In this deep dive, resource investing legend Rick Rule sits down with Andy Millette to lay out his most up-to-date thesis on the US dollar, gold equities, and oil & gas.
Rick argues the dollar may lose ~75% of its purchasing power over the next decade, setting the stage for 3–4× nominal gains in gold. He also explains why volatility is part of the journey’ — not a sign the thesis is broken — drawing on the 1975 gold crash when prices collapsed ~50% mid-bull market.
He shares his “point of no concern” risk framework — taking some capital off the table after a 2× move to reduce downside exposure — and discusses why many major gold producers are trading more attractively today thanks to free cash flow generation, institutional pressure for capital discipline, and a commitment to per-share growth.
Rick then pivots to energy, believing oil and gas stocks are undervalued (trading at ~½ intrinsic value). He warns that current capital expenditure is underfunded by roughly $2 billion/day, which may provoke a serious supply squeeze by 2028. The playbook: combine deep-value entry with secular tailwinds in oil, then layer in juniors with optionality.
Rick also dissects the junior mining universe, cautioning that 2,500 of 3,000 juniors have negligible value, so selection is critical. He directs viewers to his education platforms — free rankings, bootcamps, and Rule Classroom — as a foundation for deeper learning.
Whether you’re entering natural resources for the first time or refining an existing strategy, you’ll find nuggets here on risk controls, sector rotation, and capital deployment. #Millettian
