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$GNCP--SHHHAAAAAAAAAZZZZZZAMMMMMMM!!!!!!! LOOK AT THAT VOLUME!!!!.
. #GNCP
Have my sell @ $1 dollar in case the GOLD MAJORS ARE INVOLVED WITH GNCP IN THE FUTURE!!! IMO
GNCP NEWS UPSDATE 6/28/2018
http://www.otcmarkets.com/financialReportViewer?id=196650
Further to our
Update dated June 26, 2018; the Company received a number of enquiries from our stockholders. We will answer the key issues below.
IMMEDIATE ACTIONS:
-
The Company is presently completing all of the outstanding Quarterly and Annual Filings in
order to restore the Company as a “Current Filer” on the OTC Markets. All of the relevant information affecting/delaying these Financial Reports has been resolved. These filings will
commence on June 28, 2018. This has not changed and these Financial Reports as completed
;
stockholders are advised to expect
to see the various Financial Reports being filed up to and
including Monday July 2, 2018.
We reasonably expect that all of the below
-mentioned Filings will be completed and fil
ed by Monday July
2, 2018.The Company will then be up to date
; as promised.
The cancellation of the shares of Common Stock is underway; the physical documentation required by the Transfer Agent will be with the Transfer Agent by Monday July 2, 2018.
The
shares being cancelled are held “on book” by the Transfer Agent so no physical Stock Certificates are required and this
is therefore a “non-issue”. Stockholders may feel free
to contact the Transfer Agent on Monday July 2, 2018 to verify the aforesaid stock cancellations. The number of
outstanding shares and the DTCC Float as
verified on the OTC Markets; is 100%
correct.
Look at all the new people! GNCP gonna rock!!! imo
Short getting nervous! lol.. PYCT Gonna ROCK!!!!! IMO
$GNCP SHHHHHHAAAAZZZZZZZZZZZZZAAAAAMMMMM!!!!!!
Shorty def better cover here!
Clearing Rules Could Mean Short Cover Rally in Some Microcap
April 16, 2018 Tom Bustamante
Share this article above
(NEW YORK)–New clearing rules imposed by Alpine Securities last week could spell the end of the “toxic note” scourge, and possibly mean a short-term short cover rally in the most beating down issues.
Alpine Securities, which is one of the last clearing firms to clear shares in small micro-cap issues, imposed new rules Friday on clearing shares to market that some have labeled the “Friday the 13th of Notes Massacre“.
Alpine joined the likes of COR Clearing to impose new rules that all but kills the toxic note industry. In short the new rules as we see them is no note conversion deposits will be accepted for issues that trade below $0.01 per share, and may not exceed 20% of the previous 20-day volume average in the stock in question.
This new rule will be a big move in killing the toxic note industry that has destroyed so many micro cap issues over the past few years. But short-term some micro cap plays could see their stocks rise in what they call short covering rallies.
Some note holder shorted the issues they were funding knowing they could always use the conversions of the notes they hold to cover any short positions on the way down. Now this may only be a small % of funders who did this execution, but if notes are no longer able to be cleared like before these shorters, or market makers, will be required to cover said positions with their own cash now, or risk major losses.
Short-term this is a very positive move for micro cap issues as this may remove extreme selling pressure in some of these issues. For shareholders this is even a bigger win as this will now control the level of sharp dilution growth in any one issue over a set period of time.
Longer-term though this could be a real death nail for some smaller micro cap issues as this will all but dry up emergency funding sources for this sector, and could mean a total revamp of how these small stocks fund themselves.
Stay tuned and register for updates cause this is a developing story!
http://www.wallstreetnewscast.com/microcap-0416/
Shorty better cover!!!
Clearing Rules Could Mean Short Cover Rally in Some Microcap
April 16, 2018 Tom Bustamante
Share this article above
(NEW YORK)–New clearing rules imposed by Alpine Securities last week could spell the end of the “toxic note” scourge, and possibly mean a short-term short cover rally in the most beating down issues.
