Where I'm Allocating Capital Over the Next 90 Days - Rick Rule

With a completed liquidity raise to navigate near-term uncertainties from the Iran conflict and rising interest rates, legendary resource investor Rick Rule outlines his current views on silver stocks, oil, uranium, and where he sees the best opportunities for speculative capital in the junior mining space.

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Where I’m Allocating Capital Over the Next 90 Days - Rick Rule

Rick Rule, one of the most respected voices in natural resources investing with over five decades of experience, has long emphasized the importance of patience, rigorous analysis, and adapting to changing market conditions. In a recent interview, Rule provided a detailed update on his portfolio positioning, including a completed liquidity build in response to geopolitical risks from the Iran conflict and rising interest rates. He also reaffirmed his constructive outlook on silver mining stocks, oil and gas, and uranium, while outlining plans for selective speculation in undervalued junior mining stocks over the next 90 days. For investors in Canadian mining stocks, junior mining stocks, and the broader resource sector, Rule’s insights offer a timely framework for navigating volatility in a potential commodity supercycle. This article synthesizes his key comments, places them in current market context, and explores practical implications for Rick Rule investments, Rick Rule silver stocks, Rick Rule stock picks, and opportunities in undervalued mining stocks, silver mining stocks to watch, and speculative mining stocks.

Completing the Liquidity Build: Preparing for Near-Term Risks

Rule recently finished raising liquidity in his personal portfolio, a move driven by concerns over the ongoing Iran conflict and its potential to exacerbate global economic pressures, including higher energy prices and tightening credit conditions. He noted that the war has introduced risks he had not fully anticipated earlier in the year, prompting a cautious stance despite his long-term bullishness on resources.“I’m done raising liquidity now. I’ve got all I need personally,” Rule stated. This liquidity position provides flexibility to capitalize on opportunities if market dislocations occur. For investors, maintaining some cash or near-cash reserves during periods of geopolitical tension and rising rates can be prudent, allowing deployment into mining investment opportunities at more attractive valuations.Rule emphasized that while near-term risks exist, the structural case for higher commodity prices remains intact. He highlighted the underinvestment in sustaining capital across oil, copper, and other resources, which sets the stage for supply constraints in the coming years.

Silver Equities: Still Preferable to Physical Metal for Speculation

Rule revisited his early-2026 decision to sell a substantial portion of his physical silver and rotate into silver mining stocks. The move has performed well, with his silver equity holdings outperforming both the metal and broader indices.“I still feel better about silver miners than silver,” Rule explained. He views physical silver as more appropriate for savings or core holdings, while equities offer operational leverage, discovery upside, and M&A potential. In a $75–$85 silver price environment, many silver stocks were trading as if silver was only $42–$45, creating a margin of safety. For silver stocks outlook, Rule remains positive on the fundamentals. Persistent supply deficits, growing industrial demand (solar, EVs, electronics), and monetary tailwinds support higher prices over time. He advises focusing on efficient producers with low all-in sustaining costs and strong return on capital.Silver Mining Stocks to Watch: Rule’s approach prioritizes companies with disciplined management, scalable resources, and clear paths to value creation. Canadian silver explorers and developers listed on the TSX/TSX-V often fit this profile, benefiting from stable jurisdictions and access to capital.

Rick Rule Silver Stocks: While Rule does not disclose specific holdings publicly, his emphasis on quality, efficiency, and long-term value creation guides investors toward well-managed silver producers and advanced developers with strong fundamentals.

Oil and Gas: Opportunities Amid War-Driven Price Strength

The Iran conflict has propelled WTI crude into triple digits, benefiting energy equities. Rule views this as accelerating an inevitable supply crunch due to chronic underinvestment in sustaining capital. “The oil price rise was inevitable,” Rule noted. He highlighted Canadian mid-cap oil and gas companies as systematically undervalued, citing strong assets, undrilled locations, and experienced teams, despite political risks in Ottawa. For Canadian mining stocks investors with energy exposure, Rule’s comments underscore the potential for resource companies with diversified or complementary energy assets. Oil price strength can support broader commodity sentiment and infrastructure development beneficial to mining projects.

