
Episode 150
Is Gold in a New Bull Market? A Deep-Dive Into Humanity’s 5,000-Year-Old Obsession | Rick Rule

Episode 150
Rick Rule
Is Gold in a New Bull Market? A Deep-Dive Into Humanity’s 5,000-Year-Old Obsession | Rick Rule
summary
In Episode 150 of Hidden Forces, Demetri Kofinas speaks with Rick Rule, President & CEO of Sprott US Holdings and Senior Managing Director of Sprott Inc. a global, alternative asset manager focused on precious metals and real assets with approximately 12 billion dollars in assets under management.
After spending most of the last decade in a period of prolonged underperformance, gold has spent the last two years on a tear, up 67% since September 2018. This episode is meant to introduce Hidden Forces listeners gold, precious metals, and the larger natural resource industry. We discuss gold’s physical qualities as a commodity that needs to be prospected, mined, extracted, refined, and stored, as well as its investment profile in the form of bullion, equities, and derivative products like futures, options, and ETFs.
We also spend time in the regular episode discussing gold in philosophical terms. What is gold? What is it that gives gold its value? Is gold a hedge against inflation? Is it insurance, and if so, insurance against what? Finally, is it possible to even talk about gold without discussing the macroeconomy, credit markets, and ultimately people’s faith in the institution of paper money?
Other topics include the supply and demand-side drivers of the gold price, what Rick Rule sees in terms of institutional demand for gold, how the mining industry has changed over the last few decades, the relationship of gold to silver and where the silver market is trending, the use of public ledgers and blockchain-related technologies in the precious metals industry, and much, much more.
You can access the episode overtime, as well as the transcript and rundown to this week’s episode through the Hidden Forces Supercast Page. All subscribers gain access to our overtime feed, which can be easily added to your favorite podcast application.
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Producer & Host: Demetri Kofinas
Editor & Engineer: Stylianos Nicolaou
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Episode Recorded on 08/03/2020
bio
Rick Rule began his career in the securities business in 1974 and has been principally involved in natural resource security investments ever since. He is a leading resource investor specializing in mining, energy, water utilities, forest products and agriculture, and has originated and participated in hundreds of debt and equity transactions with private, pre-public and public companies. Mr. Rule is also the Founder of Global Resource Investments, President and CEO of Sprott U.S. Holdings, Inc. and a member of the Sprott Inc. Board of Directors. He is a frequent speaker at industry conferences and has been interviewed for numerous radio, television, print and online media outlets concerning natural resource investment and industry topics. Mr. Rule is frequently quoted by prominent natural resource-oriented newsletters and advisories.
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Lorem ipsum dolor sit amet, consectetur adipiscing elit. Etenim semper illud extra est, quod arte comprehenditur. Id et fieri posse et saepe esse factum et ad voluptates percipiendas maxime pertinere. Nullus est igitur cuiusquam dies natalis. Primum in nostrane potestate est, quid meminerimus? Duo Reges: constructio interrete. Sed quid minus probandum quam esse aliquem beatum nec satis beatum?
Miserum hominem! Si dolor summum malum est, dici aliter non potest. An vero displicuit ea, quae tributa est animi virtutibus tanta praestantia? Primum divisit ineleganter; De vacuitate doloris eadem sententia erit. Tu autem negas fortem esse quemquam posse, qui dolorem malum putet. Est autem a te semper dictum nec gaudere quemquam nisi propter corpus nec dolere. An me, inquam, nisi te audire vellem, censes haec dicturum fuisse? Oratio me istius philosophi non offendit; Cum audissem Antiochum, Brute, ut solebam, cum M. Sequitur disserendi ratio cognitioque naturae;
Sic enim censent, oportunitatis esse beate vivere. Sin laboramus, quis est, qui alienae modum statuat industriae? Quid turpius quam sapientis vitam ex insipientium sermone pendere? Nam illud quidem adduci vix possum, ut ea, quae senserit ille, tibi non vera videantur. Itaque hic ipse iam pridem est reiectus; Et ille ridens: Video, inquit, quid agas;
Causa autem fuit huc veniendi ut quosdam hinc libros promerem. Cur ipse Pythagoras et Aegyptum lustravit et Persarum magos adiit? Istam voluptatem perpetuam quis potest praestare sapienti? Quaero igitur, quo modo hae tantae commendationes a natura profectae subito a sapientia relictae sint. Sint ista Graecorum; Cur igitur, inquam, res tam dissimiles eodem nomine appellas? Te ipsum, dignissimum maioribus tuis, voluptasne induxit, ut adolescentulus eriperes P. Cur tantas regiones barbarorum pedibus obiit, tot maria transmisit?
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Lorem ipsum dolor sit amet, consectetur adipiscing elit. Quae in controversiam veniunt, de iis, si placet, disseramus. An quod ita callida est, ut optime possit architectari voluptates? Aut, Pylades cum sis, dices te esse Orestem, ut moriare pro amico? Ita redarguitur ipse a sese, convincunturque scripta eius probitate ipsius ac moribus. Non quaeritur autem quid naturae tuae consentaneum sit, sed quid disciplinae.
