➡ The Federal Reserve’s job is to print money, not to stop inflation. Silver prices are likely to have reached their lowest point at $66 due to various market indicators. The Fed’s preferred inflation measure, the Personal Consumption Expenditures Index, has been above 2% for five years, indicating that they’ve lost control over inflation. Lastly, the value of gold has been increasing relative to other commodities, suggesting that credit is becoming less valuable as more is printed.
➡ The article discusses the current state of inflation, which is above 2%, and criticizes the Federal Reserve for not effectively managing it. It also talks about the impact of tariffs on gold and silver prices, and the ongoing issue of silver backwardation, where future silver is cheaper than current silver. The article also discusses the declining value of Bitcoin and questions its purpose, suggesting that gold is a more reliable investment. Finally, it predicts a potential rise in silver prices.

This inflation indicator was above 2% for like, what is it, like 25 years? For a quarter of a century? It was above 2%? Was the Fed doing their job then? No, because they never do their job. They can’t do that. Their job is to print money. They do that very well. That’s their actual job. Their job is to inflate, not to stop inflation. Their job is to inflate, and that’s what they do. Hey guys, Raf here from The Endgame Investor, and in this week’s Silver Report, we’re going to go into why it is very likely that silver has bottomed here at $66.

We’re not going to see anything lower than that. We’re seeing it in the backwardation. We’re seeing it in the open interest. We’re seeing it in the reaction to the tariff smacked down by the Supreme Court. Silver should have gone down, but it didn’t, and we’re seeing it in the lack of rollovers from the active contract to the next active contract because of the backwardation, which prevents bullion banks from going short silver in New York and going long in London because that is not profitable, and so they run out of the New York futures, and that enables price to move even higher.

This correction was very short-lived. It appears to be over. We’re going to go into exactly why, and that it’s been five years since the Fed’s favorite inflation indicator, the core PCE, Personal Consumption Expenditures Index, has been below 2%. It’s been five years. Five years? They’ve been overtargeted for five years. Remember symmetrical inflation? I sound like Chinese. Symmetrical inflation, that rationalization or justification for the personal consumption expenditure’s core measure to be over 3% or over 2% for a symmetrical amount of time so that it compensates for when it was under. Well, I wonder if we have to be below 3% or below 2% whenever the target is symmetrically in order to even out the inflation indicators.

Of course, that’s not going to happen because the Fed has already lost control. They can’t get their inflation indicator down to where they want it to be. It’s over already. It’s just watching the dollar die now from the sidelines with your gold and silver. What you can get at Miles Franklin, a link in the description below, and once you have some, take some and put some in a dirty man’s safe. Use the code endgametenantcheckout for 10% off and don’t tell anybody it’s there and they won’t find it. Anyway, let’s move to the slides already.

We’re running out of time. I’m running out of time. Thanks. This is the first time I wanted to show. It’s kind of lopsided. I mean like diagonal rectangles here, which isn’t exactly legitimate because it doesn’t track a static time period. You need vertical lines for that, but whatever. Who cares? Anyway, from somewhere around 1990 to 2008, you can see monetary stability here. This is the gold CRB ratio. How many ounces or how many baskets of CRB index, which is the commodities index, can one ounce get you? One ounce of gold. The higher this is, the more valuable gold is relative to all other commodities.

Here we see from 1990, it goes below before 1990, from about, let’s say, 1985 or so. 1990 to 2008, we had pretty good monetary stability gold’s value was stable relative to a basket of other commodities, and then from 2008 until about 2020, you see that things have started to get a lot more wobbly over here, right, and slowly the other commodities were degenerating in favor of gold, which means that gold was getting more expensive and other commodities were getting cheaper in real money terms. This is when credit gets less and less valuable and money becomes more and more valuable because they’re printing credit too much, and this is what happens.

Then you see extreme monetary stability over here from about 2020 to now. This is not normal. It should never be this way when credit is even relatively stable, which it is not at all. You can see the monetary stability is getting worse and worse, and it’s going to just fly completely out of control in the endgame. We’re almost there. One of the reasons why I’m calling the bottom in the silver price, this is silver open interest, it says here 134,620, but this is on a one day delay. The actual CME numbers are now 126,789.

There was a huge drop from yesterday, and I’ll show you exactly why that is. It’s about 8,000 contracts, a little bit less than 8,000 contracts fell off yesterday. That is February 24th because today’s the 25th. You can see here that the last time we were at this open interest number, we were slightly above it here. This is the last time in late 2023. This was the price of silver back then. It was about $22 maybe or $23, maybe something like that. We haven’t been anywhere near there since. It hasn’t ever gone below that since this number and open interest was hit.

