Educational content only, not investment advice. Mining stocks are high risk.
By Ben McGregor
Friday, November 13, 2026
Asked for a single stock, Rick Rule named Wheaton Precious Metals (NYSE: WPM; TSX: WPM). He said he would "probably" choose it, and he aimed it at "most people" who lack his tolerance for risk.
That is the full Rick Rule stock recommendation in this video: one company, with a hedge, for a particular reader. The word "recommend" comes from the video's title. Rule does not use it in the transcript CMR read.
This article reads his answer closely. It sets out the exact question, explains streaming in plain words, and lays his reasons beside Wheaton's own numbers on both sides.
Which stock does Rick Rule recommend?
In the video, it was Wheaton Precious, in an interview The Victor Jones Report published on YouTube on November 10, 2026, at 2:22 p.m. ET. It runs 56 minutes and 25 seconds and was the channel's first episode.
The video gives no recording date, but the host opens by saying the S&P 500 was "down nearly 5% yesterday." The index fell 4.36% on November 5, so the talk was likely recorded November 6, by CMR's inference.
The channel's description says Rule "shares the one stock he would recommend to average investors who are not yet allocated in the natural resource sector." That is the channel's wording, and Rule's own words were more careful, as the next section shows.
Wheaton also turned up earlier this month in coverage of Rick Rule mining stocks. On November 2, Rule named Franco-Nevada, Wheaton and Agnico Eagle as his three picks on BNN Bloomberg's Market Call. BNN's summary of his view on Wheaton reads: "Wonderful free cash flows, reasonably priced." CMR covered that list in its November 5 post on Rule's November picks.
What did the Rick Rule stock recommendation actually say?
The host set up the question around a reader with "Rick Rule's risk tolerance" who is "not allocated to commodities right now." Then he asked: "What's the best ranking stock that you'd like to share?"
Rule began with his own scoring system: "The highest ranking in my portfolio currently is a four," he said. "I rank them one to ten, one being best, ten being worst."
So the scale runs from one, the best score, to ten. His top-ranked holding scores a four on that scale. He did not say what number Wheaton gets.
He also said that most people take on more risk than is good for them. He described what he looks for: "a stock in a commodity that I like that's reasonably priced that has a spectacular growth outlook." Then came his answer: "I'd probably choose Wheaton Precious."
He then compared it with a rival: "It's not quite as good a company as Franco-Nevada, but it's in the streaming business and it's larger in streaming than Franco-Nevada is."
He closed by naming the reader again, asking himself for "one stock that would be likely to benefit the majority of your readers." For "the people that don't yet have the sophistication to speculate in resources," he said, "it would be Wheaton Precious."
Three limits sit inside those lines. He said "probably," and he framed the pick for "most people" and for readers new to speculation in resources. The phrase "right now" came from the host, and Rule gave no time frame for the pick itself.
Is Rule's pick a list of the best mining stocks to buy?
Rule named one stock for one kind of investor. He kept a clear line between that answer and what suits him personally.
Later in the same video, he discussed a more speculative company. He said he was "leery to talk about it in front of a broad audience," so CMR does not name it here.
Of that company, Rule said: "It's a wonderful stock for Rick Rule. Whether or not it's a wonderful stock for people who don't have my risk tolerance or volatility tolerance is a different question entirely."
That contrast helps explain the pick, since Wheaton was his answer for readers who do not want to judge a single risky company. He also did not call Wheaton one of the undervalued mining stocks in this video. He said "reasonably priced" and gave no measure for it.
How does a streaming company differ from junior mining stocks?
A streaming company pays a miner cash upfront. In return, it gets the right to buy part of the mine's future metal at a set low price. That metal is often a by-product, such as silver from a copper mine.
Wheaton runs no mines of its own; it holds streaming and royalty agreements on other companies' mines. At September 30, 2026, it had agreements on 57 mining assets, 22 of them operating mines.
Junior mining stocks are small companies that explore for or build a mine, often with no revenue. Rule told Kitco Mining that their financing window "has slammed shut." CMR covered his view of juniors in its November 9 post on the junior window. Wheaton sits at the other end of the range.
The deal Rule cited shows how streaming works at scale. On February 16, 2026, Wheaton agreed to pay BHP $4.3 billion upfront for silver from the Antamina mine in Peru. Rule called it "a 4.2 billion dollar stream," rounding the figure differently.
Under the deal, Wheaton buys BHP's 33.75% share of Antamina's payable silver until 100 million ounces are delivered. After that, its share drops to 22.5% for the life of the mine. The stream took effect on April 1, 2026.
What are the basics on Wheaton's shares?
- Price: US$131.80 at the NYSE close on November 12, 2026, down 2.79%.
- Toronto: C$187.96 at the TSX close the same day, down 2.69%.
- Size: a market value of $59.88 billion, with 454.19 million shares outstanding.
- 52-week range: US$98.51 to US$165.76.
- Dividend: US$0.195 per share, declared November 5, 2026.
By CMR's calculation from Yahoo Finance closes, the NYSE shares are up 12.2% in 2026, from US$117.52 on December 31, 2025.