Color egregius, integra valitudo, summa gratia, vita denique conferta voluptatum omnium varietate. Profectus in exilium Tubulus statim nec respondere ausus; Mihi, inquam, qui te id ipsum rogavi? Sic enim censent, oportunitatis esse beate vivere. Vide, ne etiam menses! nisi forte eum dicis, qui, simul atque arripuit, interficit. Non enim, si omnia non sequebatur, idcirco non erat ortus illinc. Longum est enim ad omnia respondere, quae a te dicta sunt. Videmusne ut pueri ne verberibus quidem a contemplandis rebus perquirendisque deterreantur? Hosne igitur laudas et hanc eorum, inquam, sententiam sequi nos censes oportere? Ita similis erit ei finis boni, atque antea fuerat, neque idem tamen;
Itaque mihi non satis videmini considerare quod iter sit naturae quaeque progressio. Deprehensus omnem poenam contemnet. Si enim ita est, vide ne facinus facias, cum mori suadeas. Qui autem esse poteris, nisi te amor ipse ceperit? Haec igitur Epicuri non probo, inquam. Itaque ad tempus ad Pisonem omnes. Deinde prima illa, quae in congressu solemus: Quid tu, inquit, huc? In his igitur partibus duabus nihil erat, quod Zeno commutare gestiret.
Memini vero, inquam; Nullum inveniri verbum potest quod magis idem declaret Latine, quod Graece, quam declarat voluptas. Duo Reges: constructio interrete. Quam ob rem tandem, inquit, non satisfacit?
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Lorem ipsum dolor sit amet, consectetur adipiscing elit. Is ita vivebat, ut nulla tam exquisita posset inveniri voluptas, qua non abundaret. Hos contra singulos dici est melius. Ut optime, secundum naturam affectum esse possit. Ait enim se, si uratur, Quam hoc suave! dicturum. Nam illud vehementer repugnat, eundem beatum esse et multis malis oppressum. Non igitur de improbo, sed de callido improbo quaerimus, qualis Q. Duo Reges: constructio interrete. At cum de plurimis eadem dicit, tum certe de maximis.
Sic enim censent, oportunitatis esse beate vivere. De quibus etsi a Chrysippo maxime est elaboratum, tamen a Zenone minus multo quam ab antiquis; Quae diligentissime contra Aristonem dicuntur a Chryippo. Hanc quoque iucunditatem, si vis, transfer in animum; Et hercule-fatendum est enim, quod sentio -mirabilis est apud illos contextus rerum. Videmus igitur ut conquiescere ne infantes quidem possint. Sed haec quidem liberius ab eo dicuntur et saepius.
Facile est hoc cernere in primis puerorum aetatulis. Nemo igitur esse beatus potest. At enim hic etiam dolore. Et nunc quidem quod eam tuetur, ut de vite potissimum loquar, est id extrinsecus; Ipse Epicurus fortasse redderet, ut Sextus Peducaeus, Sex. Negare non possum. Beatus sibi videtur esse moriens. Sed haec quidem liberius ab eo dicuntur et saepius. Scio enim esse quosdam, qui quavis lingua philosophari possint;
Quamquam te quidem video minime esse deterritum. Cur, nisi quod turpis oratio est? Negare non possum. Hoc sic expositum dissimile est superiori. Hoc etsi multimodis reprehendi potest, tamen accipio, quod dant. At ille pellit, qui permulcet sensum voluptate. Iam doloris medicamenta illa Epicurea tamquam de narthecio proment: Si gravis, brevis; Esse enim quam vellet iniquus iustus poterat inpune.
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Video
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Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vide, quaeso, rectumne sit. Cuius quidem, quoniam Stoicus fuit, sententia condemnata mihi videtur esse inanitas ista verborum. Bonum negas esse divitias, praeposìtum esse dicis? Summum ením bonum exposuit vacuitatem doloris; Sic, et quidem diligentius saepiusque ista loquemur inter nos agemusque communiter. An est aliquid, quod te sua sponte delectet? Atqui perspicuum est hominem e corpore animoque constare, cum primae sint animi partes, secundae corporis. Idem fecisset Epicurus, si sententiam hanc, quae nunc Hieronymi est, coniunxisset cum Aristippi vetere sententia. Duo Reges: constructio interrete.
Atqui reperies, inquit, in hoc quidem pertinacem; An potest, inquit ille, quicquam esse suavius quam nihil dolere? Et nemo nimium beatus est; Quod non faceret, si in voluptate summum bonum poneret. Ergo hoc quidem apparet, nos ad agendum esse natos. Tum Quintus: Est plane, Piso, ut dicis, inquit. Quae cum ita sint, effectum est nihil esse malum, quod turpe non sit. Post enim Chrysippum eum non sane est disputatum.
Est enim effectrix multarum et magnarum voluptatum. Minime vero, inquit ille, consentit. Quaesita enim virtus est, non quae relinqueret naturam, sed quae tueretur. Serpere anguiculos, nare anaticulas, evolare merulas, cornibus uti videmus boves, nepas aculeis.
Hoc positum in Phaedro a Platone probavit Epicurus sensitque in omni disputatione id fieri oportere. Si quidem, inquit, tollerem, sed relinquo. Nam Pyrrho, Aristo, Erillus iam diu abiecti. Nullus est igitur cuiusquam dies natalis. Quod autem principium officii quaerunt, melius quam Pyrrho; Summum ením bonum exposuit vacuitatem doloris; Est enim effectrix multarum et magnarum voluptatum. Videamus igitur sententias eorum, tum ad verba redeamus. Vos autem cum perspicuis dubia debeatis illustrare, dubiis perspicua conamini tollere.