the market. He believes that even if a short squeeze occurs, COMEX is more likely to resolve it by declaring force majeure and settling in cash, as happened historically in the tin and zinc markets. He emphasizes that at this stage, high-quality silver mining stocks are a more efficient investment choice.

Investors need patience.

Rule repeatedly emphasized that the oil and gas industry is capital-intensive and highly cyclical. Investors should position themselves during periods of low market sentiment and exercise sufficient patience regarding the timing of returns. He defined the current opportunity as a situation of certainty—'when it will happen, not if it will happen'—but noted that the uncertainty of timing could test investors’ psychological resilience.

"Not all oil companies are created equal," Rule reminded. Significant differences exist among companies in terms of culture, operational efficiency, and capital allocation capabilities. Investors need to identify those with higher capital cycle efficiency and the ability to allocate resources prudently.

This long-term value investment approach once brought him tremendous success in the uranium sector, even though he positioned himself four and a half years in advance. In the current oil and gas sector, the industry average dividend yield of approximately 6% effectively offsets the time cost of capital, making this opportunity more attractive than previous trades in uranium or silver.

For investors with sufficient patience, when supply shocks eventually materialize and oil prices enter an upward trajectory, today's high-quality oil and gas companies that have consistently invested capital will deliver substantial returns.

The following is the full transcript of the interview (AI-assisted translation):

Adam Taggart: Rick, regarding oil, looking back at your past successful predictions and positioning opportunities, how excited are you about the prospects of the oil industry now? On a scale of 1 to 10—where 5 is neutral, 9 is very excited, and 3 is slightly interested.

Rick Rule: For a 73-year-old 'patient' in good financial health, after weighing risks and rewards, I would give it a score of 1—in my scoring system, 1 represents the best, and 10 represents the worst.

Adam Taggart: Okay, I understand. My initial thought process for the scoring was reversed. Got it.

Rick Rule: Because the probability of it happening is very high.

Adam Taggart: Welcome to The Wealth Code. I am the founder and host, Adam Taggart. Oil and gas stocks have been largely overlooked by Wall Street for years due to persistently weak oil and gas prices. However, the world still runs on fossil fuels, and global demand continues to grow annually. In this industry, the antidote to low prices is often low prices themselves. So, when will this sector, known for its cyclical booms and busts, emerge from its downturn and return to prosperity? The current low stock prices present an excellent opportunity to begin accumulating positions in this field through dollar-cost averaging, preparing for potentially significant future returns while also securing attractive dividends. To find answers, we are honored to welcome Rick Rule—one of the greatest natural resource investors in the world and a true gentleman. Rick, thank you so much for joining us today.

Rick Rule: It’s a pleasure, Adam. Thank you for having me again. I’ve always enjoyed our conversations over the years.

Adam Taggart: Thank you. Rick, whether on this channel or in private exchanges, you are truly a standout figure in the industry. People often say, 'Don’t meet your heroes,' and I’ve found that to be generally true. But you are one of the exceptions who breaks that mold. You’re a true gentleman. In any case, thank you so much for coming. I value our professional relationship, but even more, I cherish this friendship.

Over the past few months, the most frequent request I’ve received is for you to appear on the show to discuss your outlook on oil and gas. This is largely due to the argument I made in my opening remarks. So, I’m looking forward to diving deep into this discussion with you. Additionally, I’d like to reserve a few minutes to talk about some silver trades you recently announced publicly. I saw the headlines but haven’t had the chance to review the details yet. Based on feedback from my audience, your announcement has generated tremendous interest. I believe there are some important details worth sharing with everyone. So, after we discuss oil and gas, I hope we can spend some time talking about silver.

Rick Rule: I’m looking forward to it. This topic is fascinating, and I think it will inspire people to reflect: every portfolio is unique, and everyone reacts differently to market conditions. Therefore, discussing silver and its absolute value in this context will be very interesting.

Adam Taggart: Excellent. Finally, I’d like to make an important announcement for thoughtful mining investors, related to the 'Battalion Bank' logo on your shirt. We’ll touch on that at the end. Alright, let’s get started. Let’s not spend too much time on the macro perspective, as we’ve discussed it before, but for those who haven’t heard your views on fossil fuels— we live in a world where fossil fuels have been vilified over the past decade, especially in the West, with many policies attempting to replace them with alternative energy sources. If I understand correctly, you believe fossil fuels won’t be exiting the stage anytime soon and remain as essential as they’ve always been?

Rick Rule: Even the International Energy Agency, which is not particularly friendly to fossil fuels, revised its forecast for peak oil demand from 2030 to 2060—a mere four years from now. That’s quite a dramatic revision.

Let me clarify—I believe the world will need more energy in all forms. I’m not anti-hydro, anti-solar, or anti-wind, but I am pro-oil. Some people ask me, 'Rick, aren’t you a dinosaur? Hasn’t the world changed? Aren’t alternative energies replacing fossil fuels?' Adam, based on global statistics, the answer is no. Depending on the data source, humanity has invested between 6 and 11 trillion U.S. dollars (note the 'T') in alternative energy. Yet, we’ve only reduced the share of fossil fuels in the global energy mix from 83% forty years ago to 81% today. A conservative estimate shows just a 2% reduction over 45 years. I think putting this into context is crucial.

There are several reasons why this matters: When Wall Street, especially large institutions, calculate the net present value (NPV) of oil companies, they assume oil demand will peak in 2030 and then gradually decline. If you calculate the NPV of an oil company, the free cash flow received seven or eight years from now is almost discounted to zero, and you must assign value to the 'tail value'—the cash flows over the next 30 years. Take Exxon Mobil, for example. This tail value starts roughly eight years from now. Yet, those performing NPV calculations today are assigning no value to this tail. And this tail is enormous—it’s really, really big.

