Rick Rule & Josef Schachter – Commodities Bull Market, Gold’s Next Leg Higher, and Energy Buy Signals
Precious metals surge while generalists stay on the sidelines, copper sets up for a supply crunch, and oil investors await a “table-pounding” buy opportunity.
This KE Report Weekend Show dives into the dual bull markets in precious and industrial metals with Rick Rule, and the near-term downside but long-term upside in oil and gas with Joseph Schachter. From gold’s re-rating to Canadian energy yields, the insights are packed with actionable takeaways for active resource investors.
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- Segment 1 & 2 – Rick Rule, founder of Rule Investment Media and Battle Bank, discusses the dual nature of today’s commodities bull market – precious metals driven by fears over U.S. dollar purchasing power and broader commodities challenged by underinvestment and economic risk – along with insights on gold producers, silver opportunities, copper outlook, and the role of M&A and prospect generators in the sector.
- Click here to visit the Rule Investment Media website and have Rick grade your portfolio.
- Segment 3 & 4 – Joseph Schachter, founder and editor of the Schachter Energy Report and writer of the Eye on Energy Substack, shares his outlook for oil and natural gas – calling for near-term weakness below $60 as a “table-pounding buy” opportunity, a rebound toward $75–80 into winter, and longer-term multi-bagger potential in Canadian energy equities as LNG growth, infrastructure, and global demand drive the next upcycle.
- Click here to learn more about The Schachter Energy Report and Josef’s upcoming conference on October 18th.
Hi Ex, don’t you think Minera Alamos (MAI) has too much on their plate since they took over Calibre’s gold mining properties in Nevada, and considering all their other properties. Over expansion can kill a company quickly, very few managers can keep all those balls in the air successfully especially with so many of them in development.
I still believe that Calibre Mining made a big mistake when they merged with Equinox Gold. It seems Equinox really wanted the Valentine project in Newfoundland.
I guess what I’m really asking is what are your thoughts on Minera as they digest these new properties going forward. I know you are well informed on this situation. You were a big supporter of Calibre in the day. Thanks, DT
Hi DT. I laid out my thoughts on the Minera Alamos acquisition of the Pan Mine and development-stage Gold Rock projects in this Substack article:
Merger and Acquisition Opportunities In The Mining Stocks – Part 12
Excelsior Prosperity w/ Shad Marquitz (08-10-2025)
https://excelsiorprosperity.substack.com/p/merger-and-acquisition-opportunities-ad2
Hi Ex, thanks for filling my boots with your in depth analysis. I took some of my booty from HydroGraph and sprinkled it around in some of the near term gold producers. It is always good when we share information with others and you do more of that than anyone I know. Much appreciated, DT!
Agreed on the sharing of solid investing ideas with one another DT. That’s one of the best benefits of forums like these… learning about new ideas and refining a known but evolving thesis.
Yes, it is a good idea to occasionally pull profits on a play that has worked out in a big way (like Hydrograph) and then sprinkle some winnings round into other compelling ideas that could be future movers. May you have prosperity in your trading!
https://www.fibonomics.com/2025/08/natgas-awaiting-confirmation.html
NatGas : Awaiting Confirmation (Bottom or Bounce?)
Based on the 2016 and 2020 tops for silver priced in copper, we are very close to another major top.
https://schrts.co/dgCsvPnz
However, I doubt very much that that will be the case. There have been three major declines in the silver-copper ratio since the 2011 top and three is usually all you get regardless of the scale of the action (daily, weekly, monthly, etc.). Because of that, the technical picture and the current fundamental drivers, I think we will get a breakout followed by a run to MUCH higher levels.
https://schrts.co/dgCsvPnz
This monthly USD priced in gold chart is interesting and perfectly consistent with gold going much higher and doing so soon.
https://schrts.co/MAtcbZCA
Hi, Matthew. Thanks for the chart. USD is very oversold. Maybe some correction?
Alex: Just now doing the numbers, via AB.CDs etc. and your point is valid. A minimal 38.2% pop per the Sept 2022 peak would be to .0444 which nearly matches the Aug 2020 trough. BDC
The dollar index is oversold vs gold but is not oversold at all by itself. Here’s the same monthly look but without gold:
https://schrts.co/RQnAQPeR
All things considered, I am not even slightly nervous about the oversold reading of the dollar vs gold. In any sector, some of the most aggressive moves down begin from oversold readings.
