Rick Rule, President and CEO of Rule Investment Media, joins Kitco Mining’s Digging Deep with Paul Harris to break down escalating geopolitical risk and what it means for energy, commodities, and mining. Rule says recent oil and LNG price moves tied to the Persian Gulf conflict are “anticipatory rather than reactive,” warning that markets are still pricing anticipatory shortages rather than real rationing. If supply disruptions materialize, he said, “the price impact is going to be very different than the price impact that we've seen,” pointing to potential sharp repricing within two or three weeks.

Rule identifies uranium as a key strategic winner as countries prioritize energy security, saying “the real unsung beneficiary will be the nuclear power industry and by proxy the uranium companies.” He also argues resource nationalism and government intervention are likely to continue, with growing pressure on mining assets across key jurisdictions.

In this interview, Rick Rule also discusses:
• Why energy markets could reprice sharply if real shortages emerge
• Uranium’s advantage in a shifting global energy system
• Resource nationalism and government pressure on mining assets
• G Mining’s $3B deal and why consolidation can still be accretive
• Rare earth supply chains and rising government-backed capital

Recorded April 22, 2026

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Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

Neil Adshead, Consultant Analyst at the Commodity Discovery Fund, joins Kitco Mining’s Digging Deep with Paul Harris to unpack the recent price slump in precious metals, and how gold and the mining majors are performing amid the Iran war.

“The long term supply/demand for commodities is in place, but if this war really does damage the global economy significantly, then we could be in for quite a longer ‘air pocket', let's call it a bit of a trough,” he warned.

Adshead also discusses a range of significant recent mining developments, including the impact of Barrick’s production delays in Pakistan, the Newmont-Barrick dispute over the Nevada Gold Mines joint venture, the significance of the ongoing buying spree by Chinese mining majors, and which government strategies are most effective for increasing exploration.

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.

00:00 - Introduction
00:46 - Metals Price Slump
02:20 - Is Gold Still a Safe Haven?
04:12 - Barrick Production Delays
07:25 - Newmont-Barrick Nevada Dispute
10:42 - Anglo Gold’s Arthur Project
16:03 - Chinese Miners’ Buying Spree
18:32 - Liberty Gold’s Black Pine Project
23:24 - Government Strategies to Increase Exploration
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Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

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

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.

Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.