Uranium: A “No-Brainer” Long-Term Opportunity

Rule described uranium as one of the clearest opportunities in resources, driven by underinvestment, restarts, new builds, and data center demand. He remains a large shareholder of Cameco and sees the sector benefiting from energy security needs amplified by the war. Speculative Mining Stocks in uranium, particularly in stable jurisdictions like Saskatchewan’s Athabasca Basin, offer leveraged exposure. Rule advises focusing on established producers like Cameco for core holdings, with selective exploration and development names for higher-risk/higher-reward allocations.

Selective Speculation in Junior Mining Stocks Over the Next 90 Days

With liquidity now in place, Rule plans to increase exposure to smaller, speculative opportunities — particularly sub-$250 million market cap explorers and developers in conventional resources, offshore, and frontier/emerging markets. “I’m going to be allocating more of my own capital the next 90 days assuming that the opportunities present themselves,” Rule said. He targets areas with “hate” — undervalued regions or sub-sectors where sentiment is depressed but fundamentals are improving.For junior mining stocks, this approach emphasizes rigorous due diligence, focusing on geological potential, management quality, and asymmetric upside. Canadian juniors in stable jurisdictions remain attractive, particularly those with critical minerals or silver exposure aligned with global demand trends.

Rick Rule Portfolio philosophy: Separate savings (physical gold), investments (high-quality producers), and speculation (juniors and undervalued names). This balanced framework helps manage volatility while capturing supercycle upside.

Commodity Supercycle Thesis Remains Intact

Rule maintains that structural underinvestment across commodities — oil, copper, uranium, and others — combined with rising global demand will drive higher prices over the medium to long term. Near-term war effects and rate dynamics may create volatility, but the multi-year outlook favors resource owners.

Undervalued Mining Stocks: Opportunities exist in companies discounted due to short-term noise but with strong underlying assets. Rule’s emphasis on patience and value creation resonates strongly in the current environment.

Practical Implications for Canadian Mining Investors

Canadian investors benefit from world-class geology, stable governance, and deep capital markets. Rule’s insights suggest focusing on:

• Quality silver mining stocks with low costs and growth potential.

• Uranium and copper developers aligned with energy transition and supply security themes.

• Junior mining stocks with strong technical merits and management track records.

• Companies positioned to benefit from infrastructure improvements and policy support.

Mining Investment Opportunities in Canada remain robust, particularly for critical minerals and precious metals. Volatility creates entry points, but success requires discipline, long-term horizons, and rigorous analysis.

Risks and Discipline in Resource Investing

Rule acknowledges risks, including geopolitical escalation, rate volatility, and operational challenges. He advises against overexposure and emphasizes understanding one’s own risk tolerance and time horizon.For speculative mining stocks, higher potential returns come with greater drawdown risk. Diversification, position sizing, and focus on fundamentals are essential.

Conclusion: Positioning for the Next Phase of the Resource Cycle

Rick Rule’s allocation update reflects a seasoned investor balancing near-term caution with long-term conviction. By completing a liquidity build, maintaining silver equity exposure, and preparing for selective junior speculation, Rule positions for both protection and opportunity in an evolving commodity landscape. For Canadian mining investors, the message is clear: volatility is normal, but structural tailwinds in silver, uranium, copper, and broader resources favor those who remain disciplined and focused on value. As Rule demonstrates, combining rigorous analysis with patience can yield superior outcomes over multi-year horizons. The next 90 days may bring tactical opportunities amid uncertainty, but the commodity supercycle thesis — underpinned by underinvestment and rising demand — remains compelling. Investors in Canadian mining stocks, junior mining stocks, and quality resource names are well-placed to navigate this environment and capture long-term gains.

Sources: Commodity Culture interview with Rick Rule (May 2026), Silver Institute data, industry reports, and market analysis. Verify latest conditions. This is not financial advice.