The reverse is often true as well. Look at the Nasdaq in 2013 and 2017. The first overbought monthly readings kicked off moves of over 40% and that’s in addition to the gains that happened prior to those overbought readings!
https://schrts.co/fdzyixAW
Stock market crashes are part of the American psyche, and crashes tend to occur in the fall as the cooler winds sweep in and the public psychology becomes more cautious but the underlying currents must be there and they all are. DT
Two new methods push graphene’s electronic quality beyond traditional semiconductors. DT
https://techxplore.com/news/2025-08-methods-graphene-electronic-quality-traditional.html
IPT priced in gold has been consolidating bullishly for the last 6 weeks…
https://schrts.co/PrqhPkcg
This Precious Metals Bull Market Is In Melt-Up Mode
Excelsior Prosperity w/ Shad Marquitz (08-30-2025)
Charts of gold, GDX, GDXJ, Silver, SIL, and SILJ
https://excelsiorprosperity.substack.com/p/this-precious-metals-bull-market
Ex,
Re: your latest article on the melt-up… while there are many anticipating a market downturn, in addition to your personal caution, I’m wondering where we might be going from here and how that would impact a few of my holdings.
Specifically, I am sitting on some USAS and Novo that I picked up a while back when they dropped dramatically, and am wondering where you see them going.
Further, I have been holding a relatively small amount of Riverside (RRI) for a few years, which has been pretty well a nuthing burger. I had thought this one would get some lift, but it hasn’t moved.
So, I’m weighing the strategy of holding of them for an eventual gain (figuring that a future high tide for PMs will float all boats) vs selling them over the short term to put those funds into something else with more torque.
Any thoughts would be welcome.
Hi there Canuckski. Good to hear from you and hoping all has been going well in these overall more constructive resource investing markets.
With regards to where we are going, I’m still quite bullish on the PM sector both on the metals and the miners, but feel we’ve hit some breadth levels in the sector where it would be not be surprising to see a near-term blow off top forming, that may be setting up for a rest after that.
>> However, with gold breaking to all-time highs on Friday on the daily/weekly/monthly chart, it likely will have a some further upside momentum to work off first. Silver breaking above $40 and closing there on Friday which was the highest 52-week closing high on the daily/weekly/monthly was also quite bullish. Obviously this has spiked the punchbowl with gold and silver equities, and they’ve been doing great as a group. I’ll be looking to trim back if we get into extreme overbought conditions on the chart but want to see them even frothier on a few more chart indicators first
As for Americas Gold and Silver (USAS) – I remain a big fan and came back into the stock in bigger way last October, when Paul Huet joined, and Eric Sprott restructured the Galena ownership back over to the company 100%. I believe the company is poised for growth over the next 2 years, and provided more details and my thesis why in this article.
https://excelsiorprosperity.substack.com/p/opportunities-in-growth-oriented-f23
As for Novo Resources, I’ve not really followed it for a number of years, because I was disappointed with their execution at the Beatons Creek production center, disenchanted with their talk of ore-sorting not being backed by real action to start processing the nuggety gold in the Pilbara (which was their whole business plan and promise to the market during their go-go years), and didn’t really understand their scattered-shot approach to exploration into all kinds of different minerals and new projects, with the seeming abandonment of the actual projects that people bought into their stock to progress forward in the first place. It is possible that they are now onto something more substantive, and likely have a much lower valuation now, which may be more attractive, but once bitten twice shy on that company for me personally (and I actually exited earlier on with gains, but didn’t want to come back into it for all the aforementioned reasons).
As for Riverside Resources, I like the CEO quite a great deal, and believe him to be a guy of his word that is incredibly sharp at exploration. Its just that I’ve not seen them really knock it out of the park yet with new discoveries (on either their 100% owned ground or their optioned ground with other companies). They have done an exceedingly good job of spinning out other projects though to create more shareholder value (something like 3-4 spinouts since listing) and so that is an interesting positive angle for investing in the company.
There are other royalty companies that are more established that I think still have some optionality potential on other projects like EMX or Orogen, and in the past that was the angle Elemental Altus used with their Altus prospect generator portfolio to even further springboard themselves up into the company they are today.
Those are the kinds of situations that animate me more, but that isn’t meant to take anything away from the prospectivity of Riverside’s projects, and I do sincerely hope that they knock it out of the park with a discovery that animates the market and wish you well in your trading position.
Personally, I just don’t really own a lot of prospect generators unless they are more heavily weighted to royalties, as they are often sector laggards. Having said that, there are some PGs that have become big winners over the years for investors, so to each their own in that sense.
Canuckski, USAS looks like it’s going higher immediately, probably a lot higher.
https://schrts.co/meEIHepJ
here is one for Matthew. i remember years ago when you held a huge position in scorpio gold, and ipt. i jumped in also but sold out long ago. i have a large position (for me) in ipt and am wondering if you still believe in scorpio gold NOW?
I had 5 million shares of Scorpio but sold all of it years ago. My son still holds it because I never changed my mind about its potential, especially with the Manhattan Project, the one they still own. It had a market cap of under $10M when I bought a lot of my shares and now it’s sitting at $87M. So it’s a different play today and probably a very good one because of the changes the company has gone through in time for the most powerful gold bull market of our lifetimes.
Two Top Shelf Stars!
Thanky! Thanky! Thanky!