Egon von Greyerz: "Buy Silver With Both Hands" Why the Current Correction May Be a Major Opportunity

The Swiss precious metals strategist argues that gold and silver's recent pullback is minor compared to their long-term advances and that silver, in particular, offers one of the best investment opportunities of a lifetime.

Swiss precious metals expert Egon von Greyerz of Matterhorn Asset Management has delivered a strongly bullish message on both gold and silver, arguing that the recent correction represents a significant buying opportunity rather than a reason for concern.In a recent video update, von Greyerz emphasized that both metals have experienced normal corrections following powerful, exponential moves higher — and that the long-term trajectory remains strongly upward.

Gold: A Normal Correction After a Massive Advance

Von Greyerz noted that gold has risen from roughly $300 at the beginning of the century to around $4,200 (after briefly touching $5,000). While the recent pullback has felt painful to many investors, he views it as relatively minor in the context of the broader move.

“Gold has doubled in the last 2–3 years… this correction which is from an exponential move is just a normal correction from a big move and it is soon going to be retraced and go to multiples of the current levels.”

He advised investors who are under-allocated to gold to use the current weakness to add to positions, stressing that gold should be held for the long term as a core wealth preservation asset.

Silver: “The Most Incredible Investment Opportunity”

Von Greyerz was particularly emphatic about silver, describing the current price action as a generational buying opportunity.Silver has moved from around $4 at the start of the century to a high of $120. While the recent decline from those highs has been sharp, von Greyerz argues it is small when measured against the entire advance.

“The opportunity to buy silver with both hands has now arrived… Buy it here. Buy it now. Buy it at $65.”

He believes silver will move much more violently than gold once the correction ends, calling it “gold on steroids.” In his view, silver could rise two to three times as fast as gold in the coming years.

Extreme Undervaluation Relative to Financial Assets

One of von Greyerz’s strongest arguments centers on valuation. He highlights the massive disconnect between the value of physical gold and today’s highly valued financial assets:

• All the gold ever mined in history is worth approximately $32 trillion.

• This is only slightly more than the combined market value of the 12 largest U.S. companies (~$30 trillion).

• Central banks hold roughly $5 trillion in gold — barely more than the market value of Nvidia alone.

He argues this relationship is unsustainable and expects a dramatic re-rating in favor of gold as financial bubbles deflate.

Recommended Allocation: Gold and Silver as Core Holdings

Von Greyerz recommends holding a significant portion of wealth in physical precious metals, suggesting a 70% gold / 30% silver split within the precious metals allocation. He believes most conventional assets — stocks, bonds, and real estate — could decline between 75% and 95% in value relative to gold over the coming years. He is particularly concerned about bond markets, warning of potential sovereign defaults and sharply higher interest rates.

Implications for Canadian Mining Investors

While von Greyerz focuses primarily on physical gold and silver, his outlook has clear implications for Canadian mining stocks:

• Silver equities could offer leveraged upside if silver enters a violent new leg higher, though they will likely remain volatile.

• Gold producers and developers may benefit from a sustained rise in the gold price, particularly those with strong balance sheets and low all-in sustaining costs.

• The broader thesis of financial asset deflation versus hard asset appreciation supports a constructive long-term view for quality resource companies.

However, von Greyerz’s warnings about extreme moves in financial markets also serve as a reminder that mining stocks can experience sharp drawdowns even in a bullish precious metals environment. Discipline, position sizing, and a focus on high-quality companies remain essential.

Key Takeaways from von Greyerz

• The current correction in gold and silver is viewed as normal and relatively minor in the context of the long-term uptrend.

• Silver, in particular, is seen as offering one of the best risk/reward opportunities in precious metals.

• Physical gold and silver should form a core part of wealth preservation strategies.

• Investors are encouraged to accumulate during periods of weakness rather than waiting for confirmation at much higher prices.

As always, von Greyerz stresses the importance of secure storage, recommending private vaults in safe jurisdictions with direct access to allocated metal. For Canadian investors, his message reinforces the case for maintaining exposure to precious metals — both physically and through select mining equities — while remaining mindful of the high volatility that typically accompanies these markets.