➡ If everyone tries to sell their stocks at once, the value of those stocks will drop significantly. This means the money people think they have in their portfolios isn’t really there. In a situation where the dollar doesn’t hold value, people will turn to liquid commodities like gold and silver. These metals will hold all the world’s wealth and can be exchanged for it, revealing their true purchasing power.

40! Perfect! 40! 40! I’m 40% Zank! 40% Titanium! I’m 40! I’m 40! I’m 40! I’m 40! I’m 40% Empty! Hey guys, Raf here from The Endgame Investor. I am back home, back to the regular schedule. It’s been a while since my last video, but silver crossed $40 and I believe it is now at $41.60. Over the weekend, Labor Day weekend, and everyone is really excited, at least everyone who follows silver. What I’m going to do today is give you $7 targets, 7 Endgame dollar figure targets for the silver price, ranging all the way from $118 all the way up to $3,002 and I’ll explain why each of them makes sense.

Well then, you can tell me, if it goes anywhere from $118 to $3,002, how does that make sense? Well, the answer is that the dollar figure doesn’t really matter that much. What matters is how much purchasing power moves into silver and gold ounces in the Endgame. And the ultimate answer to that question is on the collapse of credit, as I explained at The Endgame Investor on Substack, and you can get the full explanation there. On the collapse of global credit, all the purchasing power moves into credit, which is no longer trusted, which includes dollars, bonds, stocks, and all that other stuff.

Into money itself, so the answer is that all the silver now accessible by people above ground will be exchangeable for all of the wealth on the planet. What that dollar figure exchange rate is could be anywhere from $118 to $3,002 based on today’s monetary metrics, which change daily. But let’s get into it. The seven targets for the silver price starting with… One! One! One! The CRB adjusted ounce target of $118. CRB adjusted means we’re going to take the silver ratio to the CRB commodity index. It’s lows, meaning how many ounces of silver did it cost to buy one basket of CRB commodities.

The CRB commodity index is an index that’s been around since the 1970s, I believe, or even earlier. I think it was interpolated earlier, but it started to get used in the 70s. The low for this ratio means the least amount of silver ounces that a CRB commodity basket was worth was, of course, in 1980 at about eight ounces. Well, you see here where it says last 20.22. So if we go down to seven or eight and then we multiply that factor by the current silver price of $41, we get $118 per ounce of silver.

This is the lowest dollar amount target. I believe we’re going to get much higher than that. We’re going to go to the next one, which is this. Two! Two! Two! CPI adjusted ounce target. If you adjust for CPI, a lot of people are fans of this one. I’m not a particularly big fan of this ratio because the CPI itself is adjusted and manipulated and doesn’t make much sense and is very subjective because people buy different things. But anyway, the high here for 1980 relative to the CPI going back to 1800 or interpolated back then, which is all an estimate because nobody knows exactly what the prices really were back then.

But anyway, the high was $172.54 CPI adjusted silver ounces in 1980. But that target I don’t really like and I don’t think it’s realistic. I think it’s way too low. Three! Three! Three! The Dow Jones industrial adjusted ounce 2011 target for silver. So we’re going to take the Dow Jones ratio to silver back at the 2011 high. This is not the 1980 high. That’s a separate chart. We’re going to get to that in a minute. The 2011 high was at about 250 ounces of silver for one Dow Jones industrial unit. And we have now, we are at 1146.

You can see here this is the first bubble of stocks, major bubble relative to silver, peaked in 2001. This is the second bubble. It’s been wobbly since about 2017 or 2018 top over here. And we’ve been heading down since then in jagged little edges. But I think this bubble has peaked in 2017 or 2018 whenever that peak happened to be. If you take the 2011 top in silver ounces, 250 ounces per Dow Jones industrial average unit, 1146 to 250, take that ratio, multiply it by 41 and you get a target of $188 for the 2011 silver high relative to the Dow Jones.

This is much more realistic. But let’s keep going higher. Four! Four! Four! The gold adjusted ounce target is $236 for talking about the 1980 high of gold to silver ratio of 15 to 1, which I go into on this channel often. In the end game, we are going to see something around a 15 to 1 ratio of gold to silver. This is the natural monetary ratio. It will reintroduce itself. We saw it in 1919. We saw it in 1968 and we saw it in 1980 and we are going to see it again. Now, if we reach the 15 to 1 gold to silver ratio, which we will at the current gold price of about $35.50 over the weekend, that leads us to about a $236 target for silver if the gold dollar ratio doesn’t move, which of course it will.

So this is just an idea. It’s not an exact target pick. But let’s move even higher, shall we? The S&P 500 adjusted ounce for the 2011 silver top… Five! Five! Five! …is at $265. Why is that? Well, I drew the red line here for the 2011 bottom. We’re estimating it’s at about 25, just eyeballing it over here. I didn’t do the exact numbers, nor do they matter that much, because this is all an estimate anyway. Here again is bubble one of stocks relative to silver. Here is bubble two. And so, if we take the 2011 top at 25 ounces of silver per S&P 500 unit, we get, we are at 162 now.

