I mean, I hope to see you again. At this point, I don't know if uh by the next time we talk, we'll already be in the final. >> You're watching Silver News Daily. Subscribe for more. >> The banking system is in its final moments, and almost nobody understands why. While the mainstream media talks about inflation and interest rates, a $3.2 trillion monster has been quietly breaking beneath the surface. It's called the repo market, the core of overnight bank lending. And right now, it's locking up just like it did before the CO crash. But this time, the consequences could be far more catastrophic. Banks are refusing to touch the Fed's repo operations, not because they don't need help, but because admitting they need help means admitting they're in trouble. And once that panic starts, it spreads fast. Rafie Farber has been sounding the alarm for weeks, warning that we're hours, maybe even minutes, from a full-scale financial gridlock. The gears of the banking system are seizing up. And when that happens, the Fed's only option will be the nuclear one. More money printing, more liquidity, more fuel on an already blazing fire. That's how hyperinflation starts. And in every case throughout history, whether Vimar Germany or Zimbabwe, there's been one constant survivor. Silver. Because when fiat dies, real money takes its place. And silver isn't just real. It's running out. This isn't a slow motion crisis. It's a ticking time bomb. And when it explodes, silver won't just rise. It will become the last lifeboat in a monetary storm. >> The uh the interest rate that is the basis of all other interest rates, that's the secured overnight financing rate, the rate at which banks charge each other to loan cash in exchange for treasuries overnight. That's uh it's heading higher and higher and high. is drifting higher even higher on some days than the Fed's upper limit on the Fed's fund on the Fed funds rate. The Fed funds rate is like a different thing. That's a it's a very minor market. It doesn't even matter anymore. It's like the the volume there is like hundred billion a day at most whereas the secured overnight financing market is like over $3 trillion. It's like the the largest volume has been 3.2 trillion. And uh there it keeps going up the volume which means more and more and more banks need money overnight for whatever reasons that it is. I mean it's probably a lot of their the bank's clients are engaged in some kind of basis trade on whatever treasuries and keeps getting bigger and bigger and uh if they can't provide the dollars then those trades have to close. But um basically the the Fed is in a is in a bind now because eventually this is going to lock up pretty soon. I thought it was going to lock up already because there's less than $3.2 trillion in bank reserves out there. But apparently [gasps] uh you can go above that. I don't know how much further you can go above it but we at this point last time we already had locked up in 2019 and then from there came uh the expansion of the balance sheet and then from there few months later was the co printing round and now you could see that as separate phenomenon or coincidence that they had an excuse to print like four or five trillion just a few months after the the the plumbing locked up or you could take a more conspiratorial angle and say it was planned or they just had an excuse and they and they went with it. Whatever it is, I mean, they needed to print the money and and re ever since then from from then. >> This isn't the first time we've seen the repo market flash these kinds of warning signs. In fact, the last time it happened was September 2019, just months before the CO meltdown. Back then, overnight interest rates suddenly spiked as banks stopped trusting each other. The Fed had to inject billions just to keep the system from seizing up. At the time, few understood the significance. But looking back, that was the first domino. What followed was one of the most aggressive money printing campaigns in history, and gold and silver took off as fiat credibility began to erode. Now in 2025, the exact same conditions are emerging. But this time, it's on a far bigger scale. Instead of $75 billion, the repo facility has ballooned to over $3.2 trillion. And rather than stepping in to soak up liquidity, banks are stepping back. The same lockup is unfolding. The same liquidity stress, the same distrust. Only this time, the financial system is more fragile. Leverage is higher, debt levels are worse, and confidence in central banks is hanging by a thread. What we're seeing now isn't a surprise to anyone who understands how credit markets behave before a crisis. This is the repeat pattern. Cracks form in the repo market. Liquidity vanishes and the Fed panics. But the next phase won't be like 2020. There won't be another soft landing. The interventions needed now are so large, so destructive that the dollar itself could be caught in the blast radius. And when that moment hits, the world won't be reaching for bonds or bank stocks. It'll be reaching for real assets and at the top of that list, silver. >> Once you start an inflationary system, the only way out of it is more inflation. And you and at some point, you have two choices. You either keep inflating until the currency dies, or you stop inflating and let the banking system