- “The best sector I see is oil and gas,” Rule says pointing to structural supply constraints rather than short-term price movements.
- “For more than a decade, capital was starved from resource development, “ he explains, “Now we’re discovering what that neglect costs.”
- “Gold doesn’t require you to predict outcomes,” Rule notes. “It responds to uncertainty and uncertainty is abundant.”
- “Canadian Natural Resources is a core holding for me because it gives exposure to virtually very possible play,” Rule says citing its diversification and disciplined management.
As global markets move deeper into 2026, few investors have navigated commodity cycles with as much consistency and candor as Rick Rule. President and CEO of Rule Investment Media, Rule has spent decades analyzing capital flows, resource scarcity and the behavioural traps that ensnare investors when cycles turn.
In this Expert Exchange interview with host Coreena Robertson, Rule shares his outlook on commodities, precious metals, energy markets and why Canada remains one of the most overlooked jurisdictions for disciplined resource investors.
A Nervous Economy – Then and Now
When asked to revisit his comments in mid-2025 about being “pretty nervous” regarding the economy – particularly amid falling oil and gas prices and weaker energy demand – Rule remained cautious but clear-eyed.
“Energy demand is still one of the most honest indicators of economic health,” Rule said. “When demand softens while governments continue to spend aggressively, something has to give.”
While macro risks remain, Rule emphasized that volatility often creates opportunity – particularly in sectors investors have grown uncomfortable owning.
Oil & Gas: Still Essential, Still Mispriced
“The best sector I see is oil and gas,” Rule says. “I told you before, I love hate, and I do. Oil and gas are hated.”
Despite years of divestment pressure and political headwinds, Rule made it clear that oil and gas remain central to the global economy. In addition, it is also attrractie from an investment standpoint.
“I like oil and gas,” Rule said plainly. “Not because it’s fashionable, but because it’s necessary.”
He noted that years of underinvestment has constrained supply just as global demand continues to rise, particularly outside of North America and Europe.
“You can talk about electrification all you want, but hydrocarbons still underpin modern life.”he added. “The world doesn’t run on press releases – it runs on energy.”
Rick Rule
Rule also pointed out that capital discipline among producers has improved markedly, creating healthier balance sheets and better shareholder returns than in past cycles.
Rick Rule 2026: Commodity Capital Cycle
Looking broadly at commodities and natural raesoures, Rule describes the current phase as one defined by delayed consequences.
“For more than a decade, captial was starved from resource development, ” he explained. “Now we’re discovering what that neglect costs.”
Copper, Electrification & Reality
Copper remains a prime example of the tension between political ambition and physical reality. “Everybody agrees copper is essential,” Rule said. “The problem is that mines don’t get built on timelines that match policy goals.”
While government incentives may help at the margins, Rule stresses that permitting, soical opposition, and long development timelines remain formidable obstacles.
Rick Rule 2026: Gold’s play
Gold’s surge past $4500, an ounce in 2025 caught many investors off guard. Rule wasn’t surprised.
“Gold is doing what it’s supposed to do in a world of rising geopolitical rish persistent deficient, and declining confidence in fiat currencies,” he said.
Rather than focusing on short-term price moves, Rule framed gold as a form of finanancial insurance.
“When people worry more about return ‘of’ capital than return ‘on’ capital, gold becomes very relevant.”
Geopolitics & Safe-Haven Demand
Ongoing geopolitical tensions from long running conflicts to renvewed instability in places like Venezuela, continue to reinforce gold’s appeal.
“Gold doesn’t require you to predict outcomes,” Rule notes. “It responds to uncertainty and uncertainty is abundant.”
Rick Rule
Canada’s Quiet Advantage
One area where Rule remains particularly constructive is Canada, espeically when it comes to well-run resource companies.
“Canada still produces some of the best natural resource companies in the world,” Rule said. “Strong technical talent, established capital markets, and a long history of mining and energy development matter.”
While acknoledging regulatory and politcal challenges, Rule argued that Canadian firms often offer better governance and transparency than peers operation in less mature jurisdictions.
“I’d rather own a good business in a difficult jurisdiction than a bad business in an easy one,” he added, “And Canada still has a lot of good businesses.”
