Hey guys, Rafi here from The Endgame Investor and today we’re going to discuss the European Central Bank talking about a possible gold squeeze. You know that thing that gold bugs always talk about that never ever happens, but eventually it will and it’ll be the end of the monetary system. Well, yeah, the ECB is talking about it. I’m going to theatrically perform and chant what I wrote on The Endgame Investor at Substack, link in the description below if you want the whole piece. But besides that, first of all, we’re going to talk about Platinum. Is there a breakout? I don’t know, but this triangle is long in the making and it’s got a breakout at some point.

I don’t think it’s going to be now. I think Platinum is going to break out once the final round of money printing or really lending by the Federal Reserve begins, which is going to be after the next apocalypse, after the next repo climb, which is coming within the next few months, probably by August when they got to raise that ceiling. And there are no more dollars to raise for the government spending that is needed because of the big, beautiful bill that Trump and his team has passed, which digs the United States even deeper into debt.

We don’t have enough money to eat. We don’t have enough money to sleep. It’s not going to do us any good to sit here whining about it. We’re in a hole. We’re just going to have to dig ourselves out. Which is inevitable in an inflationary system that requires higher and higher amounts of debt to keep the banking system alive because the banking system is based on debt, which the currency is the same thing. They’re the same face. Doesn’t anyone notice this? I feel like I’m taking crazy pills. You’ve got nothing, nothing. Also, Japan. We’ll talk about that too, because 30 year and 40 year bonds are at record high levels of yield.

All right, so I saw a tweet this morning by Craig Hemsky, T.F. Metals report, and he showed a chart of platinum. It was a little bit different from this one. It was basically the same chart. And he says he doesn’t understand why everyone’s so excited about platinum. Excuse me. I just hicked up. Or is it hiccup? I think hiccup is better. I think you should change it if that’s the wrong way to say it. Anyway, platinum breakout. I don’t know here. We have a triangle going back to 2020. It looks like over here. I don’t know what the dates are cut off from the bottom there.

But you’ll see a longer term triangle in the next chart. We could have a breakout here. Technically, you have a little candle up here at the 1050, 1056 mark, whatever it is. But no, I don’t think there’s going to be a platinum breakout. I think that’s going to happen on the next credit expansion after the next bust in the repo market, which is going to cause a bust everywhere else. If it doesn’t immediately start printing and they will. And once it does, it’s going to be the platinum group metals that break out the fastest, because that’s exactly what happened in 2020.

And you had record prices for things like rhodium and iridium. And those are like platinum group metals. The platinum will follow, which is going to take quite a bit more money printing for it to go. But you see here platinum is really not rallying at all in silver terms. We have here a low in the platinum to silver ratio of 27.31. The all time record low was from January 21st, 1981, of course, silver at $50. And platinum was something like 950 at that point. So I think it brings it to about a 19 platinum silver ratio.

We’re nowhere near there. But are we going to get below 27.31? If you have extra silver more than you can stuff in a safe or more than you’re comfortable with and you want to free up some space, you know, it’s always a good option at these prices. I think I’m not recommending anything to exchange some silver for a little bit of platinum, though I wouldn’t go too heavy on this stuff. Platinum because it’s very dangerous and it’s only a quasi pseudo sort of monetary metal in an emergency. It would be more monetary, but certainly not as much as gold and silver are.

But those who have platinum that have no gold and silver will be able to use it sort of as a money to exchange for real money, gold and silver. Do what you want. If you want some platinum, it’s a good time to get it. If you have extra silver now to Japan, this chart is the Japanese 40 year bond yield. It is at an all time high. Not to mention, actually to mention, because I’m going to mention it, this green candle over here, is it gray? I don’t know exactly what color it is, but it’s a candle that’s going higher in the yields, meaning these bonds are cheapening faster and faster.

This is the biggest gold candle, monthly gold candle. Sorry, not gold candle, monthly Japanese 40 year bond candle ever. So this month, Japanese 40 year bonds have risen higher than they have in any previous month since the inception of the Japanese 40 year bond. Now to move to the Japanese 30 year bond, it’s bigger, older, fatter cousin. We’ve also arrested your older, bolder, fatter son. We also have what looks to be the biggest monthly candle ever up in bond yields in the 30 year bond. Maybe I haven’t exactly measured with my millimeter stick this candle over here, but if it’s not exactly as big from going back to about, I think this is 1998, this is the Asian financial crisis or something like that, it’s going to be among the biggest candles in the Japanese 30 year bond.

That means long term yields in Japan are heading up fast. This is the unraveling of the bond market. It’s going to take a little bit more time. We got to get down to the 10 year yield and move that to all time highs. And that’s going to take some time. We got to pass. This is the 10 year yield in Japanese government bonds. We have not quite hit the long term resistance at about 2%, which we hit in 2000. And again, during the 2008 great financial crisis, we have a little bit to go. We’re at 1.52.

