➡ The article discusses the current state of silver, including its historical and current value, and its potential future trends. It mentions the decreasing value of the U.S. Treasury’s account at the Fed, the potential for a government shutdown, and the falling platinum to silver ratio. The article also discusses the silver to S&P 500 ratio, suggesting that silver could rise significantly relative to stocks. Finally, it talks about the COMEX silver supplies and their record high, and the potential impact on the silver price.
➡ The value of silver is expected to increase significantly compared to stocks, potentially rising 75 times in purchasing power. This increase could lead to a gold to silver ratio of around 15 to 1, suggesting that silver could become more valuable than gold. Additionally, there’s been a noticeable increase in trading volume for PSLV (a silver ETF), indicating a growing interest in silver. Lastly, the supply of silver is rapidly increasing, which could lead to a price breakout and potentially reach $50 per ounce.

Well, hello there my friends, Raf here from the endgame investor with this week’s silver report and I’m wearing my Purim attire tomorrow. Tonight actually is Purim. We will be reading the scroll of Esther and talking about the war between the Jews and the Persians, which you know, it’s still kind of going on. Anyway, you know what else was involved in Purim? It was silver. We were sold for 10,000 kikar of silver, exactly what a kikar is. It’s about 3,000 shekels and exactly what a shekel is. I’m not sure, but it’s more than a shekel now, which is pretty worthless.

I will be reading the scroll myself for my synagogue because I know how to do it. Anyway, what’s going on with silver this week? In today’s silver report brought to you by Kootenai Silver. Civil, K-O-O-Y-F on the OTC and Civil KTM on the TSX in Canada. First of all, we’re down to the last five hundred billion dollars in the Treasury’s account at the Fed. Who knows what’s gonna happen with that in the next coming days and weeks because it looks like there’s gonna be a government shutdown because Democrats are filibustering the continuing resolution, which continues to resolutely spend all the money that America does not have.

We’re gonna get into the platinum to silver ratio, which continues to fall is now below 30, pinned below 30 for the first time since 1980. The only time platinum was ever cheaper relative to silver was during the 1980 silver spike. I don’t recommend platinum as a monetary medal, but I do believe that if you want some platinum and you’ve got a lot of silver and you need to freeze some space, platinum is a good way right now to replace some of your silver to get platinum. You can get one platinum coin for 30 silver coins at any retail that sells both.

We’re also gonna go into the silver to S&P 500 ratio, which if you do the calculations, silver should rise 75 times relative to stocks if we have a repeat of the 1980 silver scenario. I do believe that will happen and when it does happen, you’ll see that the math works out. Gold to silver should be at about 15 to 1, which is the historical monetary ratio, which establishes itself when gold derivatives no longer function anywhere and silver is the only thing that can be used on a retail level. Something weird is going on with PSLV.

The volume has exploded. Craig Hemke points out of the TF medals report that the short interest in PSLV is at an enormous record that blows out all previous records what exactly is going on with PSLV and why we do not know. But we should find out soon and it should have something to do with the price of silver, which seems to be very precarious. And finally, we’re gonna look at the COMEX silver supplies and their spike to above 420 million ounces, a new all-time record high, and what has the silver price done at moments of spiking silver supply in the past on COMEX and why this spike in the silver supply in COMEX is different from all other spikes.

And now on with this week’s silver report brought to you by Kootenai Silver. Kootenai is pleased to announce that it is common shares will be getting trading on the OTCQX best market under this symbol K-O-O-Y-F, which is its previous symbol. That symbol has not changed. Effective at the opening of trading on Wednesday, March 12th, 2025, which is yesterday as I record this. The OTCQX best market is the highest market of OTC markets group, which operates markets on which over 12,000 U.S. and global securities trade. So this is an upgrade to the highest OTC market. It’s not quite the NASDAQ quite yet, but it is moving in the right direction.

This should give the stock more visibility to more prospective investors, increasing its liquidity. The near term catalyst for this company for Kootenai is a high grade vein system with no exploration in 40 years. This is in Mexico. There have been past producing silver mines in the area where it is drilling in 1900 and 1958 to 1960. Exploration work has been completed in the last five years from 2019 to 2024 and work plan for 2025 includes a 50,000 meter drill program and the current 20,000 meter drill program is nearing completion. This is a maiden resource in Mexico with past functional mines in the area.

