Physical Silver Market In Control! | Peter Grandich
Liberty and Finance Jan 10, 2026
Summary
Physical market now sets the price in silver and gold, Grandich says; paper-market manipulators have lost their grip.
Backwardation in silver and end users approaching miners directly signal that physical demand is outpacing readily available supply.
Grandich targets $5,000 gold and $100 silver and expects producers and juniors to deliver multiple triple-digit gains.
Years of underinvestment in discovery mean a multi-year runway for metals, since first production takes years from initial find.
BRICs testing 40% gold settlement and a 25-year low in dollar reserve share frame a long-term bullish case for metals.
Peter Grandich's takeaways
- Top takeaway The guest argues the single biggest change in his 40+ years is that the physical market is now the market — paper pushers and manipulators have been pushed aside — and the center of metals trading has shifted to Asia.
- Peter's targets as of January 2026 are $5,000 gold and $100 silver, possibly hit within the year, with potential to double again to $10,000 gold within months once reached.
- He expects miners and juniors to deliver far larger percentage gains than the metals themselves — multi-triple-digit returns — and is repositioning toward capital preservation rather than further appreciation.
- Peter distinguishes the current cycle from the 2011 top: physical demand now dominates, the dollar is terminally ill at a 25-year reserve low, and BRICs are testing a 40% gold-settled trade system, all of which he sees as multi-year structural support.
- He flags the unwinding of the yen carry trade in Japan, the NATO-over-Greenland headline, Venezuela and Iran, plus rising US political division, as converging macro pressures sustaining the gold and silver bull case.
Elijah K. Johnson's takeaways
- Top takeaway Elijah, the host, points out intermittent silver backwardation as a signal that buyers want metal now rather than waiting for future delivery.
- He frames the segment around silver's move back above $80 in early January 2026 and ties market resilience to a faith-based perspective.