die. But you can't have both in in a fiat system. It it eventually falls over. So, we're coming to the point where we're going to have to make a choice. And as you get closer to that end point, you you have a you have every time you have more of a violent choice. Either it's extreme deflation and a whole domino that goes back to 1971 or it's extreme hyperinflation and we're back to 1971 anyway. So, uh it just depends which path you want to take. Now, the I think the obvious path is hyperinflation, but people have this idea that well, it's the dollar and it's the whole planet and they know what they're doing and they'll figure out a way without hyperinflating or without hyperflating. There's got to be some kind of middle path where they can figure it out that we haven't figured out how to break the laws of economics. We haven't figured out how to break the laws of finance. We haven't even figured out how to break the laws of gravity or anything else. We can we can make it seem like we broke the laws of gravity by, you know, going in a plane and then diving really fast. So it looks like we're floating in the plane, but really that's just diving. It's not breaking the law of gravity. So you can look like you have control of a fiat system for a while, but it's really just going like crazy in a plane and making it look like there's no gravity, but there's gravity. It comes back. It's it's always there. So uh we're not we're not going to break the laws of nature this time. It's not happening. and the things are going to go back to the way they were before 1971, one way or the other. >> So, why aren't the banks stepping in? Why is the Fed's repo fire hose being ignored even as liquidity vanishes? The answer is chilling. Because any institution seen tapping emergency funding right now risks being labeled as weak, vulnerable, or worse, insolvent. In a system built entirely on confidence, perception is everything. And once one domino falls, the rest follow fast. That's exactly what happened to Credit Swiss. That's how Silicon Valley Bank collapsed. And that's why major institutions today are silently suffocating rather than admitting they need oxygen. Behind closed doors, liquidity is vanishing. Interbank trust is collapsing. But no one wants to be first to blink. If a major player draws from the Fed's repo facility, it could trigger a bank run within hours. So instead, they stay silent. They hoard reserves. They tighten credit. And in doing so, they starve the system of the very liquidity it needs to survive. The plumbing is freezing over and no one wants to call a plumber. This creates a dangerous paradox. The Fed has built the largest emergency facility in history. $3.2 trillion ready to deploy, but the banks won't use it. The optics are just too risky. In the world of high finance, survival isn't just about balance sheets. It's about image. And right now, no one wants to look weak. But make no mistake, behind the facade of calm, the system is bleeding. And as that pressure builds with nowhere to go, the eventual rupture becomes not just likely, but inevitable. When that break comes, silver will be ready. Because once the world realizes the money is broken, it will run fast toward the only assets it can trust. Just before we get going, we just launched the official Silver News Daily Telegram. To kick things off, we're running a 10oz silver giveaway. Yes, real physical silver, not a voucher, not digital credits, actual bullion. This Telegram will be our new home for real-time silver discussions, market insights, collection picks, and everything precious metals. It's where the community truly comes alive. Here's how to enter the 10oz silver giveaway. Be subscribed to Silver News Daily on YouTube. Turn on the notification bell. Comment 10 giveaway on three separate videos. be an active member of the Telegram group and say hi. Once we hit 500 active Telegram members, we'll pick one lucky winner to receive 10 ounces of silver shipped directly to you. So, get in early, stay active. Until around now, there were no more uh repos provided by the Fed. You mean repos provided by the Fed is when banks don't have enough cash to lend to each other. So, the the Fed has to step in and say, you know what, we'll provide their missing cash. So that was the case from about uh maybe like 2014 to 2019 like after QE3 ended and they started um they started shrinking their balance sheet for the first time. So there were repos in those years until 2019 and they they they stopped then they started again after the apocalypse and they and then they they stopped during the co printing until now. So now the Fed is providing repos. Again, not that much. And I just read an article on Bloomberg that uh there was an emergency meeting or a sideline meeting between John Williams, head of the New York Fed, and a whole bunch of representatives from different banks as to why they weren't utilizing the repo facility more that because what they're doing is they're they're banks are borrowing at higher rates from other banks than the Fed is offering on repo. And then John Williams is like, "Why are you doing that? Why are you paying more? You could just come to me and I'll give you the I'll give you the cash." And they're like, basically, well, it looks bad if we do that and we don't want to come to daddy, you