Alpine Securities, which is one of the last clearing firms to clear shares in small micro-cap issues, imposed new rules Friday on clearing shares to market that some have labeled the “Friday the 13th of Notes Massacre“.
Alpine joined the likes of COR Clearing to impose new rules that all but kills the toxic note industry. In short the new rules as we see them is no note conversion deposits will be accepted for issues that trade below $0.01 per share, and may not exceed 20% of the previous 20-day volume average in the stock in question.
This new rule will be a big move in killing the toxic note industry that has destroyed so many micro cap issues over the past few years. But short-term some micro cap plays could see their stocks rise in what they call short covering rallies.
Some note holder shorted the issues they were funding knowing they could always use the conversions of the notes they hold to cover any short positions on the way down. Now this may only be a small % of funders who did this execution, but if notes are no longer able to be cleared like before these shorters, or market makers, will be required to cover said positions with their own cash now, or risk major losses.
Short-term this is a very positive move for micro cap issues as this may remove extreme selling pressure in some of these issues. For shareholders this is even a bigger win as this will now control the level of sharp dilution growth in any one issue over a set period of time.
Longer-term though this could be a real death nail for some smaller micro cap issues as this will all but dry up emergency funding sources for this sector, and could mean a total revamp of how these small stocks fund themselves.
Stay tuned and register for updates cause this is a developing story!
http://www.wallstreetnewscast.com/microcap-0416/
Shorty better cover!!! eom
Clearing Rules Could Mean Short Cover Rally in Some Microcap
April 16, 2018 Tom Bustamante
Share this article above
(NEW YORK)–New clearing rules imposed by Alpine Securities last week could spell the end of the “toxic note” scourge, and possibly mean a short-term short cover rally in the most beating down issues.
Alpine Securities, which is one of the last clearing firms to clear shares in small micro-cap issues, imposed new rules Friday on clearing shares to market that some have labeled the “Friday the 13th of Notes Massacre“.
Alpine joined the likes of COR Clearing to impose new rules that all but kills the toxic note industry. In short the new rules as we see them is no note conversion deposits will be accepted for issues that trade below $0.01 per share, and may not exceed 20% of the previous 20-day volume average in the stock in question.
This new rule will be a big move in killing the toxic note industry that has destroyed so many micro cap issues over the past few years. But short-term some micro cap plays could see their stocks rise in what they call short covering rallies.
Some note holder shorted the issues they were funding knowing they could always use the conversions of the notes they hold to cover any short positions on the way down. Now this may only be a small % of funders who did this execution, but if notes are no longer able to be cleared like before these shorters, or market makers, will be required to cover said positions with their own cash now, or risk major losses.
Short-term this is a very positive move for micro cap issues as this may remove extreme selling pressure in some of these issues. For shareholders this is even a bigger win as this will now control the level of sharp dilution growth in any one issue over a set period of time.
Longer-term though this could be a real death nail for some smaller micro cap issues as this will all but dry up emergency funding sources for this sector, and could mean a total revamp of how these small stocks fund themselves.
Stay tuned and register for updates cause this is a developing story!
http://www.wallstreetnewscast.com/microcap-0416/
NEWLF shorty better cover soon imo!!
you check linkedin and I check the Gov official websites LOL... SMH NEWLEADS needs to call the Judge! imo
Nope same company its changed its name in 2014 to the name you mention after the alleged fraud they claim happend.
so they are suing with a new name after the fact. and changed it to reflect they are in the commodities business then they were in liquidation from the previous company back in 2013. lol imo
TransAsia's claims arose from contracts it signed with NewLead JMEG in 2013 for the purchase of coal which, according to court documents, NewLead never owned from mines it also did not own.
