➡ The article discusses three main points: firstly, the current situation is not an oil crisis but a dollar crisis reflected through oil, as shown by various charts. Secondly, gold stocks are now higher than they were before the gold and silver crash of January 29th, indicating that the bull market continues. Lastly, the liquidity in the silver futures market is extremely low, meaning any increase in demand will quickly raise the price. The article also mentions an upcoming jet fuel crisis in Europe and its potential impact on European interest rates.
➡ The value of gold stocks is increasing even as gold itself is in a correction. This is because gold is considered more valuable than the dollar, which is seen as credit that will eventually fail. Meanwhile, silver futures are experiencing low liquidity, which could lead to a significant increase in price if demand rises. The Israeli shekel is strengthening due to Israel’s role in supplying oil to Europe and Asia, while Iran’s currency is hyperinflating.

No! He’s coming! He’s coming! McLovin! Nice! Okay bye, let’s take him down! Hey guys, Raf here from The Endgame Investor. We’re going to talk about three things today. That is first, there’s no oil crisis. There’s a dollar crisis being reflected through oil. We’re going to go through short term, medium term, and very long term charts that prove this pretty conclusively. Second, we’re going to talk about how gold stocks are actually higher now than they were on January 29th, right before the big gold and silver crash of January 29th. And how is that? Well, they are worth more gold ounces now than they were back then, which suggests that the bull market continues because gold stocks lead gold in bull markets, also in bear markets.

Now they’re leading them up, not down, in gold terms. And finally, of course, we’re going to talk about silver. Open interest is still below 100,000 contracts, still very, very low open interest. Haven’t seen these low numbers since 2008 and volume, trading volume in those contracts is following to 20 year lows, not seen since 2007. Together, this means that liquidity in the silver futures market in New York is extremely low, which means that any move up in demand will move the price pretty fast, which is what we’ve seen over the last two days and why I have executed an option strategy that you can find on the endgame investor for paid subscribers there.

Check the link in the description below directly to the post that talks about that positioning. And before we get to the slides, you can get your gold and silver at Miles Franklin. Link in the description below. You can take that gold and put it in a dirty man’s safe if you have any and you want to hide it on your property, not tell anybody. It’s a pretty good way to do it. Check the link in the description below and use the code endgame10 at 10%, not at 10% at checkout for 10% off your dirty man safe.

And let’s go to the slides. Here’s the first slide. The real money perspective on oil. How much is oil? How expensive is it in real money terms? It’s very, very low. Here’s a chart going back to only 2018. What is that? A seven year chart, 10 year chart, whatever it is. It is a 10 year chart, I think. And so we have here, oil has been falling in gold terms pretty precipitously since 2022 from 0.06 to five ounces of gold per barrel to down to 0.01 to five ounces of gold per barrel.

And it’s gone back up to the crazy expensive price of 0.02 ounces per barrel. I’m sarcastic. I’m facetious. It’s not very expensive at all. The reason this is the problem for the world is because the world runs on inflated dollars. So in dollar terms, this is very dangerous, but in gold terms, for those who own gold and use money or stack gold and earn interest on it, you can do that with Keith Wiener. Check the link in the description below if you’re interested in doing that. But anyway, oil is still very, very cheap in money terms.

The only time it was ever cheaper was during the lockdowns over here in 2020, April 20th, 2020, when oil hit negative $35 a barrel. So you could earn gold by getting oil at that time. Isn’t that weird? So this becomes more obvious as we zoom out, as we zoom out, we see the technical point where we are now in the oil price in gold terms. And that is over here where there’s circle is, um, and the support zone or the resistance zone, is it? Yeah. The resistance zone out is remember when oil was like $26 back in the beginning of 2016, I think that was when, uh, Saudi Arabia cut its prices and then everything crashed.

The whole oil market crashed and oil stocks went really, really downward. That was in the beginning of 2016. I think there was a low here about $26. So we’re at that same point now, right? Except in gold terms, we’re at the same point, right here and here. So we’re at the equivalent of about $26 oil in gold terms from low in 2016. So this is not an oil shortage. This is a dollar crisis because the dollar needs ultra cheap oil, a very expensive system in any workable way. Once you have expensive oil, the inflated dollar falls and they have to inflate even more and that will destroy the entire system.

