Peter Grandich Sold Gold, But He’s Buying On the Dip

Published: 10-19-2026, 03:28 pm

Last verified October 2026. 

Peter Grandich, founder of The Grandich Letter, sold his gold during this year’s rally. Now he is buying again. He is doing it in stages, and he would welcome one more dip. His plan is a useful case study in buying gold on a dip. The full reasoning sits in the interview below. 

Key Takeaways: 

• Peter Grandich sold the metal itself, not just the stocks, when headlines turned loud. 

• He is rebuilding his position in stages instead of all at once. 

• He thinks a lower price could actually help gold over time. 

• Central banks bought 289 tonnes in Q2 2026, a second-quarter record [World Gold Council, July 30, 2026]. 

Why Would a Gold Investor Veteran Sell During a Rally? 

Peter Grandich sold into the rally because he saw momentum buyers crowding in, not because he turned bearish. Host Megan King Diaz notes that he took profits when the press began covering gold every day. He sold the metal, not only the stocks [Peter Grandich interview, October 19, 2026]. 

His logic is easy to follow. Gold had made a steep, parabolic climb. Many buyers arrived only because of that climb. They had no other reason to own it. According to Grandich, a drop could shake out buyers like that. 

Selling did not make him bearish. Instead, he treated the sale as a call about timing. The long-term case stayed strong in his view. The short-term crowd, however, had grown too big. 

That difference matters for every owner. A long-term thesis and a short-term price are two separate questions. Grandich answered them separately. 

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How Is He Buying Gold on a Dip? 

Grandich is buying gold on a dip in stages. He has already bought most of his target position; he is holding the rest in reserve. In other words, he is spreading his purchases over time. 

This approach solves a common problem. Nobody knows exactly where a price bottom sits. Buying everything at once risks buying too early. Waiting for a perfect entry risks never buying at all. Staged buying sits between those two mistakes, which is why it suits buying gold on a dip. 

Notably, Grandich admits more downside may remain. He calls the current stretch a corrective phase. Even so, he thinks the next few years favor gold by a wide margin. He puts numbers on both the downside and the upside. Those figures are in the video, and they may surprise you. 

Why Would He Welcome a Lower Gold Price? 

Grandich thinks a dip below $4,000 could be good for gold because it may shake out momentum buyers. Gold traded near $4,141 an ounce [goldsilver.com price charts, October 19, 2026], so that dip may be forthcoming. 

His argument is about people, not charts. Some buyers chased the surge earlier this year; many of them now sit on losses. Grandich expects those holders to be the last sellers. One final break below $4,000, he says, could clear them out. He does not guarantee it will happen. 

That idea follows a familiar market pattern. A sharp drop forces out the weakest holders. Afterward, the price faces less selling pressure. Nobody can promise it will repeat. Still, it explains why a falling price can look different to a patient buyer. That mindset is the core of buying gold on a dip. 

Grandich also shares a timeline for the next big move. Watch the interview to learn more about what he thinks might happen. 

Is China Really Buying Gold at Lower Prices? 

Official data supports part of Grandich’s view: the People’s Bank of China is still adding gold. Grandich says China keeps buying physical gold aggressively, especially at lower prices. His take is simple: “I’m not going to go against them” [Peter Grandich interview, October 19, 2026]. 

The World Gold Council published its Gold Demand Trends Q2 2026 report on July 30, 2026. It shows the People’s Bank of China added 33 tonnes in the second quarter. That was its largest quarterly addition since the fourth quarter of 2023 [World Gold Council, July 30, 2026]. Central banks bought 289 tonnes, a record for a second quarter [World Gold Council, July 30, 2026]. 

Meanwhile, the European Central Bank published The International Role of the Euro on June 2, 2026. The report says gold made up 27% of global official reserves at the end of 2025. U.S. Treasuries held 22% [European Central Bank, June 2, 2026]. However, the ECB says the shift largely reflects higher gold prices. At end-2023 prices, gold would hold 16% and Treasuries 26% [European Central Bank, June 2, 2026]. 

Both numbers are accurate. They simply answer two different questions. One shows what reserves are worth today. The other holds the gold price at its end-2023 level. 