The documents of them changing their name to a NEW! company name. so they arent entitle to sue anyone! imo I would call the Judge lol
https://beta.companieshouse.gov.uk/company/09227369/filing-history
https://tinyurl.com/namechange-Trans-asia2014 document pics
https://tinyurl.com/namechange-Transasia2014-doc (the new company CREATED AFTER the so called contracts with newleads and co. so whatis a NEW company doing suing if they werent even created till after the fact lol imo_)
Fraud imo
Nope same company its changed its name in 2014 to the name you mention after the alleged fraud they claim happend.
so they are suing with a new name after the fact. and changed it to reflect they are in the commodities business then they were in liquidation from the previous company back in 2013. lol imo
TransAsia's claims arose from contracts it signed with NewLead JMEG in 2013 for the purchase of coal which, according to court documents, NewLead never owned from mines it also did not own.
The documents of them changing their name to a NEW! company name. so they arent entitle to sue anyone! imo I would call the Judge lol
https://beta.companieshouse.gov.uk/company/09227369/filing-history
https://tinyurl.com/namechange-Trans-asia2014 document pics
https://tinyurl.com/namechange-Transasia2014-doc (the new company CREATED AFTER the so called contracts with newleads and co. so whatis a NEW company doing suing if they werent even created till after the fact lol imo_)
The nervous ones never want a .00000001 stock to go up lol hmmmm
GNCP Shorty has to cover. imo
Good luck longs!
There are so many links for info on TransAsia liquidation Ill just posted a few.
they wont get a dime they are toast anyway imo probaly shorty trying to scare off longs imo!
a company that was only worth 143k and debts way higher suing for millions? lol what were they doing? I would call the NY judge in his chamber and alert the Judges clerk they insolvant. imo
imo who knows.
NEWLF DD-TRANSASIA COMMODITIES LTD
Company Type
Private limited with Share Capital
Company Status
In Liquidation
Incorporated On
07 September 2012
Nature of business (SIC)
99999 Dormant Company -
Accounts
Available to 30 Sep 2013. Next accounts due by 30 Jun 2015 (LATE)
https://companycheck.co.uk/company/08205556/TRANSASIA-COMMODITIES-LTD/companies-house-data
TRANSASIA COMMODITIES LTD (Company Number 08205556) Registered office: c/o David Rubin & Partners, Pearl Assurance House, 319 Ballards Lane, London, N12 8LY Principal trading address: 120 Bunns Lane, London, NW7 2AS Notice is hereby given, as required by Rule 2.35(4) of the Insolvency Rules 1986 that an initial meeting of creditors is to be held at David Rubin & Partners, Pearl Assurance House, 319 Ballards Lane, London N12 8LY on 18 December 2014 at 2.00 pm. The meeting is an initial creditors’ meeting under PARAGRAPH 51 OF SCHEDULE B1to the Insolvency Act 1986. A proxy form should be completed and returned to me by the date of the meeting if you cannot attend and wish to be represented. A proxy form is available upon request. In order to be entitled to vote under Rule 2.38 at the meeting you must give to me, not later than 12.00 noon on the business day before the day fixed for the meeting, details in writing of your claim. David Rubin (IP No. 2591) and Henry Lan (IP No. 8188) both of David Rubin & Partners, Pearl Assurance House, 319 Ballards Lane, London N12 8LY were appointed as Joint Administrators of the Company on 14 October 2014. Further information on this case is available from the offices of David Rubin & Partners or alternatively Cassy Bevan may be contacted on Tel: 020 8343 5900 David Rubin, Joint Administrator 02 December 2014
TRANSASIA COMMODITIES LTD
Document: LIQ03 -
