“It's important to consider how far gold can go,” Rule said. “Precious metals-related investments comprise less than one half of one percent of all savings in investment asset classes in the United States. The four-decade mean market share is two percent.”
“What's always driven the gold price, more than anything else, is people's concern about the maintenance of their purchasing power in more conventional savings instruments,” he said. “There is nothing that should worry savers more than interest rates which are insufficient to keep pace with inflation.”
“I think we need to separate North American natural gas markets into U.S. markets, which are merely cheap, and Canadian markets, which are felony-cheap,” he said. “Sometimes the ACO price is almost sub-zero, which is to say the gas producers don't get paid enough money to ship it into markets that'll buy it.”
The recent announcement from Chile that they plan to effectively nationalize lithium production in the country could impact battery metals prices, Rule said, but will be catastrophic for the country and any other jurisdiction that follows their lead. “Many people don't grasp the importance of increasing energy density around the world, but particularly in frontier and emerging markets,” he said. “Rich people think the story is about electric vehicles, and that's certainly part of the story, but many people don't realize that a billion people on earth have no access to primary electricity, two billion people on earth have access to intermittent and unaffordable electricity.
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Kitco daily macro-economic/business digest - May 18
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