Meanwhile, the stigma attached to the oil industry has raised its cost of capital. Oil companies are selling below their intrinsic value, and major lenders are pulling out of the oil and gas sector. Low oil prices combined with relatively expensive capital mean that many oil companies are delaying maintenance capital expenditures and instead returning cash to shareholders. Shareholders love cash, but they’re overlooking the fact that today’s cash returns come from what’s called 'autophagy'—consuming future expected production. It’s estimated that the global oil industry, including national oil companies, faces a daily investment shortfall of $100 billion to $200 billion in maintenance capital.

Wow. In capital-intensive industries, if there is a long-term lack of capital investment, you are essentially eroding the industry. This industry survives on capital investment. Looking back ten years and projecting to 2026, 2027, and 2028, we are eroding a fairly 'bloated' industry. However, in the coming years (2028, 2029, 2030), the impact of this underinvestment will become extremely, extremely significant.

This perfectly explains why the oil industry experiences what you call 'boom and bust' cycles, and it confirms your earlier statement that 'the cure for low prices is low prices,' which is absolutely correct. Take, for example, an oil price of $55: production costs in certain U.S. shale basins are uneconomical at that level. Thus, as legacy wells decline in output, unless new drilling occurs, there will be no oil left to extract. This is why you see periods where oil prices surge from around $50 to $90. I believe we will witness this again in the next three to four years.

The wildcard has always been U.S. shale oil production.

There is one subtle nuance I hope your audience notices: at current interest rates and with oil priced at $60 per barrel, it is estimated that 85% of the 'Tier 1' well locations in the U.S. shale industry have already been drilled. This means that, given today’s technology, capital costs, and fiscal regime in the U.S., 85% of the wells capable of driving U.S. production growth have already been exploited. Of course, technological advancements—especially in recovery rates—could turn some currently 'Tier 2' wells into 'Tier 1' wells. But as things stand, considering $60 oil and elevated capital costs compared to historical levels, 85% of Tier 1 wells have already been drilled. The longer oil prices remain below $60 or $65, the weaker our ability to sustain U.S. production at current levels becomes. There is no doubt that over the past 15 years, the U.S. has been the global marginal swing producer. Thanks to the shale revolution, we transitioned from being the world's largest oil importer to becoming an exporter. However, the golden age of shale oil drilled at $60 oil is now behind us. It is crucial for people to understand this.

Adam Taggart: Sorry to interrupt, but how significant is what you just said about Harold Hamm? He currently has no active drilling rigs. Everyone knows he has essentially been drilling in the Permian Basin, right?

Rick Rule: He spent most of his time in the Williston Basin of North Dakota. But essentially, he has been one of the most active drillers over the past few decades. He is now essentially saying, 'The economics are terrible. For the first time in my career, I am choosing to sit on the sidelines.'

Rick Rule: Exactly. Traditionally, he operated 15 to 20 rigs simultaneously; now he has none. His point is that at $55 oil, he cannot recoup the capital cost of drilling. He is hoarding cash and waiting for the right moment. He understands better than anyone how the combination of technologies fueled the current boom and that you need either lower capital costs, higher oil prices, or new technological breakthroughs. But if you extrapolate Mr. Hamm’s behavior across many small private companies, large independent producers, and professionals, you’ll find it indicative. This isn’t just about him. The number of active rigs in the Lower 48 states is plummeting like a stone off a bridge.

As I said, this does not necessarily affect production in 2026 or 2027. But if you go two years without drilling, as the U.S. is currently doing, the impact on subsequent years will be enormous. You cannot quickly bring production online. In other words, you cannot decide to start drilling and then significantly increase production within three, four, or six months. Adam, you’ll recall that when oil prices briefly collapsed to zero during the pandemic and then hovered around $20, U.S. drilling activity completely stopped. The consequence was... oil prices surged to $90. That’s how it works. Within two to three years, if you have enough drillable locations, higher prices resulting from reduced supply can push oil prices to $90. We face two challenges: we will need massive capital investment, and we must deploy that capital despite having fewer Tier 1 well locations.

Adam Taggart: So, basically, you’re saying that we are setting ourselves up for a massive negative supply shock, assuming oil prices and capital costs remain roughly at current levels. Ultimately, this will manifest in higher oil prices. Interestingly, when oil supply is abundant, oil companies typically perform poorly because people pay less. Conversely, oil company stocks generally perform better when supply is tight and we have to pay high prices. Correct me if I’m wrong, but do you anticipate that when the supply shock arrives and oil prices rise accordingly, today’s oil and gas company stocks will become more valuable?

Rick Rule: Yes, but… you need to be selective in your purchases. Are these companies that have made the necessary maintenance capital expenditures? Are they companies that haven’t 'cannibalized' themselves and thus are positioned to benefit from higher oil prices? Excellent point. Ironically, the market currently favors companies that 'cannibalize' themselves, pay high dividends, and repurchase shares. As a result, Wall Street is buying companies that would underperform in the scenario I envision. You need to limit your purchases to efficient companies that have made the necessary maintenance capital expenditures so they have the capacity to capitalize when oil prices rise. Though I haven’t done precise statistics, I estimate that only 10% to 15% of oil companies in investable sectors maintain sustainable capital expenditures. Some of these companies have earned so much money from historical capital investments that they can still make maintenance capital expenditures while being generous to shareholders. That’s a 'triple win.'

Adam Taggart: Does this have anything to do with the size of the company? Do you have to be a large company to achieve this, or does this opportunity exist for companies of all sizes?

Rick Rule: Both. Let me give you an example of a private family office. By human standards, they are fairly large, but not Exxon Mobil. This family has been active in West Texas for 100 years, and they've lived well; no one needs to ask them what they want for breakfast. They are also investing for the future. This extends all the way to giants like Exxon Mobil, which is currently very generous to shareholders while maintaining a fortress-like balance sheet, not to mention making necessary sustaining capital expenditures. They are investing billions of dollars in developing new projects in Guyana while acquiring another producer, Pioneer Natural Resources, for $60 billion to increase their proven undeveloped reserves in the Permian Basin. So, you can have the largest giants that are both generous to existing shareholders and responsible to the future.