And again, the reason that I dabble in junior silver mining stocks is because on a silver price explosion, a lot of these projects are either going to be developed or they’re going to be acquired. Either way, shareholders are likely to get a huge payoff, whether they will be acquired or developed in-house. And with that, let’s go to the slides. Where are we in liquidity? Well, with reverse repos going nowhere, we are down to the final 500 billion in liquidity. This is the amount of money that’s in the government’s, the treasury’s account at the Fed.

We’re at 500 billion dollars now. You can see that since Trump was inaugurated in January, it’s gone from about 800 billions to now 500 billion. So there’s 500 left. And since the government can’t spend any more money, it doesn’t look like this is going to descend much more until they pass a stopgap measure, a stopgap measure, or a continuing resolution or whatever it’s supposed to be to spend more money and cancel out all of the doge cuts. Anyone who’s surprised by this, well, should have seen it coming. Monetarily, the consequences are that no more money is going to flow into the bank system from this account until new spending is authorized.

And that is going to pinch bank reserves and be a drain on liquidity, which could further damage the dollar value of stocks. Whether it spreads into gold and silver, we’ll see. It is more likely to spread into silver, less likely to spread into gold. But the spending will turn back on and when it does, everything will reverse again. The platinum to silver ratio, you can see here that this level of it’s 0.03, but that corresponds to about a 30 to one platinum to silver ratio, has only been beaten during the 1980 spike over here. We have broken through the 1970s resistance.

Finally, we hit it once in 2020, late 2020, right when silver squeeze was happening. Now we’ve broken through it and we’re at about 30, 29 to 1 even. And we can see that platinum has been getting cheaper and cheaper relative to silver since about 1998, since the Asian financial crisis over here. And we’re at the line over here. So we’ll see what happens. But it’s not going to become much cheaper than this. But I do expect once there is a monetary crisis, once everyone knows to trace gold and silver, if there is none available, then platinum will be next in line to be hoarded.

So I do believe that that will definitely push this ratio down as people do start to recognize platinum as a pseudo monetary metal. And it is a pseudo monetary metal and it does serve monetary purposes when gold and silver in short supply. So if you’ve ever wanted to collect some platinum now would be the time you can see that platinum has been in a almost perfect 26 year triangle that has been narrowing since 2008. So we’re getting down to the end of this triangle now. And I drew another line here just for kicks. You can see here that the lower trend line going all the way back to 1970 touches over here in 2000 and 2002 with platinum at a low.

And it’s actually touched here where platinum crashed in the March 2020 crash where everything was crashing. I’m going to count that as an icicle for this triangle over here. But it’s just interesting and serendipitous that it does happen to touch that trend line going all the way back for 1971. So eventually this triangle is going to break out and platinum is going to head higher, especially relative to silver. But we’ll see how much higher. I don’t know. And judging by this triangle, it looks that the move is pretty close in hand. So this is the silver to S&P 500 ratio.

There’s a few key things that you should recognize from here that you should notice from here. So this is the ultimate high of silver relative to stocks. And that is about 0.45. If you look at the intraday low for the NASDAQ and intraday high for silver, silver was about 50 and the not the NASDAQ. The S&P 500 was 110. So that is a 0.45 ratio. And we’re now at 0.006. So assuming we get to a 1980 high and we will at some point in a monetary crisis, stocks should fall relative to silver by 75 times in purchasing power.

So all the purchasing power will descend from stocks and go into silver, especially the other thing I wanted to point out about this chart is that the starting point for the bull market of 1976 to 1980 was a ratio of about 0.04, something like that. So the high of 2011, when silver next hit 50 dollars, right, the high relative to the S&P 500 was the starting point for the 1976 to 1980 bull market. The low point of that bull market was the high point of 2011 when silver hit 50 dollars. We’re now at 0.006 and we cannot get much lower than here.

So we’re looking at a rise of 75 times in purchasing power for the silver holders versus the S&P 500 stock index holders. Now, if we compare this to gold, we have a high of 7.9 on this ratio. We’re now at 0.5, whereas we started at one in 1977 and we got to 7.9. Now we’ll be starting at 0.5 and we will head there eventually in a monetary crisis. And that translates to about 15.8 times. So gold will rise in purchasing power 15.8 times relative to the S&P 500 in a 1980 end game scenario. Now, if you do the math on 75 versus 15.8, you get something interesting.

