June 2026 Silver's Golden Age! Rafi Farber Get Ready for Silver's Historic Moves

Ajouté : 2026-05-19

[00:00:00]Welcome back to Goldrush Reporter. I'm your silver and gold analyst, and today we are covering one of the most important and most misunderstood stories in the financial world right now.

[00:00:10]Everyone is talking about oil prices.

[00:00:12]Everyone is worried about energy supplies. Everyone is pointing fingers at the Middle East. But here's what I want to tell you right at the start.

[00:00:19]This is not an oil crisis. This is a dollar crisis. And by the end of this video, you are going to see exactly why I say that. Because the charts tell a story that most people in mainstream media are completely ignoring. So if you're serious about understanding where gold, silver, and the broader financial system are heading, you need to watch this entire video. And if you haven't subscribed yet, please do that right now. Hit the subscribe button and turn on notifications so you never miss an analysis like this one. Today we are going to cover three big things. First, we are going to look at oil, not in dollar terms, but in gold terms. And when you see oil priced in real money, everything changes. The picture becomes crystal clear. Second, we are going to look at gold stocks, and I'm going to show you something surprising. Gold stocks are actually higher today than they were on January 29th, which was the peak of gold's recent run. That's a very important signal for where the bull market stands right now.

[00:01:15]And third, we are going to talk about silver. Specifically, we are going to look at open interest and trading volume in silver futures. And the numbers are at levels we haven't seen since 2007 and 2008. That means one thing above everything else. Silver is sitting on a powder keg right now, and any increase in demand could send prices moving very fast. Before we get into the slides, I want to mention that you can purchase your gold and silver at Miles Franklin.

[00:01:42]The link is in the description below.

[00:01:44]And if you want a safe place to store your physical gold on your own property, check out Dirt Man Safe. Use the code endgame10 at checkout for 10% off. That link is also in the description below.

[00:01:55]Now let's get into it. Let me start with oil. What is the price of oil right now?

[00:02:00]In dollar terms, it looks like it has moved around quite a bit, but that's because you're measuring it in dollars, and the dollar itself is constantly losing value. The real question is, what does oil cost in actual money? What does it cost in gold? And when you look at that chart, the answer is shocking. Oil is incredibly cheap right now. Since 2022, the price of oil in gold terms has dropped significantly from about 0.0625 oz of gold per barrel, all the way down to around 0.0125 oz per barrel. It then bounced back to roughly 0.02 oz per barrel, which is where we are today.

[00:02:36]And I want to be very clear about something. 0.02 oz of gold per barrel of oil is not expensive. It is historically cheap. The only time oil has been cheaper in gold terms was during the COVID lockdowns in April 2020, when oil briefly touched negative $35 a barrel.

[00:02:53]That was a once-in-a-lifetime event driven by a complete collapse in demand.

[00:02:57]And even then, in gold terms, that was just barely cheaper than where we are right now. Drop a comment below right now. Did you know that oil is this cheap when you measure it in gold? I want to know if this is new information for you, or if you've been tracking this. Now, let's zoom out even further. Because this is where it gets really interesting. When we look at the very long-term chart of oil priced in gold, going all the way back to the 19th century, the picture becomes even more dramatic. Right now, we are sitting at roughly 0.02 oz per barrel. There are only two periods in all of recorded history where oil was cheaper than this in gold terms. The first was during the Great Depression in 1933, when the global economy had completely collapsed and poverty was widespread. The second was a roughly 15-year period in the late 1800s, specifically around 1885 to 1900, during what were known as the Standard Oil years, when John D. 500th Rockefeller was drilling oil everywhere, monopolizing the market, and driving prices to historic lows, people complained about wealth concentration back then, but the reality was that the economy was booming and oil was simply dirt cheap. Outside of those two very specific historical windows, oil has basically never been this cheap in gold terms, ever.

[00:04:11]So, what does this tell us? It tells us that the problem is not oil supply. The problem is the dollar. Ultra-cheap oil is actually a requirement for a highly inflated dollar to keep functioning in the real economy. Here's why. When oil prices rise significantly in dollar terms, it exposes the inflation that has been built into the system. It forces people to spend more dollars on energy, which accelerates the velocity of money, which pushes inflation even higher, which weakens the dollar further. It becomes a feedback loop that the system cannot handle. Right now, we are teetering at that edge. The inflated dollar needs cheap oil to survive, and the geopolitical situation around the Strait of Hormuz is threatening exactly that. Let me read you something important from a recent Goldman Sachs research report, because this connects directly to what we're talking about.

