Digging Deep

Hosted by Paul Harris, Kitco Media

BusinessInterviews guests

Website RSS feed

Episodes

Latest episode

May 2026

Language

EN-US

About the show

Join a discussion with the brightest minds in the resource investing sector and learn how to navigate the complex world of mining investment. Kitco Mining's Digging Deep, hosted by Paul Harris, is your weekly appointment to understand the key trends in the resource investment space. Paul sits with experts to dissect investment trends and understand the dynamic landscape shaping the future of natural resource extraction. Digging Deep is your guide to understanding resource investment and how to profit from it.

Listen to episodes

54 recent

May 19, 202628 min

Equinox-Orla Deal Signals Gold M&A Push | Neil Adshead

Neil Adshead, Consultant Analyst at the Commodity Discovery Fund, joins Kitco Mining’s Digging Deep with Paul Harris to break down a week dominated by gold M&A, copper supply stress, and rising investor interest in large-scale mining stories.Recorded on May 13, 2026, the discussion covers Equinox Gold’s planned all-stock acquisition of Orla Mining, a transaction announced the same day to create a roughly 1.1-million-ounce-per-year North American gold producer. Adshead says the deal reflects the push for scale among mid-tier producers, with larger companies better positioned to attract bigger investors and stronger index demand.The conversation turns to copper, where Freeport-McMoRan’s revised Grasberg timeline adds pressure to an already tight market. “It is difficult out there for these major miners to keep up,” Adshead said, citing aging mines, falling grades, and recurring production slippage. He also discusses First Quantum’s La Granja project in Peru, Hudbay’s Arizona copper strategy, Lumina Metals’ copper-silver IPO, Barrick Mining’s Reko Diq delay, Nevada Gold Mines speculation, and San Lorenzo Gold’s Chile discovery.Don’t forget to subscribe to the Kitco Mining YouTube channels to stay up to date on the latest industry news and interviews.00:20 - Equinox Gold to Buy Orla Mining03:01 - Copper Price Surges Toward $6.25/lb05:53 - First Quantum Updates La Granja Resource08:15 - La Granja Project Design and Slurry Pipeline09:32 - Arsenic Penalties in Copper Concentrates11:03 - Arizona Copper Deals and Hudbay’s Strategy13:33 - Lumina Metals IPO and Copper-Silver Demand15:51 - Ross Beaty’s Big Week in Mining18:32 - Nevada Gold Mines JV Shakeup Talk25:53 - San Lorenzo Gold’s Chile Drill Discovery__________________________________________________________________Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices.Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.comStay connected with usX - https://x.com/KitcoMiningInstagram - https://www.instagram.com/kitcominingLinkedIn - https://www.linkedin.com/company/kitco-miningFacebook - https://www.facebook.com/KitcoMiningConnect with the Kitco Mining anchorsPaul Harris - https://x.com/paulharrisgold For more in-depth mining coverage, visit us here - https://www.kitco.com/miningDisclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