We got to get past two and then we are in no man’s land in terms of technicals here or support or resistance or whatever this is called. Once the 10 year starts to rise, the 10 year yield starts to rise, 10 year bond prices start to fall. That’s when the bank of Japan is really going to start to fall apart because it owns about 60% of the 10 year bond market in Japanese government bonds. And when its balance sheet starts to be shredded like that, the yen is going to fall apart without the rest of the currency system because the yen is a big fulcrum point in the dollar based fiat financial system.

But anyway, let’s talk about the ECB for a second and I will theatrically read what I wrote on the endgame investor about the ECB calling for a possible short squeeze in gold, which would translate to the end of the monetary system. As we have known it since 1971 or 1933. Take your pick depending on your definition. This is the article that is making the rounds. Thanks to Greg Hempe. That’s how I found it. He’s really good on Twitter. I recommend you follow him. He does not sponsor me. I just like his Twitter account or X account, whatever the hell it’s called.

What does the record spike of gold tell us about risk perceptions in financial markets published as part of the financial stability review May 2025? If you’re really wonky, you might want to read that whole thing. But I have a feeling it’s going to be very technical and boring and full of a bunch of bullshit. We’re going to move to the tab of my response point by point. A point by point response to the ECB on the precariousness of the gold market and its threat to financial stability. The ECB is trying to cover its ass and I won’t let them call me the ass cover in chief or the global arbiter of ass coverage.

It’s what I was born to be. You have my little picture. Greg Hempe alerted me to this thing about gold by the European Central Bank yesterday. It’s the third time I mentioned him. I keep saying your name. I promised a response to it here. Here it is point by point. Full articles here. Questions, quotes, quotes are in bold. My response is not bold. It’s just true. Here we go. Gold prices have seen an unprecedented surge since 2023, reaching a series of all-time highs. My commentary. Nothing new here. Gold hit new all-time highs in 2008, 2009, 2010, 2011, 2020, 2023, 2024, 2025.

This is all very old news. The ECB continues. Gold has a long history as a store of value. That’s because I say it’s the most liquid commodity in the world. In other words, it’s money. Given its limited industrial use, says the ECB. Also why it’s money, says Rafi. Demand for gold comes traditionally from retail customers, e.g. for jewelry, using the UK’s spelling for jewelry. So you know it was written by the ECB. I interject. No. Traditionally, demand for gold comes from the demand to trade things for other things. Trade requires the most liquid commodity available, or the trade becomes too dangerous to execute and absent liquidity, people would rather make stuff for themselves instead.

And then, most would die of starvation. And the ones that don’t can’t specialize in anything but raw survival. With the rise of popularity of gold derivatives, demand for gold still came traditionally from demand to trade, and so to this day. What has changed, though, is that with the rise in popularity of theft, by allying through inflation about the supply of money available, the entire structure of production on the entire planet has become warped beyond all recognition, leading to insanity in every sector of production to the point that humanity is destroying the planet and denying the most basic observable facts about reality, such as boys and girls exist.

Boys have a penis, girls have a vagina. Vagina. You mean vagina? Thanks for the tip. And also, masks don’t stop viruses, but whatever. Once it breaks, the market will force a radical and ridiculous realignment between the gold supply and the gold derivatives supply to line them up by force one-to-one either through the destruction of gold derivatives, aka deflation, or via destruction of the purchasing power of each unit of gold derivative to near zero, aka hyperinflation, which are merely different paths to the same end. The demand for gold as money, however, still has not changed much either way.

It may go up slightly by employing some jewelry, notice my American spelling, for use as money instead, but that can only go so far. Now the ECB continues, dot, dot, dot, although gold is also employed as an investment asset. No, I say, gold is a divestment asset. No one can invest in money. One can only invest money in other things. Investing in money is by definition divesting from whatever you invested your money in. If you own currencies, you by definition invest in whatever the issuer of that currency invests in, in those exact proportions. In almost all cases, that is the sovereign debt of the government for which any given central bank is its bitch, aka whore, in the parlance of our times.

That is as far as I went for free subscribers if you want to hear my commentary on what the ECB wrote about a potential gold short squeeze, and why I do believe, actually I know, that that will be the end of the monetary system, though they think it’s just the squeeze of another commodity like nickel was in March 2022, but they’re wrong. Why do I think they’re wrong? Well, become a paid subscriber of the Indian investor and you’ll find out. Get your gold and silver at miles, Franklin, link at the description below, where you can be assured that you will not be screwed with enormous premiums on numismatic crap, which is why I don’t partner with birch gold or American Hartford gold or whatever those commercials are that are on these huge podcasts.

No partnering with them. You can also take your gold and stuff into dirty man safe and use the code ENDGAME10 at checkout for 10% off, link at the description below, and I’ll see you guys probably next week. Depends how much time I have to make another video this week. I don’t think I’m going to have it. Bite my glorious golden ass. [tr:trw].

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