know, for for money because then it makes us look really weak and then other banks charge us higher interest rates cuz they don't trust us. So, the only way they can make the repo facility more attractive is by forcing everyone to use it so everyone's on an equal playing field. I think they'll probably try to do that. But anyway, the fact that that there are repos going on now, even if they're small, and means that they're out of cash. There's no more cash. So, something something is going to buckle. Whether it's somebody leveraged in the Bitcoin market, somebody leveraged in Nvidia, uh since the cash isn't flowing anymore, something is going to cause a margin call somewhere else, and everything's going to start falling over very fast. Remember, Silicon Valley Bank was fine one day and the next day it was gone. So, the same thing is going to happen this time. It's going to be some other catalyst, some other bank, some other institution, but it's going to happen for >> the repo market is often called the plumbing of the financial system. And right now, that plumbing is on the verge of total failure. Most people have no idea how crucial this market is. Every night, banks lend each other trillions in short-term cash secured by Treasury bonds and other highquality collateral to keep the system flowing. But when that trust disappears, the flow stops. It's like trying to flush a toilet when the pipes are frozen. The pressure builds, the system strains, and eventually something bursts. That's exactly what we're seeing now. The overnight lending mechanism is breaking down. Repo rates are spiking. Institutions are refusing to accept even pristine collateral. It's not just about liquidity. It's about survival. Because in a locked up repo market, even solvent banks can fail. They can't access overnight funding. They can't roll debt. they can't function. The $3.2 trillion in facility size isn't a sign of strength. It's a sign of panic, a silent admission that the system cannot self-regulate anymore. And the terrifying part, the Fed can't force banks to borrow. It can only stand by watching the pressure grow. The longer this continues, the more likely we see forced selling of bonds, stocks, even mortgages as institutions scramble for cash. That selling pressure ignites broader market panic. margin calls, volatility spikes, and suddenly we're not just talking about frozen pipes. We're talking about a full-scale financial flood. This is how crises begin. Quietly, invisibly, in the background until something breaks and the flood waters sweep through the economy. But while paper assets drown, hard assets float. And that's why silver, real physical silver, is being quietly scooped up behind the scenes. Because when the plumbing breaks, you don't want promises. you want metal. >> So, Japan, Japan is as perfect of an example as we can get uh for when Keynesianism breaks down, when there's an inflection point and it no longer works, right? The whole Keynesian system is dependent on higher interest rates means you strengthen the currency means you slow down inflation. like the like the way Walter Block I remember puts it he's he says uh professor Walter Block of Loyola universities and the Mises Institute or he was uh he says that Keynesians believe the the economy is like a car right you hit the brakes by raising interest rates and you hit the gas by lowering interest rates so that works as long as the own the the the main owner of your bonds of your government's bonds is not the central bank itself. So if if let's say you're the main holders of the government's debt or private companies or just anyone but but the central bank. So if you raise interest rates that would strengthen the currency all other things being equal because higher interest rates means higher savings rates. So that encourages people to save and spend less. If you encourages to spend less that means prices will go down because the demand for holding money itself as opposed to spending money and getting rid of it for other things goes up. So in that situation uh you're strengthening your currency, you're raising interest rates, you're hitting the brake on the car. But in a situation like like Japan, it's the up it's the inverse. Why is it the inverse? Because the biggest owner of Japanese government bonds is the central bank itself. So therefore, when you raise interest rates, what happens to the central bank? Its balance sheet loses value because when you raise interest rates, you're you're pushing down the value of the bonds and therefore your your central bank goes into losses. But the but the the currency is the liability unit of the central bank itself. So at that point where Japan is right now the higher interest rates go the lower the yen goes. Uh you can see this on a chart going back like five or six years from the point where the inflection point started. The the yen has been r the the yen has been falling as interest rates as Japanese interest rates have risen. Not perfectly. It's not perfectly correlated because you still have people and traders that are human that still believe in the Keynesian principle, but but nature overwhelms it. So what I'm saying is Japan can raise interest rates and therefore hurt its currency because the biggest owner of of the bond market is the issuer of the currency itself. Or