Rick Rule 2026 : The Silver Sequel
With gold in focus, silver has begun attracting revnewed attention. Rule desribed it as a metal with a split personality.
“Silver is both a monetary metal and an industrial metal,” he said. “that makes it volatile, but also interesting.”
he also pointed ou tsilver’s role in alternative financial systems, including platforms that allow precious metals to be used as collateral.
Battle Bank Update : ‘Not a newcomer’
Although widely known for this work in the resource sector, Rule emphasizes that banking is far from new territory.
“People know me in the resource business but Ive been in the banking business for several years across across seven banks,” he says. “I’m not a Johnny-come-lately.”
Rick Rule
His track record supports his claim. More than 25 years ago, Rule helped to build EverBank from inception to US$28B in assets before its eventual sale. “We’ve done this before,” he says.
Rule emphasizes that Battle Bank is built for customers who use their phone or computer as their branch. The bank operates without the cost burden of physical locations. The digital-first model delivers approximately 1.5% annual saving, a “saving we can pass on to our savers, our depositors and our shareholders,” he says. “We are operationally more efficient.”
Key Differences: Not just for the financial elite
In the U.S., Battle Bank offers self-directed IRA’s which allow investors to own real assets and operating businesses, such as housing and franchises.
Furthermore, the platform also enables savings in up to 20 currencies. without the US$10M minimum.
Most distinctively, Battle Bank accepts physical precious metals as collateral, capabilities typically reserved for ultra-high-net-worth clients at major global banks with minimums in the tens of millions.
“I’ve been in this business for 40 years,” he says. (Gold and silver) are good collateral. “I know that the people who save in gold and silver and prudent people, good people to lend too.”
Clients can access credit secured by physical gold, silver, platinum or palladium, with minimums as low as US$100,000.
“You can use your stash or stack, however you call it and access credit,” Rule says.
Rare Earths: Opportunity With Risk
Rule cautioned investors against blindly chasing the rare earths narrative. “Buyer beware,” he warned. “These markets are small, politically influenced, and often misunderstood.”
While strategic importance is real, Rule stressed that not every company will benefit equally.
Rather than naming specific stocks, Rule emphasized discipline and famililarity.
“I stay with businesses I understand, run by peope I trust,” he said. “In an environment like this, patience and sleectivity are advantages.”
Rick Rule’s 2026 outlook is shaped less by optisim or pessimim, than by realism. Scarcity he believes, is the defining investment theme and hose who respect cycles and fundamentals may be best postioned for what comes next.
Rick Rule 2026 Investment Mix
In the Canadian energy space, where he feels there is a great deal to like. Rule focuses in the mid-cap range. One of his core holdings is Canadian Natural Resources (TSX:CNQ) It holds diversified exposure across virtually “every possible play, ” Rule says, “I can cover the whole entire waterfront with one company.” Just as important, Rule states that it operates with, “adult supervision” supported by a corporate culture he respects.
Rule also owns positions in other Canadian-based companies, some of the ones he mentioned include PrairieSky Royalty Ltd. (TSX:PSK), Freehold Royalties Ltd. (TSX:FRU). Tourmaline Oil Corp. (TSX:YOU and Birchcliff Energy Ltd. (TSX:BIR) Together, Rule outlines that these holdings provide exposure to the most efficient operators across Canada’s major energy plays. The portfolio is constructed with an emphasis on quality of earnings and the durability of each company’s growth pipeline.
Want more learning opportunities in 2026?
A strong advocate for investor education, Rule mentionned the upcoming Metal Investors Forum in Vancouver January 23rd & 24th at the Fairmont Pacific Rim. followed by Vancouver Resource Investment Conference January 25th & 26th at the Vancouver Convention Centre.
Rick will be speaking and meeting investors at both Vancouver events.
In addition, later this year in Boca Raton, Rule will host, The Rule Symposium on Natural Resource Investing July 6th – 10th. He confidently states that “his conference is the finest natural resource conference on the planet,” and puts his money where is mouth is offering a money-back guarantee if an attendee feels they didn’t get their money’s worth.
For more Rick Rule, check out Rick’s previous segment on the economy, critical minerals, “We’re in a New Era” as well as his advice on investment reads and Wise advice from ‘The Intelligent Investor‘.
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