VIDEO — Rick Rule: Still Bullish on Gold, Silver; Top Sectors for 2023

Rick Rule: Still Bullish on Gold, Silver; Top Sectors for 2023youtu.be

Gold and silver have disappointed some market participants in 2022, but Rick Rule remains bullish on precious metals.

"While certainly the thesis to the upside hasn't played out, the damage that was done to portfolios in precious metals was certainly less extreme than the damage that was done in other sectors," said Rule, who is proprietor at Rule Investment Media.

He didn't offer a prediction on when prices will move, but said even a small amount of interest in gold could be significant.

"It's important to note that gold is a very, very small asset class. You don't need to have an awfully big move from, as an example, bonds to gold to have an outsized move in the gold price. And that's precisely what I think is going to occur," Rule noted.

When asked which sectors he thinks will perform the best in 2023, Rule pointed to energy.

"I think if you are an income and value investor, particularly if you're Canadian, you stick in the Canadian oil and gas sector," he said, noting that the business is too good even for Prime Minister Justin Trudeau to ruin.

For speculators, uranium may be a better choice. "I have said for years … that an increase in the uranium price was inevitable, but maybe not imminent. I think now with the pace of Japanese restarts it's imminent and inevitable," Rule explained. "I think too that because the uranium equities disappointed so many people that while they aren't cheap, they also aren't expensive."

Watch the interview above for more from Rule on precious metals and energy, as well as his thoughts on the US Federal Reserve's path forward and the dangers of central bank digital currencies.

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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.