➡ The article discusses the debate about whether gold or silver is in a bubble, arguing that many people misunderstand what a bubble is. The author explains that bubbles are measured in money, not in dollars, and that gold and silver are considered money. He criticizes those who use dollar measures to determine if we are in a bubble, arguing that this shows a lack of understanding of what money is. The author also suggests that we are close to the final collapse of the bubble of everything measured in dollars, and encourages investing in gold and silver.
➡ The article discusses the historical trends of financial bubbles and crashes, comparing them to current market conditions. It suggests that viewing financial figures in terms of gold rather than dollars provides a clearer understanding of market trends. The author believes that the current financial bubble, which has been inflated for about 90 years, is about to deflate and end soon. He advises readers to make wise financial decisions, considering gold as a stable investment compared to other volatile assets.

We were just at a seminar. Uh, Buddy, this is my- Her husband. We’ve met before. But something tells me you’re going to remember me this time. Why? You are so busted. You know, this really doesn’t concern you. Well, actually, Janine is senior drive-thru manager, so you Hey guys, Raf here from The Endgame Investor, and there’s been some controversy about whether gold or silver is in a bubble, and people have been arguing, well, silver or gold is this many dollars to an ounce now, so that proves that it’s in a bubble because price doesn’t stretch this much in this amount of time, or price stretches that much amount of time therefore it’s not in a bubble.

The problem is both sides don’t understand what bubbles are. Those who argue that gold or silver is in a bubble because it’s x amount of dollars, or gold or silver is not in a bubble because it’s an x amount of dollars and that’s not high enough. Neither of them understand what bubbles are because bubbles are measured in money, and dollars are not money, they are credit. Gold and silver are money, so how do you measure if money itself is in a bubble? Well, logically, money cannot be in a bubble because money is the measure of bubbles.

When there is a bubble in anything, it means that the money price of that asset is too high relative to historical terms because there is inflation going on inflating the credit supply. If something is not in a bubble, then historically it’s at its regular price or price range, and what our price is measured in, they are not measured in dollars, they are measured in gold and silver. Anyone who uses a dollar measure to determine whether we are in a bubble or not does not know what bubbles are and therefore does not know what money is.

Now, there are people like Gary Savage, who I actually do respect a lot and he had a lot to do with why I got into this business. He was my first paid subscription to anything. He was the guy who introduced me to technical and cyclical trading of gold and silver. However, he is now arguing that gold and or silver are now in bubbles because he measures assets in dollar terms rather than in gold or silver terms. However, I would venture to guess that Gary Savage would say that eventually the dollar as a unit of account is going to collapse entirely, meaning the gold price of the dollar is going to fall to zero and the dollar price of gold is going to rise to infinity.

Is that a bubble according to Gary Savage? I don’t think so. He would say that this will eventually happen because it happens 100% of the time for every debt-based fiat currency and as we know there are no such things as fiat currencies purely. It’s all inflated gold substitutes or gold notes. But if we accept that somebody like Gary Savage and others like him would say the dollar will eventually collapse, meaning the prices of everything in dollar terms will rise to infinity, chiefly gold and silver. He’s essentially saying that the bubble as we have known it since 1933 will re-inflate.

Asset values will start to rise in gold terms rather than fall. The question really is, are you willing to risk everything on the chance that the bubble is going to re-inflate? That everything is going to rise again in gold and silver terms rather than fall, or are we at the end already? Whether there’s going to be one more correction or not is really immaterial. I still think there’s going to be one last correction in gold and silver, but it doesn’t really matter. My point is that we are months away from the final collapse of the bubble of everything measured in dollars, and here we’re going to go into the charts to show you why measuring bubbles in dollars makes no sense at all.

But before we do, get your anti-bubble gold and silver at Miles Franklin. It doesn’t matter what the dollar cost is, because if you want money, you’re going to need gold and silver. Check the link in the description below, mention the endgame investor, and help the channel out. And you can take your gold and silver and put it in a dirty man’s safe. You’ll need some to get through the endgame that you will have immediate direct access to, not all of it, obviously, and vault some away, store some away. That’s not your dirty man’s safe, but you kind of want to hedge your bets here because you don’t know what’s going to happen.

And check out the Patreon at patreon.com slash endgameinvestor. The last thing we went into is the divine commandment to amass gold and silver at their absolute lows when nobody wants them. And when does nobody want them? When the economy is completely destroyed, there is nothing left to buy, and there is only gold and silver left. When did that happen? Well, check out the Patreon, and you’ll find out. For now, let’s go into the absurdity of measuring bubbles in dollar terms. Ladies and gentlemen, here I gave you slide one, the S&P 500 since 1920, measured in dollar terms.

How can you tell if any of this is a bubble other than it being one giant bubble going back all the way to 1920? You can see here how this line has like about one or two pixels of space going into 1929, measured in dollar terms. But is that really a bubble? Was 1929 a bubble? Yeah, it really was a bubble. Can you see that from here? No, you can’t, because everything is measured in dollar terms. Was the 1970s a bubble? Yeah, it was, and the stock market collapsed down into 1980, but can you really see that from here? No, you can’t, because it’s measured in dollar terms.

