Middle East Tensions Are Reshaping More than Oil and Gas with Rick Rule

It's worthy to note too, Anthony, uh that it isn't just oil that we're talking about. Uh oil is particularly

talking about. Uh oil is particularly important. Uh many pundits point out the

important. Uh many pundits point out the fact that 20% of the world's oil flows through the Persian Gulf. What they

neglect to mention is between 40 and 50% of the world's export oil uh flows through the Straits of Hormuz. For

takers in the eastern part of the Pacific Rim, particularly uh Korea, Japan and China, uh this is a particularly critical source of crude

oil. But the difficulty extends beyond

oil. But the difficulty extends beyond oil. The biggest supplier of liqufied

oil. The biggest supplier of liqufied natural gas to the world is cutter and that is shut in. The world's largest supplier of liquid nitrogen and probably

export nitrogenous fertilizers is also in the Gulf. 30% of the world's supply of helium is in the Gulf. About

25% of the world's capacity for refining aluminum is in the Gulf. Uh perhaps 50% of the world's export supplies of sulfur

and sulfuric acid are in the Gulf. So

the circumstance that we talk about uh is important in the oil business, but it isn't limited to oil. uh and investors

and speculators across a wide variety uh of industries need to pay attention to this. The potential impact if the if the

this. The potential impact if the if the um if the war goes on uh in industries as diverse as petroleum refining and shipping uh could be dramatic. I'm not

suggesting that the war will go on. I'm

not a geopolitical analyst. I'm not a military analyst. I'm really

military analyst. I'm really I'm really a credit analyst.

Hey everyone, my name is Anthony Fats and welcome to another episode of the What the Finance podcast. On this

episode, I have the pleasure of welcoming back Rick Rule. So Rick is the former president and CEO of Sprat US Holdings with decades of experience in the commodities business. He's also the proprietor of Rural Investment Media and

co-founder of Battle Bank. So Rick,

thanks so much for coming back on the podcast.

>> Anthony, thank you for having me back. I

enjoy these sessions.

>> Yeah, really looking forward to the conversation. And as we was saying

conversation. And as we was saying before, it's uh been a pretty hectic start to the year with basically every single commodity having extreme volatility, which is uh can be good or bad depending on when you took a position. But uh where I'd like to start

position. But uh where I'd like to start is the most recent volatility we've seen in the Middle East and I guess the impact that's had on energy. So h how are you currently sort of tracking, you know, and let's be honest, uh this interview is going to go up tomorrow, so

probably things would may have completely changed by then. Uh but how are you tracking this and how do you actually analyze the impact this is having on energy markets and your investment? the uh the oil stocks have

investment? the uh the oil stocks have given me three years of performance in 6 months which is a bit disconcerting. Um

I have not yet begun to reduce my positions in the oil stocks but people who are traders uh need very much to consider doing this. Uh Exxon was easy

to love at 95. It's much less easy to love at 180 or 185. Uh people need to understand that particularly the the

gameier oil stocks people need to pay attention to their own um portfolios. I

bought the oil stocks because of deferred sustaining capital investments.

The industry is uh underinvesting in sustaining capital to the tune of between a billion and $2 a day a day. Uh

that figure likely has gone up very recently as a consequence of deferred sustaining capital investments in the Middle East which would be dangerous to make. Right now these deferred

make. Right now these deferred sustaining capital investments impact the industry's ability to produce two years from now, three years from now, four years from now and the production

is difficult to bring back online. Uh

which means that in 2029, 2030, it's likely that we as a consequence of unbalanced supply versus demand rationed by price and the prices go up. That

circumstance I believe would lead markets to go up in 2027 2028. Instead

the markets went up in 2026.

