Spoiler alert, not really. No, it’s not. That’s not the way The Endgame is going to play out. No currency is going to replace the US dollar instead. The dollar is going to collapse. And because it’s the reserve currency, and because that will not change until The Endgame, that means that once the dollar dies, all currencies will die, and gold and silver will replace it. Money will replace currency. We’ll go through a little bit of a dark age, and then we’ll come out on the other side alive. Or dead. Either way. Either way. Either way. Either way.

Either way is fine. Don’t worry, I’m going to prove it with IMF numbers that show the actual status of the reserve currency of the dollar. You’ll see the numbers straight out. Also, we’re going to talk about the silver bull market. Is it paper? Is it physical? I’ll show you one chart that will prove beyond a reasonable doubt that this is a physical bull market, that it’s physical demand this time, not speculative paper demand. There’s something fundamental going on in the silver market, and it will continue. Also, we are at a historic point in silver that we haven’t seen since 2008.

Open interest is threatening to break 100,000 contracts. And if it does, and we get to those 2008 lows of about 85,000, I’m going to execute a few silver trades. And if you want to know exactly what those are, check out The Endgame Investor on Substack. Link in the description below. All paid subscribers will know exactly what I’m doing, and the last silver trade we made was actually very successful. I told the paid subscribers of The Endgame Investor to get call options on SLV once it broke 50 for about a six month duration, and use the furthest out calls, and we made like 10x on that.

It doesn’t happen very often. I don’t get to do that a lot. I don’t have hundreds of 10x trades, but that was one. And the opportunity that I’m seeing now could actually match that. We’ll see. And finally, we’re going to deal with the question, does paper really suppress price? My contention is that, no, it doesn’t. It depends on the physical supply of silver that is available, and I believe that all shorts, or almost all shorts, at least all commercial shorts, are hedged by a physical bullion in London, and because that bullion in London is getting lower and lower, that’s why the silver price is going higher and higher over time.

I know that opinion is not going to make me popular, but what can I do? I’m not a very popular guy. But anyway, regardless of whether I’m popular or not, you can get gold and silver at Miles Franklin. Link in the description below, and mention The Endgame Investor. You can take your gold and silver and put it in a dirty man safe. Use the code endgame10 at checkout for 10% off and support this channel. And if you want any biblical lessons on money, government, and economics, you can check out the Patreon at patreon.com slash endgameinvestor.

If you want to know what the Bible says about gold and silver and government, check it out there. Okay, so this is a chart that I jiggered in 2021. It’s kind of old, but I will connect it with current data in a second. Of the dollars reserve currency status, how many, what percentage of dollar claims are there relative to all other currencies in the world? So in 2000, the dollar was at its peak strength, and you saw about a 72% dollar share of reserves in 2000, 2001. And that has been steadily declining.

It went up a little bit in 2015, 2016 to above 65%. And it went down to below 60% for the first time in 2021. So you might think that dollar reserve currency status is dwindling, and this chart does seem to show that. However, is the dollar really losing reserve status? This is from the latest counting of Kofer. I don’t know what that stands for, but it’s from the IMF, and they calculate all these claims of all currencies and what percentage of what. So this is from their website, IMF.com slash Kofer, I believe. And we can just read it straight out, and you’ll see what’s happening here.

The share of US dollar holdings decreased to 56.77% in 2025 Q4. So if we just go back a little bit, 56.77%, that’s slightly lower than where we are now. But what is contributing to that decline since 2021? Well, let’s look at it. The share of euro holdings decreased to 20.25% in 2025. From 20.36% in 2025, it’s not the euro, that’s steady. The share of Chinese renminbi holdings increased to 1.95% in 2025. From 1.92% in the previous quarter, they’re still stuck below 2%. The Chinese renminbi, it’s nowhere near a reserve currency. It is almost negligible.

The share of other currencies individually identified in Kofer, including the Japanese yen, pound sterling, and Australian dollar, Canadian dollar, Swiss franc, altogether. Those are all, I think, parts of the dollar index, those are the major currencies of the world. Edge down, the rest of them, edge down to 14.9% in 2025, from 15.18% in the previous quarter. Right, yeah, previous quarter. So it’s none of these things, none of them. So what is causing the decline? Meanwhile, the residual other currencies category, covering currencies not separately identified in Kofer, increased to 6.13% in 2025, from 5.61% in 2025 Q3.

