Bob Thompson

Bob Thompson is a Senior Portfolio Manager at Raymond James in Vancouver, where he manages portfolios with a focus on precious metals and mining equities. He has become a recognized voice in the resource investment community for his analysis of commodity bull and bear cycles — particularly his framework for identifying where we are in the cycle and what that means for gold and silver investors.

Thompson's approach centers on what he calls the "mining clock," a framework for gauging where the mining sector sits within its broader cyclical rhythm. He pays close attention to the TSX Venture Exchange (TSXV — Canada's junior stock exchange, home to most small-cap mining companies) as a sentiment barometer. When the TSXV sat more than 65% below its prior peaks despite broader equity strength, Thompson flagged it as evidence the mining sector remained deeply undervalued and unloved — a condition he views as a setup for significant capital rotation into the sector.

His analysis blends technical indicators with sentiment reading. Thompson tracks positioning data — including commercial short positions in gold and silver — alongside momentum and breadth measures in mining shares. He has repeatedly emphasized that extreme pessimism in the mining sector, while uncomfortable, historically creates the strongest buying opportunities. Rather than reacting to headlines, he assesses how much news is already priced in, looking for gaps between sentiment and fundamentals.

Thompson focuses primarily on gold and silver, with particular attention to junior miners and the Canadian small-cap mining universe. He has publicly argued that we are in the early-to-middle innings of a commodity bull market — not the beginning, but far from the end. Investors following Thompson gain a disciplined framework for thinking about timing, valuation, and emotional discipline in a sector notorious for punishing both early entrants and latecomers.