[00:04:59]Europe's commercial aviation fuel stockpiles are expected to fall below a critical 23-day shortage level set by the International Energy Agency sometime in June. The UK is identified as the most vulnerable country, given its high level of net fuel imports. Now, the 23-day threshold does not mean Europe runs out of fuel in 23 days. It only means that if there are no new replenishments at all. But, here's the reality. The ongoing disruption around the Strait of Hormuz means that global petroleum supplies are getting tighter every single day. If the situation continues, Europe could fall below an even more severe 20-day limit by July, and potentially reach a 15-day level by August. The chief economist at Rystad Energy has stated that the more severe effects on European airlines and their passengers may not hit until July or August, as European refineries have started producing larger percentages of jet fuel, even though Europe only gets about 6 to 7% of its fuel directly through the Strait of Hormuz. The ripple effects on jet fuel supplies across the continent are very real. And here's why this matters for gold and silver investors. If energy prices rise sharply in Europe, central banks there, especially the Bank of England, will be under pressure to keep interest rates higher for longer. Higher interest rates in an already fragile banking environment creates serious instability.

[00:06:16]This is the chain reaction we need to watch. Rising energy costs, higher rates, banking stress, and at the end of that chain, a crisis of confidence in the currency itself.

[00:06:26]That is where gold and silver become absolutely critical. Tell me in the comments, are you watching European energy markets? Because I think this is being dramatically underreported right now.

[00:06:37]Now, let's talk about gold stocks.

[00:06:39]And I want to share something with you that I think will genuinely surprise a lot of people watching this video.

[00:06:44]Despite the fact that gold has pulled back from its recent highs, gold stocks are actually performing better today than they were on January 29th, which was the day gold hit its most recent peak in dollar terms. Let me explain how we measure this, because it's important to understand. We look at the ratio of gold to a gold stock index, in this case HUI, which tracks major gold mining companies.

[00:07:06]When this ratio is lower, it means gold stocks are more expensive in gold terms, meaning they are outperforming gold itself.

[00:07:13]When this ratio is higher, gold stocks are cheaper relative to gold. On January 29th, when gold peaked, this ratio was sitting at just under six.

[00:07:23]Right now, that ratio has moved to 5.97.

[00:07:26]In other words, gold stocks today are slightly more expensive in gold terms than they were at the peak of gold's recent rally. They are leading gold upward, not downward. And this is a very important signal.

[00:07:37]Here's why this matters.

[00:07:39]Historically, gold stocks lead the gold market. In a genuine bull market, gold stocks rise before gold rises. And in a bear market, gold stocks fall before gold falls.

[00:07:49]The fact that gold stocks are holding up, and even slightly outperforming gold on a gold adjusted basis, tells me that the bull market in precious metals is still very much intact. Yes, gold is in a correction right now, but the smart money, the institutional investors, the funds, the people who study this market deeply, they are not abandoning gold stocks. They are actually moving back into mining shares as a leveraged way to get exposure to the next leg higher in gold prices. And their reasons are solid. Inflation concerns, geopolitical instability, central bank debt expansion, and currency devaluation. All of these forces are still very much present in the global economy.

[00:08:27]This is also a reminder of something I say all the time on this channel. Gold is money. The dollar is credit. And credit eventually runs out.

[00:08:35]When we measure things in gold terms, rather than dollar terms, we get a much clearer picture of what is actually happening in the financial system. Gold stocks rising in gold terms, even while gold corrects in dollar terms, is one of the clearest signals the market can give us that this bull market has more room to run. Drop a comment and let me know.

[00:08:53]Are you holding any gold mining stocks right now? I'd love to know how our Gold Rush Reporter community is doing.

[00:08:59]Now, let's talk about silver, and specifically about something that is flying completely under the radar for most retail investors right now. The silver futures market in New York is experiencing a level of illiquidity that we have not seen in nearly two decades.

[00:09:13]Let me give you the specific numbers, because they are remarkable. Open interest in silver futures, which measures the total number of active contracts in the market, is currently sitting at around 96,932 contracts. That is below 100,000. The last time open interest was this low was back in 2008, during the global financial crisis.

[00:09:34]And trading volume, meaning how many contracts are actually being bought and sold each day has dropped to around 26,000 contracts. That is a 20-year low.