NOTICE OF PROGRESS REPORT IN VOLUNTARY WINDING UP:BROUGHT DOWN DATE 08/09/2017:LIQ. CASE NO.2
Filed on: 19 Oct 2017
https://www.companiesintheuk.co.uk/purchase
TRANSASIA COMMODITIES LTD in liquidation (company address is now in the company handling the liquidation for shorty imo lol)
https://companyassets.co.uk/notice/transasia-commodities-ltd-in-liquidation
Notice
Type Company in Liquidation
Published May 28, 2018
Company
Company Name TRANSASIA COMMODITIES LTD
Company Number 08205556
Registered Address Line 1 PEARL ASSURANCE HOUSE
Registered Address Line 2 319 BALLARDS LANE
Registered Address Town LONDON
Registered Address Postcode N12 8LY
Location
SIC Codes
SIC Code 1 Dormant Company
SIC Code 2 Not available
SIC Code 3 Not available
SIC Code 4 Not available
https://companyassets.co.uk/notice/transasia-commodities-ltd-in-liquidation
Tranasia Liquidation info
https://www.companiesintheuk.co.uk/ltd/transasia-commodities
TRANSASIA COMMODITIES LTD (Company Number 08205556) Previous Name of Company: Zif Energy (UK) Limited Registered office: David Rubin & Partners, Pearl Assurance House, 319 Ballards Lane, London N12 8LY Principal trading address: 120 Bunns Lane, London, NW7 2AS David Rubin (IP No 2591) and Henry Lan (IP No: 8188) both of David Rubin & Partners LLP, Pearl Assurance House, 319 Ballards Lane, London, N12 8LY, were appointed Joint Liquidators of the above- named Company pursuant to paragraph 83(7)(a) of Schedule B1 of the Insolvency Act 1986 on 2 September 2015. Notice is hereby given that the Creditors of the above-named Company are required on or before 21 October 2015 to send in their names and addresses with particulars of their Debts or Claims to the Liquidators, and if so required by notice in writing by the said Liquidators, personally or by their Solicitors to come in and prove their said Debts or Claims at such time and place as shall be specified in such notice, or in default thereof they will be excluded from the benefit of any distribution made before such debts are proved. If further information is required, David Stephenson or alternatively Cassy Bevan may be contacted on telephone number 020 8343 5900. David Rubin, Joint Liquidator 10 September 2015
Well country's are dumping the dollar it seems. wont be long till the US has gold backed currency imo.. gonna hold on to GNCP. i have made all my money back trading cryptos,,, at least they move lol and trade 24/7 unlike the otc shorting mm's that print shares out of air. imo
https://www.youtube.com/watch?v=Ov3_mvv7ZIo
The Transition Away From The Dollar Has Just Become Easier
Nice PYCT "IT's ALIVE!!!!"
Tranasia is in liquidation according to the company info , probably a company created by shorts to attack newleads imo.
they do this alllll the time to cover up their shorts their hedge fund commit and mm's. ect imo
Holding on to my GNCP-Well at least countries are starting to dump the US dollar. and gold backed money is coming sooooon imo!
May 25, 2018 14 Comments
Oil, interest rates fall on Italy anxiety. US considering tariffs on German, Japanese cars, rattling allies. North Korea summit cancelled, then — maybe — reinstated. Bitcoin tumbles on news of DOJ probe into price manipulation. Gold and silver up as futures market structure becomes more favorable.
https://www.dollarcollapse.com/breaking-news-best-web/
GREAT NRWS!!! PYCT active!!
Shorts better cover !!
TRANSASIA COMMODITIES LTD
in liquidation
https://companyassets.co.uk/notice/transasia-commodities-ltd-in-liquidation
so all their assets will be written off? no need to sue anyone? lol imo what are they pulling. double dipping on people trying to get money when their own company is gone? imo
if TransAsia has a new company they created recently that new company is not entitled to any assets from newleads imo.
