Rick Rule (Rule Investment Media) Letters & Research Archive

Rick Rule is a veteran natural-resource investor who began in 1974, built Global Resource Investments (sold to Sprott in 2011), and led Sprott U.S. Holdings until retiring in 2021 to found Rule Investment Media. His free Substack covers contrarian speculation in mining, energy and critical minerals — gold, silver, copper, nickel, royalty and streaming companies — framed by geopolitical risk.

13 pieces · 2026–2026 · updated every Monday

2026

09-04Paul’s Notes #14 — News Commentary 4 September 2026This piece covers a flurry of catalysts for junior mining companies, with the author cautiously optimistic. Barrick Gold's Reko Diq project in Pakistan is suspended after a security attack, and new ma…→08-28Paul’s Notes #13 — News CommentaryThis report says governments always lose when they try to fight market forces (like capping bond yields), which benefits gold and mining stocks. The author is bullish on gold and copper, seeing trade…→08-21Paul’s Notes #12 — News commentaryThis piece covers two main themes in mining: copper's long-term structural deficit (BHP sees a potential 10 million-tonne annual shortfall by 2035) and gold M&A opportunities, while warning about indi…→08-19Paul's Notes #11 — Gold continues to shine for producersThis report covers the gold mining industry. The author is cautiously optimistic: despite falling gold prices and rising costs squeezing margins, miners still have strong cash flow and generous shareh…→08-12British Columbia's mining revival — Rule Investment Newsletter #19The article says British Columbia's mining sector is enjoying a revival, helped by faster permitting, big mergers and fresh capital. The author is cautiously optimistic for the medium term but warns t…→07-28Uranium poised for second leg upwards — Rule Investment Newsletter #18This article says nuclear power is making a comeback because AI data centers need huge amounts of electricity and countries want to reduce reliance on imported fossil fuels. Uranium supply is struggli…→07-21Paul's Notes #10 — The Poison or the Remedy?Gold miners dig up gold—the antidote to inflation—but then sell it for cash, which loses value every year. Rick Rule argues they should hold gold instead. He shows that if Barrick Gold had kept its ca…→07-15Rule Symposium highlights 2026 — Rule Investment Newsletter #17Gold and silver have dropped sharply, but experts at a recent investment conference say this is a healthy pullback in a long-term bull market, not the end. They recommend buying the dip, especially di…→06-30Paul's Notes #9 — Political Risk Update: New Wolves, New Sheep?This analysis examines how Latin America's political shifts in 2026 affect mining investments. While elections in Peru and Colombia tilted right, the razor-thin margins (e.g., 0.25% in Peru) mean near…→06-16Paul's Notes #8 — Rule Symposium Livestream added valueThis article explains that a major investment conference's livestream offers more than just recorded talks. The host conducts exclusive one-on-one interviews during coffee and lunch breaks, digging de…→06-09Nickel For Your Thoughts? — Rule Investment Newsletter #16This is about nickel, a metal used in stainless steel and electric vehicle batteries. Indonesia, the world's biggest nickel producer, is now cutting production and raising costs, which could flip the…→05-27Paul's Notes #7 — 1Q26 results to fuel goldco M&A?Gold prices are high, and miners are making record profits. But production isn't growing, so big companies like Newmont and Barrick are using their cash to buy smaller firms. The report shows these gi…→05-20Paul's Notes #6 — IPOsThis article covers IPO opportunities in natural resources, spotlighting two examples: Lumina Metals, a Polish copper-silver project with a 70% tax rate but still strong returns; and upcoming North Am…→