[00:09:43]We have not seen volume this low since 2007. Not once in 20 years. Now, why does this matter? Because low open interest and low trading volume mean low liquidity. And low liquidity means that when demand picks up, even slightly, prices can move very fast and very sharply.

[00:10:00]Think of it this way. Imagine a small room with only a few people in it. If one person suddenly starts bidding aggressively, prices move immediately because there aren't enough sellers to absorb the demand. That is exactly the situation we have in silver futures right now.

[00:10:15]The market is thin. The room is almost empty, and any meaningful increase in buying pressure will have an outsized effect on price. We have already started to see this play out over the past few days. Silver has made some sharp moves in both directions, driven by news around the Iran conflict and the Strait of Hormuz situation. When there are positive signals about a potential resolution, silver spikes. When the news turns negative, silver gives back those gains. This volatility is going to continue until the geopolitical situation finds some kind of resolution, whether that is permanent, temporary, or something in between. But the underlying setup in the silver market, historically low liquidity combined with rising industrial demand, is one of the most compelling setups I have seen in years.

[00:10:59]Solar technology, electric vehicles, industrial manufacturing, all of these sectors consume silver at scale, and that demand is not slowing down. If anything, it is accelerating. Tell me in the comments, are you adding to your silver position at these levels, or are you waiting for a clearer signal? Now, let me bring all of this together and give you my honest analyst outlook on where things stand and what I think comes next. We are living through a moment in financial history that very few people fully understand while it is happening. The surface story is about oil, about Iran, about geopolitics. But the deeper story, the one that the charts tell us clearly, is about the dollar. It is about what happens when a reserve currency that has been inflated for decades finally starts to show the cracks.

[00:11:43]Oil priced in gold is at historically cheap levels. That is not a sign of oil abundance. That is a sign of dollar weakness. And as the dollar continues to weaken, whether gradually or in a more sudden move, gold and silver are going to reflect that reality in their prices.

[00:11:58]In the short-term, we should expect continued volatility.

[00:12:02]The situation around the Strait of Hormuz is unresolved. European energy supplies are under pressure. Interest rates in the UK and Europe are being pushed higher by energy costs. And silver futures remain in a state of extreme illiquidity, which means sharp moves in both directions are very possible in the coming weeks. I want to be honest with you. The next few weeks could be choppy. There will be days where metals sell off hard on negative headlines, and days where they spike sharply on positive ones. That is the nature of the market we are in right now.

[00:12:30]But here is my medium and long-term view, and I want to be very clear about this.

[00:12:35]The bull market in gold and silver is not over. Gold stocks are confirming this. They are leading gold higher in gold terms, even as gold corrects in dollar terms. Silver's low liquidity setup means that when the real move comes, it is going to be fast and significant. And the fundamental forces that drive precious metals, inflation, currency devaluation, geopolitical instability, central bank debt expansion, are not going away. They are getting stronger. If anything, the current geopolitical situation is accelerating the timeline.

[00:13:06]Keep a close eye on European interest rates and banking stocks. If we see stress there, it will be a major catalyst for gold and silver.

[00:13:13]Before I close out today, I want to remind you about our partners. You can purchase your gold and silver at Miles Franklin. The link is in the description below. And for secure at-home storage, check out Dirtymansafe and use the code endgame10 for 10% off at checkout. If you want to go deeper on the monetary side of things, specifically how gold functions as real money in a world of inflated currencies, check out Keith Weiner's work. The link is also in the description.

[00:13:40]These are resources I genuinely recommend for anyone serious about protecting their wealth.

[00:13:45]All right, let's bring it home.

[00:13:48]The oil story is a dollar story. The gold stock story is a bull market confirmation story. And the silver story is a liquidity powder keg waiting for a spark.

[00:13:58]These three things together paint a very clear picture for anyone paying attention.

[00:14:03]Here is what I want you to do right now.

[00:14:05]Drop a comment below and tell me which of today's three topics surprised you the most. Was it oil priced in gold? Was it gold stocks outperforming? Or was it the historic low in silver liquidity? I want to know. Please subscribe to Gold Rush Reporter if you are not already. We cover these markets every single day and you do not want to miss what is coming.

[00:14:24]And share this video with someone who needs to understand what is really happening in the financial system right now. Not the surface story, the real story. Thank you so much for watching.

[00:14:33]Stay patient, stay informed, and keep stacking smart. I will see you in the next one. Take care.