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華爾街日報Veteran Speculators Warn About Silver, Point The Metal To Watch In 2026
Silver’s stellar rally in 2025 and surge past $68 per ounce have captured market attention. Per veteran market analysts, when mainstream media shifts its narrative, it is time to be cautious.
In a recent interview for VRIC Media, seasoned commodity speculators Rick Rule and Lobo Tiggre have shared their views on metals markets.
“As a contrarian, I gotta say my contrarian wolf whiskers are twitching,” said Tiggre, noting the dramatic shift in sentiment.
He pointed to legitimate supply constraints, particularly copper mining, which plays a key role. Silver’s sources are seldom standalone, and most of it comes as a byproduct of copper production.
“There have been four major disruptions in the copper space in 2025. I don’t know what that does to the silver supply, but it has to do something,” Tiggre observed. Meanwhile, Rule, who disclosed selling off a speculative part of his silver portfolio weeks ago, noted the psychological challenges of such endeavors.
“Most speculators who get the strategy right get the tactics wrong. They speculate in a print that will take four or five years to work, and they have trauma holding position over a long weekend,” he stated.
Looking toward 2026, both expect the dollar debasement trade to continue for years, though Rule warned of potential 30-50% drawdowns that could test investor resolve.
The Role of Patience
Meanwhile, gold’s ascent to all-time highs presents a different calculus for market participants. Rule, who has been saving in gold since 2000, maintains an unwavering long-term perspective despite current valuations.
“I believe the US dollar likely loses 75% of its purchasing power over 10 years. That’s my model,” he explained, projecting nominal gold price increases between 250-400% over the next decade, though he acknowledged being “prepared to be wrong by 50%.”
For Tiggre, patience rules over price predictions. The most notable example is that even buying gold at its 2011 peak of $1,900 per ounce has more than doubled the money.
“As long as you understand why you bought it and you don’t get shaken out, then the history, the track record is that you will come out ahead eventually,” he said.
For 2026 and beyond, both remain structurally bullish on gold, viewing temporary corrections as buying opportunities rather than reasons for concern.
Beyond Precious Metals
Outside of precious metals, they singled out uranium on their watchlists. The Global X Uranium ETF (NYSE:URA) has advanced 71% year-to-date, and they see the heavy metal as perhaps the most compelling structural story.
“In uranium, unlike any other substance, material substance on the planet, we are being freed from the tyranny of the spot market,” Rule said, pointing at the unique dynamic of the metal essential for nuclear energy generation. Long-term contracts specifying both price and volume are creating unprecedented certainty for producers.
Rule sees the clarity regarding net present value estimates among uranium juniors. He expects that, over the next 5 years, they will become “the most certain in the resource space by an order of magnitude.”
Tiggre warned that the volatility in spot prices masks strengthening fundamentals. “Long-term contract prices up this month. Yep. Price versus value. I think there’s really not much more that needs to be said,” he remarked.
Both warned that uranium’s association with artificial intelligence infrastructure could create a vulnerability if the AI sector experiences a correction. Still, that could potentially offer strategic entry points for patient investors.
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