Rick Rule: What I'm Buying and What I'm Selling | Jimmy Connor

Jimmy Connor Jun 9, 2026 42:16

Summary

Rick Rule won't touch parabolic chip names he can't value, a stance that exposes how narrow the S&P/NASDAQ rally has become.

Higher oil is structurally priced in even if a Gulf truce pulls prices back, because decades of under-investment leave 2029-2030 tight.

Rule treats uranium as a 10-year no-brainer and welcomes lower prices to add more, citing Asian energy-security restarts after 50 years.

Gold is savings, silver is speculation; he sold silver in January on a parabolic chart and still owns gold as a fiat hedge.

Copper is a 5-year no-brainer on 30 years of under-investment, but a tough six months likely if rising rates force Chinese inventory liquidation.

Rule uses Equinox Gold as the textbook mining-consolidator example — buying companies that merge into larger entities that get pulled into indices and attract passive buying
Part of Rule's 20-year playbook of riding waves of index inclusion and passive money through M&A, rather than competing with that capital directly

Rule was a major participant in the early-2000s financing that kept Pan American Silver alive after partner Ross Beatty almost went bankrupt with it while silver was just starting its move and the Nasdaq was cracking
Pan American's subsequent silver-price surge is what Rule cites as the case for backing Beatty over decades — 'like owning a few slot machines in Las Vegas, over time they were going to pay'
One of 14 stocks Rule has owned with Ross Beatty, of which 12 became 10-baggers or better; seven of those came out of the Lumina copper story — what Rule calls a 'superb, superb track record'

Top takeaway Frames a US fiscal-crisis thesis: roughly $40T on-balance-sheet liabilities (about 115% of GDP) plus $120T off-balance-sheet liabilities against only $172T of private net worth, with about $4T of that gap consumed every year, leaving 'dishonest default' via money printing as the only politically viable path
Anchors the gold bull case in US money-supply growth — M2 went from $15.4T in January 2020 to over $22T, more than a 40% expansion — and warns that the next decade's handling of $160T in liabilities will dwarf that
Lays out current market extremes as a backdrop for the discussion: chip stocks parabolic (Intel up 150% YTD, Micron up 220% YTD), S&P up 8% YTD, NASDAQ up 15% YTD, gold flat YTD, silver down 8%, oil up 60% YTD, and SpaceX pricing at $1.75T / 100x revenues
Explicitly invites Rule's contrarian playbook — fading parabolic charts (silver melt-up, any oil melt-up), buying consolidator names set to gain index inclusion, and stockpiling hated commodities like uranium while prices are weak