July 16, 2026
Here’s what was covered in episode 372:
Macro Musings - Nick and Gerardo opened with a recap of the Rule Symposium in Boca Raton, where the big takeaway was the disconnect between price and value across the resource sector. The attendees were serious, well-informed, and looking to deploy capital, but the sector itself remains beaten down after the January highs.
Gerardo emphasized that many resource stocks are down 50%–60% from their early-year peaks, but that does not mean the bull market is over. Gold is still much higher than it was a year ago, silver is still much higher than it was a year ago, and the major commodity themes — gold, silver, copper, uranium, lithium, and critical metals — remain intact. His view is that the first half of the year was a healthy consolidation, and the second half could look a lot like last year’s second half, when the real gains began.
Nick agreed that the long-term thesis is intact, but said the near-term macro remains the issue. Since the bombing of Iran began, the 10-year yield and the dollar have been the dominant inputs. The 10-year yield is up meaningfully, the dollar remains firm around 100, and until those reverse, the metals and commodity equities may have a tough row to hoe. Gold is near support around $3,975, silver needs to hold around $54, and copper still looks the best, with support near the $6 area.
Nick also pointed out that the S&P remains near all-time highs, but leadership is rotating. Tech and energy led earlier in the year, but over the past month financials, industrials, utilities, health care, and other rate-sensitive or defensive sectors have started to perform better. That broadening is important, and it is one reason he still believes the broader bull market is alive even while resource stocks remain under pressure.
Market Takes - The Rule Symposium reinforced one central theme: price is not value. Rick Rule talked about the coming “orgy of amalgamation” in the resource sector, and both Nick and Gerardo expect significant consolidation if the disconnect between company valuations and underlying assets persists.
Gerardo argued that this is exactly the kind of market where investors need to focus on companies adding value. Many juniors raised capital during the highs earlier this year. They now have cash, active drill programs, assays pending, and the ability to create value while the market is quiet. Share prices may be weak, but the right companies are still advancing projects, drilling targets, and setting up catalysts.
He also pushed back against the fear in lithium. Lithium equities have pulled back hard, even though the lithium price is still up meaningfully year to date. In his view, the better names are oversold, and the current weakness could prove to be a major opportunity if the second half delivers the way he expects.
Nick added that some of the current price action looks like capitulation. He is seeing big, wide daily candles in small-cap resource names, where stocks briefly flush to extreme lows before recovering. Whether that is forced selling, algorithmic activity, or simple exhaustion, it is the kind of action that can create opportunity for investors who know the real value of what they own.
Both hosts agreed that the companies themselves need to keep working. Gerardo said he does not like when management teams go quiet just because markets are soft. If a company raised money, has catalysts, and is adding value, it needs to communicate that to shareholders. Summer is not an excuse to disappear.
Bizarro Banter - The political section opened with U.S.-Israel military integration and Thomas Massie’s effort to strip language that would more deeply fuse U.S. and Israeli military capabilities, databases, and technology. Gerardo made clear that he supports alliances, partnerships, and cooperation with friendly countries, but does not support merging the U.S. military with any foreign government, permanently or temporarily.
That led into a broader discussion of political capitulation, AIPAC, foreign influence, Israel, Netanyahu, the Epstein files, and the sense that many politicians are too compromised to act independently. Gerardo argued that both parties continue to fail the public, while Nick tied the issue back to George Washington’s warning against permanent foreign entanglements.
They also discussed ICE, immigration enforcement, surveillance, Flock cameras, body cameras that mysteriously fail, Epstein jail footage, and the broader erosion of checks and balances. Nick said he supports border enforcement and stopping drug trafficking, but not extrajudicial killings, masked enforcement, or a system that bypasses due process. Gerardo agreed that America needs a real immigration plan that lets productive, law-abiding people come legally while keeping out criminals, but said the current system manages to block the good while failing to stop the bad.
Nick connected that to the labor market. The U.S. needs skilled workers — electricians, plumbers, tradesmen, metallurgists, mining engineers, and rare earth specialists — but has underinvested in the talent pipeline for decades. See the related article Nick mentioned here. China has built universities and expertise around mining, metallurgy, and rare earth processing, while the U.S. is only now trying to rebuild that base. That shortage of talent creates both economic challenges and investment opportunities.
