The David Lin Report Fund Manager Reveals Next Market Explosion And How To Survive | Bob Thompson
Mar 4, 2026
Bob Thompson, Senior Portfolio Manager at Raymond James and resource strategist known for bullish calls on gold and uranium. He discusses why commodities are in a multi-stage bull cycle. He explains investor behavior behind mining rallies. He outlines why stock selection matters now and why energy, dollar moves, and Canada’s junior market deserve attention.
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High PDAC Attendance Doesn't Mean Peak
- PDAC attendance alone doesn't signal a market top because generalist investors still hold almost no capital in resources.
- Bob cites a Goldman survey showing ultra-high-net-worth clients average only 0.2% allocation to gold, meaning rotation hasn't happened yet.
Rising ETF Prices Can Mask Weak New Flows
- Massive fund inflows haven't fully driven the rally; GDX rose while units were being redeemed until recently.
- Bob notes funds and the best-performing Canadian precious-metals mutual fund saw net redemptions throughout last year despite large NAV gains.
Rotate From ETFs To Stock Picking Now
- Expect the easy gains to be behind you; shift from broad ETFs to selective stock picking.
- Bob recommends focusing on companies with high-quality projects likely to reach production rather than riding the index.