Adam Taggart: To me, this seems to be exactly one of the main reasons everyone wants you here. It smells like an opportunity—a classic 'Rick Rule-style' opportunity: start building positions early when valuations are below what you imagine their future value to be. Once the 'phase change' you envision occurs... But this sounds even better than the usual 'Rick Rule opportunity.' Like when I remember you talking about uranium, you got in very early. But man, you sat on uranium for a long time without making much money, right? And here, as you said, some companies still pay very attractive dividends, so you can dollar-cost average while waiting for the phase change.

Rick Rule: Well said, Adam. Not this uranium market, but the earlier one, back in 1998. I was four and a half years too early. If you discount four and a half years early at an 8% discount rate, it’s not 'early,' it’s 'wrong.' So you have to consider the time value of money. If you’re getting decent dividends, you offset most of the time-value discounting. If you hold a quality Canadian producer with an 8% cost of capital and an average dividend yield of about 6%, that 6% dividend amortizes most of the discounting. This is more attractive than what I faced in uranium or silver trades. In those trades, I was two to four years early and bore the full brunt of time-value discounting.

Another thing worth noting is that I believe the oil and gas industry is a better industry. I grew up in mining, but I have an affinity for oil and gas. In the oil and gas industry, we always talk about return on invested capital. In mining, there are years when we pray for return on invested capital. Oil and gas is a larger industry, a better industry, with higher-quality employees on average. The fact that you can practice my contrarian investment philosophy, which worked so well in mining, in a better industry with higher-quality talent is an added bonus.

Adam Taggart: We're about to discuss natural gas. But Rick, back to oil: Looking at your past successes in predicting and positioning for opportunities, how excited are you now about the outlook for the oil industry? On a scale of 1 to 10—where 5 is neutral, 9 is very excited, and 3 is mildly interested?

Rick Rule: For a 73-year-old 'patient' in good financial health, after weighing risks and rewards, I would give it a score of 1—in my scoring system, 1 represents the best, and 10 represents the worst.

Adam Taggart: Okay, I understand. My initial thought process for the scoring was reversed. Got it.

Rick Rule: Because the probability of it happening is very high. Yes, I don’t expect 20x returns from my oil portfolio because I’m buying large, liquid companies, not speculative penny stocks. Take Exxon Mobil, for instance, which we mentioned earlier. I believe Exxon Mobil is currently trading at about 70% to 75% of its net present value at a $60 oil price. I think oil prices will reach $85 or $90. At $85 or $90, if Exxon has a 15% or 20% margin at $60 oil, the margin could be 45% at $85. That means I'm buying a company that I believe will be worth two to three times its current value in five years. I am purchasing this company at a 30% discount and a 2.5% yield, and the company is of high quality, and I judge the likelihood of being correct to be high. That's what attracts me.

Adam Taggart: All of this makes sense. Rick, you really have caught my attention, and I believe you’ve caught the attention of many viewers as well. If you allow it, we can cut this segment out, but what I’d like to do is invite you—if you have the time—to our spring online conference for 'Thoughtful Investing.' You’ve attended many of our past conferences, and whenever you attend, you’re always very generous in 'opening your kimono,' saying, 'Hey, these are the companies on my watchlist.' Would you be willing to do that again? Do you have the time?

Rick Rule: If you can explain to me the time these companies need, I would be delighted. I like to view them as educational opportunities. In other words, tell people how they fit into my portfolio and why they may or may not suit others' portfolios. I know company names will make headlines, but I prefer to use companies as teaching materials, especially since the names are just snapshots in time. Circumstances may change, so what I favor in January 2026 might no longer be favorable by April 2026. But if you allow me to use these names for teaching purposes, I would be deeply honored.

Adam Taggart: Rick, this is exactly why I value your participation in these meetings. So, absolutely welcome.

Rick Rule: Great. I'm looking forward to it.

Adam Taggart: Alright, thank you. I hope the audience feels the same way. Then, I would like to switch to natural gas, simply because... Rick, I could talk to you for four hours, but I need to respect your time. Is there any key point regarding oil opportunities that I haven't thought to ask you about?

Rick Rule: One point is the possibility of new technological developments. This hasn’t happened yet. The boom in U.S. production we've enjoyed over the past 15 years was actually the result of multiple technological transformations: horizontal drilling, measurement while drilling, 3D seismic, and fracturing. We have reached... I would say, the limit of our ability to continue increasing production using this combination of technologies at a $60 oil price. That said, we are very fortunate with our shale formations. If we can extract 10% to 12%, or even up to 15%, of the hydrocarbons underground, and if technologies are developed that allow us to recover oil more thoroughly, then the situation I described, the opportunities I mentioned, would disappear and be replaced by a new opportunity: those who own these assets can produce them more efficiently.

Adam Taggart: That would be another 'miracle,' just using different technology than the 'technological cocktail' you just described.

Rick Rule: And it might not recover more reserves. To me, it’s just the 'low-hanging fruit.' This is where major companies like Exxon Mobil and Chevron are investing most of their R&D funds today. But it remains an 'unknown.'

Adam Taggart: Keep in mind, I just left California, which has the highest gasoline prices in the country and is now losing all its oil companies.

Rick Rule: We can only say that California voters are beginning to get what they deserve.

Adam Taggart: On that note, I’m curious. Will the government's 'hand in the cookie jar' always be there? Is there any substantial difference in how the government extracts funds from this industry?

Rick Rule: The change lies in the mood at the top levels of regulatory agencies.

Adam Taggart: Time is more favorable, right?

Rick Rule: Much more favorable. I have an old friend at the Bureau of Land Management, an agency that has overseen my entire adult career. He is a regulator whom I consider very intelligent. He said to me, 'Rick, you have two years under the current administration. The directive from the top used to be to confuse, delay, and slow down. Now, the directive from the top is: lead, drill, baby, drill!' So, if you want to explore or develop in the United States—whether it's mining or oil and gas—we believe we have a two-year window. This will be constrained because a $50 oil price is not sufficient to sustain the level of drilling we would like to maintain. When prices recover to a level where we are incentivized to drill again, people will want to know what kind of political environment we will face then.

