Rick Rule, legendary resource investor and former CEO of Sprott US Holdings, joins Steve Barton in this episode to break down what the market is currently mispricing across energy, commodities, and macro trends.

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Recording Date 4-13-2026. In this episode, Rick explains how rising oil and LNG prices are being driven by anticipated shortages rather than actual supply depletion, warning that a prolonged disruption in the Strait of Hormuz could send prices significantly higher. The discussion also highlights second-order effects already emerging, including fertilizer shortages and the growing strategic importance of uranium as countries rethink energy security.

Rick connects these macro pressures to broader economic risks, arguing that higher energy costs are already contributing to a global slowdown. He then shifts to opportunities, outlining why uranium could benefit in the near term and why copper remains one of the most compelling long-term investments due to decades of underinvestment and structural supply deficits. The conversation wraps with a deep dive into how to evaluate copper companies and why high-quality, long-life assets will be the biggest winners in the coming commodity cycle.

Key Insights in this episode

✅ Energy markets are pricing fear not shortages but real supply shocks could send prices much higher

✅ Strait of Hormuz disruption risks triggering cascading effects across energy and supply chains

✅ Fertilizer shortages are emerging as a hidden risk to future crop yields and food supply

✅ Uranium demand is set to rise as countries prioritize energy security and restart reactors

✅ Rising energy costs are already acting as a drag on the global economy

✅ Copper remains a long-term inevitability trade driven by structural supply deficits

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Chapters

00:00 Rick Rule's Market Outlook

01:06 Oil And LNG Supply Risk From Strait Of Hormuz 03:48 Fertilizer Shortages And Grain Market Impact 04:00 Uranium Bull Case And Energy Security Shift 07:29 Physical Uranium Versus Miners Setup 09:23 Energy Prices And Global Economic Slowdown 11:46 WTI Versus Brent Spread Shift Explained 15:18 Natural Gas Weakness From Oil Drilling Boom 16:25 Copper Short Term Weakness And Long Term Bull Case 20:38 How To Evaluate Copper Companies Today 23:09 Tier One Copper Deposits Explained 28:06 Copper Bootcamp And Investment Opportunity 33:55 Closing Thoughts And Portfolio Strategy 35:14 Portfolio Rankings And Free Resource Access

DISCLAIMER: I am not a financial advisor. This is not financial advice. I only express my opinion based on my experience, and your experience may be different. These videos are for educational and motivational purposes only. Investing of any kind involves risk. Do your own due diligence. Every investment and bet comes with the risk that your capital could go to zero.

WHAT I DO: I spread out my investments. It's not all on one thing. For every bet that I make, I devote one hour of study per month to that investment. I keep the number of bets to what I can feasibly study.

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