Capital gets concentrated in more and more corrupt entities. And as that happens, you have more violence, a breakdown in global order, more assassinations. It has everything to do with the prices of gold and silver. And unfortunately, the endgame is not going to be fun even for those who become wealthy by it. That is one thing that I am envious of Bitcoin holders for, not for their accumulated wealth that it seems that they have now, but the fact that they can rejoice in it because gold and silver bugs who understand that Bitcoin is a derivative of a derivative of a derivative of money, which is gold and silver, will not be able to rejoice in their wealth because it means the rest of society is going to be extremely poor and deranged as they already are.

But be that as it may, we will have a responsibility to help rebuild society once it completely breaks down. That is our calling. That is our job. And that is what we will do because we understand what money is and what it isn’t. But anyway, what I wanted to talk about today was how the mainstream financial media is lying through its teeth about what is causing the gold and silver price increases in dollar terms. It does not have to do with tariffs and it does not have to do with ETFs, demand for which is way down since 2021.

But anyway, before we get to the slides, this video is brought to you by myself, my substack, the endgame investor on substack. Click the link in the description below to become a subscriber today because we don’t have much time before the endgame hits and I’m giving you a front row seat. It’s also brought to you by The Dirty Man Safe, which you can get 10% off with the code endgame10 at checkout. Stick low tech with how you store at least some of your gold and silver and you can check out my Patreon at patreon.com slash endgameinvestor.

And the last thing we talked about on spiritual angles on money is that inflation in some ways is actually worse than sexual immorality. And we go into the proofs as to why that is. This picture is from an article by Daniel Oliver of Mermechan. It focused on AI artificial intelligence as the center of the current bubble. And I believe he is correct. Check the article in the link in the description. Anyway, he gives this picture of six search terms, six Google search terms. You can find this on Google Trends yourself and you can see how the trends have skyrocketed for these terms, which all indicate severe bust ahead.

First is sell my house fast. That has spiked since 2025. Give car back because they cannot afford the payments. Borrow against stock. Borrow against life insurance. Sell my Rolex watch and bankruptcy lawyer. They are all spiking. Now we are on the brink of the final recession. I call it the final recession because it will lead to the final money printing round when consumer prices are already rising and the Fed is about to cut rates fast. Now and that all leads to a stagflationary endgame where the dollar will finally die and the insanity of society will reach a crescendo.

And from then things will get a lot better, but we’ve got to get through the worst of it first. But anyway, how is the mainstream financial media lying about the silver situation? You’ll see very clearly in a second. They’re wrong or they’re lying or both or whatever. Bloomberg blah, blah, blah is about silver tariffs. Silver borrowing costs surge on tariff driven supply jitters. This is by Sibyla Gross. You know, some people have no willpower, no brains, no vision. They just drift through life like lumps of crap. Notice the date September 8th, 2025. That will be important.

Surging lease rates for silver are once again upending the precious metals market with traders fearing that possible US tariffs could squeeze already tight supplies in London as price dislocations reemerge between key trading hubs. We’re going to skip to the third paragraph. The US market’s concern is that the metal might be subject to tariffs. Bernard Dada, an analyst at Natixis, said in an email note, this demand for physical is in turn reducing the pool of available leaseable material in London and as such lifting silver’s lease rate. Yes, it has spiked. That means it is becoming more expensive to lease silver, which means that the demand for silver is high.

For what reason? Silver is money and currency is dying, but that is too sophisticated for Bloomberg. Anyway, supply squeezed as investors pile into ETFs. US warehouses expand pile into ETFs. We’re going to examine that too. So the implied lease rate for one year is now at a high since this goes back to 2019. It might be at an all time high from 1980. I don’t know. I don’t know where the chart goes back. I can’t get the data. So we’re at about 5% now. And why is this nothing to do with tariffs? Because this, if you notice the date over here, September 5th, 2025.

Remember the article by Sybil, whatever her name was, is dated September 8th, three days after this. Well, this is the modifying the scope of reciprocal tariffs and establishing procedures for implementing trade and security agreements. This is an amendment to executive order or whatever, whatever the number is, which lists now as of September 5th, a list in the appendix. Of materials that are not subject to this tariff. So let’s go into those materials, shall we? Yes, we shall. Here is the annex itself that lists all of the exempted materials note here. It says all products that are properly classified in the provisions of the harmonized tariff schedule of the United States.

