Legendary commodity investor Rick Rule sees weakness coming for natural resources and thinks investors should be ready to take advantage. In this special season premiere episode, he’s here to tell you what he’s buying. Rick Rule, President and CEO of Rule Investment Media, joins In the Money with Amber Kanwar to kick off a new season with his outlook for gold, oil and natural resource stocks. While higher interest rates and a stronger U.S. dollar could weigh on commodities through the rest of 2026, Rule remains firmly bullish over the longer term—and says a pullback could put the assets he wants to own “on sale.
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Rick joined us on September 25, 2025 with three ideas. One year on, he hasn’t sold a share of any of them.
Sprott (SII) — up ~65% · Still holds
Exxon Mobil (XOM) — up ~45% · Still holds
EMX Royalty (EMX) — merged, rolled over · Still holds
Here are Rick’s top 3 new ideas:
1. Agnico Eagle (AEM) — the anchor
The “Exxon of gold mining.” Lower jurisdiction risk, best-in-class operators.
- Best capital allocator in the majors. Over the last 30 years, on capital-allocation decisions, Rick ranks Agnico first — ahead of both Barrick and Newmont, “no comparison.” Great project pipeline, and having explored and acquired through the lean years, they don’t have to overpay now that the good times are back.
- A people-and-process edge. Employee turnover runs about a third of peers, which means lower training and injury costs and stronger esprit de corps — a qualitative difference from the other big producers.
- An unfair discount. Barrick and Newmont enjoy a valuation premium for their Carlin/Nevada assets. Rick argues Canada’s Abitibi is no worse geologically or on infrastructure, so Agnico’s lack of that premium is unfounded — especially given its superior returns on capital.
2. Equinox Gold (EQX) — the turnaround
A Ross Beaty company back in the penalty box — which is exactly why he’s calling it out now.
- Forced selling, not broken thesis. After acquiring Calibre and Orla, the arbitrage crowd that owned those names for the takeover has rotated out. That’s a hiatus: those sellers need to be replaced by holders who understand the combined company is worth more than the sum of its parts.
- Results are coming through. The Valentine mine is ramping toward nameplate capacity and starting to flow to the income statement, with development assets from Calibre and Orla behind it.
- The Beaty playbook. Expect them to shed a couple of tier-two/tier-three assets and redeploy into another tier-one acquisition over time. Rick has watched Ross run this play for 40 years — and notes he’s “retired” only through B.C.’s summer; the autumn rains bring him back to work.
3. Talon Metals (TLO) — the speculation
High risk, high reward. A ~$1B battery-metals play — with a blunt warning attached.
- Read the warning first. Rick was explicit: if his exploration thesis is wrong, buyers today lose 50% of their money. This is for technically sophisticated investors using capital they can afford to lose — not the kid’s college fund.
- A potential Voisey’s Bay. The draw is the Tamarack nickel-copper-cobalt exploration play, brought to his attention by Bob Bishop — the same person who flagged Voisey’s Bay. If it works, Rick thinks it could be as profound, perhaps more so, than that deposit.
- Adult supervision. The Lundin family owns roughly 20% of the company, and there’s a joint venture with Rio Tinto — a meaningful endorsement on an otherwise high-beta bet.
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