It can’t be bargained with, it can’t be reasoned with, it doesn’t feel pity or remorse or fear, and it absolutely will not stop ever until you are dead. We did have a lot of sellers, that’s where the volume comes from, but we also had a lot of buyers who were not the short sellers because if the short sellers buy back their positions, those contracts get cancelled out and they get erased from open interest. That’s not what we saw. Hey guys, Raf here from The Endgame Investor and we had a huge sell-off in gold and silver yesterday.

It was scary, it was disconcerting. It brings me back to one of the original messages I’ve had on The Endgame Investor. You can check that out. The Endgame Investor on the Substack, link in the description below, and that is emotional balance. You got to keep your emotions in balance in this game, otherwise you can get tipped over, and that includes both negative and positive after a very large rally. Emotions tend to get too high, and then when they get too high and there’s a sell-off, they go very very low, very very quickly, and you lose your emotional balance, and some people can get thrown off, especially if they decide to take leveraged trades as the rally progresses.

That is very dangerous. I never advocate taking leveraged trades, at least big positions in leveraged trades, other than a few options positions with very small amounts of capital just to capture big moves, but not big enough to disturb you if there is a sell-off. And one thing I do want to make clear is that there are going to be sell-offs in gold and silver until the Fed starts printing one last time to bail out all the banks for the last time, and it will be the last time, but until then, the dollar is in a perpetual short squeeze where sudden demands for dollars in order to pay back debts can lead to serious sell-offs.

But this sell-off was very peculiar. It is unlike any other sell-off that I’ve seen in gold and silver, especially of this magnitude. We’re going to go into the slides as to why this was such a strange sell-off and what it means for the short and medium term. In the meantime, if you’ve been saying to yourself, I’m going to buy the dip or I will add to my stacks once there is a sell-off, well now is your chance. Check out Miles Franklin. Link in the description below and tell them the endgame investor sent you, and get what you need to get now because there won’t be many more sell-offs of this magnitude.

There might be one or two more once we have the final banking crisis, but if you want to stack and you were waiting for something like this, this is your chance. And you can also take your gold and silver and put it in a dirty man’s safe. Use code ENDGAME10 and check out for 10%. I’ll check out the link in the description below. And here we go with the slides. What happened yesterday? Why is it so strange? Here we go. The first strange thing that I saw from yesterday and two days ago and actually this whole past week is the borrow fee for SLV specifically.

This does not apply to PSLV. It doesn’t apply to the other gold or silver ETFs. This is just a SLV specific thing. SLV is the silver ETF with the biggest liquidity, with the largest liquidity. You see here that the borrow fee for SLV went above 19%, almost to 20%, which means there was a lot of demand to short this ETF. Some people apparently knew that there was going to be some kind of sell-off, whether they are silver market insiders or hedgers or banks playing unfair games. I don’t know who they were, but this doesn’t always pretend a sell-off.

But we saw here in February, in early February, the borrow fee went up to about 16%. That didn’t really lead to much sell-off in February 2025, though this one apparently did, so sometimes they can be wrong, sometimes they could be right. But this big borrow fee spike in SLV did predict that something might happen, and apparently it did. Open interest in gold. This is important, and we’re going to go back to this chart in a few slides just to emphasize something else about it that’s very interesting. And that is open interest, first of all, is going nowhere.

It’s not going up. It’s not going down. It’s about 476,000 contracts, because this is on a one-day lag, but you see here, a huge red candle down. That was the sell-off in gold yesterday. And still, open interest hasn’t gone anywhere, and it’s still pretty low, 476,000, which means that contracts did not close out. Shorts did not close their positions. Not at all. So they’re still holding on to their short positions, and why is that? We’ll go into, in a minute, 473,401. This is from the COMEX website. These are more up-to-date. They do not have a 24-hour lag.