If there is a reasonably timely peaceful or semi-paceful resolution in the Gulf, then the oil quotes come down and the oil stocks come crashing down. They will

go back up, make no mistake, towards the end of this decade. But people need to decide whether they want to lock in shore gains now or whether they want to play the game uh over the next two to

three years. It's worthy to note too,

three years. It's worthy to note too, Anthony, uh that it isn't just oil that we're talking about. Uh oil is particularly important. Uh many pundits

particularly important. Uh many pundits point out the fact that 20% of the world's oil flows through the Persian Gulf. What they neglect to mention is

Gulf. What they neglect to mention is between 40 and 50% of the world's export oil uh flows through the straits of Hormuz. For takers in the eastern part

Hormuz. For takers in the eastern part of the Pacific Rim, particularly uh Korea, Japan and China, uh this is a particularly critical source of crude

oil. But the difficulty extends beyond

oil. But the difficulty extends beyond oil. The biggest supplier of liqufied

oil. The biggest supplier of liqufied natural gas to the world is Qatar and that is shut in. the world's largest supplier of liquid nitrogen and probably

export nitrogenous fertilizers I is also in the Gulf. 30% of the world's supply of helium is in the Gulf. About 25% of the world's capacity for refining

aluminum is in the Gulf. Uh perhaps 50% of the world's export supplies of sulfur and sulfuric acid are in the Gulf. So

the circumstance that we talk about uh is important in the oil business but it isn't limited to oil. Uh and investors

and speculators across a wide variety uh of industries need to pay attention to this. The potential impact if the if the

this. The potential impact if the if the um if the war goes on uh in industries as diverse as petroleum refining and shipping uh could be dramatic. I'm not

suggesting that the war will go on. I'm

not a geopolitical analyst. I'm not a military analyst. I'm really

military analyst. I'm really I'm really a credit analyst.

>> Yeah. Super interesting. I was listening to a uh interview earlier and they were talking about how this is it would be the worst uh shock if this continues.

Oil shock basically in history if this continues because currently as you said 20 million barrels flow through the straight of Hamoose. But that actually already there's been 4 million barrels of uh production that has been stopped because the inventories and a lot of

those golf countries are sort of getting getting full and they they want to slow down the production because if you stop it completely it then takes sort of weeks and months to actually come back online. So if that were if the current

online. So if that were if the current conflict were to continue for a couple of weeks that would basically bring the produ you know off production of at least you know 12 12 million barrels a

day that then would take quite a while to come online if this was resolved. So

it does seem to be quite a yeah quite a unique situation.

>> I I think that's the case. The Saudis

are perhaps in the best shape uh of anybody to weather the storm given the fact that they do have a pipeline that goes from their east coast to the west coast at Yamu. Uh and they do have the

ability to reroute as much as 4 million barrels a day uh that currently goes through the Straits of Hormuse uh into the Red Sea. for other producers, Iran,

Iraq, uh at least that portion of Iraq, Iraqi oil that doesn't go north through Kurdistan into Turkey, uh and particularly Kuwait. Uh this is an ugly

particularly Kuwait. Uh this is an ugly circumstance.

>> Yeah, definitely. It's been quite interesting. Um you know, you mentioned

interesting. Um you know, you mentioned that oil oil stocks have gone up quite a lot, but actually during this situation, they haven't really moved that much. A

lot of their increase has happened over the last 6 months where, you know, oil prices and and energy price were actually coming down. It's been quite an interesting disconnect and now maybe the you know the price is actually sort of

aligning more with where the value of these stocks are.

>> Well, that's interesting. You know, the the oil price is just from my viewpoint too volatile uh to speculate. Uh I'm not saying that the market is incorrect. The market

responds to uh changes in perceived supply and demand uh really truly in real time uh perhaps greater than real

time. It's very difficult uh to time or

time. It's very difficult uh to time or price that if you aren't in possession of lots and lots and lots of data. I'm

an investor not a speculator. Uh and I notice that the increase even as you suggest in the oil stocks going back in the 3 to six months time frame has given me the gains in my oil stock portfolio

