Word: auction
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...reduce the crushing costs except to burn much more coal, continue with nuclear power, speed the development of synthetics and solar, move to mandatory conservation, and, of course, drill for more domestic oil. Last week, overriding objections of environmentalists, the U.S. Supreme Court refused to halt an Interior Department auction of leases to explore for oil on the Georges Bank off Massachusetts. Environmentalists fear that a spill or blowout could harm the rich fishing waters, but the court decision was yet another sign that the U.S. will have to make difficult compromises to secure energy...
Rodney C. Dennis, curator of manuscripts at Houghton, said, "Even relatively unimportant scraps of Kennedy writing have fetched a good deal of money at auction...
...latest frenzy was heightened last week when so many bids were presented at Washington's monthly bullion auction that the U.S. Treasury could have sold four times the 750,000 oz. it offered. That, along with rumors of especially heavy orders for gold from buyers in the Middle East, stirred a wave of panic buying that pushed the price of bullion up by a record $24 an oz. in just one day. Trading was so hectic that the normal 500-an-oz. spread between buying and selling prices widened at times to $5. Gold hit an all-time high...
...find out who is buying, where and why. Such intelligence enables the bank to be extremely precise in its own actions. Says Schreiber: "Even after we submit written bids, we usually adjust them by a few cents via Telex right down to the deadline." At the U.S. Treasury auction last month, Dresdner's bid came in just high enough to win, and a Swiss competitor's offer failed by only 20? per oz. One clear moral: private investors who hope to benefit from the bullion boom will have a hard time matching wits against the professionals...
...Treasury's auction late in August, Schreiber bid $301 per oz. for gold that had been selling the day before at $299; Dresdner acquired 720,000 of the 750,000 oz. that were on sale. Many competitors thought that Schreiber had paid too dearly, but as of last week Dresdner and its customers had earned more than $23 million on those transactions...