So we’re teetering here, but the most revealing chart is definitely the very long term going back to the 19th century. And now you’ll see this, I drew two lines here. Where we are now is the red line at 0.02 something, um, ounces per barrel. And this line over here is where we were before the Iran war started. This black line. So if we look to where we are now, we’re still extremely cheap. The only time we were more expensive than, uh, now is in 1933 at the depths of the great depression when everyone was very, very poor and a few years in the 19th century from about 1885 to let’s say 1900.

So about 15 years on and off in the 19th century when the oil market was still a baby. But if we look at before the area in war, the price of oil back then in March, right before the war broke out was just above 0.01 ounces per barrel. And the only time we were ever below that in history, besides the lockdowns was a few years in the 1890s during the, the, the big standard oil years, you know, when Rockefeller was drilling all over the place and, uh, there were these barons and everyone was complaining about the concentration of wealth, but really was an economic boom.

That was the only time. That oil was cheaper. That’s it. Uh, it’s, it can’t get much cheaper than this in gold terms. Well, it can, but it’s probably not going to get that much cheaper cause you can go to zero. Um, and that might happen. We’re very, very close to your asymptotically if the dollar hyperinflates, which it will, we’ll see what happens to oil then, but you know, this is not an oil problem. This is a dollar problem. It’s very obvious. Now, uh, just to talk about oil for one more minute, we have this article from fortune that is syndicated in Yahoo got it from there.

The war with Iran is over, but the jet fuel crisis is about to begin. So what the importance of this is, is that once the jet fuel crisis begins in the article, we’ll give you some time. These are selected paragraphs from the article, but once the jet fuel crisis begins, it looks like it’s going to be in August and it doesn’t matter if hormones opens at this point or not, the disruptions are already there. Uh, that means that imports are going to get less and less, and that’s critical for the UK, for example, because the UK has the most imports that they need jet fuel to get into their country, to get those imports into their country, and they have the most precarious interest rate situation.

And if prices go up, their interest rates are going to go even higher and that could start a domino in Europe. So we’ll read this, a new Goldman Sachs research report estimates that Europe’s commercial jet fuel inventories are slated to dip below the international energy agency’s critical 23 day shortage threshold sometime in June. We’ll explain exactly what that is in a second. The UK appears most at risk of jet fuel rationing, given its large net imports, the report argued. The threshold doesn’t mean Europe will run out of fuel supplies in 23 days from that point.

That would only occur without any replenishments, but it does mean global crude and fuel supplies are running drier each day from the ongoing closure of the straighter Amuz amid the war in Iran. Europe could, for instance, dip below a more dire 20 day limit by July, resulting in even more drastic rationing, maybe 15 days by August. Final paragraph here, because European refineries have begun churning out higher percentages of jet fuel, the more dire consequences aren’t likely to hit European airlines and their passengers until July or August, said Claudio Galimberti, Ristad energy chief economist.

So July and August is going to be a jet fuel crisis in Europe, even though they only get about six, seven percent of their fuel from the Strait of Hormuz. It does affect everything globally anyway. Watch European interest rates. They’re already running higher, especially in the UK, and it could trigger a banking crisis at any point. Gold stocks are higher now than they were at the gold top on January 29th. How do I know this? Well, I’ll explain this chart. I could jig it over here from StockCharts.com and we see here on the bottom is the gold price.

So I put a rectangle here. This is the high in gold on January 29th. You can see here right before February, this little rectangle goes up to here. And what was the gold to Huey ratio? This is how expensive gold stocks are in gold terms. The lower they are, the more expensive they are. The higher they are, the less expensive they are in gold terms. So as this goes down, the gold stocks become more expensive in gold terms. So what this means is at January 29th, at the high, the dollar high in the gold price, we were at about six in the gold to Huey ratio, and we hit a high here at the end of February.

That is when gold had a little intermediate high over here at about 50 to 5,300, something like that. But now where we are now is 65.97 in the bold here. Hard to see, but that’s what it says 5.97. And where were we on January 29th? We were above six. So yes, we are more expensive now in gold terms for gold equities, gold miners and streamers and those kinds of stocks than we were at the high. So gold stocks continue to climb, even though gold itself is in a correction. They climb in gold terms, not in dollar terms, obviously, but gold terms are what matter because gold is the money in the dollar’s credit, and credit is going to die.