that I had expected to have by the end of 2027. Uh and it's an interesting

of 2027. Uh and it's an interesting conundrum. uh I feel very comfortable uh

conundrum. uh I feel very comfortable uh owning the oil stocks for the balance of this decade. For people whose

this decade. For people whose orientation is more short-term than mine or people who entered the trade later than me, they need to decide whether or not they want to lock in these gates or

they don't. Make no mistake, if we we if

they don't. Make no mistake, if we we if humankind resolves this conflict in the near term, however it gets resolved,

uh the oil quote falls back into the low 60s, maybe even the high 50s, uh and the implied premium

in the oil stocks evaporates temporarily. Uh make no mistake either,

temporarily. Uh make no mistake either, however, that this hiatus and um uh this deferral of of uh sustaining capital uh

investments will impact the supply of oil and it will impact the supply of oil this decade. If somebody wants

this decade. If somebody wants illustrations of that, all they need to do is look at the state controlled firms in Venezuela and Mexico, Pedvesa and PMX respectively. These com these countries

respectively. These com these countries have had their national oil companies defer sustaining capital investments for as much as 20 years often ironically in favor of politically expedient domestic

programs like subsidizing gasoline and kerosene prices. The consequence of

kerosene prices. The consequence of which is that Penavvesa as an example has seen its uh productive capabilities fall by 85%

despite having the largest oil reserves in the world. uh Mexican production uh has similar similarly declined although not to such a great extent when you

defer sustaining capital investments it doesn't necessarily have an impact in 6 months or 12 months or even 18 months but over time it has a really dramatic impact and that impact can't be turned

around as you suggest Anthony in months it takes years >> yeah and I think this uh analyst was saying that in every other situation as you said the Venezuela uh appropriate

reappropriation uh you the Gulf War uh sorry the 1970s crisis production is always lower and it has has never actually reached the highs that it was at. So that's the hope that you know if

at. So that's the hope that you know if this doesn't continue and then production you know doesn't come back to where we need it to be because even though there is a surplus at the moment in the long term that's that's going to evaporate.

>> Correct.

>> Yeah. And uh how do you so how do you deal with markets like this where as you said you actually get quite a large increase and maybe close to I guess your your current targets uh earlier than you

expect. Do you then look to take profits

expect. Do you then look to take profits or I know you've mentioned that if the trend is still going and if the actual current uh you know cycle is still going

then you'll you'll hold on or yeah how do you do that? I'm not of a mood to reduce my Exxon holdings.

I'm considering my Chevron and my accidental holdings.

Uh, you know, whether or not to trim some. Uh, I should be trimming

some. Uh, I should be trimming uh my basket of Canadian stocks. Uh,

they've given me an awful lot very quickly. I haven't done so. Perhaps it's

quickly. I haven't done so. Perhaps it's

procrastination.

Uh, and if I had a large basket of speckling stocks, I should be trimming those. Instead,

those. Instead, I'm adding to them. There is one class of oil stocks that continues to be

roundly hated. Uh, those stocks are

roundly hated. Uh, those stocks are smaller micro cap stocks, you know, less than 300 million market cap that are involved in conventional exploration

rather than basin centric or shale development plays.

uh mostly in deep water offshore and mostly in emerging and frontier markets.

The strategist in me says I should probably be taking profits on all of my oil stocks.

The tactician in me is continuing to deploy capital uh in the one unloved corner of the hydrocarbon world which is

micro cap offshore third world emerging market explorers. I'm as you know a risk

market explorers. I'm as you know a risk quarter if I like I if I'm confronted with asymmetric riskto-reward parameters.

