➡ Rafi from The Endgame Investor discusses various topics, including the current situation in northern Israel, conspiracy theories, and the state of the global economy. He mentions the impact of alarms on his rooster and shares a humorous conspiracy theory about the ayatollah and Jeffrey Epstein. Rafi also talks about the strange situation with palladium deliveries and the rise in oil prices due to the situation in the Straits of Hormuz. Lastly, he discusses the state of the dollar, the lack of recovery in Bitcoin, and the potential for a major financial crisis due to the amount of credit in the system.
➡ The unemployment rate has started to rise, similar to patterns seen during past recessions. Debt levels, including credit card, student loan, and auto loan delinquencies, are higher now than during the 2008 financial crisis, indicating a potential economic downturn. In the silver market, producers are not shorting silver, possibly due to high costs or a belief that the price is not worth hedging. Silver 47, a company focusing on primary silver production, has been recognized for its performance and is planning an aggressive drill program, indicating a potential increase in demand for primary silver producers.
➡ The speaker often visits a place of prayer, finding humor in the sudden interest in the base of Mikdash. They mention a tradition that the Ark, containing significant religious artifacts, is hidden beneath the Temple Mount. They also reference a movie, advising not to look directly at the Ark, and respond to a question about a potential war with a humorous remark about being a god.

If we lose, honestly, I’m relieved. If we win, they’re building the Third Temple. And what happens then? Is there gonna be another earthquake? Will they succeed? And if they succeed, I think that’s it. For the planet, I think that’s the end of everything. Hey guys, Rafi here from The Endgame Investor. And for this week’s Silver Report, I’m gonna start out with just a little bit of an update of what is going on here in northern Israel where I live. Nothing much. Some sirens. Two last night. The worst thing that happened to us so far is that my rooster has been traumatized by the alarms.

He woke up, we woke up this morning, and he was shaking on the perch, and he’s kind of not really doing too well. We had to take his collar off so he can breathe better, but he’ll get better. He freaks out every time there’s a plane on top of us, and that happens pretty often. But other than that, we’re pretty okay. Yeah, they come to snuff the rooster. And I have some news from the insider Jewish conspiracy that really the ayatollah is alive, and he’s hanging out with Jeffrey Epstein on an island somewhere while they control the war with remote controls and profit from the military industrial complex.

How do I know this for sure? Because in an ancient Illuminati script, bananas duct taped to walls means faking your death to control the world. And there’s been a clip spreading around of Nick Fuentes fearful that the Jews are gonna rebuild the Third Temple and thereby end the planet. I’m not actually making that up at all. And you know what? He’s right. Because look, Raiders of the Lost Ark already predicted it. It stars a Jew, directed by a Jew. Marion, don’t look at it. Shut your eyes, Marion. Don’t look at it, no matter what happens. Tells you exactly what’s gonna happen when we rebuild the Third Temple.

We’re gonna open the Ark, and everyone’s gonna die! Anyway, let’s stop the facetiousness for a second. I have no idea what’s going on. I don’t trust anything. I’m just trying to get through this. And the fact that World War III looks like it’s on the brink of breaking out on the verge of the endgame doesn’t surprise me at all. Though it is kinda scary. On that note, let’s see what’s going on this week. Last week. In two weeks. Who knows? First thing I wanna go into is something weird with palladium. You know palladium? That kinda thing that looks like silver, but it isn’t silver and it’s used in catalytic converters and such.

Well, there’s something pretty strange going on here. If you can see on the left, you can see the total number of palladium deliveries, and we have 295 total when there was only one delivery on March 6th. But if you look at the chart on the right, that is from the CME, and you see that the number of March 2026 palladium contracts open is still 512. That means those are spot contracts. Those are all going to go to delivery because you don’t own palladium spot contracts unless you want the warrant. So why haven’t those contracts gone to delivery yet? I don’t know.