Premium Portfolio Picks - Gerardo opened the premium section with Hannan Metals (TSX-V: HAN)(OTC: HANNF), where assays from the company’s Sweden drilling are expected in the next few weeks. Hannan has seven holes in the lab, roughly $7 million in the bank, and is funded to drill through the rest of the year. Gerardo said the company has held up well despite the selloff in the broader space, bouncing off 52-week lows and staying near the C$0.70 area. He also noted that Hannan has submitted its DIA permit application for Previsto in Peru, the flagship target that he believes could ultimately represent a district-scale gold-copper system.
He also highlighted Kingsmen Resources (TSX-V: KNG)(OTC: KNGRF), which he called one of the best speculations in the resource space for both silver and gold. Kingsmen owns two past-producing districts, has roughly $15 million in the bank, and does not need to raise money for at least the next year or two. The company is 18 holes into its current drill program, testing multiple targets and aggressive step-outs. With a market cap around $31 million and nearly half of that backed by cash, Gerardo sees a simple setup if gold and silver remain in a bull market.
Nick widened the lens beyond resources and pointed to continued performance in Foundational Profits. British American Tobacco (NYSE: BTI) was up sharply, Prudential (NYSE: PRU) is up double digits since his recommendation last month, and he is making four new recommendations in the next issue — one in utilities, one in health care, and two broad-based ETFs. His view is that inflation peaked in Q2, growth likely bottomed in Q2, and the broader equity bull market can continue as leadership rotates beyond tech.
On the resource side, Nick said he has been buying Revival Gold (TSX-V: RVG)(OTC: RVLGF). He had a limit order in, and it was filled as the stock softened despite good drill results. He likes the company’s combination of the Mercur project in Utah, which offers a fast-track production angle, and Beartrack-Arnett in Idaho, where the company is working to better define the high-grade opportunity. He also noted that Revival remains talked about as a possible takeout candidate.
Nick also said PMET Resources (TSX: PMET)(OTC: PMETF) has pulled back with lithium and now looks cheap again. The company recently released strong metallurgy for caesium, and investors are still mostly valuing it as a lithium story even though it also has world-class cesium and tantalum exposure. As those pieces are worked into future economics, Nick thinks the market may have to reassess the company’s value.
Kutcho Copper (TSX-V: KC)(OTC: KCCFF) was another name Nick emphasized. The stock has been hit hard, but the company is now drilling. Nick pointed to the geophysics and the potential to meaningfully expand the known resource. The existing feasibility-stage project already has a strong NPV at current copper prices, and if the company can double the resource, the valuation disconnect could become even more extreme.
Nick also mentioned OceanaGold as an example of how cheap some larger gold producers have become. He attended an OceanaGold lunch at Rule where sophisticated investors were modeling the stock and recognizing the value, but still questioning how much cheaper it might get before the macro turns. That sums up the whole sector right now: the value is there, but investors are still waiting for the dollar and yields to roll over before the price catches up.
July 16, 2026
Here’s what was covered in episode 372:
Macro Musings - Nick and Gerardo opened with a recap of the Rule Symposium in Boca Raton, where the big takeaway was the disconnect between price and value across the resource sector. The attendees were serious, well-informed, and looking to deploy capital, but the sector itself remains beaten down after the January highs.
Gerardo emphasized that many resource stocks are down 50%–60% from their early-year peaks, but that does not mean the bull market is over. Gold is still much higher than it was a year ago, silver is still much higher than it was a year ago, and the major commodity themes — gold, silver, copper, uranium, lithium, and critical metals — remain intact. His view is that the first half of the year was a healthy consolidation, and the second half could look a lot like last year’s second half, when the real gains began.
Nick agreed that the long-term thesis is intact, but said the near-term macro remains the issue. Since the bombing of Iran began, the 10-year yield and the dollar have been the dominant inputs. The 10-year yield is up meaningfully, the dollar remains firm around 100, and until those reverse, the metals and commodity equities may have a tough row to hoe. Gold is near support around $3,975, silver needs to hold around $54, and copper still looks the best, with support near the $6 area.
Nick also pointed out that the S&P remains near all-time highs, but leadership is rotating. Tech and energy led earlier in the year, but over the past month financials, industrials, utilities, health care, and other rate-sensitive or defensive sectors have started to perform better. That broadening is important, and it is one reason he still believes the broader bull market is alive even while resource stocks remain under pressure.