TransAsia Commodities Ltd ? a company that is bankrupt? trying to get assets? lol where is it getting money to go after anyone if they are being liquidated?? imo http://www.bizdb.co.uk/company/transasia-commodities-ltd-08205556/
Status: Liquidation
TransAsia also has creditors looking for them it seems lol
https://www.companiesintheuk.co.uk/ltd/transasia-commodities
Notices published in the Gazette
1 Oct 2015
TRANSASIA COMMODITIES LTD (Company Number 08205556) Previous Name of Company: Zif Energy (UK) Limited Registered office: David Rubin & Partners, Pearl Assurance House, 319 Ballards Lane, London N12 8LY Principal trading address: 120 Bunns Lane, London, NW7 2AS David Rubin (IP No 2591) and Henry Lan (IP No: 8188) both of David Rubin & Partners LLP, Pearl Assurance House, 319 Ballards Lane, London, N12 8LY, were appointed Joint Liquidators of the above- named Company pursuant to paragraph 83(7)(a) of Schedule B1 of the Insolvency Act 1986 on 2 September 2015. Notice is hereby given that the Creditors of the above-named Company are required on or before 21 October 2015 to send in their names and addresses with particulars of their Debts or Claims to the Liquidators, and if so required by notice in writing by the said Liquidators, personally or by their Solicitors to come in and prove their said Debts or Claims at such time and place as shall be specified in such notice, or in default thereof they will be excluded from the benefit of any distribution made before such debts are proved. If further information is required, David Stephenson or alternatively Cassy Bevan may be contacted on telephone number 020 8343 5900. David Rubin, Joint Liquidator 10 September 2015
https://www.companiesintheuk.co.uk/ltd/transasia-commodities
Better Cover shorty lol PYCT beat the DTCC twice. and shorts jaw dropped. as for A canada ban. PYCT is only traded in the United States lol.. so canada shorty got his hands slapped! imo
PYCT coming alive after the dollar falls imo. Good luck longs!
Enjoy the nervous posters who dont want this stock to go higher!lol imo
NY Coin is now accepted in JAPAN!!! NewYorkCoin now accepted at 20 locations WORLDWIDE! Growing acceptance everyday!
https://www.reddit.com/r/NewYorkCoin/comments/8jnv4j/nyc_is_now_accepted_in_japan_newyorkcoin_now/?ref=share&ref_source=link
https://jakim.co.jp/
PYCT longs! Only people who are nervous about shorting this stock post long winded posts about it imo lol They better cover soon imo lol...Remember the DTCC gave PYCT a clean bill of health twice! and no sub penny stock never survives a DTCC halt. I wonder who is behind this power house stock lol hmmm long and strong!!! All in my opinion!
GNCP Gold value could skyrocket soon if this is happening to the US dollar which I think it is . Yuan gold , countrys dumping the US dollar. GNCP if they release GOLD news ect...I can only hope to sell my shares in dollars imo Do you have GNCP in your wallet?? imo I do!! dont leave home with out it!!!
Imminent collapse of US dollar & other major currencies will push gold to $10,000 – bullion analyst
Published time: 6 Mar, 2018 12:19
An ounce of gold will cost $10,000 as soon as global currencies crash and central banks have to appeal to a gold-backed monetary system, according to Byron King, editor of Jim Rickards’ Gold Speculator.
Read more
© Lisi Niesner World's 5 largest gold nuggets that haven't been melted down
“If you take the global money supply, back it with 40 percent gold, you need $10,000 gold to make the math work, and that’s just using a 40 percent backing,” he said in an interview with Kitco News on the sidelines of the annual event set by Prospectors & Developers Association of Canada (PDAC). “And it has to do with the eventual demise of modern currencies.”
The analyst didn’t specify the timeframe for the gold price surge from the current $1,325 per ounce, but stressed that it would have to happen, as the current cash bubble, consisting of dozens of trillions in USD, cannot exist forever.
“It’s kind of like a story about the man who went bankrupt, slowly at first and then all of a sudden. It’s the same thing with the US dollar, with the euro, with the yen. We’ve created trillions and trillions, dozens of trillions, almost hundreds of trillions of dollars, of obligations that simply can never be repaid. It will have to happen,” the analyst said.
King noted that gold stocks at current valuations are rather more attractive at the moment than they were two years ago. The expert also said that today’s miners are backed by “better numbers” and “smarter geologists.”
“We are in a new gold bull cycle, we’re in a blip of six- or eight-month downturn, but it will turn around. These are fundamentally good companies with great value behind them,” he said.
The PDAC International Convention, Trade Show and Investors Exchange is an annual event for investors, companies and organizations connected with mineral exploration. The event, carried out in Toronto, reportedly attracts 1,000 exhibitors, 3,800 investors and 24,000 attendees from 130 countries.