If you want to obtain final approval for pipeline permits from the Permian Basin to the Gulf Coast (note that this is in Texas, a friendly jurisdiction), you can do so now. If you want to secure approval for liquefied natural gas facilities or processing facilities, you can also achieve that. This represents a significant change compared to what we have faced over the past decade.

Adam Taggart: Overall, I don’t want to distract you too much, but I have to ask: the 'Resolution' copper mine in Arizona, which took over 30 years to get permitted? Is the process accelerating now?

Rick Rule: I don’t think there’s opposition at the federal level to the 'Resolution' mine. But remember, the U.S. operates under a three-tiered jurisdiction: federal, state, and local. Any one of these tiers can take the lead agency role even if other agencies agree. The 'Resolution' mine still faces challenges in Arizona, including local-level challenges. So, while the high-level obstacles have been removed, 'Resolution' still encounters hurdles.

It’s absurd. This is a copper mine located on the boundary of a copper district, within a politically stable jurisdiction (the U.S.), specifically in Arizona, bordering a town that has copper. It has electricity, water, roads, and railways. By the way, copper is on our list of critical minerals. This is one of the largest copper deposits on Earth, with over a billion tons of ore grading 1.5% copper, more than triple the global average. If we truly care about powering America, let alone providing electricity to the billion impoverished people on Earth who lack it, we will need more copper. 'Resolution' is a very, very high-quality solution.

Adam Taggart: As I said, I don’t want to distract, but this is fascinating. I just wanted to know, Rick, if we could have a longer discussion about 'Resolution' at some point?

Rick Rule: I’d be happy to have a longer discussion about 'Resolution,' and I’d also be willing to invite the owners of the 'Resolution' mine, BHP Group Ltd and Rio Tinto, to see if they’d be willing to join. They might shy away for political reasons. But BHP’s development director, Catherine La, is a smart woman whom I’ve known and worked with for 15 years. I’d love to have her join me on your show to discuss the lessons learned from the 'Resolution' project.

Adam Taggart: That would be incredibly interesting and a great honor. So, I’ll tell you, I’ll reach out afterward to further discuss. But if the audience wants to see this discussion, please let us know in the comments section below.

Rick Rule: I do not want to promise that I can invite her. It will depend on the internal politics of BHP Group Ltd. But I can tell you, if I manage to invite her, she is absolutely intelligent and very honest. She and I are both on the Sprott board (or more accurately, I am with her on the Sprott board). She is a superstar, and no one is better suited to discuss all these issues. In some ways, she disagrees with some of my more unconventional political views; she is more mainstream, so she might be kinder to politicians. She will be a beneficial complement to my radical libertarian perspectives.

Adam Taggart: Goodness, everyone, if Rick and I have any way to make this happen, we will. Thank you for volunteering, Rick. I am very excited about this. All systems are go.

Adam Taggart: However, I must shift away from this topic. I would like to use the remaining time to talk more with you about natural gas. You can educate us in whatever way you think best, but I quickly noticed that, for many reasons, the story of natural gas differs somewhat from that of oil. One of the biggest reasons currently is artificial intelligence and American electric power production capacity — which I believe is now also becoming a top priority for other sovereign nations. It seems that while there may be some long-term help from fuels like nuclear power, in the short term, natural gas will really bear the heavy load, thus bringing a significant amount of new demand online. Secondly, just to indicate that natural gas may no longer be 'boring' within the past 48 hours, I think we have seen natural gas futures surge by about 35%.

Rick Rule: Yes. People don’t need natural gas until they do. I heard Memphis is expecting 30 inches of snow.

Adam Taggart: Nearly three feet.

Rick Rule: In other words, much of the country is cold. It turns out that when you're cold, those 'big thinkers' don't help much. When you flip the switch, you expect the heater to work, and that requires natural gas. The fact is, with or without artificial intelligence, while oil prices have fallen, natural gas prices have risen. We started talking about this topic four or five years ago, saying that the cure for low prices was low prices in West Texas for a period of time because natural gas was a byproduct of oil drilling. Oil producers were essentially paying to dispose of natural gas. In other words, the price of natural gas was negative. Not anymore.

Adam Taggart: People see a lot of flaring in aerial images of gas fields.

Rick Rule: This incredible supply led to a substantial build-out of infrastructure: liquefied natural gas (LNG), natural gas gathering systems, and natural gas transmission systems. We invested tens of billions, hundreds of billions of dollars. At the same time, Germany’s chemical industry effectively relocated to the U.S. Gulf Coast. So I suspect we have 'monetized' more natural gas, so to speak. The 'negative pricing' in the natural gas sector has disappeared. But the infrastructure we built will serve the natural gas industry for the next 20 years. The bottleneck-removal capabilities we have already completed — being able to transport natural gas from West Texas, the Rocky Mountains, to wherever it is needed, whether it’s the Texas Gulf Coast, California, or via LNG tankers to Europe — now that the capital investment is complete, this has become a thing of the past. Thus, we have laid a structural foundation for natural gas demand for 2025 and beyond.

Adam Taggart: Okay, sorry to interrupt. You seem to suggest that given we have now built these 'natural gas highways' that didn’t exist before, we are now leveraging them as a 'big carrot' in trade negotiations with other countries, and really trying to get nations to move away from reliance on other natural gas supplies. How important is this? How much additional international demand for U.S. natural gas do you foresee going forward?

Rick Rule: I think the beauty of our resource is not an 'ace.' In fact, we have the deepest oil and gas infrastructure in the world. We are the most reliable and stable supplier. I’ve been told by people in Asia that they would rather have a $5 contract with the U.S. than a $4 contract with the Middle East because when they buy natural gas from the U.S., they receive it. You know, it goes from the wellhead to processing facilities, to pipelines, to LNG facilities, to tankers. If it is supposed to arrive on Wednesday, it arrives on Wednesday. That is a persuasive advantage as a reliable supplier, right? But I think this is a lasting competitive edge. We cannot rely on loyalty at some point when other regions’ natural gas comes back into the market. Qatar controls the largest natural gas field in the world and is busy building export lines and establishing stable supply agreements, including pricing arrangements, with various countries. Australia’s Northwest Shelf is developing an LNG hub, Mozambique is developing an LNG hub, and Canada has what is called the 'pipeline package' — producing more natural gas than they actually transport. Therefore, the U.S. should not rest on its laurels.

