Peter Grandich Gold, Silver & Copper Updates

Peter Grandich remains constructive on the metals complex, arguing the sector has already seen much of its washout unless broader markets suffer a more severe selloff. His near-term relative-call is that silver could outperform gold, while copper remains his strongest long-term conviction among the metals discussed. On gold, Grandich points to continued central bank buying, sustained Asian physical demand, and even the possibility of gold-backed Treasury discussions as structural supports for higher prices over time. He frames the current backdrop as more about digestion after a washout than the start of a deeper metals bear market. For traders, the key takeaway is a mildly bullish medium-term setup for precious metals, with silver potentially offering more beta than gold if risk appetite stabilizes and industrial-metal sentiment improves. The main caveat is his view that a broader market crash would still overwhelm these fundamentals and drive a different liquidity response across the complex.