Market Takes - The Rule Symposium reinforced one central theme: price is not value. Rick Rule talked about the coming “orgy of amalgamation” in the resource sector, and both Nick and Gerardo expect significant consolidation if the disconnect between company valuations and underlying assets persists.
Gerardo argued that this is exactly the kind of market where investors need to focus on companies adding value. Many juniors raised capital during the highs earlier this year. They now have cash, active drill programs, assays pending, and the ability to create value while the market is quiet. Share prices may be weak, but the right companies are still advancing projects, drilling targets, and setting up catalysts.
He also pushed back against the fear in lithium. Lithium equities have pulled back hard, even though the lithium price is still up meaningfully year to date. In his view, the better names are oversold, and the current weakness could prove to be a major opportunity if the second half delivers the way he expects.
Nick added that some of the current price action looks like capitulation. He is seeing big, wide daily candles in small-cap resource names, where stocks briefly flush to extreme lows before recovering. Whether that is forced selling, algorithmic activity, or simple exhaustion, it is the kind of action that can create opportunity for investors who know the real value of what they own.
Both hosts agreed that the companies themselves need to keep working. Gerardo said he does not like when management teams go quiet just because markets are soft. If a company raised money, has catalysts, and is adding value, it needs to communicate that to shareholders. Summer is not an excuse to disappear.
Bizarro Banter - The political section opened with U.S.-Israel military integration and Thomas Massie’s effort to strip language that would more deeply fuse U.S. and Israeli military capabilities, databases, and technology. Gerardo made clear that he supports alliances, partnerships, and cooperation with friendly countries, but does not support merging the U.S. military with any foreign government, permanently or temporarily.
That led into a broader discussion of political capitulation, AIPAC, foreign influence, Israel, Netanyahu, the Epstein files, and the sense that many politicians are too compromised to act independently. Gerardo argued that both parties continue to fail the public, while Nick tied the issue back to George Washington’s warning against permanent foreign entanglements.
They also discussed ICE, immigration enforcement, surveillance, Flock cameras, body cameras that mysteriously fail, Epstein jail footage, and the broader erosion of checks and balances. Nick said he supports border enforcement and stopping drug trafficking, but not extrajudicial killings, masked enforcement, or a system that bypasses due process. Gerardo agreed that America needs a real immigration plan that lets productive, law-abiding people come legally while keeping out criminals, but said the current system manages to block the good while failing to stop the bad.
Nick connected that to the labor market. The U.S. needs skilled workers — electricians, plumbers, tradesmen, metallurgists, mining engineers, and rare earth specialists — but has underinvested in the talent pipeline for decades. See the related article Nick mentioned here. China has built universities and expertise around mining, metallurgy, and rare earth processing, while the U.S. is only now trying to rebuild that base. That shortage of talent creates both economic challenges and investment opportunities.
Premium Portfolio Picks - Gerardo opened the premium section with Hannan Metals (TSX-V: HAN)(OTC: HANNF), where assays from the company’s Sweden drilling are expected in the next few weeks. Hannan has seven holes in the lab, roughly $7 million in the bank, and is funded to drill through the rest of the year. Gerardo said the company has held up well despite the selloff in the broader space, bouncing off 52-week lows and staying near the C$0.70 area. He also noted that Hannan has submitted its DIA permit application for Previsto in Peru, the flagship target that he believes could ultimately represent a district-scale gold-copper system.
He also highlighted Kingsmen Resources (TSX-V: KNG)(OTC: KNGRF), which he called one of the best speculations in the resource space for both silver and gold. Kingsmen owns two past-producing districts, has roughly $15 million in the bank, and does not need to raise money for at least the next year or two. The company is 18 holes into its current drill program, testing multiple targets and aggressive step-outs. With a market cap around $31 million and nearly half of that backed by cash, Gerardo sees a simple setup if gold and silver remain in a bull market.
Nick widened the lens beyond resources and pointed to continued performance in Foundational Profits. British American Tobacco (NYSE: BTI) was up sharply, Prudential (NYSE: PRU) is up double digits since his recommendation last month, and he is making four new recommendations in the next issue — one in utilities, one in health care, and two broad-based ETFs. His view is that inflation peaked in Q2, growth likely bottomed in Q2, and the broader equity bull market can continue as leadership rotates beyond tech.
