➡ Unusual activity was observed in the gold and silver markets, with a significant increase in open interest contracts, followed by a sharp drop. This could be a glitch, or possibly an attempt by someone to manipulate the market by buying and then quickly selling contracts. Despite speculation that this was a ploy to lure investors into buying gold and silver to create a price spike, it didn’t seem to work. The future of the monetary system remains uncertain, with predictions of a potential default by the COMEX.

Hey guys, Raf here from The Endgame Investors. Today we’re going to talk about two things. First, prices gone wild. Spring break! Let’s party! All kinds of inflation, which just means rising prices, measures are spiking. They’re spiking faster than they ever have. Inflation expectations, month over month, sequential, blah, blah, blah. I’ll show you all the charts in a second. The second thing we’re going to talk about is some really suspicious activity on the COMEX on Friday and yesterday. We don’t know what’s going on. Is it a glitch? Is it a setup? Is it a threat? We’ll go into the numbers and I’ll explain the different possibilities.

And as always, this video is brought to you by the Dirty Man Safe, where you can get your gold and silver and bury it in the backyard or somewhere on your property and salt your backyard so that metal detectors can’t find it and maybe wrap it in carbon fiber paper. A lot of different options. You can get your gold and silver at Miles Franklin. Link in the description below and mention The Endgame Investor. And you can become my patron on Patreon or become a founding member of the substack. Either way, you will get access to the biblical playlist where this week we will go into the golden calf, how it relates to the concept of all debts being paid, and how it also relates to the fact that we’re all stuck in a fiat system, so you can’t really blame people for not understanding what money is.

How is it all related? Well, check out the Patreon or become a founding member of the substack. Now we’ll go on with the slides and we’re going to talk about prices gone wild at spring break. The first things first. Over here we have core PCE price inflation rate bottoming at the 1973 low. We have been going up for the past three, four months, however many bars exactly this is. We’ll have to zoom in. You can find this a trading economics, but you’ll have to get a membership now that the site is a paid site.

I got a membership so I can get these long form graphs. Well, you know, that’s how it is. Inflation, that means that things that were once free are going to cost money now. This is just a reflection. It’s like meta inflation. The fact that inflation charts cost more money than they did before. That’s like really Zen and meta is Zen. I don’t know. But anyway, they’ve bottomed the PCE core PCE price inflation. That is the Fed’s bullshit. Preferred measure of inflation. But anyway, you can see here that we have bottomed that around what is it like 2.8 something.

That’s where we were in 1973 just before this spike in inflation over here. And you could say that this was caused by the oil embargo of 1973-74 thanks to Saudi Arabia and the Yom Kippur War. And well, that didn’t really abate until 1981 when 20% interest rates finally caused price inflation to steadily decline into it looks like 2020 when a huge sloth of the can you have a huge sloth when a huge sloth, let’s just say, of money printing caused this spike over here and get to the next chart. This is even scarier or more exciting depending on what your view is.

The PCE sequential price inflation, meaning consumer prices are rising at this level month to month is at 0.4%. That might not sound like a lot. But if you look at this, it’s only been matched four times since 1992. And only once was it exceeded. And that was in 2001 following September 11th attacks. So we are definitely spiking higher in price inflation. The Fed’s preferred measure. Prices are rising and the Fed is still going on with QT and shrinking the money supply. Imagine what happened to the next printing round. It’s going to explode.

And now if we look at one year inflation expectations from the University of Michigan, they match the 2008 great financial crisis peak in one year inflation expectations. They have hit 5% only exceeded during the COVID printing peak. And that was in 2021, 2022. It has not hit since whenever this was, I think it was 1983, 84. I don’t know why I don’t have the years. I must have cut that off from the graph. I’m sorry about that. But I think this is 79, 80, 81, something like that. These are extremely high one year inflation expectations.

You could say that tariffs or the threat of tariffs are responsible, but there’s always going to be some kind of a catalyst for monetary phenomenon that are ultimately paid for by the money printing that had already happened. But look at this. This is five year inflation expectations. They have absolutely exploded the highest since February, 1993, as it says here on trading economics, the introduction on that paragraph up there. Not only that, but they are exploding higher up from 3.4% last month to 4% now 4.1% now that 60 basis points in one month is never accelerated this quickly.

So yeah, consumer prices are on their way back up and we haven’t even started the final printing round yet. Now, finally, we’re going to talk about one more thing and that is blowing us tax collections spark angst. What if I don’t take over the world? Thanks. When will my plan be unfurled about debt ceiling X date? That’s like, you know, a bunch of teenagers that have angst because they’re all hormonal. I don’t have any angst. Well, it looks like people at the treasury are getting angsty and very nervous. You can see here, this is from Bloomberg, also by Alex Harris, my favorite plumbing author, tumult in Washington, cuts in the ranks of the IRS agents spurred by Elon Musk’s department of government efficiency, along with the tariff campaign, the damaging consumer and business sentiment could be contributing to lower than predicted tax collections, experts said.