>> Yeah. Okay. That's that's really interesting to hear. Thank thanks for explaining that. So you know another

explaining that. So you know another commodity that's uh or commodities that have uh sort of had quite a lot of volatility are the metals and especially at the start of the year there's been a

shift. I I I guess there's a yeah how

shift. I I I guess there's a yeah how would you explain that that sort of the price action we've seen in the metals this year? I think there's been a

this year? I think there's been a realization that almost irrespective of what we do as an example in the copper business that we're going to experience

supply shortages in the very very near term. However, uh speculators betting on

term. However, uh speculators betting on that uh are running into financing and carrying costs. So the copper market in

carrying costs. So the copper market in the very very near term is grossly overs supplied uh and it's a catastrophe zone for speculators. looking long-term uh 5

for speculators. looking long-term uh 5 years or more, there's no doubt in my mind that we're going to experience a shortage of copper. So, the outlook really depends on how you're playing the

game, how much leverage you're using, and what your time preference is. I had

the uh good fortune to attend medals week in London uh late 2025 and I heard one talk that really

startled me. Uh that talk uh centered

startled me. Uh that talk uh centered around the fact that the major copper producers in the world have estimated that it will cost them 250 billion in

constant $225 to maintain current production levels.

The problem with that is that they're missing 100 billion of the 250 billion.

uh and uh current production uh is at a deficit which means just to maintain the current deficit rather than allow the deficit to

grow they need to invest $250 billion and that ignores the fact that demand for copper on a global basis is growing by 2% compounded. What that tells me is

that absent a global depression that we will have such an imbalance of supply and demand in copper in the five-year time frame, certainly in the 10-year time frame, that the only way to

balance supply and demand will be by price.

uh which tells me again in the out years the value of very large tier one producing copper mines that is to say

reserve life more than 25 years uh where the mine doesn't mean need to be permitted or financed because it's already built and producing that we are greatly underestimating the value of

these mines. The difficulty with this

these mines. The difficulty with this thesis is that many people who understand the strategy don't easily wrap their heads around the fact that it will take three years or five

years for this to mature. Most people

understand the five-year outlook, but they have a three-month timeline for stocks. Uh for those people, they need

stocks. Uh for those people, they need to ignore the copper story.

>> Yeah. And I So do a copper cycle is just a lot longer than other commodities because as you said, the actual time to bring on production is, you know, takes 10, 15, 20 years. So I imagine these

cycles are just extremely long and you know demand can have a massive impact but it's just there's just been so much underinvestment over the last 20 years.

The nice thing Anthony is that they're so predictable. Uh as I've aged

so predictable. Uh as I've aged uh what I've learned is to prefer to ask myself investment questions where the

answer begins with when not if. uh which

is to say I like to invest in themes that arithmetically have to come true where my risk is when it comes true.

I've come to understand the wisdom of Warren Buffett when he said most of the most money is made by sitting not thinking or acting.

uh and my own strategy is that I would prefer uh inevitable uh even knowing that it doesn't combine often with the words imminent which is

to say if something has to happen but it doesn't necessarily have to happen on a timely basis I've become much more content to sit and wait. It isn't though

at 73 I have much time left to wait. It

doesn't correspond with my time preference, but it does correspond with my experience over 45 years in investing. Uh, in other words, whether

investing. Uh, in other words, whether or not I care to wait, waiting is what is required to make the kind of returns on capital employed that I've come to enjoy.

>> Yeah, everyone, sorry for interrupting, but just wanted to say thank you so much for listening and I hope you're getting amazing value out of this conversation.

If you are, we really appreciate if you could like, share, and subscribe. It

really helps the channel and means we can continue to get amazing guests like this one. Thanks again and let's get

this one. Thanks again and let's get back to the show. Yeah. Okay. And I

guess everyone's trying to It's the classic Warren Buffett uh quote, everyone's trying to get rich quick and he's trying to get rich slowly and no one wants to do that.

>> And of course he did and they didn't.

>> Yeah, exactly. So what

what's the best strategy there? It makes

it makes a lot of sense. Uh so we've talked about copper. What about the precious metals? I guess the the silver

precious metals? I guess the the silver and the gold because they've been extremely explosive.

