➡ Raf from The Endgame Investor discusses the need for a third Silver Squeeze. He explains that the surge in silver supply since December 2024 has exceeded all-time highs, with a 60 million ounce increase from December 2025 to now. He also notes that the borrowing fee for silver has increased, indicating a high demand for physical silver over ETFs. Raf concludes that the current situation is different from 2020, with demand now being on the wholesale level, and predicts that silver deliveries will exceed records.
➡ The article encourages the start of the third Silver Squeeze, a movement to buy silver and increase its value. The author believes it will be successful this time due to current stress in the wholesale silver market, which is expected to impact the retail market soon. The goal is to buy silver now, while supplies are abundant, to maximize the squeeze when the wholesale crisis hits retail. The author hopes this could potentially collapse the current monetary system and lead to a reset based on a more stable, sensible financial foundation.

Where is it? One more round. There’s no stopping us now. All your strength! All your power! All your love! Everything you’ve got! You and I! Now! Now! God damn it! See you next time! Welcome to the party, pal! God damn it! I’ll be back on the system now! Now! God damn it! Now! Now! And now! Who left? Who left? Who left? Hey guys, Raf here from The Endgame Investor, and today we’re going to talk about why now is the time for Silver Squeeze 3. Step by step, layer after layer, I’m going to try to explain to the silver community why now is the time to organize the third, and I hope final, silver squeeze effort.

Is it the third? Is it the fourth? I don’t really remember exactly. Maybe it’s considered the fourth. Maybe this will be considered the third. Whatever the hell it is, we need to do it now. Why do we need to do it now? Follow the slides, and I will explain. Simply, I’ve turned off all ads on this episode in effort to get Silver Squeeze started. This is my call to get it started, and here is exactly why. First slide. This is the silver, the eligible silver supply in the COMEX. The surge that has happened since December 2024 has now exceeded the all-time highs for silver that is not for sale, at least not against futures contracts.

This is the stored silver at COMEX vaults. In 2025, we’ve seen a surge of 60 million ounces from December to now. Late December, I think it was, mid-December maybe. In 2020, we saw a surge that was about 55 million ounces during the panic of 2020, and we also have a new all-time high in silver supplies not for sale on the COMEX. These are held by who knows who. A lot of them are just holding silver for fear of what is going to happen to the dollar and for many other reasons. So, the first point that I want to make here is that on the wholesale level, a lot of the silver has already been bought, as you can see in this chart.

Not only that, but the surge, the amount of time that it’s taken has been about twice as fast for silver to accumulate the same amount in 2020. It’s been two to three times as fast. It’s only been three months. In 2020, I think it started in March, and it ended in July, March, April, May, June, July. So, that was five months now. It’s taken like two or three. So, it’s about twice as fast, actually. For gold, it’s been even faster. But we’re talking about silver today. That’s what we’re talking about today. So, we’re going to stick with silver.

The SLV borrowing fee, the fee to borrow SLV spiked up to about 16.5% a few days ago, maybe a week or two ago. Now, it is back to 3.25% or 3.3% I think it is today. This chart is two days old. And even if it’s just 3.3%, that is still an all-time high from this chart. I don’t see any data before that. I don’t know how to get it. But it’s a very, very high borrowing fee, which means that it is expensive for people to borrow SLV in order to redeem the silver from that fund. Why would you borrow SLV for 3.25%, especially for 16% other than you need to deliver silver to someone that you owe silver to for whatever reason, maybe the futures contract.

People are spending a lot of money borrowing SLV to redeem the shares for physical. Somebody wants the physical, not in the form of an ETF. That is different from what happened in 2020, which we’ll get to in a second. But just to go over what’s happening in gold here, the GLD borrowing fee spiked to let me move my face here for a second spiked. I think the high was 10.44%. Now it’s back down a little bit to, I think, five or six or whatever it is, but it’s still extremely high on historical standards. It never went higher than about 1.5%.

And now it is way past that. There is a lot of demand to redeem GLD share baskets. It’s a basket. I think it’s something around 10,000 shares. You redeem those shares, you have the physical, and you deliver it to someone. There’s no other reason that a bank or any other financial actor would borrow GLD shares at such a huge premium unless they needed the physical gold or physical silver to close some deal that they need to deliver this stuff because of a previous obligation. The point from those graphs showing the borrowing rate, the borrowing fees for GLD and SLV is this time, what’s happening is very, very different to what was happening in 2020.

In 2020, we see here in this rectangle, the blue line is the SLV price, and the black line is SLV holdings. So this is the panic of 2020 over here with silver at around $11 and something cents in that crash, and the price of SLV goes up with the holdings. So the demand was in the ETF itself. The demand was on the retail level and on the mid-level, whatever that is, let’s say moderate hedge fund or whatever, and in the big players. So that’s why you saw the silver supply go up. It was to supply the SLV ETF, and it was working.

And here’s silver squeeze up here. We’re not going to focus on that right now, but this is a silver squeeze. This is when the silver hit $30 and the SLV holdings, either truly or fictitiously, I do not know what the truth is, go up to an all-time record high. But here, what you’re seeing is the opposite. The price of SLV is going up and up and up, right? From about 26 to now 30-something dollars. And what’s happening is that the supply of silver is going in the opposite direction. It’s going down. Why is going down? Because players are redeeming SLV baskets to get their hands on the physical silver to deliver it.

