➡ Raf from The Endgame Investor discusses the recent rise in silver prices, breaking a 13-year resistance. He predicts that silver prices will continue to increase, potentially reaching around $44. He also mentions that the gold-silver ratio is around 90, indicating silver’s relative weakness to gold since 2011. Lastly, he notes that the futures market is not negatively affecting silver prices as it usually does, suggesting other factors are driving the price increase.
➡ The value of Bitcoin is tied to the inflated dollar, and if the dollar’s value drops drastically, so will Bitcoin’s. However, it’s unclear whether Bitcoin or gold will be more useful for buying things in such a situation. Despite not reaching a new high yet, Bitcoin’s value could still increase. Meanwhile, the value of silver might rise quickly, potentially reaching into the 40s.

🎵 Music 🎵 Well hello there my friends, Raf here from The Endgame Investor with this week’s Silver Report and I’ve had a few complaints recently on some of the comments in the videos, some of them justified, any of them justified, that I haven’t been talking about Silver. Well I’m going to remedy that today because this Silver Report is actually going to be about Silver. Silver is moving, we just broke 13 year resistance with the predictable, uh… 🎵 Some of them want to use you, some of them want to get used by you, some of them want to abuse you, some of them want to be abused 🎵 Breakthrough over the middle of the night in Asia as we broke 13 year resistance, this is what Silver generally does when it breaks long-term resistance, but you just did yesterday and the breakthrough to 38 and beyond should be preceded by a breakthrough to the 40s very shortly in the next few days, maybe even today or on Monday.

The gold-silver ratio is still at around 90 if we’re going to touch the downtrend line, or the uptrend line rather, in the gold-silver ratio, meaning the weakening of Silver relative to gold since 2011 and that should put Silver at about 44, 45 dollars with gold as we are at 33.70. We’re also going to talk about 37 and above. Silver has only been above 37 dollars for about 8, 9 months in history total since the advent of Silver and mankind about 5,000 years ago or so, maybe 6,000 years ago, who knows how many thousand years ago.

As we’ll see in the COMEX statistics that the open interest in Silver, the futures trading is not affecting the Silver price negatively. Open interest has fallen drastically over the past three months and the price of Silver has remained steady, which is not normal when it comes to the interaction between open interest, the amount of contracts open in the Silver futures market and the price of Silver. I will show you these charts forthwith. This Silver report is brought to you by myself, the endgame investor at Substack. Check the link in the description below. I will put a link to my magnum opus Silver article so you can see how I view Silver philosophically, monetarily, and that will give you a key to my brain’s thinking, abilities, and powers.

I still can’t move Silver with my mind, but I’m getting there. So we’ll go straight to the slides today. Silver breaks its 13-year resistance. The high from February 27, 2012 was $37.46. That was just broken yesterday and we had a breakthrough to where we now have 3850, 3860. I don’t even know. We’re going to head into the 40s pretty soon. You see here, this is the only time besides a very brief moment in 1980 when Silver was above the 3750 mark. We should head into the 40s, I think, by next week. 13-year resistance for Silver is a very big deal, but yeah, relative to everything else, Silver is still very, very low.

For example, relative to Gold, as we can see here in the Gold to Silver ratio, it’s still at 90, 89.79. It has been trending higher since 2011 when we get a low of 30 to 1 and you have a trend line established in 2021 from 2011 and touched again in 2024. So if we just take this trend line and if Silver does really start out reporting, which it’s not yet, it’s just catching up, starting to catch up from a high of around 107 a few months ago, Gold to Silver ratio. If this trend line is broken and Gold remains at where we are now, around where we are now, about 3370, now it’s at 3380, then Silver should hit about $44 just to tag at this trend line, not to mention if it were to break the trend line lower, then Silver would go higher, which is what I expect will eventually happen.

When exactly, well, that should be post the next financial monetary crisis, which should be preceded by a Repocalypse, which should be preceded by the Treasury raising hundreds of billions of dollars, which it is in the process of doing right now. If you want more specific timing on that, more timing guesses, check out the endgame investor on Substack, link in the description below for my Silver magnum of this article. Now a little bit on Silver above 37, this was the first time we saw that here, 1979-1980, the total amount of time that Silver was above $37 was about two months, maybe even less if you take out these little dips below this rectangle here, but it’s a very rare occurrence for Silver.

