War, Debt, and Energy Shocks Set Up Gold’s Next Move | Rick Rule

Video Description

Rick Rule, President and CEO of Rule Investment Media, joins Kitco Mining’s Digging Deep with Paul Harris to assess how escalating conflict in the Persian Gulf is exposing deeper risks across energy, debt, and global resource markets. Rule warns that “30 years of underinvestment in natural resources means that we are less able to deal with shocks,” pointing to vulnerabilities across oil, LNG, fertilizer, and industrial supply chains. On markets, Rule says rising war spending and roughly $39 trillion in U.S. debt will ultimately support gold. “Sadly, this will be good for gold,” he said, adding “I welcome a lower gold price” as a buying opportunity. He also warned the U.S. dollar could lose 75% of its purchasing power over the next decade, while underinvestment in energy, running at “over a billion dollars a day,” could drive structurally higher oil prices and mining costs. In this interview, Rick Rule also discusses: • Why gold’s recent pullback may be a long-term opportunity • Structural oil underinvestment and future energy shocks • Why he met more than 90 companies at PDAC in early March and invested in none • BHP’s capital strategy and the Resolution copper project outlook • Argentina’s improving investment case Recorded March 19, 2026 Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews. 00:25 - Persian Gulf Conflict and Global Supply Shock Risks 03:23 - War Spending, U.S. Debt, and Gold Outlook 06:34 - Rule Symposium Macro Themes and Market Warnings 10:31 - Oil Prices, Underinvestment, and Mining Cost Pressures 13:35 - Portfolio Positioning: Energy Hedges and Oil Exposure 16:20 - Gold Pullback and Long-Term Buying Opportunity 18:32 - PDAC 2026: Why Rick Rule Made No Investments 21:11 - BHP Leadership Change and Copper Capex Strategy 24:13 - Resolution Copper Project: Permitting and Development Outlook 26:19 - Orion’s $2.2B Fund and Critical Minerals Capital Shift 31:54 - Argentina Mining Reforms and Investment Opportunity __________________________________________________________________ Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices. Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com Stay connected with us X - https://x.com/KitcoMining Instagram - https://www.instagram.com/kitcomining LinkedIn - https://www.linkedin.com/company/kitco-mining Facebook - https://www.facebook.com/KitcoMining Connect with the Kitco Mining anchors Paul Harris - https://x.com/paulharrisgold For more in-depth mining coverage, visit us here - https://www.kitco.com/mining Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.