it can push interest rates down and hurt its currency even worse. There's no way up for it. It's it's it's over. It's done for Japan. It's just a matter of time now. And this Takai woman uh doesn't seem to doesn't seem to get it because she's really into aomics where the balance sheet of Japan started to just go vertical and she wants to do that and and you know spend even more money that Japan doesn't have. I think it's you her budget supposed to be released on Friday which is tomorrow. Um they it might have already been released as you're watching this and who knows what's going to happen to the end then. Everybody's worried that uh that Japan is gonna fall over. And let's not forget that they're not reproducing just like Korea, just like most of the Asian countries. The they're getting older and older and and that is the death of a civilization. Uh the samurai would be weeping in their graves. And I feel bad for them. >> Now, here's where the real danger begins. When the repo system collapses, the Fed's only escape hatch is the printing press. It's the same playbook they used in 2008 and again in 2020. massive liquidity injections to prop up a failing system. But this time, they're walking a razor's edge. Because with inflation already roaring, another wave of money printing won't stabilize the economy. It'll torch it. We're not talking about a few basis points of extra inflation. We're talking about a full-blown currency crisis. The death spiral of fiat. Think about it. If confidence in the overnight lending market vanishes and the Fed responds by flooding the zone with trillions in fresh cash, what happens next? The value of that cash plummets, prices surge, currencies devalue, and the global economy begins to fracture under the weight of its own paper promises. This isn't just theoretical. We've seen it time and time again. Argentina, Venezuela, Zimbabwe, even the VHimar Republic. The common thread in every case was central banks printing to plug financial holes until the currency itself collapsed. And that's the trap the Fed is now walking into. If they do nothing, banks freeze and markets crash. If they intervene, they risk igniting the very hyperinflation they claim to fear. Either path leads to the same destination, a loss of trust in fiat. And once that trust is gone, it doesn't come back. People won't care about interest rates or CPI reports. They'll care about what holds value, what buys food, what preserves wealth. And that's when silver steps out of the shadows. Because silver isn't just another asset. It's the antidote to paper rot, the shield against inflation, the monetary lifeboat that doesn't sink when the dollar goes down. And right now, that lifeboat is being quietly boarded by those who see the storm coming. >> The mainstream will follow whatever is hot. If Bitcoin's hot, they'll follow Bitcoin. If gold's hot, they'll follow gold. So there's nothing there's no there's there's nothing new there. Uh to me, the I mean what's happening now is that that gold it's not that gold is consolidating. It's that the dollar is taking a rest because now we're at a breaking point where you know we're at either a a deflationary moment or a or a further inflationary moment. We have to pick the the course. So, it as long as the Fed hasn't picked yet, because it's it's barely hanging on with the with the short-term interest rates and it's barely hanging on with this and it's trying to give repos to try to stabilize everything. So, as long as as we're at the fork and we haven't taken a path, things are going to be volatile up and down. Gold has gone up $100 one day, down $100 the next day. Is it up today or is it down today? I don't even remember. But I I think uh I think it's steady today and gold stocks are diving because other stocks are diving because Nvidia was a buy the rumor sell the fact thing and Bitcoin's diving and that's probably causing margin calls in other places because people take out debt to buy Bitcoin. Who knows how much debt is is uh is stacked into Bitcoin. Nobody knows. So I think we're going to continue to be volatile until the Fed picks a direction. And I know which direction they're going to pick. So it's just a question of waiting it out. And as for the dollar price, I'm not even going to say what it's it doesn't even matter. The the the question isn't what the dollar price of gold is going to be. It the question is at what dollar price doesn't it where are we going to be when when nobody with dollars will give any uh will be able to buy any gold because nobody with gold will want any dollars. So what's that dollar number where everybody with gold just says stop? I'm not taking any dollars. is I'm just going to uh uh because I'm just going to use this stuff directly and then gold becomes money again directly. What what number is that? I mean I would guess maybe somewhere around 80,000 60,000 80,000. I mean it depends how much money the Fed prints. If the Fed stops printing it'll it'll stop at 100% now which is about 30,000 but I know they're going to print more. So it could stop at 60,000 and then you know it it doesn't even make a difference because the purchasing power is the same anyway no matter what dollar number we end up at the end. Every fiat collapsed in history shares one chilling characteristic. When trust dies people flee