>> My view on those is unchanged since the last time we talked. Uh I I think the incredible move that we saw in 2024 2025 was rearlooking, not forward-looking.

Meaning that the same set of circumstance that was present in 2024 when people took notice was present in 2018 before people took notice. And I

think that you had a gold market coming into 2024 that was literally a coiled spring. Uh and I think the price action

spring. Uh and I think the price action that we saw in 2024 2025 was releasing tension from that coiled spring. The

spring wasn't all about the lousy arithmetic uh of US onbalance sheet and offbalance sheet and other countries balance sheet

problems. The spring also had to do with the weaponization of the US dollar, the stealing of $300 billion worth of Russian assets. Irrespective of your

Russian assets. Irrespective of your belief in what Russia did in the Ukraine uh and the weaponization by the US government of the swift banking systems

and other places. What this did is create real demand for the for gold from a source foreign central banks that had

been until 2015 or 2016 net sellers of gold. That was a big turnaround. And I

gold. That was a big turnaround. And I

think that the price action that you saw, the price explosion that we saw in gold in 2024 and 2025 was really backward-looking. it was really uh

backward-looking. it was really uh making up for lost ground. I don't

believe that the increases in precious metals prices going forward will be as dramatic as the ones that we've just enjoyed.

But I do believe that uh unless and until the weaponization of the US dollar uh is discontinued

and until the United States finds a political solution to deficit spending and until a political accord is reached

that eliminates the danger of $120 trillion in unfunded entitlement promises in the United States. and until

we have a real interest yield that is above the rate of deterioration in the US dollar that the value the purchasing power of the dollar declines. I believe

specifically as I've said it as I have said numerous times that I expect uh in the period 2025 to

2035 the purchasing power of the US dollar to decline by 75%.

There's historical precedent for that.

In the decade 1970 to 1980, the purchasing power of the dollar declined by 75%. And not coincidentally, in that

by 75%. And not coincidentally, in that same decade, the gold price ran 26fold.

I'm not suggesting to you, Anthony, that the gold price rises 26fold from here.

It's already done very, very, very well in the period 2000 to 2026.

What I am suggesting to you is that gold will maintain its purchasing power over the next 10 years while the US dollar will lose 75% of its purchasing power.

Which is to say that the nominal value of gold, the value of gold priced in US dollars will increase perhaps commensurately with the decline in

purchasing power of the US dollar. Now,

people who have a shorter term time frame, people who are more speculatively inclined than I, uh, might not want to look at a gift horse in the mouse mouth.

The the market, both the gold market and the equities market, uh, precious metals equities market in 2025 were the third most generous to me in my

career. And in fact, had I been younger

career. And in fact, had I been younger and more aggressive, the moves that occurred in 2025 would have made it the best year uh in my life. I was more of an investor in the space than a

speculator. And as a consequence of my

speculator. And as a consequence of my caution, I did less well than a younger Rick would have. That notwithstanding,

the gains were extraordinary. Uh and

some people might book those gains. As

you may know, uh, I sold 25% of my junior mining stocks, uh, in October of 2025.

Not because I didn't think that the sector would do well. I've already

explained the arithmetic of the next 10 years from my viewpoint, but merely because by selling 25% of my uh junior holdings, I was able to recoup all of

the capital that I had invested in the sector in the period 2018 to 2025, which is to say, by selling 25% of my

upside, I eliminated my downside. And by

the way, also paid the capital gains tax.

uh whether or not this technique is suitable for other people is something that is up to them. But I believe that portfolio decisions uh are personal uh and that was mine.