For more stories on economy & finance visit RT's business section
https://www.rt.com/business/420596-collapse-currencies-gold-ten-thousands/
EVERYONE KNOWS! GNCP is gonna rock! and Everyone KNOWS the central banks have been manipulating the price of gold keeping it down. and they have gotten caught lol Go the PPS of GNCP should skyrocket up when news hits imo. Good luck LONGS!!
Gold, Silver Manipulation: CFTC Fines Deutsche, USB, HSBC For Spoofing Markets
Neils Christensen Tuesday January 30, 2018 09:59
Kitco News
(Kitco News) - Three major European banks have been fined by the Commodity Futures Trading Commission for “spoofing” and manipulating gold and silver markets.
The CFTC announced Monday that Deutsche Bank, UBS and HSBC face fines totaling $46.6 million. Deutsche Bank was the hardest hit as it was fined $30 million. UBS was ordered to pay $15 million and HSBC was fined $1.6 million.
Spoofing, according to some traders, is the result of high-frequency trading and is a manipulation technique where bids and offers are placed in bad faith to create a misrepresentation of demand and sentiment in the marketplace. The orders are quickly canceled before being filled.
“Spoofing is a particularly pernicious example of bad actors seeking to manipulate the market through the abuse of technology. The technological developments that enabled electronic and algorithmic trading have created new opportunities in our markets,” said James McDonald, director of Division of Enforcement at the CFTC. “As these cases show, we will work hard to identify and prosecute the individual traders who engage in spoofing, but we will also seek to find and hold accountable those who teach others how to spoof, who build the tools designed to spoof, or who otherwise aid and abet the wrongdoing.”
According to the CFTC, the market manipulation goes as far back as early 2008. The U.S. regulator also noted that USB received a reduced fine compared to Deutsche Bank as it cooperated with the investigation and self-reported the misconducts.
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Along with the three European Banks, the CFTC said that it also fined six individual traders for spoofing and manipulating precious metals markets.
The CFTC fines are the latest in the precious sector that has been mired with manipulation allegations since 2014. In 2014, these three banks along with The Bank of Nova Scotia, Barclays and Societe Generale were named in a lawsuit that alleged manipulation and collusion during the twice-day London gold fix. The 100-year old auction was replaced with a digital auction mechanism owned by the London Bullion Market Assoc
http://www.kitco.com/news/2018-01-30/Gold-Silver-Manipulation-CFTC-Fines-Deutsche-USB-HSBC-For-Spoofing-Markets.html
Central banks manipulating & suppressing gold prices – industry expert to RT
Edited time: 28 Mar, 2018 12:59
Gold price suppression by the world's central banks is a well-documented fact, according to Singapore’s BullionStar precious metals expert Ronan Manly. He explained to RT.com why that’s the case.
Central banks have a long and colorful history of manipulating the gold price. This manipulation has taken many shapes and forms over the years. It also shouldn't be surprising that central banks intervene in the gold market given that they also intervene in all other financial markets. It would be naive to think that the gold market should be any different.
Read more
© Tamara Abdul Hadi Economic crisis looming? Hungary latest country to repatriate gold
In fact, gold is a special case. Gold to central bankers is like the sun to vampires. They are terrified of it, yet in some ways they are in awe of it. Terrified since gold is an inflation barometer and an indicator of the relative strength of fiat currencies. The gold price influences interest rates and bond prices. But central bankers (who know their job) are also in awe of gold since they respect and understand gold's value and power within the international monetary system and the importance of gold as a reserve asset.
So central banks are keenly aware of gold, they hold large quantities of it in their vaults as a store of value and as financial insurance, but they are also permanently on guard against allowing a fully free market for gold in which they would not have at least some form of influence over price direction and market sentiment.
The Bank for International Settlements (BIS) crops up frequently in gold price manipulation as the central coordination venue and the guiding hand behind a lot of the gold price suppression plans. This is true in all decades from the 1960s right the way through to the 2000s. If you want to know about central bank gold price manipulation, the BIS is a good place to start. Unfortunately the BIS is a law onto itself and does not answer to anyone, except its central banks members.