Something is delaying them. Is there a problem with palladium supplies at the Komex? Could be. I have no idea. We’re gonna find that by the end of the month. Maybe it has something to do with Jeffrey Epstein and the Ayatollah. And yes, oil has spiked because of the Straits of Hormuz situation. The choke point has been cordoned off by the Iranian navy, or maybe it hasn’t and insurance company is just afraid to go there because of the war situation. I really don’t know what’s going on. I don’t live in the Straits of Hormuz and I only have access to what everyone else has access to with warped feeds on X and no trustworthy source of news at all.

So what is actually happening with oil? This is oil versus gold. Oil priced in gold. So you can see here we’re still at almost record cheap levels of oil priced in real money. In other words, the problem here is the dollar. The problem isn’t oil. The problem is that credit is being attacked here in the war because what funds were its credit. Money doesn’t really fund war. Credit funds war. The dollar is the main credit vehicle of the world and it is clearly dying here because we see that oil is at .02. What is that? It means .02 ounces of gold can buy one barrel of oil.

It has only been lower than this before the war started and during the lockdowns of 2020. That’s it. Oil has never been this cheap before, ever. But for the dollar, things aren’t looking so good. What about the very long term in oil? This is an interesting chart going back to 1860 going back to the war between the states. Yes, I use that term deliberately. We have here oil. It looks like this was before the war broke out. So I think we’re up here now like .02 something. A little bit of a spike that’s not on this chart.

Yeah, oil has gone up in price. Yes, even in gold terms a little bit, but really nothing big. Historically, it’s the dollar that has the problem right now. So if you look at this level, we’ve only been lower in 2020 and in 1893. I don’t know what was happening in 1893. There might be one or two people that were alive back then. Maybe one of them is in Japan. Maybe one of them is in America. I don’t know. Are they like any 130 year olds? There might be one or two. We should ask them. I’m going to go find them.

But the funny thing really here is that since the 2008 financial crisis, oil was at .16. Now it is at .2. So it was eight times more expensive back then than it is now. Let’s move to the next chart here. Oil still near all time lows versus silver as well. Here’s the oil versus silver chart. So we’re at 1.075 ounces of silver for a barrel of oil or is it 1.075 barrels of oil for an ounce? It’s basically one to one, right? More or less. So the only time we were lower than this was during the lockdowns of sanity and love and 1980 during the silver high of 1980, which means we haven’t quite reached that.

We’re close to it in oil terms here. And it was like .1. It was less than one a little bit. Yeah. In 1980 at the top there, oil is still very cheap versus gold and silver. It’s the dollar that has the sickness. Bitcoin ain’t recovering. There’s no recovery in Bitcoin thanks to the war, despite the war. Maybe the war has nothing to do with it. I really don’t know. But here’s the trend line for Bitcoin versus silver. And we’re below 800 ounces of silver per Bitcoin now. And we’ve broken the trend line and it has not recovered yet on the cusp of the final financial crisis.

It will come. This is all employees, total non-farm payrolls. And you can see here that every time this curve has started to fall, we have a recession already in place. It happened in every single recession going back to 1960. I think even going back to the 1950s here as this line kind of flattens out as the slope goes, it tops out and becomes horizontal and then goes negative. That’s when the recession hits. And this recession is going to be the mother of financial crises because there’s so much credit in the system that’s going to default. And it’s going to lead to a bust of epic proportions unless they print trillions of dollars, which they will do, which will lead to hyperinflation, death of the dollar, and gold and silver returning is running.

And the end of the war because there will be nothing to fund it. And that’s something to look forward to, indeed. So you can see here that the slope has reached about even its horizontal now. There’s no change in the ADP employment report. Or is this not ADP? I don’t know, non-farm ADP. They all sound the same to me. So this is going to head down pretty soon, if not imminently, and it’s going to coincide with the next recession. Whenever that hits, it’s going to hit hard, and we’re going to slam the pedal to the metal on the final printing round.