Adam Taggart: Alright, there are both positive and negative aspects. What do you think will be the main drivers of future natural gas demand? Is it artificial intelligence? Is it international demand?

Rick Rule: In the United States, it is definitely peaking power generation. Natural gas is not baseload electricity—it's too expensive for that. However, what happens is that demand fluctuates between seasons and even daily. On some days, demand exceeds our ability to supply electricity from more stable sources. This is where natural gas comes into play. It steps in as a peaking fuel. These days, the excess natural gas in West Texas being used to mine Bitcoin are numbered.

Adam Taggart: Large-scale uses, such as those involving artificial intelligence. Ultimately, they will have to be powered by nuclear energy. That’s the only effective way. But it will take 10 years to get there.

Rick Rule: Yes. While we wait to get there, we need the ability to burn natural gas for electricity generation to meet periodic demand that exceeds the supply from other forms of energy. We will need it, especially in California, where you just were, given the state's relatively high baseload demand and its efforts to shut down in-state supplies. You’ll find that California's power grid will become increasingly unstable. Relying on solar power across much of California isn’t a bad idea—except when the sun doesn’t shine at night. Such periods will increasingly be met by battery technology and natural gas.

Adam Taggart: Got it. I’m curious—let’s say we’ve built out natural gas infrastructure over a decade. Now you hear about many data centers starting to build their own small natural gas power plants. If you’re right and nuclear power comes online at the needed scale within ten years (as its proponents hope), what do you think will happen to all this temporary natural gas infrastructure powering data centers? Will it be repurposed, or mothballed?

Rick Rule: According to people smarter than me—whether they are right or wrong—global energy demand will double over the next 25 to 30 years. In the U.S., we tend to view this as a California-centric issue or an American problem. But the reality is, the world needs more energy in all forms. Remember, natural gas is not only used for energy but also for petrochemicals. Natural gas is a critical component of nitrogen fertilizers. So, if we want to eat food without it spoiling—and most of us do—then whether we like it or not, we will need access to petrochemical products like plastics derived from natural gas. Many uses of natural gas don’t involve burning it. Indeed, most of our uses, and those of our clients, do involve burning it, particularly in cold regions, and we will continue to use it for that purpose.

In the U.S., assuming no improvements in technology around data centers to make them more energy-efficient—and hopefully, that will happen. Yes, the only way we can sustain massive electricity demand on an already overburdened grid is through nuclear power. But in this country, we need to do a lot of things. We've made political decisions favoring energy sources like wind and solar. That’s fine, except when the sun doesn’t shine and the wind doesn’t blow.

Interestingly, the U.S. needs to invest $8 trillion to upgrade its power grid to move electricity from where it is generated to where it is needed. As the grid becomes more interconnected, the grid itself becomes a battery. You can move electricity from where it’s not needed to where it is and use it more efficiently. But we haven’t invested significantly in the grid since the 1950s.

Adam Taggart: And much of our other infrastructure: bridges, roads, and all kinds of things. But absolutely.

Rick Rule: So, you know, we need to do this.

Adam Taggart: And guide our children into these industries.

Rick Rule: If we were to build data centers without technologies that make data collection and power generation more energy-efficient, the only viable options would be nuclear or coal. Those are the only two choices. There is no other effective alternative.

Adam Taggart: Right. You’ve seen the same charts as I have, Rick, showing that energy production capacity in the U.S. and Europe has been almost a flat line over the past few decades, with a slow upward trend.

Adam Taggart: Well, look. Clearly, there are many opportunities here. You’re right. I believe the 'easy money' has already been made, but that doesn’t rule out the possibility of making reasonable returns. Stock selection may not be as straightforward. Where do you see the biggest opportunities currently in the natural gas sector? And if you could, like you did with Exxon Mobil, pick a specific company you think is well-positioned.

Rick Rule: Or at least companies doing the right things? I think there’s some very easy money, such as in development and fairness… you know, we’ve discussed this. I’m not sure if you remember, but we talked about these two on your 2.5 program three years ago.

Significant infrastructure investments have now been made to capitalize on these state-controlled resources, utilizing them in an annuity-like fashion for 20 or 25 years. Fairness refers to the Marcellus Shale region in the northeastern U.S., where Marcellus Shale has replaced Canadian natural gas exiting the market. Magnificent, wonderful, brilliant opportunities. Nothing stands in their way. Devon Energy is a project in the growing infrastructure of the Anadarko Basin in Texas. These investments have already been executed.

Those companies will become free cash flow machines for the rest of my life. During periods of surging natural gas prices, you’ll witness stock price spikes. Typically, when you experience a stock price spike, the prudent action is to take profits. But for those who simply want to sit back for 20 or 30 years and 'clip coupons,' these are excellent names.

Adam Taggart: Right? Every portfolio needs some of these.

Rick Rule: Some of these. For investors with a higher risk tolerance who can withstand political risks, I think you need to go north of the border. Canadian oil and gas producers, particularly natural gas producers, offer you more political risk but also more upside potential. They possess more untapped resources than we do. To some extent, overcoming the political barriers to exporting Canadian natural gas presents tremendous advantages. Yes, Peyto and Birchcliff are two significant names focused on natural gas, but there are others. Tourmaline is an oil and gas producer, Canadian Natural Resources is a key player in Canada's oil and gas assets, and Arc Resources is considered one of the best-managed mid-sized oil and gas companies in North America. There are also permanent royalty trusts, among others. This is not suitable for those unwilling to bear political risks.