Though still small in absolute terms, the share of unidentified other currencies began increasing in 2021, that’s exactly when this chart left off, and has since more than doubled. Okay, so what is causing the continued decline? None of the major currencies, it’s unidentified currencies so small in percentage that they’re not even named by the IMF, and I can’t find data anywhere. Shares of other currencies up 5.14 to 6.13. So everything’s basically stable, except for other currencies, which since 2021 have doubled, up to 6.13, that is what is eroding the currency, the dollars currency status, the reserve currency status that other currencies aren’t even mentioned here, they’re too small to mention individually, they’re the ones that are building, that’s not, that’s not, that’s not credible.

No, the dollar is the reserve currency, and that’s not going to change what is going to change, that the dollar is going to die, and then from that, all other currencies are going to die with it, and then we won’t be left with any currencies, and we’ll just have money for a while, and that’s going to cause a dark age, but it’s also going to cause a severe amount of financial honesty, it’s going to break out in song and dance and waves, and we’re all going to have a kumbaya moment with a lot of starvation, unfortunately.

But maybe there’ll be some guitars also. So one example of this, one of those currencies that are not individually mentioned that are probably increasing their share in claims is the Shekel. First, let’s show you the chart of the Shekel here, the chart of the Shekel, and no, I’m not happy about this, I live in Israel, I don’t like the Shekel, the Shekel will die when the dollar dies because no matter how strong the Shekel gets, it’s still backed by dollars because the Bank of Israel owns nothing but dollars, so why is the Shekel so strong? Going back to 2002, 2002 here is the all-time low of the Shekel, it’s close to five Shekels per dollar, and then here’s the 2008 financial crisis going back down to about 3.2 Shekels per dollar, but since the war with Iran broke out, the Shekel has strengthened madly from, I think it was like 3.25 to now 2.96 per dollar, and no, I don’t enjoy this because most of my income is in dollars, so my income has taken a hit, does it really matter to me? No, not that much because I’m a stacker, so very little of my money is in dollars, but that doesn’t change the fact that my income is in dollars, and I’m not happy about this, but it’s what’s happening, why is it happening? Well, here is an example of why something like this could happen.

Well, there’s a pipeline being planned to get around the Strait of Hormuz. Part of the Abraham Accords, which is why October 7th happened, to try to break up the Abraham Accords, and it worked for a while, but it didn’t work for very long, and now we’re back at the table, finishing up the Abraham Accords, and it includes a pipeline from, I just drew this in, you know, because I’m an engineering expert, and I know exactly where it’s going to be. I’m sarcastic, I have no idea, I’m just showing you the general map of where it could be built.

Here’s the UAE, which Israel has a peace treaty with, and here’s Kuwait, and here’s Iraq, which America basically controls, at least diplomatically, and here’s Saudi Arabia, which is a client state of the United States, just like Israel is. This is the American Empire, there’s nothing we can do about it right now because the dollar still exists. So, if the pipeline goes from the UAE, Saudi Arabia, all the way to Haifa, then people are going to need shekels to get that oil. You guys take shekels? I just got back from a trip to Israel.

All I got is a fistful of shekels. And shekels are basically a dollar derivative, so that’s why the shekels probably strengthen. I can’t think of any other reason because Israel’s economy sucks, and I wouldn’t want any shekels, but that’s what’s happening, what can I do? And here’s proof that I was going to show you that the silver bull is physical, and 2011 was paper. This is a very stark chart. You can see here I drew all these wonderful little rectangles that I learned to do in art class, and this shows the amount of deliveries, contract deliveries, going back 2006 as far as we had data.

So, we can see that in 2011, right when silver was approaching 50, this is that little spike that used to look really big until we got to this big spike over to 120 in 2025, 2026. Whoa. So, when silver was hitting 50, what was happening to deliveries? All-time low. Almost an all-time low for the data that we have. This is a very, very anemic amount of deliveries. There was no deliveries happening. That’s proof that the previous run to 50 in 2011 was all speculative paper nonsense. And here, we have this other rectangle at the end of 2020 when there was a spike in silver after the big COVID printing bonanza craziness.

