I thought Rick Rule had a fascinating interview you may want to listen to. He covered a whole spectrum of investment opportunities. Kim you may like to know what he said about uraniums - so very bullish. Also thought his take on water was interesting which is something we here don't focus much on and think we should consider doing so. PHO is one water ETF that I need to look into. So without further ado, here you be for those interested in my notes.

Rick Rule 11/20/10 – Kingworld News

· Sprott recently bought Rick’s company. Now creates the largest microcap natural resources investment house with over $8 b in investments. While Sprott was available for Canadian investors, now investors will be able to avail themselves of Sprott footprint in US with Global Resource Investments. www.gril.net or 800 477 7853 (Rick’s company which is now part of Sprott Asset)

· Silver market is very tight which in part is due to Sprott buying up silver for his new fund PSLV. We suspect that he has taken almost all of the available physical out of the silver market. Means that mints will not have physical available for coins and will have to buy at material at higher prices.

· Sprott (Rick Rule’s new boss) thinks there are extraordinary restraints in the near term in the silver market. While bullish on gold very bullish on silver.

· Although believes gold will be up over the next several years there will also be unbelievable volatility. 8% moves will be nothing in the future in the PM market….it could move to 20% moves ups and downs. Suggest two things…..(1) be absolutely prepared for spectacular volatility – be prepared for 20% declines and ups. (2) Embrace it by buying when it goes down on these big dips and for goodness sake don’t get shaken out of a great bull market.

· Miners are starting to see really explosive cash flows. Companies will need to buy their reserves via acquisitions. The majors will pay up for major good deposits. This will drive really good returns to speculators who keep their eyes open. Most money will be made by aggressive speculators who buy juniors/explorers and get in front of acquisitions.

· Conservative investors may want to confine themselves to royalty companies where they don’t have mining downsides.

· Uranium had a nice move and thinks it will keep going. We are approaching place where we will have serious supply issues with emerging market demand. Supply of weapons grade uranium that is fueling nuclear facilities now is declining. On the other hand new resource tax in Australia suggests that BHP will hold off spending lots on expansion of its Olympia Dam which is the greatest producer of uranium and this could lead to real tightness. Spot market has been lagging contract market but this is now tightening up (spot firmed up 20%). Billions of dollars were raised during 2004-2007 on the big U boom. Now explorers are in a bonafide discovery phase of uranium which is really really bullish for the top 5 – 10% of uranium juniors which have actually found discoveries. Very very exciting time to be a uranium speculator.

· Agriculturals are very interesting. A friend of his who he refused to name told him that the at a recent meeting the CEOs of ag companies said that the world has waited too long to invest in them and think there will be real food scarcities. Suggests playing this theme with fertilizer companies and mentioned that in London there will shortly be some offerings coming of shares in physical farms. US investors should be looking at water which is critical to agriculture. Will be repriced and water should outpace any other commodity in the next 10 years.

· Attracted to the whole energy complex. National oil companies which owns the bulk of energy have done a poor job of investing in this area. Not enough money put in to maintain current oil production. Thinks in the next 5 years countries like Mexico, Venezuela, Peru, Ecuador, Indonesia, and possibly Iran will stop exporting oil which will cause real issues and have dramatic effect on oil. Even more of a natural gas bull – will firm within the next 2 years. Buy good natural companies now and hold them – will be glad two years from now. Also thinks all geothermal companies will be taken out.