Why does Rick Rule like streaming companies such as Wheaton Precious?
Rule's case rests on future deals: "The large transactions are in front of the streaming business," he said.
His reason is copper. "The ten largest copper producers in the world need to spend 250 billion 2025 constant dollars to maintain their current level of production, and they don't have it," Rule said. The $250 billion figure is his estimate, and CMR did not verify it.
He expects those miners to raise money by selling the gold and silver they produce as a by-product. In his words, the copper companies are "going to offload the gold and silver streams to the Wheaton Precious and the Franco-Nevadas of the world." Those buyers, he said, "can pay disproportionate premiums for it."
Wheaton's own numbers bear on that view: in the third quarter of 2026, it reported revenue of $772 million and net earnings of $410 million. Operating cash flow was $645 million.
Production was 231,000 gold equivalent ounces (GEOs), up 13% from a year earlier. Wheaton said the gain came mainly from the Antamina stream. A GEO converts silver and other metals into the amount of gold of the same value.
The company kept its 2026 guidance at 860,000 to 940,000 GEOs. It forecasts about 1.2 million GEOs a year by 2030. Its quarterly dividend of US$0.195 per share is 18% above its fourth-quarter 2025 declaration, the company reported.
This connects to CMR's November 13 post on Rule's view that gold mining stocks are cheap, which covered his sector claim. Here the question is narrower: why one company fits his streaming thesis.
What weighs against Rule's case?
The same sources give the other side, and it deserves equal weight.
Debt: At September 30, 2026, Wheaton held $146 million of cash against $1.6 billion of debt. That left net debt of $1.5 billion after the Antamina payment, though it repaid $372 million in the quarter.
Unsigned deals: The growth Rule described depends on stream deals that have not been signed. His $250 billion copper spending figure is his own estimate.
The price deck: Wheaton's GEO figures assume gold at $4,800 and silver at $80 an ounce. Kitco's live prices at 4:03 a.m. ET on November 13 showed spot gold at $3,897.60 and spot silver at $49.88.
By CMR's calculation, the company's gold assumption sits about 23% above that spot price. Its silver assumption sits about 60% above. So the GEO totals depend on prices well above this week's.
The share price: By CMR's calculation from Yahoo Finance, the NYSE shares closed November 12 about 20.5% below their 2026 closing high of US$165.72 on March 2. They are down 3.5% from the US$136.62 close on November 10, the day the video was published. Share moves like these have many causes, and none can be pinned on one interview.
Rule's own caution: On Kitco Mining, Rule said "the gold price and the gold equities prices could go lower." He also linked periods of higher nominal interest rates with weaker gold prices. And in the video, he ranked Wheaton below Franco-Nevada as a company.
How I read it. Rule did not hand out a tip. He answered a narrow question for a particular reader: someone who wants exposure to metals without having to judge a single mine or a junior's next financing. A streamer fits that description because it owns slices of many mines' output. That is also why its fortunes rest on the next deals and on metal prices it does not control. For a sound-money reader who already holds physical metal, the question is different: whether to own a business that finances miners, on top of the metal itself.
What is Rick Rule's favourite stock investment?
Rule has not named a single all-time favourite in the sources CMR read. In this video, he called Wheaton "not quite as good a company as Franco-Nevada" but picked it because "it's larger in streaming."
He describes his own money in broader terms, and in an earlier Mining Network interview on YouTube, he said "I save in gold" and "I personally speculate in silver." CMR did not confirm that video's upload date.
On Kitco Mining, published November 11, Rule said he is "adding to my holdings both of physical gold and of the gold mining shares." In the same answer, he named Franco-Nevada and Wheaton among the shares he is adding to, along with developers and explorers. In his own natural resource investing, then, precious metals stocks sit alongside the metal itself.
Does Rule have ties to Wheaton or to the video?
BNN Bloomberg's disclosure table for Rule's November 2 picks shows "Y" for family ownership of WPM. It shows "N" for personal ownership and for portfolio or fund ownership.
Rule is President and CEO of Rule Investment Media. It runs the Rule Classroom and offers natural resource portfolio rankings, both of which the host described as free of charge. Rule also hosts the paid Rule Symposium, next held July 5 to 9, 2027, at The Boca Raton.
He is starting Battle Bank, as the host put it, and he promoted the bank in this video.
CMR found no record that Wheaton paid for the video or sponsors Rule's businesses. The video description names no sponsor. Wheaton also does not appear on a third-party list of 71 sponsors for the 2026 Rule Symposium. That is the absence of a finding, and it proves nothing either way.
What to watch: which dates matter for Wheaton and metal prices?
- Friday, November 13, 2026, 8:30 a.m. ET: the US producer price index for October, context for metal prices. It was not yet out when this article was written.
- Thursday, November 19, 2026: Wheaton's ex-dividend and record date for the US$0.195 dividend.
- Thursday, December 3, 2026 (on or about): Wheaton's dividend payment date.
- Tuesday, December 8 and Wednesday, December 9, 2026: the Federal Reserve meeting, with the rate decision on December 9. Rule linked higher nominal rates with lower gold prices.