May 8, 202639 min

Record Gold Profits, But Growth Still Flat | Joe Mazumdar

Joe Mazumdar, editor of Exploration Insights, joins Kitco Mining’s Digging Deep with Paul Harris to unpack a record-setting earnings season for gold producers, where higher margins, stronger free cash flow, and rising shareholder returns are reshaping the sector.Mazumdar highlights Newmont and Lundin Gold as standout performers, but says the bigger issue is that organic production growth remains constrained despite higher gold prices. With producers trading at a premium to the assets they are acquiring, he argues M&A may be more attractive than building new mines in a high-cost environment. “Why take the permitting risk? Why take the capital escalation risk that we're seeing in some of these underground projects when you could just get a producing asset that you like?”The discussion also covers exploration spending discipline, risks behind aggressive junior drilling programs, assay delays, rising drilling costs, Cameco’s downstream nuclear strategy, and why companies are packaging non-core assets into more focused vehicles.Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.Recorded May 07, 202600:24 - Q1 Gold Earnings Surge and Record Margins03:41 - Cost Pressures, Streams, and Weak Performers06:08 - Divestments, Debt Paydown, and Project Builds08:05 - Growth Constraints and Exploration Spending11:57 - Why M&A Is Cheaper Than Building Mines15:50 - Junior Drilling Boom and Execution Risks19:23 - Rigs, Labor Shortages, and Assay Delays22:28 - Australia Gold Deal and Reporting Differences27:12 - Uranium Momentum and Cameco Strategy31:45 - Spinouts and the Non-Core Asset Shift__________________________________________________________________Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices.Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.comStay connected with usX - https://x.com/KitcoMiningInstagram - https://www.instagram.com/kitcominingLinkedIn - https://www.linkedin.com/company/kitco-miningFacebook - https://www.facebook.com/KitcoMiningConnect with the Kitco Mining anchorsPaul Harris - https://x.com/paulharrisgold For more in-depth mining coverage, visit us here - https://www.kitco.com/miningDisclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

May 7, 202623 min

Mining Profits Surge, But Stocks Aren’t Following | Feneck

John Feneck, Founder & CEO of The Feneck Commodities Report, joins Kitco Mining’s Digging Deep as gold and mining equities pull back amid ongoing geopolitical tension in the Middle East. Speaking with Paul Harris, Feneck said the recent weakness does not signal a breakdown in the trend, but a buying opportunity within a broader bull market. “This is a buying opportunity,” he said.Feneck highlighted a growing disconnect across the sector, with major producers like Newmont and Kinross generating record free cash flow, while many junior gold stocks are down 25% to 40% since early March. He said that gap, combined with constrained global gold production, could drive increased M&A activity as majors look to secure new ounces. At the same time, some major banks continue to forecast gold in the $5,300 to $6,000 range over the next 9 to 12 months, while larger-scale deposits are increasingly required to attract serious interest.The discussion also covers silver supply deficits, China’s growing role in critical minerals, and the return of capital to the sector through major financings and IPOs.Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.00:23 - Geopolitics and Gold Pullback01:48 - Record Producer Cash Flow Surge03:54 - Flat Supply and Rising M&A Pressure05:15 - Yukon Turnaround and Undervalued Juniors07:52 - Why 5Moz Is the New Benchmark09:09 - Permitting Risks and PEA Pitfalls12:14 - Ross Beaty IPO and Capital Return15:04 - Nickel Market Rebound and Supply Shifts17:56 - Rare Earth Deal and Strategic Demand__________________________________________________________________Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices.Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.comStay connected with usX - https://x.com/KitcoMiningInstagram - https://www.instagram.com/kitcominingLinkedIn - https://www.linkedin.com/company/kitco-miningFacebook - https://www.facebook.com/KitcoMiningConnect with the Kitco Mining anchorsPaul Harris - https://x.com/paulharrisgold For more in-depth mining coverage, visit us here - https://www.kitco.com/miningDisclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

April 23, 202641 min

Energy markets “anticipatory, not reactive” as geopolitical risk builds | Rick Rule

Rick Rule, President and CEO of Rule Investment Media, joins Kitco Mining’s Digging Deep with Paul Harris to break down escalating geopolitical risk and what it means for energy, commodities, and mining. Rule says recent oil and LNG price moves tied to the Persian Gulf conflict are “anticipatory rather than reactive,” warning that markets are still pricing anticipatory shortages rather than real rationing. If supply disruptions materialize, he said, “the price impact is going to be very different than the price impact that we've seen,” pointing to potential sharp repricing within two or three weeks.Rule identifies uranium as a key strategic winner as countries prioritize energy security, saying “the real unsung beneficiary will be the nuclear power industry and by proxy the uranium companies.” He also argues resource nationalism and government intervention are likely to continue, with growing pressure on mining assets across key jurisdictions.In this interview, Rick Rule also discusses: • Why energy markets could reprice sharply if real shortages emerge • Uranium’s advantage in a shifting global energy system • Resource nationalism and government pressure on mining assets • G Mining’s $3B deal and why consolidation can still be accretive • Rare earth supply chains and rising government-backed capitalRecorded April 22, 2026Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