So what I’m saying is that demand is not in the ETFs right now. It’s not on the retail level. It’s only on the wholesale level. It’s on the COMEX, and it’s in the ETF supply, physical supply, to be delivered. And what we see in deliveries is this. OK, so we’re in an inactive silver contract. It is not an active silver contract, and still we are at 4,379 deliveries. All these spikes in the blue here, up here, up here, up here, the red line is where we are at now. And all these spikes in deliveries, this is because this is an active contract.

And between the spikes, you have these lulls. These are inactive contracts. Well, the inactive contract that we are in right now is the February silver spot contract, which is an inactive contract. The volume is very low, and yet it still exceeds. The number of deliveries still exceeds a lot of the active contracts, especially in 2023, almost all of them, except for one. In 22, about half of them, half of the active contracts were exceeded. So we’ve seen this pattern before, and just to get to the title of this slide, is silver deliveries will exceed records.

It’s already showing signs that the next contract, which is the March contract, which is an active contract, will exceed records. Why? Because this inactive contract is exceeding records for all inactive contracts. And here we have six days left until delivery, and I think it’s five. Open interest in that silver contract. In the next silver contract, the futures is March silver. That is an active contract. It is now at 72,417. It might be a little bit less now. This is a day old. The July 2020 record for silver deliveries was 17,294, and almost all that went into the SLV ETF and other ETFs, because that’s where the demand was.

And I’ll explain why in a second, what the difference is now, and why now it is time to engage in silver squeeze three in a second. It’s the same pattern in GLD and gold last month from here, where the red line ends, right? Before it gets exceeded over here, this over here, this diagonal in the early 2025 was an inactive contract. That was January 2025 inactive contract. It exceeded almost all active contract going back to 2023. And that presaged what this is right here, which is deliveries of over 70,000. I think it’s 75,000 now, and we still have a few days left in this contract.

So gold predicts what’s going to happen in silver. They’re going to be most likely record deliveries exceeding 17,294, which is the July 2020 record for deliveries. We’re seeing that supplies are exiting the ETFs, which means that the retail demand is not there because it’s the retail crowd that generally buys ETFs. And we’re also not seeing retail demand in the premiums over spot for junk silver. The retail market is the only one that is not stressed. You see here a flat line of about 6.25, 6.28, very, very tight year premiums. They have not moved since November 2024, almost at all.

It’s been a total flat line, which means that there is no stress in the retail market. This is not a global movement. The question is, why not? And why do we need to engage? Why do we need to begin Silver Squeeze 3 now? And why will it be successful this time? Why do I believe it will be successful this time? It almost succeeded last time. Remember, SLV even reported on it in its prospectus, saying that the Silver Squeeze movement was a threat to it. It wouldn’t have written that if it wasn’t, but this time we can succeed.

Why is that? Because in 2020, the stress in the silver market was due to end of the world vibes. Nobody knew what exactly was going on, not with the medical situation and the lockdowns. The dissident movement hadn’t developed yet. Even I was skeptical. Nobody knew if everyone was going to die. And it was a time when even non-stackers were going after a gold and silver bullion because they were scared of the world stopping and their stock portfolios plummeting. Well, that’s not happening quite yet. Right now, we’re seeing stress in the silver market only in the wholesale, only at COMEX, only in the big stockpiles.

In 2020, we were seeing it everywhere at the same time. But the stress that is now in the wholesale market, on the COMEX, in the ETF supplies that are being pulled out by big financial players in order to make deliveries, record deliveries that are about to be copied in silver as they were and are in gold this month at over 70,000 deliveries, the stress in the wholesale market is going to hit the retail market eventually, probably in just a few weeks or maybe a month or two. And before that stress is filtered out from the wholesale to the retail market, now is the time to squeeze the retail market.

Do it now! Do it! Do it! Do it now! Sometimes late at night, I can still hear the screaming. So that when the stress arrives belatedly from the wholesale market now to the retail market as it will naturally, because that’s the structure of production, it goes from wholesale to retail, if we start silver squeeze now… Now, now, sir. Everything that happens now is happening now. We’re at now now. Now! Now! Just now! Then we can really squeeze the retail market preemptively when the stress from the wholesale market reaches the retail market.

It’s like a pincher act. You start on one side, you end up on the other side. Now is the time to engage in silver squeeze 3, especially for the stackers because we alone cannot raise the premiums by ourselves. But when the entire world joins us, that is a silver squeeze. So if we take care of some of the supply now, while the supply of physical retail is abundant, then when these supplies start to get crimped by the crisis in the wholesale market now, the squeeze on silver supplies can be maximized. And hopefully this time, it can collapse the monetary system and we can induce the reset that we all want and need and desire and we can start over on a sound, sane, monetary plane.

There is a reason Fort Knox is being audited. There is a reason that there is rage in the country and in the world. The Western world is being reorganized from the top down and from the bottom up. It is our duty to participate in this as best as we can, which is why we need to start silver squeeze 3 today. That in mind, if you want your gold and silver, call Miles Franklin at the link in the description below and mention the endgame investor. If you want to store your gold and silver in a dirty man’s safe, click the link in the description below and use the code endgame10 at checkout for 10% off and sign up to subscribe to the endgame investor on Substack.

Link in the description below. And below I have a free link to silver’s place in the monetary system. For all those who want to know my full thoughts on silver and what will happen to it in the endgame. Thank you. Get on your feet! The champion’s trying to get his down. He’s got a hand and a hand. Come on, Mr. Captain. Come on. Come on. Come on. Come on. Come on. He’s only made it. Okey-bout-more has shocked the world. He is the new heavyweight champion of the world. [tr:trw].

See more of Rafi Farber on their Public Channel and the MPN Rafi Farber channel.