Episode
Commodities are Faltering, Is It Time to Get Out?
- Published
- Jun 25, 2026
- Duration seconds
- 3482
- Processing state
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- https://share.transistor.fm/s/ae10db1e
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Summary
A year ago, Bob Thompson called commodities the trade of the decade. Since then, silver miners, energy stocks and commodity-focused funds have delivered massive gains. But with gold down sharply from its highs, oil rolling over and investors questioning whether the trade has become too crowded, is it time to take profits—or is this just a correction within a much bigger bull market? In this episode, Bob Thompson of Thompson Investment Partners explains why he still believes we're in the early innings of a long-term commodities supercycle despite the recent weakness. He walks through his famous "Mining Clock" framework, outlines where he believes we are in the commodity cycle, and explains why gold, silver, copper and oil all remain strong two years from now. He also shares why the real risk may be hiding in technology stocks, where he sees echoes of previous market bubbles and growing signs that the capex cycle is nearing a dangerous stage. In the Mailbag, Bob breaks down why he believes the recent collapse in oil prices is a short-term positioning event rather than the end of the energy bull market. He discusses physical gold and silver ETFs, explains how he identifies capitulation bottoms, and shares his outlook on several investor favourites including Lundin Gold (LUG) and Altius Minerals (ALS). He also discusses why management quality matters more than ever in the resource sector and where he sees the best opportunities emerging as sentiment deteriorates. Bob revisits last year's winning ideas, including the Sprott Silver Miners & Physical Silver ETF (SLVR), the Dynamic Active Mining Opportunities ETF (DXMO), and the Ninepoint Energy Fund—all of which have delivered strong returns since his last appearance. He then unveils three new high-conviction ideas: the F…