{"id":1666611,"date":"2026-02-26T16:20:00","date_gmt":"2026-02-26T21:20:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1666611"},"modified":"2026-02-26T16:20:00","modified_gmt":"2026-02-26T21:20:00","slug":"gold-for-me-is-a-savings-product-rick-rule-on-debt-oil-cycles-uraniums-political-reversal","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/gold-for-me-is-a-savings-product-rick-rule-on-debt-oil-cycles-uraniums-political-reversal\/1666611\/","title":{"rendered":"“Gold For Me Is A Savings Product”: Rick Rule On Debt, Oil Cycles, & Uranium’s Political Reversal"},"content":{"rendered":"

“Gold For Me Is A Savings Product”: Rick Rule On Debt, Oil Cycles, & Uranium’s Political Reversal<\/span><\/p>\n

\n

Last night\u2019s discussion featuring Rick Rule<\/strong>, Bill Fleckenstein<\/strong>, and Erik Townsend<\/strong> covered the macro landscape from hard assets to energy markets and nuclear policy.<\/p>\n

Below are highlights from Rule\u2019s remarks. (We recommend readers listen to Fleckenstein and Townsend\u2019s full comments in the complete debate, linked at the bottom.)<\/p>\n

Gold: \u201cI Have No Interest In Selling\u201d<\/strong><\/h2>\n

Rule made clear he views gold not as a trade, but as monetary insurance.<\/p>\n

Nominal yields on Treasuries offer little protection if purchasing power continues to erode.<\/p>\n

\u201cOwning the U.S. 10-year Treasury getting paid 4.1%, 4.2% in a currency where I think the real deterioration of the purchasing power is limping along to some number more like eight <\/strong>doesn\u2019t make me feel comfortable.\u201d<\/p>\n

Rule pointed to structural fiscal imbalances, debt, deficits, and what he estimates at roughly $120 trillion in unfunded entitlement liabilities as the core risk. Policymakers can either default in real terms or inflate away the burden<\/strong>.<\/p>\n

\u201cI think they take door two.\u201d<\/strong><\/p>\n

Until he sees a credible political resolution to debt and entitlement obligations and what he considers genuinely positive real yields on fiat savings products, Rule said he has \u201cno interest in selling\u201d his gold.<\/p>\n

\u201cGold for me is a savings product.\u201d<\/p>\n

Rick Rule: “Let me tell you what would cause me to sell my gold…” pic.twitter.com\/pdNgNQ62uk<\/a><\/p>\n

\u2014 ZeroHedge Debates (@zerohedgeDebate) February 26, 2026<\/a><\/p>\n

Oil: Short-Term Oversupply, Long-Term Capital Shortage<\/strong><\/h2>\n

On oil, Rule was nuanced.<\/p>\n

\u201cI believe in the very, very near term that oil is ahead of itself,\u201d he said, citing geopolitical headlines and \u201cnews traders in the market.\u201d For the next year to 18 months, he sees a \u201cplurality of supply over demand,\u201d reflecting a softer global economy.<\/p>\n

But beneath that near-term slack, he sees a longer-term issue: underinvestment<\/strong>.<\/p>\n

Rule estimates global underfunding of sustaining capital in the oil industry exceeds \u201ca billion dollars a day.\u201d<\/strong> In U.S. shale, where \u201c75, 80% of the net present value of the well is 18 months,\u201d reduced reinvestment eventually constrains output.<\/p>\n

Ccapital responses are delayed but cyclical. The post-COVID rebound saw oil shoot from $20 oil to $90 after investment froze. Rule suggested that if today\u2019s capital discipline persists, the industry could face a production problem by 2028\u20132029<\/strong>.<\/p>\n

While \u201cnowhere near as bullish\u201d as he was previously, he added: \u201cI still feel quite good about the sector for the five-year time frame.\u201d<\/p>\n

pic.twitter.com\/qkksySf31R<\/a><\/p>\n

\u2014 ZeroHedge Debates (@zerohedgeDebate) February 26, 2026<\/a><\/p>\n

Uranium: From \u201cWanted Poster\u201d To Subsidies<\/strong><\/h2>\n

\u201cFive years ago in the uranium industry, I expected to see a picture of myself in a post office wall with a caption wanted<\/em>. Now the same morons want to subsidize me.<\/strong>\u201d<\/p>\n

Tthe key development is not futuristic reactor technology but politics. Even conventional reactor builds, if pursued at scale, can lower costs through repetition, as demonstrated by China\u2019s serial construction model.<\/p>\n

While Rule cautioned that demand growth 10\u201315 years out does little for present net asset value calculations, he emphasized that the policy turn itself is meaningful. It is the primary catalyst and one that will likely lead to a faster pace of reactor construction\u2026 which should reward uranium mining investors or anyone that uses electricity.<\/p>\n

\u201cReliable, abundant, baseload power that doesn\u2019t generate carbon\u2026 talk about the well-being of humankind.\u201d<\/p>\n

pic.twitter.com\/dV4e2WGNfm<\/a><\/p>\n

\u2014 ZeroHedge Debates (@zerohedgeDebate) February 26, 2026<\/a><\/p>\n

For the full exchange, including commentary from Bill Fleckenstein and Erik Townsend, listen to the complete debate below.<\/p>\n

https:\/\/t.co\/vkouSL7UhD<\/a><\/p>\n

\u2014 zerohedge (@zerohedge) February 25, 2026<\/a>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nThu, 02\/26\/2026 – 11:20<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/commodities\/gold-me-savings-product-rick-rule-debt-oil-cycles-and-uraniums-political-reversal<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

“Gold For Me Is A Savings Product”: Rick Rule On Debt, Oil Cycles, & Uranium’s Political Reversal Last night\u2019s discussion featuring Rick Rule, Bill Fleckenstein,…<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-1666611","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pbimBl-6ZyP","jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1666611","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1666611"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1666611\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1666611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1666611"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1666611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}