>> Yeah. Okay. It it does make a lot of sense and there uh and I'm guessing those sort of miners have done quite well at the start of the year as well as precious metals continue to go up. Uh

yeah, I mean, ironically, the the junior portfolio that I sold a quarter of is back almost to my original levels, which is to say those stocks that I sold have

gone up substantially. That doesn't

trouble me a bit. Uh I had rather large investments in the sector. Uh and I still have very large investments in the

sector, but I have no net risk in the sector. Um that to me is an

sector. Um that to me is an extraordinary trade. Uh it's worthwhile

extraordinary trade. Uh it's worthwhile noting that some of the money uh that I took off the table selling the junior mining stocks went back into the seniors

uh which I perceived as having less upside but less downside and some of it went into physical gold uh which has done reasonably well. Um but those

weren't really tactical allocations. I

was just allocating risk-to-reward based on the arithmetic I see in markets over the next 10 years.

>> Yeah, it makes a lot of sense. And then

if we go to silver, that was uh a massive increase over a very short period of time. Would you say that was more driven by uh mass speculation of of the retail investors or how would you look at that?

>> Yeah, I would. Uh and again uh when we had that parabolic move in silver earlier this year, I decided to take advantage of it. um silver, physical

silver in my portfolio uh inhabited the speculative part of my portfolio. My own portfolio is divided

portfolio. My own portfolio is divided into three buckets. Savings or

insurance, which is part gold, part cash, investments, which is highquality mining and oil and gas stocks, as well as some conventional financial services companies, and speculation.

And I had uh purchased a reasonable amount of physical silver uh some years ago when silver was very widely hated.

Uh betting that silver would become less hated that as the precious metals market uh continued and the generalist investor came into the precious metals market

that price leadership would change from gold to silver and both those things occurred. The consequence of that is

occurred. The consequence of that is given the reasons that I owned the silver uh had occurred and given that

the price uh action in silver exceeded my expectations, I needed to decide for myself whether the allocation to silver I had in my speculative portfolio uh was

warranted or not. And I chose to sell about 80% of my physical silver. Uh and

I redeployed about half of that into the silver stocks.

Um A simple review of arithmetic told me that if the silver price held steady at $75 for a year, by definition, I wouldn't make any more money than silver because it traded sideways. But the best

silver stocks were being priced in the market uh discounting $45 silver, which is to say the best silver stocks could easily increase in value, if not in

price, by 50% uh over the ensuing 12 months. And paradoxically,

months. And paradoxically, uh, if the silver price went up, I expected the silver stocks to keep pace at least with silver. And if the silver

price went down, given the fact that the silver stocks were uh discounting $45 silver, while the price action might be ugly, the change in value wouldn't be

precipitous at all. So it seemed to me for about 50% of the money uh that I recovered from selling the silver that redeploying into the silver stocks was a

better arithmetically a better speculative decision for me which is what I did.

>> Did you see the there was sort of a bit of a disconnect between physical silver and uh and paper silver prices? Is that

something that you saw as well? Uh no, I was looking at the valuation discrepancies between the silver stocks and the silver. Uh the silver that I

sold was convenient to sell. Uh the

silver that I sold was largely the spot physical silver trust. So I didn't have to face the onmarket uh grind, which is to say the gap between the bid and the

ask that you see in the physical silver markets. the actual physical silver that

markets. the actual physical silver that I had uh in vaults and elsewhere. I

still have uh increasingly to the extent that I trade precious metals, I'm going to trade certificated precious metals.

I'm going to trade probably the products because I know them the best. Uh I

understand that some people say metal that you don't have in your hand, you don't own. It's part of the system.

don't own. It's part of the system.

That's a risk I'll take because the gap between the bid and the ask uh in physical markets can be as much as 7%.

Uh even for good delivery product, never mind junk silver. Uh but the spread between the bid and the ask uh on the New York Stock Exchange for the physical products is often 50 basis points or

less. Uh they are much more efficient

less. Uh they are much more efficient trading vehicles.

>> Yeah. Okay. Thank thanks for explaining that. So, uh, last time we spoke, you

that. So, uh, last time we spoke, you know, I asked about what what do you think is sort of unloved, underrated.

You mentioned oil and and energy, and that's done quite well since then.