On the resource side, Nick said he has been buying Revival Gold (TSX-V: RVG)(OTC: RVLGF). He had a limit order in, and it was filled as the stock softened despite good drill results. He likes the company’s combination of the Mercur project in Utah, which offers a fast-track production angle, and Beartrack-Arnett in Idaho, where the company is working to better define the high-grade opportunity. He also noted that Revival remains talked about as a possible takeout candidate.
Nick also said PMET Resources (TSX: PMET)(OTC: PMETF) has pulled back with lithium and now looks cheap again. The company recently released strong metallurgy for caesium, and investors are still mostly valuing it as a lithium story even though it also has world-class cesium and tantalum exposure. As those pieces are worked into future economics, Nick thinks the market may have to reassess the company’s value.
Kutcho Copper (TSX-V: KC)(OTC: KCCFF) was another name Nick emphasized. The stock has been hit hard, but the company is now drilling. Nick pointed to the geophysics and the potential to meaningfully expand the known resource. The existing feasibility-stage project already has a strong NPV at current copper prices, and if the company can double the resource, the valuation disconnect could become even more extreme.
Nick also mentioned OceanaGold as an example of how cheap some larger gold producers have become. He attended an OceanaGold lunch at Rule where sophisticated investors were modeling the stock and recognizing the value, but still questioning how much cheaper it might get before the macro turns. That sums up the whole sector right now: the value is there, but investors are still waiting for the dollar and yields to roll over before the price catches up.
July 16, 2026
Here’s what was covered in episode 372:
Macro Musings - Nick and Gerardo opened with a recap of the Rule Symposium in Boca Raton, where the big takeaway was the disconnect between price and value across the resource sector. The attendees were serious, well-informed, and looking to deploy capital, but the sector itself remains beaten down after the January highs.
Gerardo emphasized that many resource stocks are down 50%–60% from their early-year peaks, but that does not mean the bull market is over. Gold is still much higher than it was a year ago, silver is still much higher than it was a year ago, and the major commodity themes — gold, silver, copper, uranium, lithium, and critical metals — remain intact. His view is that the first half of the year was a healthy consolidation, and the second half could look a lot like last year’s second half, when the real gains began.
Nick agreed that the long-term thesis is intact, but said the near-term macro remains the issue. Since the bombing of Iran began, the 10-year yield and the dollar have been the dominant inputs. The 10-year yield is up meaningfully, the dollar remains firm around 100, and until those reverse, the metals and commodity equities may have a tough row to hoe. Gold is near support around $3,975, silver needs to hold around $54, and copper still looks the best, with support near the $6 area.
Nick also pointed out that the S&P remains near all-time highs, but leadership is rotating. Tech and energy led earlier in the year, but over the past month financials, industrials, utilities, health care, and other rate-sensitive or defensive sectors have started to perform better. That broadening is important, and it is one reason he still believes the broader bull market is alive even while resource stocks remain under pressure.
Market Takes - The Rule Symposium reinforced one central theme: price is not value. Rick Rule talked about the coming “orgy of amalgamation” in the resource sector, and both Nick and Gerardo expect significant consolidation if the disconnect between company valuations and underlying assets persists.
Gerardo argued that this is exactly the kind of market where investors need to focus on companies adding value. Many juniors raised capital during the highs earlier this year. They now have cash, active drill programs, assays pending, and the ability to create value while the market is quiet. Share prices may be weak, but the right companies are still advancing projects, drilling targets, and setting up catalysts.
He also pushed back against the fear in lithium. Lithium equities have pulled back hard, even though the lithium price is still up meaningfully year to date. In his view, the better names are oversold, and the current weakness could prove to be a major opportunity if the second half delivers the way he expects.
Nick added that some of the current price action looks like capitulation. He is seeing big, wide daily candles in small-cap resource names, where stocks briefly flush to extreme lows before recovering. Whether that is forced selling, algorithmic activity, or simple exhaustion, it is the kind of action that can create opportunity for investors who know the real value of what they own.
Both hosts agreed that the companies themselves need to keep working. Gerardo said he does not like when management teams go quiet just because markets are soft. If a company raised money, has catalysts, and is adding value, it needs to communicate that to shareholders. Summer is not an excuse to disappear.