The that are listed in this annex are not covered by the duties imposed by executive order one, four, two, five, seven as amended. Here are the materials, but let’s just look for silver, shall we? Let’s find silver, silver ores and concentrates. Does not apply. Silver bullion and dor. I don’t know what dor is, but I know what silver bullion is. Silver ores and concentrates. What else? Silver compounds other than silver nitrate. They’re all exempted. The tariffs do not apply as of September 5th, for sure. They never applied. And this is just a clarification that they will not apply.

And so why is an article coming out on September 8th saying that markets are worried about tariffs being imposed on gold and silver? And that’s why silver is moving from London to New York. Doesn’t make any sense. That doesn’t make sense. What is she talking about? We’re just supposed to believe it anyway. But that’s not the only thing. It doesn’t make sense. This doesn’t make sense either. Bloomberg continues here. This is the same article just continued. Physical supplies of silver were already looking tight with European refiners focused on recasting gold bars from Eastern weeks due to confusion over Trump’s tariffs.

Doesn’t make sense because the tariffs don’t apply to gold. Meanwhile, inventories in London have dwindled as investors pile into exchange-traded funds. You hear that? Pile into exchange-traded funds. Backed by gold and silver, which have clocked year-to-date gains of more than 35% and 40% respectively. Wow. So much demand for ETF, which needs gold and silver, which is why there’s so little liquidity of gold and silver in London. 35%, 40%. Sounds like a lot, doesn’t it? Well, let’s continue. Bad doubts linger over Trump’s tariffs. Still the tariff thing. And it is incredibly difficult to trade in that uncertainty.

If you look at US ETF holdings, they’ve absolutely exploded. So there’s been ongoing demand, he said. It wasn’t a one-off. So let’s look at this absolute explosion in ETF holdings. So two explanations. One is tariffs, and two is ETF demand. And ETF holdings have skyrocketed. Absolutely exploded, says Bloomberg. Is that true? It turned inside out? And it exploded. 35% and 40%. Well, if you look at that in context, you see here, here’s the SLV ETF, the biggest one, the one that is primarily accessed in London for the liquidity for the silver that it gets in its holdings.

You see here in the blue is the SLV price. That has gone up, right? We’re at right 37, 41. This is a little bit behind. We’re now at 41, 42. And here we have the holdings for this ETF, which, oh my God, look at that, 2025. Here’s the 35% run in the demand for silver holdings for SLV. But yeah, if you look at it since 2021, you have an absolutely exploded by how much? Negative 6,000 tons in four years. That makes sense. An explosion by negative. Simply implode. Implode? What’s that? We implode.

Oh, silly me. I had a whole pocket full of change all the time. Okay, whatever. But how are we doing in gold ETFs? Is there demand for that? Well, look at that. In the last year, demand for gold for the GLD ETF, look at this. And the black, this is the blue is the GLD price. The black is the GLD holdings, the amount of gold in the ETF. They’ve gone from whatever this is to whatever that is, this tiny little blip up here. But since 2012, the supply of gold in the holdings for the GLD ETF have exploded by how much? Negative 375 tons in 13 years.

This does not make sense. So it’s not ETFs, and it’s not tariffs. What in God’s holy name are you blathering about? So why are they trying to make you think that it is ETFs and tariffs? Because they don’t want you to know the real reason, and that is that the dollar is dying. And as the dollar dies, gold comes into the country of the reserve currency, which is the United States, which produces and prints the dollar as a way, for example, an analogy. When you are injured, your blood goes into the center of your body to protect your internal organs, and it leaves your extremities.

That is what is happening to the monetary system. The dollar is dying. Bloomberg does not understand it, does not want you to know that. And then why do you think that it’s tariffs and ETFs? It is not tariffs, and it’s not ETFs. We just showed you that graphically. What is happening is the currency system is dying, and once we get to the final bus, we will get to the final printing round. Once we get to the final printing round, it will be over. It’s Megamade. She’s gone from suck to blow. And the insanity can crescendo and end.

This is Ralph, the endgame investor. Don’t forget to check out the endgame investor on Substack. Go get a dirty man safe and bury some of your gold and silver so you have it with you in the event of the endgame. Use code endgame10 at checkout for 10% off to support this channel, and you can get your gold and silver with Miles Franklin. Link in the description below, and I’ll see you guys next week. [tr:trw].

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