to real money. And in almost every case that means silver not ETFs not futures contracts. physical metal, tangible, unprintable, and historically proven to preserve wealth when everything else fails. Gold might be the headline, but silver is the people's money. More affordable, more versatile, and when panic sets in, more explosive. We're already seeing the early signs. Physical premiums are rising, delivery times are stretching, dealers are reporting record demand from retail investors and family offices alike. And yet the mainstream financial world still treats silver like a sideshow, just another industrial metal. But in reality, silver plays two roles. It's a key industrial component and a monetary hedge. And when financial chaos erupts, that second role takes over with devastating speed. During the last major crisis in 2011, silver skyrocketed nearly 500% from its low. And that was during a period when inflation was still considered contained. and the dollar hadn't lost global confidence. Imagine what happens when the system itself is questioned. When fiat is in freef fall, when headlines read like economic obituaries. That's when silver transforms from a lagging commodity to the world's most coveted monetary asset. And what's most important here is timing. When the panic begins, you won't have time to react. Dealers will run out. Premiums will explode. Paper silver will diverge from physical prices. and the window to get ahead will slam shut. Because in a system where everything is built on credit and that credit breaks, silver doesn't just survive. It leads. It becomes not just a hedge but a necessity. A form of insurance that can't be inflated away, bailed in or frozen by a bank. Anything could cause everything to fall over because everything is intertwined and everything is reliant on the debt of everything else. So I mean Japan happens to be like a big fulcrum point, a big a big uh point where people talk about the Japanese carry trade. You look it up like how big is a Japanese carry trade and people say like oh it's anywhere between 1 trillion and 20 trillion. We have no idea depending on what you count. So like nobody knows here. We're talking about like a a a huge like you know like a galaxy collapsing in on itself of fiat money everywhere. I mean the we're in one singular fiat system and nothing there's no escape from it except for gold and silver because the dollar is the base of every fiat currency including the yen. The the big the biggest asset besides Japanese government bonds for the bank of Japan is dollars. That's why the dollar is the reserve currency. That doesn't that's not just like a keyword. It means is the reserve currency. Every other central bank has dollars as a reserve for their own currency, which means we're all in the same system here. There's no when a when the dollar falls, everything goes with it. And we don't know exactly what is the the the Jenga block that has to be taken away to have everything fall over. But Japan could be it, but it could be something even stupider. It could be something that nobody even knows exists. It could be Bitcoin. I don't know. >> But it's not just fear driving silver. It's usage. Real, unstoppable industrial usage that keeps climbing no matter what the Fed does. Silver isn't like gold locked in vaults. It's consumed, embedded, and destroyed in products that are now essential to modern life. Every solar panel, every electric vehicle, every AI data center, they all need silver. And not just in trace amounts. We're talking hundreds of millions of ounces per year vanishing from circulation and never coming back. In 2025 alone, solar panel manufacturing is set to consume nearly 285 million ounces of silver. That's up over 20% from last year. And that's just one industry. EVS, they're packing in more silver per unit as they shift to faster charging and smarter electronics. AI infrastructure, it's fueling an explosion in transformer and grid upgrades that are loaded with silver components. This is demand that doesn't slow down when the economy stumbles. It accelerates because governments are locking in green mandates. Corporations are competing for clean tech dominance and none of it works without silver. This creates a brutal squeeze. Investors are buying silver as a safe haven. Industries are consuming it faster than it can be mined. And above it all, the monetary system is cracking, driving even more demand from those fleeing fiat. It's a perfect storm. One that leaves less and less physical silver available for those who realize too late that they need it. And the best part for those who already hold silver, the industrial demand story gives cover. It means governments can't restrict silver ownership the way they once did with gold. They need it too much, which makes silver not only a strategic asset, but a protected one. One that's moving from undervalued to irreplaceable. And when demand outpaces supply like this, the result isn't linear. It's explosive. >> It's all based on the imagination that the that the government can pay its debt. Uh which it can't it can do in in worthless dollars, that's that's possible. But then by the time you're paying back debt and worthless dollars, nobody cares if you're paying back debt because it doesn't mean anything. So that that's that's where that's where we're