Whoever has more comments or I will put two comments and you can thumbs up or we’ll do both. I don’t know. Maybe that means you get two votes. We’ll figure it out. But anyway, a lot has happened this week. We’re first going to talk about the Bitcoin to gold ratio. The triple top is holding so far at about 36 ounces of gold per Bitcoin. As of this week, all of the second wind of quantitative easing undertaken from 2020 to 2022 has been reversed. From an open interest perspective, looks like gold and silver have bottoms. We are open interest levels where previous bottoms have formed these past two years.

We have a reverse repo update. We are in the new month of December, but we have not seen the registered fall anniversary post yet. That should come out on Monday and the average has been about $90 billion. There should be down to about $100 billion in reverse repos by this week. And hopefully I’m praying that they zero out before the end of the year, though we’ll see about that. And of course, once they do zero out, we are in danger of an imminent banking crisis or some kind of repo crisis or something going on in the back end.

Nobody knows exactly what it’s going to be, but it’s going to be rough whenever it hits in signs of classic recession. We are seeing accelerated default rates in auto loans, especially 90 day delinquent auto loans, which are at 2008 levels just prior to the 2008 great financial crisis core personal consumption expenditures. The preferred Federal Reserve measure of inflation is accelerating back upward with a big surge higher this month. So it looks like this measure has flattened out over the past four or five months and now is headed higher again. And as a bonus, sex is making a comeback.

What does it have to do with Silver Report? Well, before we go back to sound money, we have to go back to sound biology where there are men and women and people acknowledge their existence. And then we can move to sound money. Hopefully we’ll see about that. Anyway, this week’s Silver Report is brought to you by my sub stack, the end game investor on sub stack. Click the link in the description below for a free post and do please consider becoming an end game investor paid subscriber for a front row seat to the end game, which we all hope takes place in 2025 so we can get on with our lives.

And from that point on, I will no longer be the end game investor. I will be the new game investor or I might just retire outright and work on other philosophical projects, which you can find at my patreon at patreon.com slash end game investor where you can sign up for only three dollars a month for religious insights into monetary philosophy from the Bible. Or else can you get that? Probably nowhere. And at the end of this Silver Report, we’re going to talk about why hyphenated names are stupid. Another crime against society, hyphenated names. A lady, pick a name, would you please? Find out why at the end of this video.

And so what do we got here for slide number one? The Bitcoin to gold ratio holds the triple top so far. It’s been week number three with gold to Bitcoin at about 36 ounces and change. This is so far holding a triple top that is apparent since 2021. The all-time high is still in October 2021. We have not broken it out yet. If this triple top holds, triple tops are nasty patterns, especially for bulls. They are very bearish. We’ll see if Bitcoin is able to break this triple top. I don’t know yet. Bitcoin has surprised me before.

I think it is surprised all of us, except for the true believers. The way I put it on Twitter is imagine if Bill Corners the oil market and therefore people have to pay him for the oil because people need oil. But if Bill Corners the Bitcoin market, what does Bill have? Or is it Bob? I don’t know. Next slide. All of the second wind of QE quantitative easing has now been reversed. We’re at the red line over here at 6.905 trillion dollars in the balance sheet. That is just below this little thing here, this tangent point here.

This was the first spurt of quantitative easing of QE in 2020 at the lockdowns that we all remember so fondly and lovingly. And then this is the second wind here that went for another two years around and ended in early 2022. And from then on, we’ve been doing quantitative tightening except for this little regional bank bailout over here. But we have basically reversed this whole thing and we’re headed further down. As you can see here, we’re past May 2020. So things are going to get rough pretty soon. I hope it’s going to be sooner than soon because I know I’ve been saying that for a while, but we’re all going to look back at this and soon is going to seem like a very short amount of time when we look at this in retrospect, though now it does feel like a long annoying time.

Gold open interest is down to about 457,000 contracts. This is around where we had a major low in July when we hit the same amount of contracts here. Open interest is falling from about under 600,000 to now 457,000. It should head a little bit lower in the next few days as the first wave of deliveries gets cleared out of open interest. And if we are truly in a bull market as I believe we are, I don’t think open interest is going to fall much further than this, maybe slightly further, but not that much.

So I think price has bottomed here at about 2540 or whatever it was exactly over here. And now we’re in either a holding pattern or we’re moving higher. But either way, it’s a good time to as your stacks. If that’s what you are trying to do, you’re not going to get much better prices than this in my opinion, we’re seeing the same thing in silver where we see two bottoms happen at these open interest numbers where the black line is at around 132,000 contracts. So we saw a major bottom over here in December of 2023, which took a while to get out of trading range right until March.

So it took about three months, but we did not go substantially lower than this point over here, which suggests to me that these open interest numbers are telling us that we are at a major low in silver above $30 an ounce. That would have been, you know, unimaginable just a few years ago. We were trying to get back to 30 after silver squeeze. And here we see another local bottom at these open interest numbers of 130,000. So I say we’re safe in that we’re not going to have much lower numbers in terms of price in silver, though, that doesn’t mean that we’re headed up right now or imminently.

We could be trading around these layers of these levels for another few weeks, just as we saw here. This was three months. That was quite a long time, but we could hire from here. Either way, these are the numbers that you’re not going to get much better than if you’re looking to add to your silver stacks. Now we have a reverse repo update. This article is from Reuters. Some Fed policymakers open to lowering the overnight repo rate. The third paragraph here is what is important. So we’re going to read that. But just as an introduction, they’re lowering the overnight repo rate.