So you can see here, the number says 2,537 contracts closed. However, it’s not that much. This is a misleading number, because the actual number is 1,006. How did I get to 1,006? I’ll tell you why. Well, I’ll tell you why. Because… Because there was 1,531 gold warrant deliveries yesterday in October gold. So that means that open interest closed out 1,531, because every time there’s a delivery, a contract closes. Every time something happens, an angel gets its wings or whatever the saying is. So if 1,531 contracts closed, but they didn’t really close, they got delivered, so how many contracts, how many shorts actually bought back their contracts rather than delivering? You have 2,537 minus 1,531, and that is 1,006.

On a day when gold is down, 6%, 7% or whatever it was, you only have 1,006 contracts closed. Plus, you have huge buying in the October 25 contract. You have a rise of 759 contracts here with 1,531 deliveries. So net buys would be 1,531 plus 759, and that is like 2,300 contracts, something close to that. A net buying of 2,300 over that contracts in spot gold, when gold is down 6%, 7%. Also, you have 395 contracts bought net in November, which it kind of goes to delivery in, I think, four or five business days.

So somebody was buying either spot gold or very close to spot gold yesterday. Yes, the futures, the December 2025 active futures fell about 4,000 contracts, which is not a big number to fall, but it did fall. But we can see here a more detailed depiction of what happened yesterday. So we have three things I have over here. High, not high, and very high. Are you high? What? No, I’m not high. You are high as a kite. I’m not high. Let’s go. What is not high? That is the current open interest of 476,000. We saw this in the previous slide, but this is a more zoom out.

So you can see back to 2020. We have here a price high and then a sell off over here. This should have led to a huge sell off in open interest, but it did not. Open interest barely moved just over 1,000 contracts, but we did have very high trading volumes. So what does it tell you that we had high trading volume, but contracts did not close out. So we did have a lot of sellers. That’s where the volume comes from. But we also had a lot of buyers who were not the short sellers because the short sellers buy back their positions.

Those contracts get canceled out and they get erased from open interest. That’s not what we saw. We saw people other than the short sellers buying the contracts that the longs were selling in the sell off. Now, why is it that the short sellers did not buy back their contracts on this six, 7% plunge in gold? I’ll show you from this chart that we saw earlier. This is the beginning of the major rally in 2025 from August after this four month consolidation. This was the bottom around here and the bottom on open interest of about 435,000 contracts.

I’m just eyeballing it, estimating. And this is when open interest really started to climb as the price climbed. But remember, they opened their contracts from between, let’s say 3,300 or so, or 3,350 to about the maximum open interest here is about 530,000. So in this area over here, where my cursor is or my arrow is, this is where they opened all of those contracts between 3,350 and it looks like about 36, 3,700 or so. We are way above that right now, which means all of these shorts, which opened up over here, you can see the rise in open interest from about mid August to late September of this year.

All of these contracts were open in this price range, which means they are all underwater despite this sell-off, which is why they did not buy back their contracts because they’re still underwater. Why couldn’t she be the other kind of mermaid with the fish part on top and the lady part on the bottom? So who was buying instead? Other speculators who are buying this dip, which means there’s a lot of dip buying in the New York Home X futures gold right now. The other thing I wanted to clarify about this chart is that this is March 2022.

Remember Nickelarm again, when the Nickel futures price started going crazy and there was a short squeeze because some Nickel mine had a whole bunch of shorts and then all of the London metal exchange started to tip over and they had to get bailed out. Well, that was concurrent with gold having about a 650,000 open interest level over here, which is very high. You can see this is the highest it’s been in the last five years. And that did correspond with a local high, with a major high in the gold price in March, March 7th, I think it was 2022 of about 2000, just under 2000, about 2000, whatever it was.

And then the gold price fell to about 1800 by the end of 2022. That was a severe, not a severe, that was a serious consolidation. And you saw open interest here fall from about 650,000 to here of about what is that 450,000 or a little bit less something around there. So let’s say about 200,000 contracts were covered and short sellers bought back their positions and those contracts were erased. We’re nowhere near those numbers now. So there’s still a lot of room in this rally. And as we said before, this volume is very high and it wasn’t the short sellers buying back their positions.