April 1, 202627 min

The 'Air Pocket' Risk: How Geopolitical Tensions Are Impacting Mining Operations | Neil Adshead

Neil Adshead, Consultant Analyst at the Commodity Discovery Fund, joins Kitco Mining’s Digging Deep with Paul Harris to unpack the recent price slump in precious metals, and how gold and the mining majors are performing amid the Iran war.“The long term supply/demand for commodities is in place, but if this war really does damage the global economy significantly, then we could be in for quite a longer ‘air pocket', let's call it a bit of a trough,” he warned. Adshead also discusses a range of significant recent mining developments, including the impact of Barrick’s production delays in Pakistan, the Newmont-Barrick dispute over the Nevada Gold Mines joint venture, the significance of the ongoing buying spree by Chinese mining majors, and which government strategies are most effective for increasing exploration.Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.00:00 - Introduction00:46 - Metals Price Slump02:20 - Is Gold Still a Safe Haven?04:12 - Barrick Production Delays 07:25 - Newmont-Barrick Nevada Dispute10:42 - Anglo Gold’s Arthur Project16:03 - Chinese Miners’ Buying Spree18:32 - Liberty Gold’s Black Pine Project23:24 - Government Strategies to Increase Exploration__________________________________________________________________Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices.Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.comStay connected with usX - https://x.com/KitcoMiningInstagram - / kitcomining LinkedIn - / kitco-mining Facebook - / kitcomining Connect with the Kitco Mining anchorsPaul Harris - https://x.com/paulharrisgold For more in-depth mining coverage, visit us here - https://www.kitco.com/miningDisclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

March 27, 202638 min

War, Debt, and Energy Shocks Set Up Gold’s Next Move | Rick Rule

Rick Rule, President and CEO of Rule Investment Media, joins Kitco Mining’s Digging Deep with Paul Harris to assess how escalating conflict in the Persian Gulf is exposing deeper risks across energy, debt, and global resource markets. Rule warns that “30 years of underinvestment in natural resources means that we are less able to deal with shocks,” pointing to vulnerabilities across oil, LNG, fertilizer, and industrial supply chains.On markets, Rule says rising war spending and roughly $39 trillion in U.S. debt will ultimately support gold. “Sadly, this will be good for gold,” he said, adding “I welcome a lower gold price” as a buying opportunity. He also warned the U.S. dollar could lose 75% of its purchasing power over the next decade, while underinvestment in energy, running at “over a billion dollars a day,” could drive structurally higher oil prices and mining costs.In this interview, Rick Rule also discusses: • Why gold’s recent pullback may be a long-term opportunity • Structural oil underinvestment and future energy shocks • Why he met more than 90 companies at PDAC in early March and invested in none • BHP’s capital strategy and the Resolution copper project outlook • Argentina’s improving investment caseRecorded March 19, 2026For more in-depth mining coverage, visit us here - https://www.kitco.com/miningDisclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