In the 1960s, central bank manipulation of the gold price was conducted in the public domain, predominantly through the London Gold Pool. This was in the era of a fixed official gold price of $35 an ounce. Here the US Treasury and a consortium of central banks from Western Europe explicitly kept the gold price near $35 an ounce, coordinating their operation from the Bank for International Settlements (BIS) in Basel, Switzerland, while using the Bank of England in London as a transaction agent. This price manipulation broke down in March 1968 when the US Treasury ran out of good delivery gold, which triggered the move to a "free market" gold price.
Read more
© Chromorange Imminent collapse of US dollar & other major currencies will push gold to $10,000 – bullion analyst
Central banks continued to surpress gold prices in the 1970s both through efforts to demonetize gold and also dump physical gold into the market to dampen price action. These sales were unilateral e.g. US Treasury gold sales in 1975 and over 1978-1979, and also coordinated (and orchestrated by the US) e.g. IMF gold sales across 1976-1980.
Collusion to manipulate the price also went underground, for example in late 1979 and early 1980 when the gold price was rocketing higher, the same central banks from the London Gold Pool again met at the opaque BIS in Switzerland at the behest of the US Treasury and Federal Reserve in an attempt to launch a new and secretive Gold Pool to reign in the gold price. This was essentially a revival of the old gold pool, or Gold Pool 2.0.
These meetings, which are not very well known about, were of the G10 central bank governors, i.e. at the highest levels of world finance. All of the discussions are documented in black and white in the Bank of England archives and can be read on the BullionStar website.
The wording in these discussions is very revealing and show the contempt which central bankers feel about a freely functioning gold market.
Phrases used in these meetings include:
"there is a need to break the psychology of the market" and "no question of any permanent stabilisation of the gold price, merely at a critical time holding it within a target area" and "to stabilise the price within a moving band" and "it would be easy and nice for central banks to force the price down hard and quickly".
And these meetings of top central bankers were in early 1980, 11 years after the London Gold Pool and 8 years after the US Treasury reneged on its commitment in August 1971 to convert foreign holdings of US dollars into gold.
Whether this new BIS gold pool was rolled out in the 1980s is open to debate, but it was discussed across the board for months by the Governors at the BIS, and may have been introduced in a form which would provide physical gold to the oil producers (gold for oil trades) without putting a rocket under the gold price. Their main worry was to allow the Middle Eastern oil producers to acquire some gold for oil without pushing the gold price up.
Read more
© Pavel Lisitsyn Russia overtakes China in gold reserves race to end US dollar dominance
The Bank of England was also involved in the 1980s in influencing prices in the London Gold Fix auctions, in what an ex Bank of England staffer described euphemistically as 'helping the fixes'. And the Bank of England has even at times used terminology in the 1980s such as "smoothing operations" and "stabilisation operations" when referring to coordinated central bank efforts to control the gold price.
Probably two of the most influential changes on the gold market in the modern era are structural changes to the gold market which channel gold demand away from physical gold and into paper gold. These two changes were the introduction of unallocated accounts and fractionally backed gold holdings in the London Gold market from the 1980s onwards, and the introduction of gold futures trading in the US in January 1975.
In unallocated gold trading in the London OTC market, gold trades are cash-settled and there is rarely any physical delivery of gold. The trading positions are merely claims against bullion banks who don't hold anywhere near the amount of gold to back up the claims. Unallocated bullion is therefore just a synthetic paper gold position that provides exposure to the gold price but doesn't drive demand for physical gold.
When gold futures were launched in the US in January 1975, the primary reason for their introduction, according to a US State Department cable at the time, was to create an alternative to the physical market that would syphon off demand for gold, creating trading that would dwarf the physical market, and which would also ramp up volatility which in turn would deter investors from investing in physical gold. Gold futures are also fractionally backed and overwhelmingly cash-settled, and their trading volumes are astronomical multiples of actual delivery volumes.
