Peter Grandich: Gold, Silver Price Washout — What's Next, My Strategy

Peter Grandich says gold and silver have likely gone through a classic washout within a broader mega bull market, and he argues the setup is now starting to look like the kind of heavy correction that typically marks an end to a decline. His key read is that recent price weakness has improved the opportunity to start rebuilding exposure to the sector after previously exiting all mining stock positions except one. Grandich’s stance is explicitly tactical rather than bearish on the long-term trend: he says the measures he wants to see for the end of the selloff are now coming together. That implies he views the recent slide in bullion and miners as a position-clearing event, not a structural top. The only concrete portfolio signal in the interview is that he is moving from near-zero exposure back toward buying. For the desk, the message is that sentiment may be resetting from capitulation toward accumulation, which is usually supportive for miners first and bullion second if the washout thesis holds. Near term, the key risk is that this remains an opinion-based call without price levels or flow data; traders will still want confirmation from spot stabilization, ETF flows, and momentum reversal before treating it as a durable turn.