Adam Taggart: Let me ask you this question, another topic we could delve deeper into. So, I’ll just take your 62nd answer. Currently, there’s a 'sovereignty referendum' underway in Alberta, and it seems many Albertans actually prefer… I’m not Canadian, so I’m not sure, but as I’ve seen in the headlines, 'We’d rather become the 51st state of the U.S. than remain in Canada.' In your view, is this something that could realistically happen? Assuming it did for a moment, what would the implications be?

Rick Rule: If you're referring to the energy sector, Alberta becoming the 51st state rather than an independent sovereign nation is a view that I think fewer Albertans would support. I don't think the 51st state option is under consideration. The likelihood of a referendum passing where Alberta votes to explore secession from Canada is quite low. And I find that unfortunate.

Adam Taggart: Right? Sorry to interrupt, but I mentioned Alberta simply because, from what I've read — and you know better than me — Canada is extremely resource-rich.

Rick Rule: Particularly in terms of energy. Of course, the Western Canadian Sedimentary Basin is important, with Alberta at its heart. Saskatchewan is also a significant producer, as is British Columbia, but Alberta remains the central hub.

Adam Taggart: So, it sounds like the probability is relatively low. But...

Rick Rule: But I do think it's an interesting question. You know, Quebec has had a separatist movement for 50 years. One issue is whether Quebec could be solvent as a sovereign nation, right? In contrast, an independent Alberta would likely have very strong fiscal solvency.

Adam Taggart: Well, assuming it became a sovereign nation, would you expect there to be significant infrastructure development between it and the United States? Because one of the big issues for Canada is that they haven't built the infrastructure to transport energy to coastal regions for export to other parts of the world. So, at the very least, I can imagine Alberta saying: 'Alright, then we'll just send it south to the U.S. That will be our outlet.'

Rick Rule: Alberta faces several infrastructure challenges. The first is transporting natural gas eastward to the Atlantic. The second is exporting liquefied natural gas westward to the Pacific. The final challenge is moving heavy sour crude oil to refineries along the U.S. Gulf Coast. These refineries were originally designed to process Mexican crude and others, which have become available over the past 15 to 20 years. They are in urgent need of 500,000 to 600,000 barrels per day, a volume that Canada is capable of producing.

But you need this critical pipeline and must eliminate bottlenecks to achieve that. It will require approval from the federal government of Canada, which claims there's no commercial justification and therefore denies it. Approval from the U.S. government is also necessary. One might assume that if supported, local opposition — particularly from Native American tribes — could be appeased by redirecting some of the federal pipeline revenue to those currently opposing it.

Adam Taggart: Essentially buying support.

Rick Rule: Look at the Indian reservations in Montana, such as Fort Peck, which are among the most impoverished areas remaining in the United States. This could easily be addressed by diverting a relatively small portion of federal pipeline revenue to the affected communities. I suspect a lot of political support could be bought this way. They say: 'Well, we bear all the risks but get nothing in return. Why should we participate?' One must sympathize with their position.

Adam Taggart: Alright, as I mentioned, we can delve deeper into this topic. It's truly fascinating. If any Canadian viewers have insights to share, please leave a comment in the section below. Well, Rick, I must thank you. You've effectively condensed all these points within the allotted time and provided people with a few names to research. Before we move on to silver, is there anything else you would like to add regarding natural gas or the oil and gas industry? I'd like to cover as much ground as possible before we wrap up.

Rick Rule: Well, you know, I just want to emphasize a few messages since we've discussed quite a bit.

First, the oil and gas industry is a highly capital-intensive and cyclical sector. You need to accept that. When it's disliked, it's intensely disliked, but that doesn't eliminate political risks. Look, we will face them ahead. Also, remember, not all oil companies are the same. Liking an oil company doesn't mean you like all of them. There are corporate cultures within the oil industry. Some companies are better than others. Some are more efficient, with better cyclicality in capital allocation, meaning they allocate capital better than others.

This isn't an industry for everyone, and I don't believe there's an industry that suits everyone. It's also an industry where you must be patient. There's a class of speculators and those at Adam’s level who look at you and me holding a problematic stock over a long weekend. That's not their opportunity. This is an opportunity.

What I mean is, I believe this is a definitive, certain area where the outcome is absolutely inevitable, but it may not happen quickly. I’ve come to favor certain outcomes where the variable is time—that is, the answer to the question is always 'when' rather than 'if.' That’s what I’d say about traditional oil and gas. But those who listen to me and wish to capitalize on this need to ask themselves how much tolerance they have for an outcome with an uncertain timeline. I’ve become very comfortable with that. Being patient while competing against 'impatient' markets is a major reason for my success. But others need to ask themselves if they share this patience and perseverance.

Adam Taggart: That's an excellent point, and I completely agree. Again, one reason I think everyone should at least speak with a financial advisor is that all these conversations begin with helping you better understand what type of investor you are. It's extremely important. Rick, as your student, I've seen the success of your approach. Uranium is a great example.

Just this morning, knowing you were coming, I went through my morning routine, checking my accounts, etc. Most of my financial wealth is managed by professional advisors, but I do have one account that I personally manage and hold. This account has been heavily invested in natural resource companies for many years and has significant exposure to precious metals mining companies. Its performance hasn’t been stellar—nothing to boast about. But over the past 12 months, its average return has simply been in triple digits—this is the average return across all positions in the portfolio over 12 months. In your case, this is what happens when a 'phase change' finally arrives.

My perspective has been significantly influenced by experts like you, considering it a matter of 'when' rather than 'if.' I just need to be patient enough to wait for the 'when,' right? Personally, I can only say that I’ve benefited from the approach you described. However, it may not suit everyone. So as an investor, you need to figure out whether this approach works for you, okay?

Alright, let's quickly transition to the topic of silver, and then we’ll start wrapping up. As I mentioned, you announced a fairly significant adjustment to your precious metals holdings. Please elaborate on what that was and explain why you did it.

Rick Rule: Alright. I’ve publicly announced that I sold 80% of my physical silver holdings. Now, let me provide two pieces of context. First, I believe precious metals prices, including silver, will continue to rise over the next decade. But I think their rate of increase will be faster after 2025.