We can see here that we almost hit the open interest here. We were slightly above it at that point, but even in this neighborhood, it only hit that price again. Silver only hit that price again one time below 30 in April of last year. Ever since then, it’s been flying off the hinges. It looks like we’ve bottomed over here at about 66 or 65, whatever that candle was, and now we’re back above 90. I don’t think we’re going to go below this bottom. I don’t know the reason why. The 126,789 contracts I showed you in this chart over here, where this little black line is, and I drew it in over here so you could see it.

This is the COMEX tables, the CME tables of what happened in silver trade yesterday on the futures. You can see March silver over here. This is the active contract. It is rolling off and it’s becoming spot in the next two trading days because it is 25th. We have the 25th and 26th, and the 26th would be the last trading day of this contract as a futures contract. You’ve got to roll out of it. You’ve got to roll to the next contract in order to keep your futures position. Otherwise, you risk delivery. What is happening here is that 14,196 contracts closed out, meaning those shorts were bought back.

Those contracts no longer exist. Usually, you’d see a similar amount or even a higher amount rolling into the next active contract to maintain the futures position. Here, we had 14,196 closed out and only 5,350 new ones opened. A lot of positioners, whether they are bullion banks or whoever they are, that had these contracts long. They closed them out and they didn’t roll them over. Why didn’t they roll them over? Well, if they’re a bullion bank, they can’t do it profitably because the price of London spot silver is still higher than New York futures.

It’s been that way on and off since October 9th of last year. Bullion banks cannot provide liquidity in this market because they cannot profitably hedge. It’s been that way for almost three months, whereas at four months, October, November, December, January, four months, over four months, it’s been that way. This is silver backwardation looking like it wants to become permanent. You know what happens after silver backwardation, gold backwardation, which means the end of the dollar. That’s what it means. SLV is being used for quick trades. I just want to show you what’s happening here, what has been happening since the silver crash of January 29th, 2026, what happened in SLV.

You saw here, here’s the crash of the silver price moving from about $110, $120 to about $70 in a day, whatever it was, it was a huge $120 to $70. Wow, that’s like $50 in a day or two. Oh my gosh, that is nuts. We were all waiting for silver to hit $50 for like, since 46 years and all of a sudden it didn’t, it fell $50 and it’s still at like $90 now. Okay, whatever. But you see here, the total middle of the trust went way up on January 29th. I think it’s the third biggest influx of silver behind one other day in 20-something and silver squeezed in 2021, but this is a huge day of about 35 million ounces of silver flooded in on that crash and that was bottom pickers, right? They were buying SLV because they wanted to, they saw that the fund would probably jump up as the huge crash would be corrected somewhat.

And you can see here, since they did that, since they bought silver on that day, and then silver had to be flooded into the fund because of all those bottom pickers. But then you see since then, silver has been drawing out of the fund as these traders have sold their shares for that quick bounce and it looks like they might have gotten a few bucks on that and good for them. But there is no sustained interest in SLV here. It’s just the retail crowd is still dead. There’s no interest in the CTF it looks like.

That was just bottom picking. The Fed’s favorite inflation measure has been above 2% for five years straight now. I highlighted the last time when the 2% mark was last, it was last underneath the 2% mark that was February, 2021 at 1.709%. This is the core PC, the most manipulated of manipulated inflation measures of consumer prices. We are still above 2%. I think we’re at 2.8 or 2.9 or something like that. And we had a little bit of a jerk up here, a move up here. So it looks like these statistics are accelerating again.

It’s been five years. We haven’t been above 2% for five years at all since, wow, since like from 1960 something to 1991, something like 92, 93. Wow, we were above 2%. So you can see that opens up another topic of concern that this inflation indicator was above 2% for like, what is it? Like 25 years for a quarter of a century? It was above 2%. Was the Fed doing their job then? No, because they never do their job. They can’t do their job is to print money. They do that very well. That’s their actual job.

Their job is to inflate, not to stop inflation. Their job is to inflate and that’s what they do. So they’re accomplishing their mandate of inflation. That’s all they do. That’s what he does. That’s all he does. There’s nothing else that they can do. Traders sell, stackers accumulate. This is the reaction to the Trump tariff slap down by the Supreme Court. We would expect that if tariffs are slapped down, that gold and silver would go down because tariffs being slapped down would strengthen trade and strengthen the dollar. And that’s what happened in the immediate aftermath of the tariffs being slapped down.