>> Not much is unloved now. Uh, I need to say not much is unloved.

uh uh I mentioned earlier in this interview uh a a little tiny sub- sector probably not worth screwing with for most people uh which is the micro cap

conventional explorers offshore in countries that most folks can't pronounce. That's probably not an

pronounce. That's probably not an investment strategy that's suitable for most of your listeners because it requires uh really pretty complete

knowledge of exploration technology uh and a willing willingness to accept both volatility and political risk that most people don't have and probably shouldn't have. Uh it's something that

shouldn't have. Uh it's something that I've done for 40 or 45 years. It's

something that's made me an awful lot of money in past markets. Uh and as you point out uh I gravitate towards hate and that sector is still hated.

>> Okay. Interesting. Does this mean that you are more cautious when there's not much unloved or you just sort of watching what you have quite closely?

>> Looking for opportunities. Uh I have by my standards a lot of liquidity. I would

like to deploy. Uh I'm just looking at an opportunity constrained world.

there isn't very many places to deploy.

Uh most of the new deployments that I have made have been uh purchasing tanches of the senior secured revolving debt

uh of major mining and oil and gas companies which means in effect I'm a prime lender uh as opposed to an equity participant in these markets. Uh I would

like to be able to take better uh advantage of volatility and risk but the size of my existing positions

uh I I'm no billionaire don't get it wrong but the size of my existing positions relative to my historical norms and the levels of valuation that I'm seeing as well as the sentiment

which is swung solidly in favor of natural resources has made uh allocations of new capital increasingly difficult for me.

>> Yeah. Okay. Really interesting. So Rick,

thanks so much for your time today. We

sort of covered basically most commodities and what's happening in the world. Uh but my last question is what

world. Uh but my last question is what is one message you want people to take away from our conversation?

>> Love hate. Uh put arithmetic over narrative if you can make yourself do it. Uh and embrace time.

it. Uh and embrace time.

Um, something that has to happen but doesn't have to happen quickly is much better than something that doesn't have to happen whatsoever.

Uh, Anthony, if your listeners like what I had to say about natural resources and want to uh personalize it, I would ask them to go to my website ruleinvestmentmedia.com.

ruleinvestmentmedia.com.

That's ruleinvestmentmediaall1word.com.

there. If you list your natural resource stock portfolio, I personally will rank it 1 to 10, one being best, 10 being worst, and I'll offer up individual comments on individual issues issues if

I think my comments might have value. If

you want to learn more about how to analyze natural resource docs at the ruleclassroom.com, we have over 300 hours of instructional programming and that, like the ranking service, is

completely free, which is a very, very, very good price. Finally, if you really want to learn more, there's the Rural Natural Resources Investment Symposium

held July 6 through 10 in Boca Raton, Florida, or more importantly via liveream wherever you happen to be. The

live conference is completely sold out.

We have no seats available. Live stream

our capacity is unlimited.

Uh if you attend the conference, there is 46 hours of instructional programming over four days.

uh there is mercifully recordings because we'll give you more information than you can absor absorb in the four days that you have to gather it and unlike any other investment conference

in the planet if for any reason you don't think you got your money's worth uh for that four days we will refund

without question the money that you paid us to attend ruleinvestment symposium.com uh live stream July 6 through 10 uh

wherever you happen to be with access to the recordings of the conference for the balance of 20126.

>> Yeah, great. Perfect. I'll put that all in the description below and I'd re very much recommend if anyone wants to find out more to check it out. But uh Rick, thanks again for your time.

>> A pleasure. Thank you.

>> Hey everyone, thank you so much for listening. Really appreciate your

listening. Really appreciate your support and I hope you found amazing value out of this interview. If you

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really helps with the podcast. We're

still trying to expand, get to more people to help make sure that everyone understands and decode what's really happening in the world of finance, investing macroeconomics and geopolitics. If you enjoyed this one,

geopolitics. If you enjoyed this one, then you might enjoy this other interview as well. So really appreciate it and thank