headed. Um, but it it this is uh what Keith Weiner talks about this a lot and I had a I had an episode with him on my channel a few days ago. It's not like at the end of this people suddenly come to a realization like oh yes well now we understand that gold is money so therefore we will dump our dollars and go for gold. It people are stuck in the dollar system because they have to be. That's why I still have to earn dollars because I have all these bills to pay and they're denominated in dollars. But the the moment that the value of the dollar loses value, the the value of the dollar goes down so fast that all of my bills keep going up nominally so quickly that nobody like nobody cares about paying them anymore and then everything just stops. Well, then I just stop paying my debts and then the company stops providing its service and then everything just stops and then you have to use something else. So what are people going to use? The either nothing or money. So, it's gonna in in in the immediate aftermath, it's going to have to be gold and silver coins. Like, there's going to have to be in the very immediate aftermath of whatever this is going to be, you're gonna there's going to have to be collector people that are knocking on my door and saying, "Give me the silver coins or we'll shut off your electricity." Uh, and initially, it's only going to be the people that have silver coins that will even have the ability to have electricity cuz no one else will be able to pay anything. So that shouldn't last too long because it shouldn't take too long for golden silver to start circulating, right? And in order for you the the coins are like the electrons in the in the uh in the power plant in the system that's moving negative charges where the electricity is going through the wires. If you have no liquidity moving through the system, everything stops until you find something that's liquid enough to move through the system. Uh derivatives don't work. So then you use the money itself and that I think that'll be like a few months until we get something going again and uh then we can start this whole. >> But if demand is going vertical, why isn't supply catching up? The answer is as simple as it is alarming. Silver mine supply is tapped out. After years of underinvestment, shutdowns, and delays, global production has flatlined. In 2025, total mine output is expected to reach just 830 million ounces, a number that barely budges year-over-year. And here's the kicker. That's not enough. Not by a long shot. With industrial demand alone eating through over 700 million ounces annually, the market is locked in a structural deficit. Every year, more silver is used than produced. And that gap isn't closing, it's growing. Unlike other commodities, silver doesn't have a wave of new projects on the horizon. There are no mega mines being fasttracked. Most silver comes as a byproduct of lead, zinc, and copper mining. And those operations aren't ramping up. They're cutting back. Base metal prices are volatile. Environmental regulations are tightening. And in key silver producing countries like Mexico and Peru, political risks and ESG mandates are choking supply even further. The result, we're now 5 years deep into consecutive physical deficits with over a billion ounces in cumulative shortfall. And with demand continuing to soar, that hole just keeps getting deeper. The world is chewing through its silver reserves at an unsustainable pace. And the mining industry has no way to respond in time. Even if a new primary silver mine were approved tomorrow, it could take 5 to 7 years before it delivers a single ounce. This isn't a temporary squeeze. It's a systemic constraint. And when you layer that onto a collapsing fiat system and an explosion in investment demand, you don't just get higher prices. You get a supply panic. You get shortages. You get a silver market where out of stock becomes the norm. And the scramble for ounces sends prices into uncharted territory. There's not going to be a currency system. Currency is a derivative. There's there will be a currency system again, right? I don't know exactly how it's going to form, but in the immediate aftermath, you're not going to have to you're not going to have currency. You're going to have money. Like if we just take this down of several le levels, right? If you have a credit card and you don't pay your bill, then the credit card stops giving you money and you can't use your credit card anymore. You can only live within your means. You cannot borrow anymore. It will not let you. Your credit card will not work. Even if it has a whole bunch of dollars on it, if the dollars, which are credit, are worthless, then it doesn't matter. So, initially, there won't be currency and it won't be barter. I mean, there's no there's no qualitative difference between barter and money. The only difference is that money is a more liquid commodity. Barter is trading one good for another good. Well, so is money because gold is a good and you're tra or silver is a good and you're trading it for other goods. That's that's that's barter. I mean, one's barter, the other is barter. The only the only difference is that one is a more liquid commodity. You can use it and you can divide it and you can trade it, you know, around to different people, but it's it's