So it was other speculators taking their place and taking advantage of this price drop. We can see something else that is going on in gold and that is a lot of deliveries keep happening and they are every day that’s sustained over 1000 deliveries a day, over 1500 even. Some days 2000, some days as high as 4000. Yesterday was 2442 deliveries. We’re up to 57517 deliveries for October 2025. And that is so far the third highest month ever. And it looks on track to become the second highest month ever. There’s a chance that it could become the highest delivery month ever.

We’ll see that on this next chart over here. This is where we are 5.75 million tons of gold warrant worth delivered that has exceeded the May 2020 high of about 55,000. We’re now at 57,000 contracts. This is the all time over here a few months ago in early 2025. I think it was 7.6 million ounces or 76,000 contracts. So I think we’re going to break this over here. I’m not sure what month that is. It was this year. Looks like we’re going to break it and October isn’t even a front month. It’s not even an active delivery month.

But the next active delivery month is December. November is not active either. But for October, this is definitely a record for October and it’s an almost an all time record. Third highest delivery month. There’s huge deliveries going on in COMEX right now. What about GLD? Here’s another indication that there was a lot of dip buying also in ETF investors because normally when GLD falls and it fell, I think it was the fourth worst day for GLD. It was either the third or the fourth worst day for the GLD price. GLD gold ETF, the spider shares fourth worst day ever.

And on a day like that, you would expect that the ETF would lose gold tonnage or gold ounces, because that’s what happens in order to keep the GLD price in line with the gold price, the gold futures price. If the price goes down, there’s a big sell off. Usually they have to take ounces out of the fund in order to keep the share float aligned with the price. This time there was no change in GLD holdings at all. Zero million ounces or just zero ounces were moved from the fund yesterday, despite the humongous sell off.

So what does that tell me? It tells me that there was demand for the ETF yesterday as dip buyers came in and took positions saving GLD from having to shed gold ounces in order to keep it in line with the gold price, because once it sheds gold ounces, there are fewer GLD shares available. The shares supply gets constricted and it stays in line with the gold futures price. That’s the idea how these ETFs work. So what I’m saying is there was dip buying in gold futures. There was major dip buying in GLD ETF.

So I think I’m not saying that this sell off is done necessarily, but there were a lot of buyers that came to take advantage of this sell off and to get into gold investment vehicles and gold futures at a much lower price. The last chart that I’m going to show is it’s not just New York that is stockpiling gold that has a near record amount of gold supply. It’s also China. You can see here since 2024, the amount of physical gold in China, and you can either trust this chart or not trust it.

I’m just showing it to you. I don’t know what’s really to make of numbers and statistics in China. They could all be lies for all I know, but for what it’s worth, it says here that in 2025, the gold supply, physical gold warrant supply in China in Shanghai, I think this is at an all time high, 84.606 tons, which is 2.7 million ounces. That’s still about 10%, maybe a little bit more like 12% of what’s in New York. So this is still a pretty small stockpile of gold, but it is going up.

And so we’ll close this video out with another reminder. Keep your emotions balanced. Don’t get too positive. Don’t get too negative because that’s how they knock you off. If you get too positive, you get too greedy, you start investing in leveraged funds, and then you can get really schmiced and destroyed. That is not what we want. We want to keep stacking steadily and use leverage only very sparingly like a dessert or wasabi on a sushi. And one last reminder, gold and silver are going to have periodic sell-offs until the Fed engages in its final printing round.

That is coming in only at that time when gold and silver just go up day after day after day until the dollar is dead. If you enjoyed this video and you want other videos from me, specifically in the realm of spirituality and religion involving gold, silver, and government, and economics, then check out the Patreon at patreon.com slash endgameinvestor for as little as $3 a month, which I only charge just to keep the peanut gallery out and other trolls. I’m really not looking to make money teaching Torah, but I do it anyway for those who are interested.

And last week we talked about the difference between derivative paper money and gold as reflected in the first two verses of the Torah, which is in the beginning, God created heaven and earth, and earth was known, void, et cetera, et cetera. What does gold and silver and paper money have to do with those verses? Well, check out the Patreon and you’ll find out. [tr:trw].

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