In my investment portfolio, gold serves as a savings asset. I accumulate gold and maintain short-term liquidity along with assets denominated in US dollars. I treat silver as a speculative asset class. I intentionally buy silver because it is widely disliked, and I believe that when sentiment shifts, silver will perform like uranium did. Guess what it did?

I was right. I decided that since silver plays a speculative role in my portfolio, I must compare it with other speculative activities involving silver. It performed its function when silver rose from $20 to $50 or $60. Now I have become somewhat 'hesitant'—fortunately, I sold at around $75. People might say, 'Don’t you think silver will continue to rise?' I replied, 'Yes, possibly, but I don’t care about my own opinion. Given that it is a speculative asset class, I must compare it with other speculative activities and within the context of my overall portfolio.' Specifically, if the price of silver remains at its current level for 12 months—if it doesn’t rise but also doesn’t fall—then silver stocks will experience significant growth.

People estimate the net present value (NPV) of silver companies based on a silver price of $40. If you recalculate the NPV using a silver price of $75, then silver stocks will truly play a game of 'catch-up.' I believe I can allocate half of the capital invested in physical silver to silver stocks. If silver remains unchanged, I will gain all the leverage from silver stocks while retaining full leverage through my remaining position in physical silver. I reallocated 50% of my capital, and I did so. In other words, I believe silver stocks represent a more efficient speculation on the silver theme and are also a more effective speculation than physical silver itself. My portfolio has performed exceptionally well, and I decided I wanted to slightly reduce the risk in my portfolio—meaning, instead of pursuing alpha as I have done for the past five years, I want to take profits from the alpha sector, although I expect alpha to outperform beta. So I took some of the money out of silver and put it back into physical gold—meaning, I shifted from speculation to savings. Adam, young people like you need to understand that in a bull market, you only truly make money when you lock in your profits.

Adam Taggart: You must convert those paper gains into actual gains.

Rick Rule: So I decided to do just that.

Adam Taggart: Rick, your logic makes complete sense to me, and it validates a chart I posted on X yesterday. I discussed how precious metals mining stocks should act as leverage to metal prices. When metal prices rise, mining stocks should, on average, increase by a promising multiple. If you look at GDX (the gold miners ETF) compared to the price of gold over the past 12 months, GDX has risen approximately twice as much as the price of gold. Now, some people are a bit disappointed. They hoped gold mining stocks would exhibit even greater leverage. Who knows, maybe they will this time. But if you look at this chart, which compares SIL (the silver miners ETF) to the price of silver, they are fulfilling their role as leverage. There are nuances here because many silver companies are not pure silver companies, as silver is largely a byproduct of other metals. However, you will see that over the past 12 months, their returns have been roughly in line with silver itself, and we have yet to see any leverage effect from silver mining companies. Therefore, Rick, I fully understand why at this stage of the cycle, you would use silver mining stocks to gain exposure to silver while holding only a small amount of physical silver.

Rick Rule: I suspect that silver speculators will be ambushed by reality. Those focusing on the silver narrative fail to understand the positive impact of higher silver prices on the present value of future cash flows. Instead of focusing on the existing leverage on the balance sheet, speculators consider the possibility of a silver squeeze. They focus on the narrative of the imbalance between silver futures and the amount of silver available for good delivery. They also examine the pricing differences between physical silver in North America and physical silver in the rest of the world. They have concluded that there will be a short squeeze on the COMEX, forcing large silver banks to cover their positions, and so on.

This is essentially nonsense. If a short squeeze actually occurs, meaning COMEX traders declare force majeure, they will settle in cash. That’s what will happen. This occurred in the tin market and also in the zinc market. If there is a market imbalance, bank traders will certainly bankrupt speculators. If there is no imbalance, the imbalance in physical supply will resolve itself.

There is a large amount of silver that does not qualify as good delivery silver. It is in people's backyards, in coins, in vaults. Right now, it is starting to return to refineries from India, where it can be converted into good delivery products. So, if two things happen: either we experience a short squeeze leading to force majeure, and the banks will squeeze speculators; or the market will self-correct, using the current high silver prices to increase the supply of good delivery silver. In both scenarios, from my perspective, I am not sure if the price of silver will plummet. I don’t think it will rise as it did in the recent past. If silver simply stays flat, then in such a scenario, I believe the prices of high-quality silver stocks could rise by 50% to 100%.

Adam Taggart: To clarify, I believe you said you sold at $75. So even if silver falls from around $93 today to $75, would you still anticipate that kind of appreciation?

Rick Rule: Oh, absolutely. I don’t know whether silver will be at $105, $75, or $60. Neither do others. By the way, people have all sorts of opinions. I’ve been watching for 50 years. What I’m certain of is that I don’t know. So what I do know is that 'stagnation' will happen. It never does, but in the best-case scenario, silver stocks currently offer 15% to 100% better leverage than silver itself.

Adam Taggart: Alright. You know, when you post this on Twitter or when the news comes out, you say, 'Look, I reserve the right to change all of this at any time in the foreseeable future.' So I appreciate you sharing the logic behind why you’re doing this because things may evolve in the coming weeks, or you might change your mind again, right? Yes, obviously, folks, that’s another reason to meet Rick when he attends the spring meeting in March. Okay, Rick, I must wrap it up here for your sake. Thank you so much for giving us so much of your time. One last major question for you, but we’ll keep it brief. We might have mentioned it the last time you were on the show, but just in case we didn’t—I don’t recall if we said it because I wasn’t sure if Battalion Bank had received final regulatory approval. Now it has. You are actually starting to onboard client accounts.

I’d like to officially announce that while 'Thoughtful Investing' is the officially recognized financial advisor for precious metals solutions, Franklin Battalion Bank is the officially recognized banking partner of 'Thoughtful Investing.'