Is this a bubble? Well, you can sort of see that 2000 was a bubble. Here’s the dot-com bubble deflation. Here’s the 2008 bubble deflation. Is this a bubble? If you’re saying that gold is too high, then you’re saying this is not a bubble, because gold is the anti-bubble. If gold is going higher and everything is going lower in gold terms, then the bubble is deflating. But you can’t tell any of that from here. Can you tell it from a log chart? Well, the log chart doesn’t really tell us anything except that the dollar is inflating at a pretty uniform rate with little ups and downs here.

But can you tell where the bubbles are here? A little bit better. In 1929, you see that there’s a bubble here, and it crashed into 1932. That’s the famous Great Depression pre-bubble, 1920s bubble into the Great Depression. You can see here there’s sort of like a bubble in the 1970s going into 1973, and there’s a big bubble in 2000. That looks a little bit more obvious if you go onto this diagonal, but you can’t really tell here much. What if we do some Frankenstein work and we lopside this? This is what I did here, and I restretched this little thing over here to see where the bubbles are.

Here, it’s a little bit more plain to see. You can see here here was a 2000 bubble, and here was the 1998, or sorry, 2008 bubble. But it’s still not very clear here. Maybe if we take the log chart here and put it diagonally so it’s like horizontal, you can see that we’re about where we were in 2000 in dollar terms on this log chart. But what really shows where we are in terms of the bubble? That is, ha, there’s Bubbleman. This is the S&P 500 priced in gold. Now it becomes very clear where the bubbles actually are because it’s gold that measures the bubble itself.

This is the 1929 bubble, very clear here. This is the 1960s 1970 bubble, very clear here, and here is where gold rose into 1980 and went down. This S&P fell. The bubble popped two historically normal terms from about 1932 to 1950. That’s where the S&P was for all of those years when the bubble was deflating. Remember, we’re still on a gold standard here, so the dollars were basically gold, although it was starting to be inflated around here and it really got inflated in the 1950s. But you can see here is the extent of the dot-com bubble.

And here is the COVID bubble over here. Here’s the top right here at 2.5. And now we are going down to 1.5. And where are we now? We are still at the 1929 bubble top highs with stocks priced in actual money. So no, the bubble has not deflated yet, which means gold has a lot higher to go. If this didn’t make any sense, if it didn’t make sense to price bubbles in gold terms, then this wouldn’t make any sense to see stocks at a high in gold terms in 1929. It wouldn’t make any sense to see stocks priced in highs in late 1960s terms when the gold pool fell.

It wouldn’t make any sense to call this bubble. We all know it was, and it wouldn’t make any sense to call this a bubble, which we all know it was. Now, we can stretch this chart out even further. This is from Mermechan Capital, link in the description below. He labels everything here very well. This is the 1929 bubble and crash. This is the Keynesian New Economics bubble and crash into 1980 low, which was basically equivalent to the 1900 to 1940 levels around there, excluding this 1929 bubble over here. 1980s was not a crazy valuation.

It was pretty normal historically. And here’s the 2000 internet bubble top. Here is the Bernanke QE that re-inflated the bubble. Here is the Biden blink and taking Russia’s reserves bubble. There is COVID and here’s the 2025 crash, which is now in progress in gold terms. The whole bubble structure becomes very clear once you price it in actual money. Now, here is what Daniel Oliver of Mermechan explains in this paragraph of that article where that graph is featured. Let us pause here, he says, to examine our claim that prices are better considered in terms of gold than in dollars.

Previous letters explain why gold makes such good money and it is easy to accept the proposition that the gold prices cut the S&P 500 by a third. Financial figures are abstract by their nature and as the chart above shows the chart we saw on the previous slide. Viewing the S&P 500 in terms of gold makes it make sense. We see the huge bubbles and crashes right where we expect and also see that these crashes are not merely bumps in the road to financial nirvana, as your broker will tell you, but the terminations of credit bubbles that return prices to historical levels.

So, the popping of the bubble is the price of everything returning to historical levels in gold terms. Historical levels are actually about 5,000 years old. Note that viewing the stock market through the lens of Bitcoin or Apple stock would not make the chart make more sense, but would instead make it absurd, which demonstrates that these instruments have low monetary attributes. Am I saying there’s not going to be another correction in dollar terms of gold and silver? Am I saying that there’s not going to be any minor reflation of the bubble of everything relative to money? No, there probably is going to be once we hit another threat of hyper deflation as banks collapse and the Fed is going to have to reinflate one last time or one more time depending on what you believe.

The question is, once the Fed is forced to reinflate in dollar terms one last time, are the prices of everything, stocks, bonds, Bitcoin, whatever, all other derivatives, are those prices going to rise in gold terms or are they going to fall? If you believe they’re going to rise, then you are essentially saying that the bubble of everything is going to reinflate for a good long time from now. But are you willing to risk everything on that theory or are you going to say that the next time the Fed reinflates the dollar that everything is going to fall further and further in gold terms, meaning the current bubble is going to continue to deflate because gold moving up in dollar terms is not the inflation of a bubble.

It’s the deflation of the bubble of everything. Is that bubble about to end or is it going to continue for another 10, 15, 20 years? My bet is that it’s going to end very soon in a matter of months. Take your pick, do it wisely, and don’t risk everything thinking that gold is in a bubble because really it’s the anti-bubble. It’s everything else that’s been in a bubble for about 90 years and that bubble is about to finally deflate and end for good. In that event, do you want credit or do you want money? Choose wisely.

Lester, just stop it. No, no. You don’t get to tell me what to do ever again. [tr:trw].

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