So here, back near 15 to 1, let’s do some math. I’m afraid we need to use math. If silver gains 75 times relative to stocks and gold gains 15.8 times relative to stocks, loosely defined as the S&P 500, then silver out gains gold by 4.7468 times. That’s if you take 75 divided by 15.8, you get 4.7468. That puts silver. Now, if you multiply the current price of silver by 4.7468, that’s $159.35, $159.35 if gold stays static. So you take the static price of gold right now, which is 29.53, divide it by 159.35 and you get 18.5 gold to silver ratio.

So that does mean that in that 1980 scenario, we will be heading towards a 15 to 1 ratio. I don’t know if it’s going to reach exactly 51 or if it’s going to stop at 18.5 or 17 or 16. But the point is, once we get there, once we get a 75 times revaluation of silver relative to stocks or a 16 times revaluation of gold relative to stocks, we’ll be around a 15 to 1 ratio and you should sell your silver for anything you can buy. The last thing I want to talk about is PSLV.

This chart is from GoldChartsRUs. We can see here the volume in PSLV, the trading volume in PSLV has gone ballistic, vertical, crazy. We’ve reached a high of about 60 million shares a day over here. This over here was silver squeeze. You can understand why there was a temporary spike there because everyone was calling on all the apes and all the silver stackers to buy whatever they could. Silver ETFs, physical silver didn’t matter. And here is silver squeeze right here. But here, this is being sustained. It just keeps going higher and higher and higher. How long will it be sustained? I don’t know.

And also this little jump over here, this was the March 7th, 2022. What’s it called? The thing with nickel, nickel Armageddon. That’s when the base metal trading platform, I forgot what it’s called in London almost crashed. But here you can see that this volume has never happened before. Not in 2011, not even close to it. And now it just keeps going up and up and up. So what is going on? We have a clue from Craig Hemke, who posted this on Twitter. And I’ll put the tweet in the link in the description below. This is a short interest in silver, the amount of shares being traded short.

And what is that number? It’s hidden by my face. It’s 24,882,645 shares. What the hell is going on here? Craig had asked Sprott to clarify. We don’t have an answer from him yet. Here you see silver squeeze, a little spike over here, but it’s nothing compared to what’s going on now. Somebody’s shorting a lot of PSLV. If physical can be redeemed for that, I mean, I hope we’ll have an answer from Sprott soon about what’s going on. But somebody is very interested in silver, particularly PSLV, and it looks like something big is going to happen in the silver market very shortly.

Finally, the last chart I want to show you is the COMEX silver stocks going back all the way from 1971. You can see just the history of what has happened in the previous price spikes and the supply spikes versus what is happening now. So we have these rectangles. This is the 1980 spike here. You can see what was going on in the physical stocks. They were rising. They were rising somewhat, but not to the highs of 1971. They’re rising a little bit. So we had a rising silver supply and a raising silver price. Here we had an all-time high from that time in the mid-90s of silver supplies on the COMEX, and we had a major low in the silver price.

I think the low was something like $5 or something crazy like that. In 2011, we had a falling silver supply, slightly, slightly falling. It didn’t really fall that dramatically, but we had the spike to $50 over here. Over here, we had an all-time high that was only recently broken in the silver supply. This is around Silver Squeeze in February 2021. We had a local high in the price here, and then supply started to fall. The price started to fall. What’s going on now is the fastest spike in silver supply ever. This is about three months’ worth of bars here, and it’s gone from about 310 million to 436 million ounces.

The price has been trying to break through 35. We can see a little bit of resistance. What is going to happen here? Hard to tell. I think the price is going to finally break out, and we’re going to head towards 50. Finally, the question is, once we get to 50, what happens then? Is it endgame? Is it not? I think there’s a very good possibility that it could be one silver breaks 50. We could be on a beeline to the endgame, which means that gold derivatives will no longer function, and for a brief amount of time, silver will be re-monetized at the historic monetary ratio of around 15 to 1.

Our math today showed that it could get to around 18.5 to 1, but it doesn’t really make that much of a difference. Stay shiny. Stay silver. I’m going to have a fun holiday tomorrow. I’ll be a little drunk, so I won’t be able to answer questions, but it’s the holiday of silver, and maybe something big will happen to silver on the holiday of silver, which is Perm. [tr:trw].

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