Central banks as regulators of financial markets are therefore ultimately responsible for allowing the emergence of fractional reserve gold trading in London and New York. This trading undermines the demand for physical gold and allows the world gold price to be formed in these synthetic gold trading venues. Price discovery is not happening in physical gold markets. Its is happening in the London OTC (unallocated) and COMEX derivative markets. So this is also a form of gold price manipulation since the central banks know how these markets function, but they do nothing to crack down on what are essentially gold ponzi schemes.
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Imagine, for example, that central banks were as tough on paper gold as they seem to be now on crypto currency markets. Now imagine if central banks outlawed fractional gold trading or scare-mongered about it in the same way that they do about crypto currencies? What would happen is that the gold market participants would panic and unwind their paper positions, precipitating a disconnect between paper gold and physical gold markets. So by being lenient on the fractional structure of trading in the gold markets, central banks and their regulators are implicitly encouraging activities that have a dampening effect on the gold price.
The gold lending market, mostly centred in London, is another area in which central banks have the ability to cap the gold price. Here central banks transfer their physical gold holdings to bullion banks and this physical gold then enters the market. These transactions can either be in the form of gold loans or gold swaps. This extra supply of gold through the loans and swaps disturbs the existing supply demand balance, and so has a depressing effect on the gold price.
The gold lending market is totally opaque and secretive with no obligatory or voluntary reporting by either central bank lenders or bullion bank borrowers. The Bank of England has a major role in the gold lending market as the gold used in lending is almost all sourced from the central bank custody holding in the Bank of England's vaults.
There is therefore zero informational efficiency in gold lending, and that’s the way the central banks like it. furthermore, freedom of information requests about gold lending are almost always shot down by central banks, even sometimes on 'national security' grounds.
Many central banks have lent out their gold long ago, and just hold a 'gold receivable' on their balance sheet, which is a claim against a bullion bank or bullion banks. These bullion banks roll over the liability to the central bank for years on end and the original gold is long gone. Since central bank gold is never independently audited, there is no independent confirmation of any of the gold that any central banks claim they have.
Gold receivables are another fiction that allows central banks to fly under the radar in the gold lending market, and central banks go to great lengths to make sure the market does not know the size and existence of outstanding gold lending and swapped gold positions.
In Febuary 1999, the BIS was again the nexus for secretive discussions about the gold market when a number of the large powerful central banks basically ordered the IMF to drop an accounting change that would have split out gold and gold receivables into two separate line items on central bank balance sheets and accounting statements. These discussions are documented in the IMF document which is available to see here.
This accounting change would have shone a light on to the scale of central bank gold lending around the world, information which would have moved gold prices far higher.
However, a group of the large central banks in Europe comprising the Bank of England, the Bundesbank, the Bank de France and the European Central Bank (ECB) applied pressure to torpedo this plan as they said that "information on gold loans and swaps was highly market sensitive" and that the IMF should "not require the separate disclosure of such information but should instead treat all monetary gold assets including gold on loan or subject to swap agreements, as a single data item."
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Central banks also at times sell large quantities of gold, such as the Swiss gold sales in the early the 2000s, and the Bank of England gold sales in the late 1990s.While the details of such gold sales are always shrouded in secrecy, and the motivations may be varied, such as bullion bank bailouts or redistribution of holdings to other central banks, the impact of these gold sales announcements usually has a negative impact on the gold price. So gold sales announcements are another tactic that central banks use to at times keep the pressure on the price.
There are many examples of central bankers discussing interventions in the gold market. In July 1998, former Federal Reserve chairman Alan Greenspan testified before the US Congress saying that "central banks stand ready to lease gold in increasing quantities should the price rise."
In June 2005, William R. White of the BIS in Switzerland, said that one of the aims of central bank cooperation was to "joint efforts to influence asset prices (especially gold and foreign exchange) in circumstances where this might be thought useful."
In 2008, the BIS at its headquarters in Switzerland even stated in a presentation to central bankers that one of the services it offers is interventions in the gold market.
In 2011, one of the gold traders from the BIS even stated on his LinkedIn profile that one of his responsibilities was managing the liquidity for interventions. After this was published, he quickly changed his LinkedIn profile.
https://www.rt.com/business/421618-central-banks-manipulating-suppressing-gold/