March 16, 202631 min

Mining’s Political Risk Problem Is Getting Worse | Christopher Ecclestone

Christopher Ecclestone, principal and mining strategist at Hallgarten + Company, joins Kitco Mining’s Digging Deep with Paul Harris to break down a week of major mining developments and what they reveal about jurisdiction risk, politics, and project strategy.Ecclestone discusses SSR Mining’s agreement to sell its 80% stake in the Copler mine in Türkiye for $1.5 billion following the February 13, 2024 heap leach disaster that killed nine workers. He said the company is “getting a good price to get the hell out of Dodge.” He also examines AngloGold Ashanti’s decision to sell the stalled La Colosa gold project in Colombia, arguing that “this gigantism in the mining sector is part of the problem” when large open-pit developments face strong local opposition.Chris Ecclestone also discusses:• Mongolia seeking a larger share of profits from Rio Tinto’s Oyu Tolgoi copper mine • Why governments often renegotiate once projects become too large to walk away from • Argentina’s RIGI investment regime and the push to accelerate mine development • AbraSilver’s Diablillos project and the return of precious metals mining to northern Argentina • Lundin Mining’s latest copper expansion in ChileDon’t forget to subscribe to the Kitco Mining YouTube channel to stay up to date on the latest Digging Deep interviews and industry insights.01:17 - Turkey Risk and Copler Tailings Fallout04:25 - AngloGold Sells La Colosa Project06:20 - Open Pit Mining vs Community Pushback10:34 - From Emerging Markets Back to North America13:27 - Panama Lessons and Self-Inflicted Mining Risks15:22 - When Governments Move the Mining Goalposts18:27 - Argentina’s RIGI and Political Risk21:09 - Chile Mining Policy Under President Kast25:46 - Argentina Silver Comeback vs Mexico27:39 - Lundin Expands Chile Copper Exposure__________________________________________________________________Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices.Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.comStay connected with usX - https://x.com/KitcoMiningInstagram - https://www.instagram.com/kitcominingLinkedIn - https://www.linkedin.com/company/kitco-miningFacebook - https://www.facebook.com/KitcoMiningConnect with the Kitco Mining anchorsPaul Harris - https://x.com/paulharrisgold For more in-depth mining coverage, visit us here - https://www.kitco.com/miningDisclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

February 13, 202643 min

Copper Downgrades, Gold at $5,000, and the Risks Investors Miss | Joe Mazumdar

Joe Mazumdar, Editor of Exploration Insights, joins Kitco Mining’s Digging Deep, to break down a pivotal stretch for mining as copper consolidation stalls, major producers downgrade output, and gold trades above $5,000 per ounce.On Rio Tinto walking away from Glencore, Mazumdar says, “It’s almost cheaper to merge and generate more copper for the combined entity than it is to build a new project,” highlighting how capital intensity and permitting delays are reshaping the copper growth playbook. He explains why lower grades, aging infrastructure, and technical constraints are pressuring guidance across the sector.Turning to gold, Mazumdar cautions that price alone does not fix structural problems, noting that “the gold price may not change” if there’s a fatal flaw, pointing to metallurgy, permitting, and security risk as factors that can override a bull market.Mazumdar also discusses:- Reserve price decks averaging about $1,660 per ounce, and the valuation gap versus spot gold- Why producers are preserving leverage by avoiding streams and royalties in a bull market- The strategic positioning around Barrick’s planned North American IPO- How higher commodity prices can elevate security and extortion riskDon’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.Recorded on February 12, 202600:18 - Rio Tinto, Glencore, and Copper M&A Strategy06:53 - Copper Production Downgrades and Supply Constraints09:44 - Nevada Gold Mines, Four Mile, and Barrick IPO Strategy21:08 - Critical Minerals Processing and Antimony Supply Chains29:12 - Gold Reserve Price Decks vs $5,000 Spot Gold36:52 - Mexico Security Risk and Investor Repricing41:08 - PDAC 2026 and Mining Sector Sentiment__________________________________________________________________Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices.Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.comStay connected with usX - https://x.com/KitcoMiningInstagram - https://www.instagram.com/kitcominingLinkedIn - https://www.linkedin.com/company/kitco-miningFacebook - https://www.facebook.com/KitcoMiningConnect with the Kitco Mining anchorsPaul Harris - https://x.com/paulharrisgold For more in-depth mining coverage, visit us here - https://www.kitco.com/miningDisclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

