Gold and silver prices are in rebound mode after last week’s precious metals plunge, with the former losing 10% and the latter plummeting 30% in value in and around January 30.

The sharp plunge sheds light on the fickleness of the commodities market, where a multitude of factors, including the U.S. dollar, interest rate buzz, and market risk, top the precious metals trading charts.

“This looks more like extreme whiplash and margin calls than a fundamental breakdown in demand for gold and silver,” said David Miller, senior portfolio manager and CIO at Catalyst Funds. “Gold and silver are getting ‘Warsh-ed’ out as real rates tick higher and the dollar firms, forcing fast money to unwind crowded trades, and silver is behaving like an asset would in the midst of a parabolic move, not a safe haven.”

Other market mavens agree, noting that gold and silver’s recent surge is not the result of a single catalyst, but rather a long buildup of fear, deficit spending, and currency skepticism that has finally reached a tipping point. “What changed was not the data, but the volume and confidence of the narrative surrounding it,” said Mark Malek, CIO at Siebert Financial.

No Sell Off, Market Experts Say

Lately, metals have been on a rollercoaster, but industry professionals say it’s not because fundamentals have deteriorated.

“What’s really happening is a fast shake-up in how people are using leverage and reacting to tighter liquidity,” said John Murillo, Chief Business Officer of B2BROKER, a global fintech solutions provider for financial institutions.

Through that lens, the big selloff in commodities looks more like a knee-jerk reaction to traders’ positions than a major, permanent shift in the paradigm for precious metals. “A lot is going on all at once,” Murillo said. “Too many traders chasing the same trades, everyone pulling back on risk, and the usual heavy cloud of geopolitical tension hanging overhead.”

That’s not all: thin liquidity, a surge in options trading, and the way algorithms pile on have just made precious metals trading swings even more volatile. “The good news is, the big long-term reasons to own precious metals still look solid,” Murillo noted. “Central banks keep buying, people want portfolio hedges, and ETFs are starting to see new inflows. All that helps keep the investment case for metals alive.”

It’s a Good Time To Buy On the Dip

Consensus market sentiment appears to be saying it’s a good time to buy gold and silver on the downside, even as both commodities have bounced back moderately this week. Basically, market investors don’t see major problems on the precious metals front.

If you’re down for a dip purchase, these buy-at-the-dip candidates make good sense for gold and silver investors, who shouldn’t wait too long to get back into the precious metals market.

Agnico Eagle Mines Ltd

Trading at $196 per share, Toronto-based gold exploration company Agnico Eagle Mines Limited(AEM.US) has solid support among commodities traders, and there’s good reason.

“AEM offers a strong organic growth pipeline, which includes politically safe Canadian projects at Detour, Canadian Malartic, Hope Bay, and Upper Beaver, which combined could deliver over 1.5M ounces of gold beginning in the 2030’s,” said Thomas Winmill, portfolio manager at Midas Funds, which hold a position in the stock, “At current gold prices, AEM is likely to generate strong free cash flow in 2026; as much as $1 billion per quarter. Management is top-notch and focused on cost control.”

Additionally, the company has paid dividends for over 40 years and plans a 10%-15% dividend increase, which is strongly supported by analysts; CIBC recently raised its price target on the fund from $231 to $296.

First Majestic Silver Corp.

Trading at $21 per share in early February, Vancouver-based mineral properties production company First Majestic Silver Corp.(AG.US) is already up 34.6% in 2026, and has plenty of room to grow.

Murillo cites First Majestic as a pure-play silver producer, noting that as silver prices stabilize, higher precious metal prices should translate into robust earnings growth for the company. “This stock really stands to benefit if silver rallies,” he noted.

Geographically, AG is a major Mexican silver miner and has been a major producer recently. Silver accounts for approximately 60% of its estimated 2026 revenue, as silver miners south of the border appear to have the support of Mexican President Claudia Sheinbaum, after years of geopolitical uncertainty from previous administrations.

Market performance has been sustainable as well. According to Benzinga research, First Majestic Silver has outperformed the market by 5.66% annually over the past 10 years, producing an average annual return of 19.7%.

Fortuna Silver Mines Inc.

Fortuna Mining Corp.(FSM.US) offers exposure to both gold and silver at relatively lower valuations compared with peers. Murillo noted that producers with diversified metal streams can help temper volatility while capturing upside if metals recover. “Fortuna Mining is appealing as a lower-cost, diversified producer,” he noted.

In late January, Fortuna updated its mineral reserves at Seguela Mine, reporting a total of 1.54 million ounces of gold. Fortuna also has plans to expand its processing plant to boost gold production to over 200,000 ounces annually. Overall, Fortuna demonstrates solid financial stability, with a track record of impressive revenue growth and a healthy balance sheet.

While the company’s share price fell 7.35% on Friday, January 30, amid the commodity selloff, the stock has remained sustainable through 2025, rising 98% over the past year. Sector analysts are taking note, as Scotiabank recently upped its Fortuna target price from $11 to $14. 

If you’re looking for exposure to both gold and silver at relatively lower valuations compared with peers, FSM is a good place to start.

Weight the ETF Route, Too

If you’re hesitant to take on too much risk with precious metals, several major gold and silver ETFs offer the simplest and risk-averse (compared to individual stocks) way to bet on higher metals prices.

The two main gold ETFs are the SPDR Gold(GLD.US) and the Gold Trust Ishares(IAU.US) – they’re pretty much the same, although IAU has slightly lower volume and a lower expense ratio.

When it comes to silver, your main options are the Silver Trust Ishares(SLV.US) and the abrdn Physical Silver Shares ETF(SIVR.US). Here SIVR is the one with lower volume but also a lower expense ratio.For higher leverage but higher risk, you can go for gold and silver mining stocks instead. There, your main ETF options are VanEck Vectors Gold Miners ETF(GDX.US) for gold, and Global X Silver Miners ETF(SIL.US) for silver. Both give your portfolio exposure to a wide variety of gold and silver miners, respectively – while diversifying you away from any risks unique to individual mining stocks.

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