Interview: Rick Rule on the price of oil, the ruble, resource stocks & more

9.) Another interesting move this year was the decision by Frank Guistra, Ian Telfer, Richard Warke (founder of Ventana Gold that was bought by Eike Batista for $1,5 billion) and Tookie Angus to buy a large part of Catalyst Copper (CCY.v) which owns a large copper deposit located in Mexico. What’s your opinion on copper going forward, is that a metal to own in the coming cycle?

Rick: An old adage in mining is “raise money on gold, make money in copper.” I love the copper business, it’s made me way more money than gold, and the managers and fellow investors are rational. That said, until we see an economic recovery (a real one, with jobs, and demand) copper will be a tough slug, with high costs of capital and struggling prices. The copper industry is suited to players like me, who can wait a decade for ten fold returns, on large amounts of invested capital.