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“Rick Rule: Leveraged Gold Longs Are Heading To The Sidelines–In Fear Of An October Financial Panic”

by Tekoa Da Silva, Bull Market Thinking:

I had the opportunity yesterday to reconnect with legendary resource financier and investor, Rick Rule, Chairman of Sprott US Holdings.

It was a fascinating conversation as Rick spoke to the likelihood of (and his preparations for) an October “black swan” event, Sprott Asset Management’s investment approach at this time, and what investors should keep in mind in order to successfully navigate today’s resource market.

Commenting on the elements that suggest a coming October black swan surprise, Rick said, “If ever there was a set of circumstances that came together that would give an asynchronous event the ability to take the financial system off the rails again, it would be this month…the dysfunction of the US congress with regards to the spending authorizations and the upcoming problem with regards to the debt ceiling, and the fact that those occur…[during] a psychologically important month raises the specter in everybody’s mind…of a black swan event that takes down all markets and drives everybody to respect liquidity.”

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1 comment to “Rick Rule: Leveraged Gold Longs Are Heading To The Sidelines–In Fear Of An October Financial Panic”

  • Eric B

    Tekoa, please invest all your money with Rick Rule then come back and tell me about how “Legendary” he is, after suffering about a 50% loss of investmentin under a year, we have withdrawn funds from Rick’s Sprott USA fund, I can sit through my losses on real physical bullion but, this guy? The old saying “The market can remain IRRATIONAL longer than you can remain solvent” comes quickly to mind every time I see Rick Rules name mentioned. The fund had put some of our investment into an actual Sprott managed investment and while this too lost money in a tough market, it had offsetting dividends that offset some of the shares losses. Investing in the metals market for the last 2 years has been BRUTAL for now, I’ll follow guys like Mike Maloney in investment adivce. Sprott does himself a great disservice associating his name with the Rick Rule run fund. Same thing for Prudent Bear fund, for years I used it as a supposed offsetting hedge on markets but, in 2007 when the market crashed and Prudent Bear failed to profit from that, 2 months after the market downturn and no increase in share prices, I said Enough is Enough!

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