They mean the reverse repo rate by lowering that rate. They disincentivize banks to put money in the reverse repo facility and they want it back in the banking system. They want to lower it by five basis points and that should further disincentivize banks to put money in the RRP facility and should help zero it out. So it says here in the first and the third paragraph here, city analyst at Citibank said that raising the idea in November to lower the reverse repo award rate suggests it could occur in December or January and would push more cash out of the reverse repo facility.

So I think they’re trying to squeeze the last dollars out of this thing and I don’t think they’re aware of what might happen when it goes to zero. But they’re going to find out pretty soon. So if we look at the reverse repos, this is the weekly movement in reverse repos. We are now at $197 billion as of Friday, the last day of November and it’s now December 1st. So in December 2nd, we’re going to find out what the move into December this year is going to take away every time you move into a new month.

There’s a big plunge in RPs that happens every month. So I hire the last three December’s here, December 2021, December 2022, in December 2023, all December 1st, in December 2021, we fell $90 billion, in December 2022 $65 billion, in December 2023 $119 billion, almost $120 billion. So if the average I think is about $92 billion, I did math earlier, so $92 billion from $190 billion, it’s about will be about something around $100 billion come Monday or come the first week of December and then $100 billion left. Hopefully it’ll drain out by the end of the year and by January 1st or 2nd, wherever the first business day is in January, that should, for all intents and purposes, finally zero out the reverse repos and we could have a banking crisis just in time for Trump to be inaugurated as the 47th president.

Now we’re looking at key Keynesian style recession indicators. I found this one. I think it’s from Bloomberg Intelligence. They’re very intelligent over there. This, if you look at the red line or is it the green line, I don’t know what the hell it is, but it’s not this. This one’s blue. I can see blue. I don’t know what color this is. It’s the not blue line. I know that you see here that it’s at 2.9 percent. If you draw the line backward to the 2008 financial crisis, you see that we’re above the rate that we were at in seriously delinquent loans, series of delinquent auto loans.

We’re above that by about half of a percent and we could head into the next recession at any time now and it’s going to be made worse by a plumbing crisis. We all know. Now this is a chart from I think it’s a mish and he is that’s Mike Shedlock and he measures inflation by five measures and you can see I don’t know what’s what here. This is all I hate charts like this. I hate charts like this because I don’t know what is what hate. I’m using the word hate here hate.

I can tell that the orange thing is core CPI but the rest all kind of looks like the cell PCE appears to be this one. I don’t know core is that core PCE who knows Dwayne I think you might be colorblind. You can’t fly jets if you colorblind. The point is here that these are all flatlining and starting to rise again these three and this one’s the same. So four out of the five indicators of inflation have bottomed out. It appears and have been bonding been bottoming out for the last few months.

If we move here to the core PCE in this I can definitely see because it’s all blue. We’re starting to move higher on the core PCE which actually is the Fed’s preferred measure of inflation preferred measuring quotes. This is what they look at when they’re looking at inflation as they call it and we’ve been studying for the past two three four months maybe five months. I don’t know exactly but yeah about half a year we’ve been studying and this is the first major blip up in the core PCE read.

This is for October I think and we’re going to be hitting higher on this and you can see that we bottomed out higher than at any point I think going back to like 1990 or something like that higher this is higher than we were at prior to the 2008 financial crisis. So if inflation or core PCE inflation has bottomed out at these levels we’re headed for serious price increases in consumer prices very shortly. And finally sex is making a comeback. Why is this so exciting because if we want to regain any modicum of sanity in the Western world we have to recognize that there are men and there are women we can’t really get anywhere without that and this is from our favorite Congress woman who is now Congresswoman again from changing from a U.S.

representative you see here she used to be U.S. representative because she didn’t want to have any gendered words in her title and she had a she her thing in her profile but now it’s now a personal account and there’s no she her she probably figured out that nobody likes these stupid pronouns crap but I do because I put down here that my preferred pronouns are the thigh and thou and I identify as a god which I still do. It’s not a joke. I don’t joke about anything ever.

We didn’t see anything ever. That’s what I tell people and some of them take me seriously which is kind of weird. You know there’s this thing about Alexandria Ocasio Cortez and that is her damn hyphenated name. You know what hyphenated name make no sense because if you can’t pick a name that means what happens the next generation? Well, what’s her kid going to be? Oh, she’s not going to have any kids. But if she does which would be surprising it would have to be Ocasio Cortez Smith or whoever she ends up marrying if she ever ends up doing that I doubt and then you can tell how many generations of feminists there have been by how many hyphens there are in somebody’s name.

Hi, I’m Emily Jarracore Fortescue. Hi, I’m George Jimmy off YouTube. If nobody ever picked a name we’d have like people with 20 25 30 names going back generations and it would take forever to say their names. So basically just pick a name. Hey lady, pick a name. Would you please I don’t care if we take your husband’s name or not because once it gets too long your kids aren’t going to be able to keep adding hyphens to your retarded name. Anyway, at least we can get back to regular genders and no pronouns, but that’s going to be a while before hyphenated names go away.

I think it’ll stop by you know the fourth hyphen or something or the fifth one. Who knows? But anyway, this is Raf the end game investor. Check out the end game investor on Substack. Please click on the description below and if you want to support this channel even more you can buy a dirty man safe with the code endgame10 at checkout for 10% off. Link in the description below and you can wrap it in carbon fiber paper to ward off any metal detectors or you can just salt your property with iron filings.

Either way you can easily escape metal detectors and safely bury your gold and silver anywhere on your property or someone else’s property, but I wouldn’t recommend doing that. I don’t recommend doing anything except subscribing to this channel. This is Raf the end game investor and I’ll see you guys for next week’s silver report on Friday or Sunday. Comment below. Let me know and I’ll see you guys next week. [tr:trw].

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