And you know what happens next. Employment status for six months. So basically, this is a zoom in of this chart, employment, same chart. This is the horizontal slope that I referred to before. We have a high of about 158 million, 158.5 million employed total employment, and it’s been flat since July. So that’s about six months. This has never happened before. There hasn’t been this long of a period of static employment report. Without a recession, this is Wylie Coyote standing on air. I don’t know what’s keeping everything going, but it still seems to keep going, even though we are not moving and we have no momentum here in the boom cycle.

This has never happened before, but has never happened before here. This is the unemployment rate on the Fred chart here. You can see that every time that this rate bottoms, it starts to head up during recessions. Well, this is the very first time that the unemployment rate bottomed. I think it was like a year and a half ago, maybe two and a half years ago or something like that. Actually, it’s only between one and a half and two years ago. The unemployment rate bottomed at about 3.3. Now we’re at 4.4, 4.5. We’re heading up here. We’re in this area here.

And we’ve never bottomed and not had a recession before. It’s the same kind of weird thing going on, but it’s not going to last forever. This is going to accelerate and we’re going to see huge amount of increase in unemployment, just like we do during every recession. I don’t know what’s keeping it going, but it’s not going to last forever or very much longer at all. Here’s another piece of evidence of that. Credit card, student loan, and auto loan delinquencies are all higher now than they were during the 2008 great financial crisis. This is the percent of balance of 90 plus days delinquencies by loan type.

So I drew these lines here. You can see this black line, this vertical line over here is the beginning of the 2008 financial crisis. And you can see the level of credit card debt over here with this. And if you draw the horizontal line over, you can see that credit card rate delinquencies are higher now than they were during the breakout of the 2008 financial crisis. Also here, this is the red line. This is student loan debt. This was the the abeyance or the suspension during COVID or something like that. And now we’re back up to about nine and a half percent higher than we were during the 2008 financial crisis.

And this line over here is auto loans. We were over here somewhere between zero and five, maybe three percent. And you can see that this same green line, I think it’s green or gray, so you can make fun of me later for it. It’s not good. It’s higher than we were during the 2008 financial crisis breakout period. So all defaults, not all of them, but most of the default levels or the delinquency levels are worse now than they were back then. We are headed into the bust and a lot of debt is going to default and that is going to lead to monetary threats, which will necessitate printing and the buying of all this kinds of debt by the Federal Reserve.

Now let’s go a little bit closer into the silver situation here. Silver producer gross short positions at the lowest ever continued through the crash. So we can see here, this is the black line, the net amount of net shorts. That’s short positions minus long positions. And we’re here at about fifteen thousand. The only time we were lower than that in terms of net short positions was here about ten thousand in 2019 when silver was about eighteen or nineteen bucks. I think this was near the bottom of the silver market. And we can see here that these are the gross shorts on this line over here.

You can see I drew a black line to show you. They were at nineteen thousand. We haven’t even gotten close to that level of gross short positions. So what does it mean that producers are not shorting silver? Meaning either they can’t do it or they won’t do it because they think the silver price is not worth hedging or they can’t hedge because it’s too expensive and they lose money that way. But if we focus in on this part of the graph, we can see that as the price spiked from about twenty five thirty dollars to one hundred and twenty and now we’re still at about eighty five.

That is specifically when the amount of shorts went to the lowest ever. So as the silver price moved higher, their shorts got lower and lower and lower and they are not building them back. And you’d expect that if they want to hedge and when they want to lock in a big price, the producers, they would short more contracts at a higher price so they can lock in that price. But they haven’t done it. Why not? Because hedging is impossible. It’s not profitable to hedge at this point because London’s spot silver is still more expensive than New York’s silver futures.

So hedging makes them lose money de facto. Therefore, they cannot do it. And that is one of the reasons why the silver futures market seems to be in a little bit of a breakdown. This silver report is brought to you by Silver 47, symbol AGA in Canada, symbol AAGAF in the US. The reason that I own Silver 47 is that I believe that in the next few months, I don’t know the time frame, but people are going to start to look for projects that are viable as a silver primary producer. Most of the silver in the world is produced as a secondary byproduct, which means that they cannot increase their revenues by increasing production because what they, for example, if you have a zinc mine or a copper mine and that depends on the price of zinc or copper, then if silver goes up in price, that doesn’t really help you that much because it’s a byproduct.