You’ll see here that in 2011, it was also very rare, the total was about four months if you were to add this together from March to May in 2011, and then from July to about September of 2011. So four, four and a half months, something like that, that is the only time when Silver was above $37 and now the monetary situation is much different because the money supply and the amount of garbage in the sewage, in the monetary sewage in the repo center below everything is about $2.7, $2.8 trillion. All of that crap has to either leak out an inflationary storm or crash and create a financial crisis.

One of those two things is going to happen, and in the end, the Fed is going to make the difference anyway, and Silver will head up vertically, and that should be the endgame when we get to around 15 to 1. This is going to happen. It’s not that far out. Crude oil to Silver ratio. I want to get into this because this is relevant for miners. If you invest in Silver miners, then this chart is very important. The lower it goes, the more Silver is valuable relative to Oil. So Silver miners, especially primary Silver miners, I’m not talking about the secondary miners that only mine Silver as a byproduct, which is why the price of Silver has generally been so low lately because it’s only a secondary product, so no matter what its price is, they sell it anyway.

But here, we see for the primary miners, we are at 1.814 crude oil to spot Silver ratio. Very rarely are we below 2. It only happened during the 2020 lockdowns and oil crash very briefly in 2016 when oil crashed over there, and it hasn’t happened since 1980, 1979, 1980, 1981. So we have the biggest potential profit margins for primary Silver miners, those companies that, of course, look for Silver specifically and mine out of the ground. They are affected by the Silver price much more than secondary Silver miners, so this is a very good time for primary Silver miners to make their profit margins.

This is the opposite angle on the spot Silver to crude oil ratio. The higher it is, the higher Silver’s value is relative to Oil. So if you’re buying Oil and selling Silver, the higher this goes, the better for your profit margins. Silver is not being affected by futures selling by a fall in open interest in Silver futures. You can see here, this is a one-year chart going back to July 2024. This is the Silver price. This is open interest. You can see that every time for the last year, going back, you know, through four or five years, even more.

But I just put in the one-year chart so you can see more clearly the patterns here. Every time the open interest level goes down, contracts are closed out, meaning price tends to fall down with it. This was the case in July 2024 and September 2024 over here and October to December 2024 over here. The price dropped from about 35 to what is this 30 or so. We saw the same fall in open interest, same thing over here in February 2025, same thing over here in March April 2025. But look at this. We have a fall in open interest in the Black rectangle over here from about 185,000 contracts to now 162,000.

I think we’re slightly lower than that now. This is a day behind this chart, but the price of Silver has stayed stable despite this steep drop in open interest. The futures market is not affecting the price of Silver, at least as directly as it used to. There is something else going on. Other factors are causing the rise in price. It could be industrial. It could be other things. I let you speculate. But in the end, what this means is once Silver open interest heads back higher, attracting the speculators, then the price should explode higher from here, which it arguably is already doing because we’re already past 38.

I wanted to take a second to talk about Bitcoin. I’m going to move my face here so you can see the whole title. The Bitcoin high was still back in October 2021. Very briefly broken in November, December 2025, for about two weeks’ time when it cost 40 ounces of gold to buy one Bitcoin, whatever the unit is. So we see here the high in October 2021 was here at 37.5 ounces. We’re at about 35, 36 ounces. Now, yes, Bitcoin has had a lot higher in dollar terms. What is it? $116,000, $117,000, $118,000. And that is an illusion, partially an illusion, because the dollar is seriously inflated.

And when the dollar hyperinflates, so will the value of Bitcoin. But the problem is, what will you be able to buy things with? Bitcoin that is representative of a bunch of worthless dollars or gold, which is money, I guess we’ll find out when the endgame hits. But just be careful. Bitcoin, don’t be fooled, has not hit a new high yet. It might still because it is a slippery little bastard. But so far, the high was four years ago. That’s all I have to say for today. We’ll see what silver does over the next two weeks. I think it will break into the 40s very quickly if it hasn’t already done so.

By the time I finish reporting this, I’ll see. And I’ll look really stupid if it already has. But I’m used to that. That’s fine. This is Raf of The Endgame Investor with this week’s Silver Report. You can always take your gold and silver that you buy with Miles Franklin. Link in the description below. And you can store some of it in a dirty man’s safe. Use the code Endgame10 at checkout for 10% off and to support this channel. So many ways, so many options, so many gold and silver ounces to keep stacking. This is Raf, The Endgame Investor, and I’ll see you guys next week.

Thanks for watching!
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