We are going to die. Silver open interest still below 100K. We’re finally getting to the silver point here. So if you check this out, you can see we’ve been below 100,000 for about a week now. We broke it over here, and that’s the end of April. I think it was April 30th. And we’re still below 100,000, about 96,932 contracts. And over here, you can see that the volume, trading volume in silver futures is also dead in the water. We hit a low here of about 26,000, which is actually a 20-year low. You’ll see that in the chart on the next slide.

But the point I wanted to make here is that with open interest being so low, and trading volume being so low, it means liquidity is very low on silver futures. So if, for example, there is an increase in demand for silver because there’s a decrease in demand for dollars, because the straight-of-home move situation has been worked out, which it will one way or the other, there’s going to be huge moves in silver. And we’ve already seen that in the last few days, whether it’s going to be sustained, I don’t know, because if the news reverses and says the war is continuing, which could happen also today, then silver’s going to get slammed again until this situation is reserved semi-permanently, permanently, or however it’s going to be resolved.

We’re going to have extreme volatility in metals. But check out this volume graph that I made here. I stretched it out a little bit, so it’s a little bit more obvious. I drew the line here counting pixels at that low in volume. You can’t see that from here, that this is where we are in the low because it’s all filled in with color here, and the color is volume. But trust me, that’s where the 26,000 mark is, and that’s the volume that was traded in Solar Futures yesterday. The last time we hit that number was in 2007.

We haven’t hit it since then. Liquidity is extremely low, which means that price can go very high, very quickly, on just a little bit of a nudge in demand, probably when the war is over for good. Now we know why. What do we know why? I’m adding this in because it has to do with the Iran war. This is the Israeli shekels since October 7th, 2023, when the war really started, or whatever these round of wars are, they’re all connected to that day. And we see here that the shekel was just above four shekels to a dollar, very weak relatively.

And since then, it’s been going down and down and down. I mean, it’s going stronger and stronger and stronger relative to the dollar and down and down to 2.9. This is not very good for me because I spend shekels and I earn dollars, so my income has taken a big hit. But if you look at this chart, you can see, this is the October 7th attacks and the shekel weakens. And then right after, it strengthens a lot down to 3.6. And over here, this area over here, where it’s falling very strongly, this over here is June, 2025, the first Iran war, the 12-day war, and the shekel strengthened even more.

And here, this precipitous dropped from about 3.2 to now 2.9 is from the start of the current Iran war. So why is the shekel strengthening every time there’s a war? And we’ve found out why, and I’m going to put this clip in with the subtitles that I made. And this was on Channel 14 on Israel News, showing that the pipeline from the OPEC countries, from Saudi Arabia and Bahrain and other countries allied with Saudi Arabia and Israel, the pipeline is being done from those OPEC countries to Haifa. So Israel will be supplying oil to Europe through that pipeline and also to Asia through the Red Sea.

That’s probably why the shekel is being bought right now because those countries need a lot of shekels to finance the pipeline. And by comparison, we can see here, here’s Iran’s currency, the Tomin. I’m very sorry, you’re great. If you’re going to blame the war on hyperinflation Iran, not quite because the hyperinflation Iran started in January, 2026, when it went from whatever this number is to 1.3 million Tomins per dollar. That was in January, 2026, two months before the war. So not directly related to the war, but I guess conspiracy theorists could say that it’s connected.

But if the shekel is strengthening and the Tomin is hyperinflating to nothing, people will ask me sometimes, some of my subscribers, is Tel Aviv destroyed? I hear a lot of things about Tel Aviv being wiped off the math, et cetera, et cetera. Well, whatever I say, no one’s going to believe me, but look at the currencies. You’re not going to buy the shekel if Tel Aviv is destroyed. So come to your conclusion and believe what you want. Everyone’s going to anyway. If you enjoyed this video and you want more of my content, then check out the Patreon at patreon.com slash endgameinvestor for the intersection between the Bible and money.

Next week, we’re going to talk about how inflation is what causes exile. Why were the Jewish people exiled from their land? It’s because of inflation. And I’ll show you the chapter and verse that proves it. I’ll see you next week. Bye-bye. Bye-bye. [tr:trw].

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