We had a record number of contracts, about 16,500 contracts of silver, multiply that by 5,000 to get the amount of ounces, and that did cause a spike in the price from about $11 to about 35, 36, something like that. And we see here that we had a huge amount of persistent deliveries from 2025 all year, like near this record over here in 2020 that was hit for only one month, but persistent, huge amounts of physical deliveries of contracts, and okay, we can have an argument is that really physical? Is it loading out? Is it just whatever? Is it just a warrant? Okay, but it’s more physical than this, which is nothing.

We continue to see that elevated amount of deliveries here, and this spike has a lot to do with the fact that the deliveries on these little peaks over here are very, very high. So yes, we are in a physical demand market, as opposed to 2011 when we were not. Silver open interest threatens to break below 100,000 contracts. You can see this is the latest numbers for yesterday, April 28th, and we are at 101,400 contracts. This is extraordinary, although we have not been below 100,000 since the great financial crisis of 2008, and we have 8,817 contracts left to either roll over or close out before May delivery deadline tonight, April 29th.

So we have 8,817 contracts that potentially are going to be closed out, probably going to be a little less than that because some of them are going to roll over, but is it going to be more than 1,400 to break the 100,000 markets? Probably going to be more than that, and then more are going to close out when they’re delivered as May continues. So we could get a low below 100,000 contracts as May begins, let’s say May 2nd, May 3rd, May 4th. If we get to about 80,000, 90,000 contracts, I’m going to make some moves in silver.

Could you teach me some moves? And I’ll show you why that is, because you can see here, the last time we were below 100,000 contracts in open interest, you can see the green is, the green area is open interest, and we broke below it here, and that was precisely where the major low in silver was at the end of 2008 at about $10, I think it was like $8.50, and from there, about a 2.5 year move up to 50. It’s not going to take that long this time because things are going a lot faster now, and this move to, we’re at 100,000, we’re at about 100,000 now, so this is where we are now.

Imagine the green over here. Silver’s going to move a lot, I think, when open interest goes back up and the speculative fervor increases, and if you want to know what I’m going to be doing, if we do get to 90,000, 85,000 contracts, somewhere in that area, I’m going to be working with some options, and it should be fun. So check out the Endgame Investor on Substack for that if you want to know. Does paper really suppress price? Well, you could look at this chart and say, yes, the green is open interest, so you can see in this triangle, this is the trend line for open interest from the 2011 top at 50 to the 2020 bottom at about 11 during the lockdowns.

So as open interest trended higher and higher and higher and higher, price trended lower and lower and lower and lower, so you could say that paper’s being dumped on the market and manipulating the price lower. Fine, it’s an argument you could make, I don’t believe it, but you all see the opposite. Over here, the price trends higher and higher and higher and higher. Here’s the top in January 29th. As open interest trended lower and lower and lower and lower, we’re at 100,000 contracts now. It’s not perfectly correlated, but it is a general pattern that we see here, and there’s a lot of ups and downs and what have yous and ins and outs and all that stuff.

A lot of ins, a lot of outs, a lot of what have yous. What do I think is actually happening here? What I think is actually happening here is that most of these open interest contracts are hedged with physical supply in London, and now, since the physical supply in London is so low, that means that they can’t hedge with physical supply in London, so open interest goes down, at least for the commercials, which account for most of the open interest anyway. So I think the dearth of physical silver in London is forcing open interest lower, and so if open interest has to get higher because other people want to go low, going along in New York, then they’re going to have to mark up prices in order to encourage commercial firms to go short the metal, and they’re going to need more metal in London, and it’s going to cost more money, so the price of the silver is going to go up in order to support all of those short positions to be hedged in London.

So it’s a cart before the horse, before the car kind of thing, chicken and egg, it’s a chicken and egg argument. It’s like the chicken and the egg, Will, the chicken and the egg. We think it started in the past, but it didn’t. It started right here. The whole thing is really just a chicken and egg argument. It’s not worth getting all worked up over. Whatever is happening is happening, and either way silver is going to go up, whatever you think is actually happening, and that’s my thesis, and I’m sticking to it.

This is Ralph, The Angry Investor, and I’ll see you guys next week. We could be that mistake!
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