You can see that it was about 10 o’clock AM was around here that the ruling came out. And then all of a sudden there was a huge selloff in gold or 95.95. There was a huge smack down in gold prices down here and then it just kept going higher and higher and higher. I think these are silver prices actually, but gold had the same price reaction. It went down initially and then the stackers came or whoever it was and started accumulating gold on the selloff. So if gold cannot be slapped down or silver cannot be slapped down on tariffs being slapped down, there’s something serious and monetary going on here.

Go to the next slide here, which probably should have been two slides before, but you can see the silver backwardation persists. It’s now at $1.64, meaning silver in London is more expensive than silver, future silver in New York, meaning physical silver now is more expensive than future silver in New York. So some people call this backwardation. I will call it that for convenience sake, even though I think that backwardation is really forward curve inversion, but that’s, you know, it’s, that’s an academic point. It doesn’t really matter. But we see here that the silver has been in backwardation on and off mostly on since October 9th, when it first hit 50.

And every time there is a selloff in silver, the backwardation reasserts itself. So it looks like this backwardation is becoming permanent. And what happens after permanent silver backwardation is permanent gold backwardation, which means that nobody wants any dollars for any amount of gold anymore. And the dollar cannot buy anything at all. Once silver backwardation becomes permanent, gold is next next chicken next now a little bit into Bitcoin. What is happening here in the Bitcoin to silver ratio? Look at this. This is interesting. The Bitcoin to silver ratio is at a huge pivot point.

How many ounces of silver costs to get one Bitcoin right now? It’s about 714 ounces. This is the 2023 low in the crypto winter, the 2023, 2023 low, the crypto winter when everything was crashing. It is also the high of 2019. This is a huge pivot point in Bitcoin to silver. Bitcoin is dead. It’s dying. It still has got some life in it yet, but it’s not going to recover from here. I’m sorry, guys. It’s just this, this nightmare is over already. You’re at the point where you’re falling and you’re about to wake up, you know, that point and dream when you’re going to wake up and you’re falling.

And then you realize that it’s all been a nightmare. Well, that’s what Bitcoin is. It’s a nightmare. And the nightmare is only going to show itself when everything that has been relying on the dollar price of Bitcoin falls and dies a horrible, painful death. Here, this is an article from Bloomberg entitled Bitcoin’s $1 trillion identity crisis hits from every direction. This is this is like a panic tone here for Bitcoin in Bloomberg. And, you know, take from it what you will. But the point of this is in the final paragraph that I cut and paste is reads as follows.

It wouldn’t have seemed possible year ago, but Bitcoin has gotten caught in one of its deepest struggles yet with no obvious way out. The world’s largest cryptocurrency has plunged more than 40 percent from its peak and the usual playbook isn’t working. Dip buyers have vanished and the forces that would normally feel rebound are now working against it. Gold is winning the macro hedge argument. Stable coins are winning payments. Prediction markets are winning speculation. The strange part, none of this is happening because the system failed Bitcoin. Washington has never been more accommodating.

Institutional adoption has never been deeper. Wall Street has never been more bought in. Bitcoin got everything it wanted and it wasn’t enough. That means the defining struggle of this crypto isn’t about price. It’s about purpose. And this sell off is forcing a question Bitcoin hasn’t needed to answer when prices are rising. If it isn’t the best hedge, the best payment rail or the best speculation, what exactly is it for? I have a better question than that. What exactly is it at all? Nothing. Absolutely nothing. It’s not a thing. It doesn’t exist.

And soon everyone will realize that it never did. But existing is basically all I do. People will tell me, Raffi, you hate Bitcoin more than you love gold. Could be. I just I can’t stand fantasy and people chasing non-existent crap. But as the fantasy is let go, money is reasserting itself. It will reassert itself fully. If you want to hear about the permanence of gold, that it cannot be replaced by any other money. Biblical proof for this is at my Patreon. Check it out at patreon.com slash endgameinvestor. Link in the description below.

And we’re also going to talk about the invisible hand in rabbinic sources, not in Adam Smith. It was long predated by the Tanaim. And if you think this is all kazarian mumbo jumbo or whatever you want to think about us, I don’t care. Just don’t sign up for the Patreon then. Whatever. In the meantime, have a good week. And I’ll see you next week. And maybe silver will be in the triple digits again. And I believe that time can come again. [tr:trw].

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