Many readers have requested a glossary of Turdisms that this site uses. For future reference and entertainment, below are a few definitions.
The EE: Is, of course, The Evil Empire. The EE consists of the evil, colluding consortium of "bullion banks" which, at the behest of the global central banks and the BIS, actively suppress the prices of gold and silver through methods such as the seemingly endless creation of paper metal derivatives. The primary co-conspirators are HSBC and JPM.
CDG: Comex Digital Gold
CDS: Comex Digital Silver
Santa: I first discovered the wisdom of Jim Sinclair in 2008. It didn't take long for my friend, Mr. Hyde, and I to get all excited and start trading on Jim's wisdom. Of course, at about that time, The EE attacked and down went gold and down went our trading accounts. Exasperated near the bottom of the move Mr. Hyde asked, "Why should we listen to this guy on the internet anyway? For all we know, he might as well just be Santa, typing gold updates from the North Pole." From that point forward, Mr. Sinclair has been lovingly referred to as "Santa". https://www.jsmineset.com/
ZH: ZeroHedge.com is the best financial news and discussion website. Period. If you're not on there several times a day, you simply do not know what's really going on in the world.
POSX: The Piece of Sh*t Index. Most everyone else calls it the dollar index or USDX. Also known as Pigatha or, simply, The Pig.
Sylvia: Platinum. Trading it might make you suicidal.
Calvin: Our term for what others call a "dead cat bounce". See here: https://tfmetalsreport.blogspot.com/2011/04/calvin.html
CNBS: The network that passes for "financial news" in the U.S.
FUTF: This is a formation on the intraday silver chart where silver is brutally raided, much to the chagrin of Turd.
FUBM: This formation follows the painting of the FUTF. When buyers rush back into silver and take it higher than it was pre-raid, the resulting chart formation is called an FUBM.
The NEEEE Rule: The Banks very rarely allow Comex gold to rally for 24, consecutive hours. Extended rallies are so rare that they almost Never, Ever, Ever, Ever, Ever (NEEEE) happen.
AGA: Any sell-side analyst, newsletter writer, blogger or central banker who consistently bashes gold, calls it a "bubble" or uses any other derogatory language is an Anti-Gold A**hole.
MSD: Manipulation/Suppression Denier. A Cartel stooge who actively denies the HISTORICAL FACT of gold price manipulation and suppression. Not geographic or climate specific, these guys are everywhere from Idaho to Perth to New York.
MOPE: Management of Perspective Economics. The foolish idea that if The Fed and the media create the image of growth and the belief that things are getting better, then the economy will actually grow and things will actually get better.
MOASS: The Mother Of All Short Squeezes
The Wicked Witch and Ruprecht: Our mythical opponent and her monkeyboy sidekick.
Options: When The Turd refers to trading options, he is referencing options on futures. For example, "I'm buying the May 25s" means "I'm buying the $25 calls on the May future contract".
WOPR: Today's high-frequency trading (HFT) is a modern-day version of WOPR, the WarGames military supercomputer. Shall we play a game?
FOAD: Fat, Old, Arrogant, Douchebag. Any powerful media or financial guru who, after years of Fed-induced easy money, has become a closed-minded slave to the status quo.
STATUS QUOTIAN: Anyone who foolishly clings to the belief that tomorrow will be just like yesterday.
LSHI: Steve LIESman is the fat, balding "Economics Editor" for CNBS. When forced to SPIN negative economic data to promote the banker agenda, he begins to sweat. As he sweats, his bald head begins to shine. The more he SPINs, the shinier his head gets. Therefore, the LIESman Shiny Head Index is a measurement of the SPIN needed to massage another lousy economic report.
BLSBS: The monthly non-farm payroll summary (unemployment report) issued by the Bureau of Labor Statistics.
Mississippi Leg Hound: Always remember that The Cartel has a little bit of "Leg Hound" blood in 'em. If they've decided it's time to manipulate prices down, it's best to just let them finish.
Republocrat: Any current member of Congress.
The Bernank: The former head of the U.S. Federal Reserve.
Mother: Another former current head of the U.S. Federal Reserve.
Chief Goon Powell: Current head of the U.S. Federal Reserve. Often referred to as "CGP".
Goon: Any one of Powell's hacks who run the regional Fed banks.
Secretary SmokinHotWife: The Trump administration SecTreas, Steve Mnuchin. So named for the obvious charms of his "trophy wife", Louise Linton.
Sister Christian: The bought-and-paid-for shill of The Silver Users Association.
Mr. Hyde: My friend who is a regular Dr. Jekyll 99% of the time but 1% of the time, particularly when he is drinking and/or gambling, morphs into Mister Hyde.
Sweetness: Longtime pal, sidekick and wingman.
Turd: If you ever wondered how I found my pseudonym, well, here you go:
Basically every other month is a "delivery month". Yes, you can get a "delivery" in an off month but it's rarely very busy. For example, there were over 9,000 "deliveries" during the delivery month of May for silver but there are only 433 thus far in the non-delivery month of June.
Delivery months (where the futures volume and OI resides) for CDG:
Feb, Apr, June, Aug, Oct and Dec
For CDS: March, May, July, Sep and Dec
"Jumping the line" is a term used to describe an entity ponying up 100% margin and demanding immediate delivery before the month ends.
For additional info, here's a c&p of something I added yesterday:
Currently, the front month (the quoted contract where all the action and volume is) is the Jul20 silver. It took over from the May20 at the end of April and soon the action will be in Sep20.
There are always high volume and open interest options on front month contracts. So, as the contract moves toward the end of its trading life, the first thing to go are the options.
The final trading day for the Jul20 silver options is tomorrow. At the Comex close, the final price of the Jul20 contract will be used to price/value all of the remaining options that are open. So, for example...at present, there are about 1,200 Jul20 $18 calls. If the Comex closing price for the Jul20 silver contract is $17.99 or less tomorrow, then all of these calls expire "out of the money " and worthless. If price closes at $18.01, then a holder of the option gets cash settled for $50. If price closes at $18.10, each holder (long) gets $500.
So, as you can see, the short/issuer of the call option is incented to get price as low as possible before the Comex close tomorrow in order to minimize the possible financial loss due to paying out cash for in the money calls.
The same goes with puts so care is taken to not smash price too far and put a whole bunch of puts into the money.
So that's option expiration. The next front month will be the Sep20 and it will have options that expire in late August.
The Jul20 contract itself is the actual trading vehicle. At one point, this contract had total open interest of 122,862 contracts on June 1. As of last night, it has 48,373. Why is it falling? Because anyone still long or short the contract must show 100% liquidity when the contract "goes off the board" at Monday's close.
What is "off the board"? This means that the contract now trades without margin and is in its "delivery" phase. By the close Monday, there will be 5,000-10,000 contracts still open and "standing for delivery" and these "deliveries" will take place during the calendar month of July...which is why it's called the Jul20 contract...even though trading stops in late June.
Beginning next Tuesday, the front month (where price will be quotes and where almost all of the trading volume and open interest will be) will become the Sep 20 and the entire process begins again. The Sep20 will trade all through July and August with options expiring August 26 and the contract going off the board on August 28.