Word: auction
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Even so, the sale was at least a partial success for the Treasury. The gold, worth only $32 million at the $42.22 per oz. "official" price (used between governments), went for $124,841,256 in the auction-a tidy 300% profit. More important, as Washington had intended, the sale helped to dampen further the hopes of speculators that great numbers of Americans would rush to trade dollars for the yellow metal after it became legal for them to own bullion on Dec. 31. Bullion bulls in Europe and the Middle East were only temporarily distressed by the American disinterest, however...
...substantial Republican opposition has been found for him. Though no scandal has touched Daley personally, questions have been raised in the press about the propriety of his secret ownership with his wife of a real estate holding company that made purchases of vacant lots in a city auction. He has freely acknowledged influencing the placement of millions of dollars worth of city insurance with an agency that employed one of his sons. Neither issue is expected to have much impact on the voters. Daley's prospects seem excellent for remaining the longest-running big-city mayor...
...auction will take place six days after individual American investors are freed by law to buy gold bullion for the first time in almost 41 years. (Federal Reserve Chairman Arthur Burns last week urged that permission be delayed six months, because he fears that people will pull money out of savings accounts and stocks to buy gold, but Congress probably will make no change.) Not many individuals are likely to bid at the Treasury auction: the gold will be sold only in the form of 400-oz. bars, worth at current free-market prices about $70,000 each...
...gold itself). Come Jan. 1, Americans will also be offered gold-warehouse receipts and shares in mutual funds that will buy bullion. They may even get a chance to buy some more gold from Uncle Sam. Treasury Secretary William Simon said last week that after the initial auction Jan. 6, the Government is considering later auctions of gold in bars smaller than...
...there should be broad freedom for international investment. Now that the shoe is on the other foot, it seems hypocritical to say that foreigners cannot invest here." Gardner's sentiment is shared by a large number of thoughtful U.S. business executives. "It's a free market, an auction market," said new General Motors Chairman Thomas A. Murphy last week...