February 10, 202630 min

Are Gold Miners Leaving Value Undisclosed? | Neil Adshead

Neil Adshead, Consultant Analyst at the Commodity Discovery Fund, joins Kitco Mining’s Digging Deep with Paul Harris to examine how new US policy initiatives and price volatility are shaping mining and critical minerals in 2026. Discussing the Trump administration’s $12 billion “Project Vault” initiative and Vice President JD Vance’s proposal for enforceable price floors, Adshead explains how smaller commodity markets can experience extreme price swings that complicate financing decisions.Adshead also discusses why higher gold prices are prompting producers to reassess mine plans, expansions, and reserve assumptions, while new supply remains slow to respond. Pointing to World Gold Council data, he said there is “a significant multi-year lag to bring new production on.” The conversation also touches on permitting progress in Canada, expansion studies at producing mines, and how new technologies are being used to improve exploration targeting.Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.01:01 – Trump’s Strategic Mineral Reserve and Project Vault Explained01:37 – Critical Minerals Preferential Trade Zone and Price Floor Proposal02:34 – US Mineral Stockpiles, Refining Gaps, and Processing Bottlenecks06:51 – Commodity Pricing, Volatility, and Financing New Mining Projects09:53 – Company Updates: Skeena Eskay Creek Permits and Alamos Gold Expansion19:19 – Eldorado Gold Deal and Gold Miners’ Copper Exposure22:25 – AI in Mineral Exploration and Equinox Gold’s Valentine Discovery26:41 – Barrick Mining Full-Year Results and North American IPO Plans__________________________________________________________________Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices.Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.comStay connected with usX - https://x.com/KitcoMiningInstagram - https://www.instagram.com/kitcominingLinkedIn - https://www.linkedin.com/company/kitco-miningFacebook - https://www.facebook.com/KitcoMiningConnect with the Kitco Mining anchorsPaul Harris - https://x.com/paulharrisgold For more in-depth mining coverage, visit us here - https://www.kitco.com/miningDisclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

February 4, 202642 min

Rick Rule on Debt, Inflation, and the Real Drivers of the Gold Market

Rick Rule, President & CEO of Rule Investment Media, joins Kitco Mining’s Digging Deep with Paul Harris to explain why he believes the strength in precious metals reflects a long-term erosion in purchasing power, not a short-term cycle. Rule argues that gold performs best when confidence in fiat-denominated savings breaks down, noting “a gold bull market and conversely a bond bear market has been underway since the year 2000,” driven by persistent negative real interest rates and growing fiscal strain.Rule also explains why he reduced his physical silver exposure and rotated into silver equities, arguing the opportunity now lies in valuation gaps rather than chasing the metal itself. He outlines why mining companies could surprise on earnings and cash flow as analyst assumptions lag reality, and why expanding margins, not headline prices, ultimately drive long-term value in the sector.In this interview, Rick Rule also discusses:- Why debt, deficits, and unfunded liabilities continue to erode purchasing power- Why inflation, not default, is the most likely path governments use to manage obligations- The widening gap between metal prices and mining equity valuations- How royalty and streaming companies may prioritize growth over dividendsDon’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.00:52 — Macroeconomic Risks and the Case for Gold and Silver03:10 — Debt, Real Interest Rates, and Gold’s Long-Term Outlook11:47 — Producer Earnings, Margins, and Analyst Assumptions15:41 — Risk Management, Silver Stocks, and Investment Strategy32:25 — Global Policy, Critical Minerals, and Mining Capital Allocation41:30 — Final Thoughts on Precious Metals and the Cycle Ahead__________________________________________________________________Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices.Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.comStay connected with usX - https://x.com/KitcoMiningInstagram - https://www.instagram.com/kitcominingLinkedIn - https://www.linkedin.com/company/kitco-miningFacebook - https://www.facebook.com/KitcoMiningConnect with the Kitco Mining anchorsPaul Harris - https://x.com/paulharrisgold For more in-depth mining coverage, visit us here - https://www.kitco.com/miningDisclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.