For more on this trend, read our October 5, 2026 guide to why central banks keep buying gold. You can also see how China’s gold imports reached a record in our September 22, 2026 report. 

What Else Does Grandich Reveal in the Full Interview? 

The conversation goes well beyond the buy-back. Grandich explains a controversial call he made at the end of 2021. He also describes how big institutions now treat gold differently from most retail advisors. 

Then he turns to silver, where he admits his own view changed and explains why. Copper gets a short verdict. He even answers whether a government could ever take your gold. Finally, he closes with a personal answer involving his grandchild. 

We are intentionally not printing the entirety of the interview here. Hearing Grandlich explain his positions in his own words is much more powerful. Watch the full interview with Megan King Diaz and judge his reasoning for yourself. 

People Also Asked 

What does it mean to buy gold on a dip? 

Buying gold on a dip means adding to a position after a price drop instead of during a rally. Investors often spread purchases across weeks or months. This approach lowers the risk of buying at a single high. However, it does not remove the risk of further declines. Peter Grandich, for example, says he is buying in stages while he allows for lower prices. 

Why do some investors sell gold and buy it back later? 

Some investors sell after a sharp rally to lock in gains. They plan to rebuy at a lower price. The risk is clear. Prices may never fall far enough, and the investor may miss later gains. For that reason, many long-term owners avoid this approach. Grandich sold because he judged that short-term momentum buyers were driving the rally. 

How do you buy gold in stages? 

Start by choosing a total target. Then divide it into smaller purchases on a schedule or at set price levels. Keep part of the target in reserve for lower prices. Review the plan whenever your goals change. Buying gold on a dip works best with a written plan. This is general education, not personal advice, because every investor’s situation is different. 

What happens to gold when momentum buyers leave? 

Momentum buyers purchase because a price is rising. When the rise stops, many of them sell quickly. That selling can push prices lower for a time. Afterward, long-term holders make up more of the market. Grandich argues this process can help gold build a base. Nobody can predict the timing with certainty. 

How does gold compare with U.S. Treasuries in official reserves? 

At market value, the European Central Bank (ECB) reports gold made up 27% of global official reserves at end-2025. U.S. Treasuries made up 22% [European Central Bank, June 2, 2026]. The ECB says price gains explain much of that gap. At end-2023 prices, gold would hold 16% and Treasuries 26%. The ECB also notes that gold’s price is volatile and that it pays no interest. 

How do central banks affect the gold price? 

Central banks buy gold for reserve diversification and protection against geopolitical and financial uncertainty. Their purchases can support demand when prices fall. Official buying alone does not set the daily price, though. Interest rates, the dollar, and investor flows also matter. The World Gold Council reports that central banks bought 289 tonnes in Q2 2026. Its 2026 survey found a record 45% of banks expect to raise holdings [World Gold Council, July 30, 2026]. 

What if gold keeps falling after you start buying? 

Staged buying limits the damage. Later purchases come at lower prices, which lowers your average cost. Position size matters most. Gold prices can swing sharply, so many investors keep gold as a modest share of their total assets. A plan also helps you avoid reacting to every headline. 

Where Can You Watch the Full Interview? 

You can watch the full Gold Silver Show interview with Peter Grandich and host Megan King Diaz on YouTube. Grandich sold the rally and is now buying gold on a dip, but he is not finished. He still has a plan for the rest. You will hear his numbers, his timeline, and his answers on silver, copper, and government risk. Track gold’s live price on our gold price chart while you watch. 

Watch the full Gold Silver Show interview with Peter Grandich on YouTube 

SOURCES
1. World Gold Council – Gold Demand Trends Q2 2026: Central Banks – July 30, 2026
2. European Central Bank – The International Role of the Euro – June 2, 2026
3. goldsilver.com – Gold and Silver Price Charts – October 19, 2026
4. The Gold Silver Show – He Sold GOLD In The Rally. Now He’s Buying Back: Peter Grandich – October 19, 2026

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Past performance is not indicative of future results. Always consult a qualified financial advisor before making investment decisions.  

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