it's barter. So, I anticipate barter with gold and silver, which is just money. no credit, just money. And then eventually when when enough people accumulate enough money, they might be able to get together and say, "Hey, let's make a credit union, right?" And you start over and hopefully it become it's decentralized this time. And then uh the credit unions compete based on the value of their credit and then you have a free market of credit, which is what banks should be. >> And that's where this game breaks wide open, the divide between paper and physical silver. Because while comx contracts and ETFs trade on screens, the real market lives in vaults and shipping crates. And lately, those crates are getting harder to find. Bullion dealers are raising premiums. Delivery times are stretching into weeks. Vault inventories are being drained, and beneath the surface, the illusion of abundance is cracking. Right now, the paper price of silver is still being dictated by futures contracts, derivatives that can be created out of thin air. But physical silver, that's a different story. We're seeing a growing decoupling between the two. It's becoming clear that the price you see on screen is not the price you pay when you want actual metal in your hand. And as more investors demand delivery, refusing to play the paper game, the pressure on the physical market intensifies. This divergence is not just a technical glitch. It's the signal of a much larger breakdown. One where confidence in the entire silver pricing mechanism begins to erode. If comx can't deliver, if ETFs start halting redemptions, if major dealers run out of stock, what happens to the official price? It collapses into irrelevance and the only price that matters becomes the one set by real buyers and sellers of physical ounces. We're already seeing hints of this in the premiums charged over spot. Retail buyers are paying 20%, sometimes 30% more than the listed price just to get product. That's not a healthy market. That's a market under strain. a market where the disconnect between reality and perception is growing by the day and eventually that disconnect becomes too large to ignore. When that happens, the paper price will be forced to catch up and the result could be one of the most violent repricings the silver market has ever seen. >> Yeah, I don't I don't think that central mega accumulation of gold is relevant. I'm not saying it has no effect. it affects the gold price uh because it's it's another buyer. But I don't think that central banks will be able to save any of their currencies by accumulating gold. And the the example I just keep going back to is Turkey. Turkey is the has been the biggest buyer of gold. So the Turkish central bank has been they're up and down, but like lately I think over the past two quarters, they've accumulated a lot of gold if you look at their gold reserves. Um but their currency is still on a hyperinflationary uh path that it keeps going the value of it keeps going down and down and down at at a certain point when you see this in in countries that have already reached hyperinflation. I think we talked about this before that that why does hyperinflation take so long? You know, it's because like imagine you're in a car and you have the the gas floored and the brake floored at the same time, right? So if we're in a dollar system, then the the dollar it's the fact that that you can still use dollars and the and the central bank can can uh peg at an artificial price to to the dollar and cause shortages in its country by doing that. So people end up in bread lines. So you can put you can put a break on your currency by having by using dollars instead. And then and then you what you see is like a diagonal in the the value of the currency as it wants to go up. It wants to go down versus the dollar but it but the central bank keep pushing it down like artificially and causing shortages. So that's where Turkey is. If you look at the the currency the the the Turkish lera right it's on a diagonal. It keeps going up going up meaning going down uh against the dollar every day at this on the same curve. It's been doing this for like four or five years. And you'll see the same thing in Argentina except when MLE was elected like it devalued a little, you know, suddenly and then went back on that same diagonal, the same break. So what my point is at the end of all this is that central banks can accumulate as much gold as they want, nobody trusts them anymore. So I if if you're not going to openly say I have this much gold, central bank X says I have a thousand tons of gold now. Everyone with my liability units can get this much gold if they want. here's the window. Come at, you know, 5:00 and we'll give you gold for whatever uh currency units you have. No central bank is going to do that. The only reason they buy gold is to sell it to save their currencies. And so it won't save any of their currencies. So whatever they're doing with gold doesn't matter. It's not going to save anything. >> And when that repricing begins, there's one more catalyst that could send silver into absolute overdrive. The short squeeze. For years, big banks and institutional players have maintained massive short positions in the silver market. They've used paper contracts to suppress price, to manage volatility, and to