Well, if people hear that the IRS is under attack and they’re being disguised as a Tesla factory so that Democrats burn it down, that’s a joke. I’m not encouraging any violence. I’m just relaying a joke from the Babylon B. Please don’t give me a strike. We can see here, this is the graph of the treasury’s account at the Fed. How much money it has left? It’s 280 billion. I think it’s 300 billion today. It’s up to 20 billion yesterday. The Congressional Budget Office on Wednesday warned about the potential for an earlier than anticipated debt ceiling breach, saying it’s baseline X date estimate for August or September, but noted that if the government’s borrowing needs are significantly greater than projected, the treasury’s resource could run out as early as late May.

That is what I have predicted on the endgame investor late May, early June, judging by the rate of decline of the bank account over here, and then they have to burn through the rest of the reverse repose once the debt ceiling is raised, once they burn through those and they refill this account. What are they going to refill with? They’re going to have to refill with bank reserves, which is the dollars that are used for the repo market, which is going to crash until they start printing more money in another QE, and that is going to be the final printing round.

It’s going to start somewhere around whenever this money runs out late May, early June. Somewhere around there, it doesn’t matter if it’s a little bit earlier or later, it’s going to happen. It is inevitable. And now let’s go to the suspicious activity going on. A comic’s got me a little bit hot and bothered yesterday as I saw a tweet from TF Metals report. That’s Craig Hempke at the Turd Ferguson Metals report. We’ll see what is going on right now. So this, my friends, is Platinum. These numbers show. Platinum is going to delivery today.

It’s actually started delivery, I think, on Friday. Now, on Friday, the recorded numbers were an increase in open interest. That’s the amount of contracts that are open of 5,697. You can see that right here where my cursor is going back and forth, that was a closing open interest of 12,091 contracts. And that is more than the amount of registered Platinum available at the COMEX vault. So if these numbers were accurate, that would have led to a default or the necessity to bring in Platinum from overseas to satisfy deliveries. But we see here, this is Friday, March 28, but when we go to Monday, March 31st, all of a sudden, a decrease in 9,421.

Something happened here. Open interest went wildly up on the last day of a contract, which almost never happens. It never happens, really, which is why these numbers are so suspicious. And now down 9,000. So we’re having still a high number of deliveries, but a normal amount that won’t cause a default. But if we move to, we can see that something similar and strange happened here. We see here the active April contract. The March contract on March 31st had already closed out. You see here a change of 521 in open interest. That closed zero open interest and 521 deliveries.

That means the contract is closed. And we go to the next one, April 2025, which is going to delivery that day. And the amount of open interest increased by 45,420 contracts to a closing open interest of 106,662. That is unprecedented. You never have a gold contract going to delivery, increasing in open interest by that factor. I think it almost doubled, basically. And look at this. The next day, we see this. If we move to the 31st, we can see that all of that closed out in a fall of 87,848 contracts with 34,000 deliveries.

This is all very suspicious behavior activity. And if we go to silver, we can see the same thing here. This contract march closing out 202 down, 202 deliveries at a closing open interest of zero. That closes the March contract. This is for March 31st. And an increase of 1,331 contracts for the active, not the active, but the spot contract turning into spot April 2025. And then we see here, if we move to the 31st, a fall of 2,319. So you had spikes in all open interest for spot contracts turning into April and all the precious metals except for palladium and then a fall.

So something weird is happening. What could it be? Could it be a glitch? It could be a glitch. I find that a little bit strange that it happened across all three precious metals. No, not all three, but three precious metals, excluding palladium. The other thing that it might be is a threat that some party decided to scare the COMEX or scare the exchange by buying a bunch of spot contracts and then quickly selling them maybe to threaten the COMEX or threaten whoever is fudging it. Maybe the bullion banks, who knows? Maybe this is some kind of just weird thing to pull the legs of the stackers who are calling on a new silver squeeze for March 31st.

I remember calls for March 31st. I’m one of the people who called for a silver squeeze and this got me pretty excited and hot and bothered. And it might have been trying to lure stackers into buying gold and silver to create a price spike and then short it, but that clearly hasn’t worked because gold is still at 3150 or 3160. And if this was a trick to try to get the gold and silver stackers to buy and then short them, uh, it didn’t work. So we’ll see what’s going on here. One day the COMEX is going to default and that will be the end of the monetary system.

It’s not going to be today. It’s not going to be tomorrow, but it’s going to be soon. This is Ralphie Yang, an investor, and I’ll see you guys in a few days. [tr:trw].

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