We were at 25 then. Take that ratio, multiply it by 41 and you get $265 an ounce of silver. If we reach the 2011 highs relative to the S&P 500, but let’s go further still. And now, here is where we take a quantum leap. Six! The Dow Jones Industrial adjusted ounce, 1980 target of $2,676 an ounce. Why is that? Well, if we look at the silver to Dow Jones Industrial ratio, remember the chart a few slides ago where we took the 2011 top, now we’re going to take the 1980 top, we’re going to reverse the chart so we can see it better.

The top of silver relative to the Dow Jones Industrial ratio was 57. This, of course, is the ratio times a thousand times a thousand, just to give it better, easier to do math numbers with. So, if you take the ratio and multiply it by a thousand, we are at .873. Now, we were at a high of 57 back in 1980. So, if you take 57, divide it by .873, multiply it by the current silver price of $41, you get a target of $2,676. Now, let’s move to the final target for silver. Seven, seven, seven, seven, seven, seven, seven, seven, seven, seven, seven.

This is the S&P adjusted ounce 1980 target is $3,006. How is that? Because the ratio of silver to the S&P 500 index is now .006. You can see we’ve had an amazing rally in 2025. You can see a tiny little bump up. Look at that. It’s amazing. What a rally. Silver is really tearing people’s faces off. Is that the expression? Not really, not yet, but it will. But if we take this number and the peak here is at about .43, that’s where the red line shows, maybe .44. I think it was actually .44.

So if we take .44 divided by .006, multiply it by the current silver price of $41, we get $3,006 per ounce of silver. Now, you can ask me, why do the silver to stocks ratios jump up so dramatically relative to all the other ratios? What is the deal here? I would say that 1980 was a true monetary panic. And in monetary panics, the top derivative layers of the pyramid fall the fastest. And all the purchasing power from those layers of the pyramid gets destroyed the fastest. If you have something like the CRB index, which is a collection of real commodities, or the gold to silver ratio, which gold will only go down to about 15 to 1, the Dow Jones and the S&P 500, by comparison, are a measure of derivatives, of things that are not money, that are farther away from money than, say, commodities are.

And the CPI, for example, is the consumer price index, how much it costs to buy real commodities. And so those things are not going to fall in value because you need them relative to stocks, which you don’t because they’re just derivatives. And when derivatives fall because credit falls, their purchasing value goes down the fastest. So this time, I think we’re going to get closer to the $3,000 targets that we saw hit in 1980 in the Dow Jones and the S&P 500, because it is the top derivative layers of the pyramid that will fall in purchasing power the fastest.

And so all the purchasing power in those assets now, people look at their portfolios, they see a dollar amount, they imagine how much they can buy. And this is what I explained on the Endgame Investor on Substack, link in the description below if you want to read it. I recommend that you do. Imagine that everyone wants to get out of their stocks at the same time. What will be the purchasing power that they will be able to squeeze out of that sale? Well, any individual can probably liquidate their entire portfolio and get the current dollar amount that is shown on their dashboard, on their brokerage.

But if everyone sells at the same time, the dollar amount they’ll be able to sell for will be much, much lower, because when everyone’s selling at the same time, the dollar price of all the stocks go down. And so the purchasing power that they think they have in their portfolios is not actually there. But in a world where credit doesn’t work, the dollar doesn’t buy anything, by definition all of the purchasing power that is currently in the collective stock portfolios of everybody in the world goes into the most liquid commodities on the planet in an effort to reestablish the division of labor.

And those commodities are, of course, gold and silver. And therefore whatever the dollar amount of gold and silver will be in the Endgame. We do know that all of the purchasing power that currently exists in stock portfolios and other derivatives of the dollar that exists today will be vacuumed into gold and silver ounces to the point where all of the above ground ounces of those metals will equal all the wealth on the planet and be exchangeable for it. And so while the purchasing power that people see in their dollar sums, their dollar totals and their brokerage accounts doesn’t actually exist, the purchasing power in gold and silver does exist for all of the wealth in the world.

It just hasn’t been revealed yet. And in the Endgame it will be revealed regardless of what the dollar amount actually will end up being. Whether it’s $118 or $3002 or $3 million, in the end all of the wealth in the world will be purchasable for money directly because credit will not work. And in order to reestablish a system of credit that does work, you need to redistribute the money based on the existing wealth on the planet which is the Endgame that I’ve been talking about for years. If you don’t know where to put your silver, go get a Dirty Man safe.

Use the code Endgame10 at checkout for 10% off and you can get your silver at Miles Franklin. Link in the description below. You won’t get better prices than them and they will not jack up your premiums. And if you’re looking for spiritual guidance through the Endgame, check out my Patreon on patreon.com slash endgameinvestor for a weekly silver and gold lesson on spirituality and all that other stuff. I’ll see you guys in a few days. [tr:trw].

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