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 2026 Rule Symposium

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.