And the production of that mine depends on the price of zinc or copper instead. But if the price of silver stays at 100 or goes to 200 or 300, which I think it will do very shortly, then your companies are going to want to look for primary silver production projects where they can leverage the silver price and they don’t rely on it as a secondary product. Well, Silver 47 is one of those companies that is looking for silver primary projects and they found a few already. And I think projects like Silver 47, companies like Silver 47 will eventually be bought up by the bigger players.

We’ll see how long this takes, but it doesn’t take a lot of capital to bet on these companies. And that’s why I have a small bet placed on them. And I have also a lot of other ones that are placed on small companies like Silver 47. Anyway, Silver 47 Exploration Corp is pleased to announce that it has been recognized as the 2026 top 50 company by the TSX Venture Exchange. The TSX Venture 50 is an annual ranking of the top performing companies from the past year on TSXV based on three equally weighted criteria, market capitalization growth, share price appreciation and trading value.

The TSX Venture 50 showcases the top 50 of the over 1600 TSXV issuers. So congratulations to Silver 47 on that accomplishment. We’re going to go to the other piece of news here that was released on March 2nd. Silver 47 unveils plans for aggressive drill program across the eastern extension of the prolific Tenopa Mining District Hughes Project, Nevada. The main highlight that I want to go over here is building on the high grain success at Ruby. This is an intersect follow up drilling targets, standout prior results, including 1,450 grams per ton of silver equivalent. That is 8.41 grams per ton gold, 813 grams per ton silver over three meters in SUM 2359.

This is what I mean by a primary silver producers. Those are going to be in demand as people realize that silver is not going back down and companies are going to want to leverage the silver price and be a pure silver play. The only way you can do that is with primary silver projects like these. But let’s continue with the slides. Last chart here, we can see that gold has gone from about 4,400 below here after the crash on January 30th or February 1st, wherever it was. We hit a low about 4,400 here. And this is this bar over here.

This is where open interest was at that low. It was at about 430,000 or something like that. Now we are down to about 409,000. This says 411, but it’s one day behind. I think the new numbers are 409,000. So basically the gold price has gone from 4,400 to about 5,200. Now it’s about 5,100. Still a big climb for 4,600. It’s about $500. While open interest in gold futures has gone down from about 430,000 to 409,000. So we’ve had a big move up in the gold price while open interest falls closer to the 400,000 level. If you have open interest going down and the price going up, that is the definition of a short squeeze.

It doesn’t mean that people are stuck, but it means that shorts are covering at higher prices on net. So we are once again in a minor gold short squeeze. So what is really happening in the planet? I don’t know. I can just tell you that I hear rockets over my head every now and then. Alarms and schmirens that warn me of incoming sirens traumatize roosters, which is very upsetting. And all of a sudden everyone’s talking about the Third Temple. As one of the few people who actually visit the Temple Mount every now and then when I make it down to Jerusalem.

Yes, I actually go up there. I don’t stop at the wall. I’m one of the few people who goes up there to pray. I find it quite hilarious that all of a sudden everyone’s talking about the base of Mikdash. And according to the tradition, the Ark is somewhere underneath the Temple Mount, buried there by King Josiah with Moses’ staff and the Ten Commandments, and the original Torah written by Moses at the time, and the Holy Tupperware of Manah that was put in there by Aaron. But one thing I learned from Raiders of the Lost Ark is don’t look at it, Marion.

No matter what, keep your eyes shut. Don’t look, Marion! Keep your eyes shut! And people ask me, Rafi, is this the war of Gog and Magog? Well, I can tell you that when somebody asks me if you’re a Gog, you say yes. When someone asks you if you’re a god, you say yes!
[tr:trw].

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