maintain control over a metal that threatens the entire fiat system if it breaks free. But here's the thing. Control only works when confidence is intact. And right now, confidence is unraveling. These institutions are sitting on a ticking time bomb. As physical demand surges and available supply shrinks, their ability to cover those shorts becomes nearly impossible. Every dollar silver rises adds pressure. Every ounce delivered tightens the noose. And at a certain point, the math doesn't work. They'll have no choice but to buy back those positions at any price. That's when the short squeeze ignites. We've seen glimpses before. In 1980, the Hunt brothers triggered a similar event, driving silver to nearly $50. In 2011, momentum traders pushed it there again. But this time, it's different. This isn't about speculation. It's about systemic failure. It's about banks being cornered by the very system they tried to control. And when that squeeze begins, it won't be a gradual climb. It'll be vertical, a cascade of forced buying that sends silver erupting past resistance levels, past all-time highs, into territory no one thought possible. And while the financial elite scramble to cover, everyday holders of physical silver will already be positioned. Watching as the very system that once mocked their decision now validates it in the most dramatic way possible. Because in a market where paper promises are breaking, those who hold the metal will hold the power. >> Um, endgame investor is about understanding first and foremost. It's not about accumulating dollars. It's not about making money. though I do ac we have had a great year but I mean you've seen what's happened this year. It's it's hard not to have a great year when you're when you have when you own gold stocks and and bullion. So it's it's more about understanding and staying calm in a sea of insanity, right? You hear all this stuff and a lot of it is fake and a lot of it is hysteria and uh people call me hysterical, but I'm actually I'm actually pretty calm. I'm just trying to be trying to be realistic and I'm I'm not blackpilled. Uh, I think I'm pretty white pilled. I mean, I'm excited for this. I I might, you know, I might be might be wishful thinking, but I have to have that mentality or I'm not going to make it through this mentally. I can't afford to be black build because then what am I doing? Um, so it's it's it's about it's about understanding and staying calm and the way that I describe how things are working. I try to make it funny and I try to make it ironic. Um but at the same time positive like you know oh the world's ending but uh the sky is nice today you know that kind of thing. [laughter] So and I try to I try to put a spiritual angle on things to make uh to to calm my own emotions down. And if that helps yours then join us and uh see what I have to say. >> Any last thoughts before we let you go Rafie? >> Yeah. Um last thoughts. I mean I hope to see you again. I don't know at this point I don't know if uh by the next time we talk we'll already be in the final crunch. I haven't said that to you before, but I'm kind of getting a feeling now. I'm getting I'm getting this feeling that we're we're we're really close. So maybe it might be AI just creeping up and uh and and people just thinking less and less and less and the the the frequency of actual independent human thought getting farther out and farther out and less less frequent. So as I see I don't think the human spirit's going to die, but I don't think that we can survive in a world of AI. So I think this all has to end pretty soon before we lose our minds. Uh, and I hope it does soon. And, uh, we'll see if the next time that I'm with you, uh, we have a connection, an internet connection, and if, uh, if we're already in the crunch or if we're already in the hyperinflationary event, we'll see. I I think it's I think there's a >> everything we've discussed, the broken repo market, the fiat death spiral, the industrial squeeze, and the looming short covering cascade, it all leads to one final outcome. Silver breaking free. Not just rising in price, but exploding into a new paradigm. When faith in paper dies, when the plumbing of finance collapses, when currency itself becomes the problem, silver becomes the solution. And that moment is no longer years away. It's here. It's out. We're watching the monetary system unravel in real time. And while most investors are still asleep, the smart money is already moving. They're not buying stocks. They're not holding bonds. They're securing physical silver while they still can because when the panic starts, supply will vanish. The premiums will soar, the gates will close, and silver won't just be an investment. It'll be survival. So, if you've been waiting for a signal, this is it. The final crunch is underway. The monetary reset has begun. And silver is stepping into the role it's played for thousands of years. The last honest money. If you want to protect yourself, if you want to prepare, now is the time. And don't forget to subscribe if you want to stay ahead of what's coming. We break down the chaos, the opportunities, and the truth the mainstream won't touch. But remember, this is not financial advice. Always do your own research and consult a licensed professional before making any investment decisions.