Peter Grandich argues the recent plunge in gold and silver is a sharp correction, not the end of the bull market. He expects gold to retest nearby lows but still make new highs by year-end, with miners potentially benefiting more than physical metal if prices grind higher rather than spike.
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Peter Grandich’s core view is that the precious-metals bull thesis remains intact despite the recent pullback. He says the decline followed a parabolic move, so a harsh correction was normal, and that the main drivers behind gold’s rise—central-bank buying, distrust of fiat money, fiscal stress, geopolitical tension, and broader social/political fragmentation—have not gone away. He does not sound complacent about the near term: he thinks gold may retest the recent lows just above 4,000 and silver just above 60, but he argues that would still be consistent with a long-term bull trend and could even help reset sentiment if prices recover afterward. He frames the correction as a cleansing event that may flush out late momentum buyers and replace them with more durable investors. …
Near term, the setup is still vulnerable to another volatility leg if equities de-risk and liquidity needs force selling, so support near the recent lows matters most. A clean hold and recovery would improve the tactical tone; a break lower would keep the correction alive.
Over the next few months, Grandich expects a choppy but ultimately constructive consolidation that rebuilds the precious-metals trend. He is looking for gold to recover into new highs by year-end, with miners likely outperforming if the move is more gradual than explosive.
Structurally, he sees gold as part of a continuing regime shift driven by fiscal stress, central-bank demand, geopolitical fragmentation, and reduced trust in institutions. The lasting implication is that precious metals remain a hedge against a more unstable financial and political order.
The current pullback in precious metals is a sharp correction rather than the end of the bull market.
He says the move was an excusable correction after a parabolic rise and explicitly says he is not calling it the end of the gold bull market.
The fundamental bullish reasons to own gold still remain intact despite the recent correction.
The speaker argues that central banks are still net buyers, the shift away from fiat money continues, and broader debt and geopolitical problems still support gold.
Gold is likely to make a new all-time high before the end of the year, and silver may do the same.
He says the correction is likely temporary and that the longer-term bullish setup remains intact, with gold expected to lead silver for the rest of the year.
What are you doing with the sector now that metals have pulled back?
He says he had sold down heavily during the parabolic rise, but in the last two days he started reentering juniors again. He is now about 50% reinvested versus the amount he had taken out, while still expecting volatility.
Why do you still remain bullish on gold and the junior resource market?
He argues the original drivers are still intact: central banks remain net buyers, the move away from fiat continues, and broader problems like debt, private credit, employment, and geopolitical tension all support metals. He also thinks the conflict has increased the desire to secure gold, silver, copper, and other critical minerals.
If stocks keep falling, could that trigger more selling in metals because of liquidity needs?
He says a sharp equity drop could force investors to raise cash by selling whatever is liquid, including gold. But he also says gold's role as liquidity is exactly why many people bought it in the first place, and the key bottom signal will be when stocks fall but gold stops falling with them.
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