Bizarro Banter - The political section opened with U.S.-Israel military integration and Thomas Massie’s effort to strip language that would more deeply fuse U.S. and Israeli military capabilities, databases, and technology. Gerardo made clear that he supports alliances, partnerships, and cooperation with friendly countries, but does not support merging the U.S. military with any foreign government, permanently or temporarily.
That led into a broader discussion of political capitulation, AIPAC, foreign influence, Israel, Netanyahu, the Epstein files, and the sense that many politicians are too compromised to act independently. Gerardo argued that both parties continue to fail the public, while Nick tied the issue back to George Washington’s warning against permanent foreign entanglements.
They also discussed ICE, immigration enforcement, surveillance, Flock cameras, body cameras that mysteriously fail, Epstein jail footage, and the broader erosion of checks and balances. Nick said he supports border enforcement and stopping drug trafficking, but not extrajudicial killings, masked enforcement, or a system that bypasses due process. Gerardo agreed that America needs a real immigration plan that lets productive, law-abiding people come legally while keeping out criminals, but said the current system manages to block the good while failing to stop the bad.
Nick connected that to the labor market. The U.S. needs skilled workers — electricians, plumbers, tradesmen, metallurgists, mining engineers, and rare earth specialists — but has underinvested in the talent pipeline for decades. See the related article Nick mentioned here. China has built universities and expertise around mining, metallurgy, and rare earth processing, while the U.S. is only now trying to rebuild that base. That shortage of talent creates both economic challenges and investment opportunities.
Premium Portfolio Picks - Gerardo opened the premium section with Hannan Metals (TSX-V: HAN)(OTC: HANNF), where assays from the company’s Sweden drilling are expected in the next few weeks. Hannan has seven holes in the lab, roughly $7 million in the bank, and is funded to drill through the rest of the year. Gerardo said the company has held up well despite the selloff in the broader space, bouncing off 52-week lows and staying near the C$0.70 area. He also noted that Hannan has submitted its DIA permit application for Previsto in Peru, the flagship target that he believes could ultimately represent a district-scale gold-copper system.
He also highlighted Kingsmen Resources (TSX-V: KNG)(OTC: KNGRF), which he called one of the best speculations in the resource space for both silver and gold. Kingsmen owns two past-producing districts, has roughly $15 million in the bank, and does not need to raise money for at least the next year or two. The company is 18 holes into its current drill program, testing multiple targets and aggressive step-outs. With a market cap around $31 million and nearly half of that backed by cash, Gerardo sees a simple setup if gold and silver remain in a bull market.
Nick widened the lens beyond resources and pointed to continued performance in Foundational Profits. British American Tobacco (NYSE: BTI) was up sharply, Prudential (NYSE: PRU) is up double digits since his recommendation last month, and he is making four new recommendations in the next issue — one in utilities, one in health care, and two broad-based ETFs. His view is that inflation peaked in Q2, growth likely bottomed in Q2, and the broader equity bull market can continue as leadership rotates beyond tech.
On the resource side, Nick said he has been buying Revival Gold (TSX-V: RVG)(OTC: RVLGF). He had a limit order in, and it was filled as the stock softened despite good drill results. He likes the company’s combination of the Mercur project in Utah, which offers a fast-track production angle, and Beartrack-Arnett in Idaho, where the company is working to better define the high-grade opportunity. He also noted that Revival remains talked about as a possible takeout candidate.
Nick also said PMET Resources (TSX: PMET)(OTC: PMETF) has pulled back with lithium and now looks cheap again. The company recently released strong metallurgy for caesium, and investors are still mostly valuing it as a lithium story even though it also has world-class cesium and tantalum exposure. As those pieces are worked into future economics, Nick thinks the market may have to reassess the company’s value.
Kutcho Copper (TSX-V: KC)(OTC: KCCFF) was another name Nick emphasized. The stock has been hit hard, but the company is now drilling. Nick pointed to the geophysics and the potential to meaningfully expand the known resource. The existing feasibility-stage project already has a strong NPV at current copper prices, and if the company can double the resource, the valuation disconnect could become even more extreme.
Nick also mentioned OceanaGold as an example of how cheap some larger gold producers have become. He attended an OceanaGold lunch at Rule where sophisticated investors were modeling the stock and recognizing the value, but still questioning how much cheaper it might get before the macro turns. That sums up the whole sector right now: the value is there, but investors are still waiting for the dollar and yields to roll over before the price catches up.