Caution seems more formal, and more serious than warning.
Actually, in some contexts, the opposite is true. In the US, there is an ANSI standard for safety signage (and I believe a corresponding ISO standard) that specifies how these words are used in signs in the workplace:
Warning—Indicate a potentially hazardous situation which, if not avoided, could result in death or serious injury.
Caution—Indicate a potentially hazardous situation which, if not avoided, may result in minor or moderate injury. Caution may also be used to alert against unsafe practices.
(source)
For example,
Both are okay, but they might or might not mean something different depending on how you look at it.
Generally, "Whenever X, Y" means that X happened/happens/is supposed to happen many times, and each and every time Y also happens (or in this case, you're told to make it happen). So your sentence would read as a general rule - "you'll have many chances to hold onto happiness in your life, and each time that happens, make sure to do so".
"When X, Y" can mean a single occurence - X happened/will happen, and Y happened/will happen at the same time. So you'd rather say "...when you get the chance" if there's a particular chance to be had - for example, you know your friend is getting a new job, and he's being anxious for it, so you're telling him to hold onto that once he gets the chance (and that job). Compare "When you get that job, you'll be out of trouble" vs (technically grammatical, but making no sense). !"Whenever you get that job, you'll be out of trouble"
Now, what @Man_From_India said also holds - if the context or grammar already estabilishes that you're talking about a repeating occurence, you can use "when" in place of "whenever". For example, "Check your locks when you leave your house" can be placed in a health and safety guide, and it would mean the same as "...whenever you leave...".
Best Answer
Silence is the absence of sound. It's an absolute adjective, so people don't usually say something is very silent or silenter unless they're playing with words. If something makes no noise at all, it's silent.
Quiet means something is not very loud. It's not an absolute adjective, so you can say something is quieter than something else. If you're comparing several cars, you can say the one which makes the least noise is the quietest.
How do you decide which word to use?
Use silent if there is no sound.
Use quiet if there's sound, but it's not very loud.