The reason I’m 'sticking my neck out' and putting my brand at risk is that many in this audience always ask me, 'Hey, Adam, do you have any recommended solution providers in these areas?' And, you know, banks are usually like cable companies—almost no one likes their bank. In fact, you’ve created a bank that truly considers this channel’s audience, which made it an easy decision for me, Rick. So anyway, I want to make sure people know that if you want to discuss their solutions with Rick and the people at Battalion Bank. But Rick, when you finally start operating, what should people know about Battalion Bank?

Rick Rule: After nearly five years of applications, we decided to break through the regulatory deadlock by acquiring a bank, and that’s exactly what we did.

Adam Taggart: Did you tell us you would go find one, and was that part of the plan?

Rick Rule: Yes. We acquired a bank called Stearns Bank in Upsala, Minnesota. So we are actually providing banking services to the fine people of Upsala, Minnesota, and also serving a select few like me across the country. The idea is to test the banking system with our own money before rolling it out nationwide. Adam wants to ensure that our deposits are accounted for, checks are cleared, wire transfers are processed—all the things we will roll out nationwide, starting with our waitlist and shareholders. I’m pleased to say that we haven’t wasted those five years of application time. We have 20,000 people who told us they want to do business with us and specifically outlined the products and services they want access to.

Why is our bank different from your bank? The first thing is that our bank is prudent. We won’t over-leverage, and we won’t mismatch deposit maturities with loan maturities, as Silicon Valley Bank or First Republic Bank did. In other words, our bank won’t fail. It is run by a few old-timers who have been in banking for 45 or 50 years. The second thing is that our bank will pay interest. Many people don’t realize it, but their checking accounts earn no interest. We will pay you interest. We have a high-yield savings product denominated in U.S. dollars that allows you to write checks, make wire transfers, and do anything you want while also earning interest.

Adam, the next 10 years will see a lot of currency volatility. At Battalion Bank, you will be able to invest in 20 different currencies insured by the federal government, not just the U.S. dollar. I think this will come in handy over the next 10 years.

Another interesting thing about Battalion Bank is this: At Battalion Bank, your IRA… Most banks’ IRAs are containers for your annuities, mutual funds, or certificates of deposit. But at Battalion Bank, your IRA can own duplexes or Airbnb properties, purchase subway franchises, invest in private equity without presidential permission, invest in gold, invest in cryptocurrencies—as long as it’s legal, you can do whatever you want. No, you can’t invest in fentanyl, but ultimately, at Battalion Bank, you can invest in any legal or ethical activity. Unlike any other bank in the U.S., we believe that gold, silver, platinum, and palladium are excellent collateral.

If you have been prudent enough to build a decent reserve and wish to access the capital tied up without selling, you can establish a line of credit secured by your gold and silver, known as a margin loan. Recently, we have been opening accounts for real estate developers who hold substantial amounts of gold and silver. They do not want to sell but occasionally require working capital to carry out development activities. This is an ideal use case. You can obtain funds without selling the underlying gold and silver. Gold and silver serve as excellent collateral, but over my 50 years of serving the precious metals community, I have learned that those prudent enough to save are also very reliable banking clients. I find the likelihood of default from a cautious borrower to be exceedingly low. Therefore, I am highly enthusiastic about this segment of the business.

Adam Taggart: My goodness, I can't imagine other banks haven't done this yet, Rick, but this is fantastic.

Rick Rule: You know, this is a community I have been speaking with and serving for 50 years, Adam, so it’s a group I am extremely comfortable with. At Battalion Bank, 'selfishly' means my cost of acquiring customers is zero. It’s just the wear and tear of this old guy talking to his old clients.

Adam Taggart: Alright, as I said, this is fantastic. So, if you’re interested in learning more about Battalion Bank or getting on the waiting list to become one of their early clients after they graduate from the phase of letting Rick test the system and reopen to the public, stay tuned.

Rick Rule: I'm eager, not just 'willing.' Thank you for the engaging conversation. Thank you for the friendship extended to us. I look forward to attending your conference.

Adam Taggart: Likewise. Speaking of conferences, you've kindly invited me back to your July seminar. I’m not sure if you're still accepting registrations, but if you are, where should people go to learn more?

Rick Rule: From July 6th to 10th in Boca Raton, Florida, or watch via livestream from the comfort and convenience of your home. Regardless of which option you choose, you will have access to a year’s worth of recordings, and you’ll need them. By the way, in four days, we will provide you with more information than you can absorb in that time. Unlike any other investment conference I know of globally, if for any reason you feel I haven’t earned your tuition, your money will be fully refunded.

Adam Taggart: Well, folks, let me tell you, from what attendees have shared, it’s truly an overwhelming 'firehose' of information. One thing I particularly appreciate is that everyone present is personally selected by Rick. So, it’s almost like sitting down with Rick’s inner circle for four days. Alright, to summarize, folks, please express your gratitude to Rick and all his generosity as he joins us. Hit the 'Like' button, then click the 'Subscribe' button below if you haven’t already, along with the little bell icon next to it.

We haven’t officially started promoting the Thoughtful Investing spring conference yet. We will begin shortly, but if you’d like to purchase tickets now and lock in last fall’s pricing in case we need to raise prices this spring, there’s a link here for you.

Finally, as Rick has often emphasized, when investing in this space, first, you must truly understand who you are as an investor, and then you must identify which approach makes sense given your current circumstances, goals, risk tolerance, etc. It is strongly recommended that you work under the guidance of a competent financial advisor as you determine how much exposure to take in these areas and which specific companies to focus on because, as Rick mentioned, not all companies are created equal. Strongly consider collaborating with a professional advisor who takes into account all the macro issues Rick discussed and has experience investing in the natural resources sector. If you already have someone advising you through this process, that’s great. If not, when the time comes, seek a second opinion and consider scheduling a free consultation. One of the firms supported by Thoughtful Investing is the company you see me represent weekly on this channel.

Rick, I am deeply grateful to you. It is an honor and a privilege to have come to this channel multiple times and share your expertise with the audience. I can't thank you enough.

Rick Rule: Thank you, sir. I look forward to our next visit.

Adam Taggart: And to everyone else, thank you very much for watching.

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