The math still doesn't math… and Rick Rule still has more insights.

Matthew Andrade brings Rick Rule back for a deeper dive into the forces reshaping commodity markets, the true nature of investment risk, and what the next decade holds for extractive industry investors.

We pick up where we left off in part one… but goes further, harder, and more personal.

Rick unpacks why gold's move from $2,500 to $5,000 was catch-up, not a bubble, why volatility is opportunity in disguise, and why the biggest risk most investors face is their own psychology.

For CFA professionals and high net worth investors seeking a macro framework that goes well beyond the headlines, this conversation delivers.

Listen For

1:01 Is gold in a bubble right now, or is the bull market just getting started?

13:46 Could governments ban private gold ownership again and how real is that risk today?

20:39 Has the mining industry finally learned how to build mines, or is capital destruction still the norm?

33:57 How has Rick Rule's definition of risk changed over 50 years in the resource business?

39:53 What is Rick Rule most excited and… most worried about heading into the next decade?

The views expressed by the speaker(s) do not necessarily reflect the views or policies of CFA Society Calgary, its Board of Directors, its members, Richmond Equity, or Aviso. CFA Society Calgary, Richmond Equity, and Aviso do not guarantee the source, originality, accuracy, completeness or reliability of any statement, information, data, finding, interpretation, advice, opinion, or view presented, nor does it make any representation concerning the same.

Gold at $5,000. Dollar purchasing power eroding. A $159 trillion debt obligation staring down $167 trillion in private wealth. This episode is for any investment professional who wants to understand where the macro tide is turning — and why your clients need to hear it.

This episode features Rick Rule, one of the most respected names in natural resource investing and a 50-year veteran of global commodity markets. Host Matthew Andrade guides Rick through a rare career retrospective from bouncer on Vancouver's Skid Row to financing legends like Adolph Lundin, building Silver Standard and Pan American Silver from the ground up, and partnering with Eric Sprott to create one of Canada's most influential resource investment platforms.

The conversation then shifts to the macro forces shaping today's markets: the structural destruction of dollar purchasing power, the arithmetic of US debt that "don't math," and why Rick believes gold, silver, and hard assets will be essential to any resilient portfolio over the next decade.

Listen For

00:35 How did a bouncer on Vancouver's Skid Row become one of Canada's top resource financiers?

11:53 What does the collapse of the '80s commodity boom teach investors about leverage and hubris?

17:50 How did Rick Rule build a 20-year winning streak by buying what no one else would touch?

30:49 Where are we in the gold and silver cycle right now, and is gold ahead of itself?

32:58 Why does Rick Rule believe the US dollar faces a 75% decline in real purchasing power?

The views expressed by the speaker(s) do not necessarily reflect the views or policies of CFA Society Calgary, its Board of Directors, its members, Richmond Equity, or Aviso. CFA Society Calgary, Richmond Equity, and Aviso do not guarantee the source, originality, accuracy, completeness or reliability of any statement, information, data, finding, interpretation, advice, opinion, or view presented, nor does it make any representation concerning the same.

Kim Shannon is the Founder and Co-Chief Investment Officer of Sionna Investment Managers in Toronto, Canada, which she founded in 2002 and has grown into one of the largest independent investment firms led by a woman. She has more than 35 years of investment industry experience and previously served as Chief Investment Officer and Senior Vice President at Merrill Lynch Investment Managers Canada. Kim serves on several boards, including the Canadian Coalition for Good Governance (where she chaired the Governance Committee), the Brandes Center/Institute, the Ontario Arts Foundation, and United Corporation. She has received numerous awards, including Morningstar Fund Manager of the Year, the RBC Canadian Woman Entrepreneur Award, and the Women's Executive Network Canada's Most Powerful Women: Top 100 Award twice in both 2007 and 2017.

The views expressed by the speaker(s) do not necessarily reflect the views or policies of CFA Society Calgary, its Board of Directors, its members, Richmond Equity, or Aviso. CFA Society Calgary, Richmond Equity, and Aviso do not guarantee the source, originality, accuracy, completeness or reliability of any statement, information, data, finding, interpretation, advice, opinion, or view presented, nor does it make any representation concerning the same.