- Sunday, March 7 to Wednesday, March 10, 2027: the PDAC convention in Toronto.
FAQ
Which stock does Rick Rule recommend?
In a video published November 10, 2026, Rule named Wheaton Precious Metals (NYSE: WPM; TSX: WPM). He said he would "probably" choose it, for "the people that don't yet have the sophistication to speculate in resources." On November 2, he named Franco-Nevada, Wheaton and Agnico Eagle as his three picks on BNN Bloomberg's Market Call.
What is Rick Rule's favourite stock investment?
Rule has not named a single all-time favourite in the sources CMR read. In the November 10 video, he said Wheaton is "not quite as good a company as Franco-Nevada" but picked it because "it's larger in streaming." In an earlier interview whose date CMR did not confirm, he said "I save in gold" and "I personally speculate in silver."
Why does Rick Rule like streaming companies such as Wheaton Precious?
Rule tied his pick of Wheaton to future deals, saying "the large transactions are in front of the streaming business." He said copper producers lack capital and will sell gold and silver streams to raise it. Wheaton agreed on February 16, 2026, to pay BHP $4.3 billion for an Antamina silver stream. Against that, it had $1.5 billion of net debt at September 30, 2026, and future deals are unsigned.
Sources
- Rick Rule: IF I HAD TO RECOMMEND ONE STOCK IT WOULD BE THIS, The Victor Jones Report, YouTube, November 10, 2026, 2:22 p.m. ET. https://www.youtube.com/watch?v=Uu2SkKVeZy8
- S&P 500 (^GSPC) historical data, Yahoo Finance, close of November 5, 2026. https://finance.yahoo.com/quote/%5EGSPC/history/
- Rick Rule's Top Picks for Nov. 2, 2026, BNN Bloomberg, November 2, 2026, 1:12 p.m. ET. https://www.bnnbloomberg.ca/markets/2026/11/02/rick-rules-top-picks-for-nov-2-2026/
- Wheaton Precious Metals Announces Third Quarter 2026 Results and Record Year-to-Date Production, Sales Volume, Revenue, Earnings and Cash Flow, Wheaton Precious Metals, November 5, 2026. https://www.wheatonpm.com/news/news-details/2026/Wheaton-Precious-Metals-Announces-Third-Quarter-2026-Results-and-Record-Year-to-Date-Production-Sales-Volume-Revenue-Earnings-and-Cash-Flow/default.aspx
- Rick Rule Is Buying Gold Stocks as Valuations Collapse (episode), Kitco Mining with Paul Harris, Buzzsprout, November 11, 2026, 1:00 a.m. ET. https://kitcomining.buzzsprout.com/2326401/episodes/20109751-rick-rule-is-buying-gold-stocks-as-valuations-collapse
- Wheaton Precious Metals Announces Acquisition of Additional Silver Stream on Antamina Through New Partnership with BHP, Wheaton Precious Metals, February 16, 2026. https://www.wheatonpm.com/news/news-details/2026/Wheaton-Precious-Metals-Announces-Acquisition-of-Additional-Silver-Stream-on-Antamina-Through-New-Partnership-with-BHP/default.aspx
- Wheaton Precious Metals (WPM) stock price and overview, StockAnalysis, at close November 12, 2026, 4:00 p.m. ET. https://stockanalysis.com/stocks/wpm/
- Wheaton Precious Metals Corp. (WPM.TO) historical data, Yahoo Finance, close of November 12, 2026. https://finance.yahoo.com/quote/WPM.TO/history/
- DIVIDEND DECLARATION: Wheaton Precious Metals Announces Quarterly Dividend, Wheaton Precious Metals, November 5, 2026. https://www.wheatonpm.com/news/news-details/2026/DIVIDEND-DECLARATION---Wheaton-Precious-Metals-Announces-Quarterly-Dividend-bfa7f3111/default.aspx
- Wheaton Precious Metals Corp. (WPM) historical data, Yahoo Finance, closes of December 31, 2025, to November 12, 2026. https://finance.yahoo.com/quote/WPM/history/
- Live gold and silver prices, Kitco, November 13, 2026, 4:03 a.m. ET (page clock 09:03 AM UTC). https://www.kitco.com/price
- Rick Rule interview, Mining Network, YouTube, upload date not confirmed. https://www.youtube.com/watch?v=eC7zhItymv0
- Rule Symposium Highlights 2026, Rick Rule, Substack, accessed November 13, 2026. https://realrickrule.substack.com/p/rule-symposium-highlights-2026
- Rule Symposium on Natural Resource Investing, Conference Database, retrieved November 13, 2026. https://conferencedatabase.com/c/rule-symposium-on-natural-resource-investing
- Schedule of Releases for the Producer Price Index, US Bureau of Labor Statistics, accessed November 13, 2026. https://www.bls.gov/schedule/news_release/ppi.htm
- Meeting calendars and information, Board of Governors of the Federal Reserve System, accessed November 13, 2026. https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm
- PDAC Convention 2027, Prospectors and Developers Association of Canada, accessed November 13, 2026. https://pdac.ca/convention-2027
