Word: auction
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...good as gold; later the U.S. Government would not sell it to anyone. Last week, though, the Treasury announced plans more in line with its current belief that gold has become a mere commodity. On Jan. 6 it will sell 2 million ounces of the glittery stuff at public auction to any purchasers, American or foreign, who care to submit sealed bids. That is only a minor part of the Treasury's total hoard of 276 million ounces but still nearly equals the amount now traded on all the world's gold markets in any single week...
...have seen a Negro woman sold upon the block at auction. I was walking. The woman on the block overtopped the crowd. I felt faint, seasick...The woman was a bright mulatto, with a pleasant face. She was magnificently gotten up in silks and satins. She seemed delighted with it all; sometimes ogling the bidders, sometimes looking quite coy and modest; but her mouth never relaxed from its expanded grin of excitement. I dare say the poor thing knew who would buy her. My very soul sickened. It was too dreadful. I tried to reason. 'You know how women sell...
...grounds that the oil producers are part of the Western economic system and they could not profit by bankrupting their customers. After conferences with King Faisal, Treasury Secretary William Simon returned from Jidda two months ago with encouraging news: the Saudis in August would hold an auction that would let the market set lower prices. The auction was canceled, which led some U.S. cynics to accuse the Saudis of double-dealing...
...Saudi government has not said. Indeed, it has not officially canceled the auction, but neither has it ever sent out invitations to Western oil companies to bid. Possibly the Saudis are waiting for some indication from the new Ford Administration of just how much the U.S. values Arab cooperation. But most oil analysts suggest a different reason: however sincere the Saudis may be in their desire to cut oil prices, they are reluctant to disrupt the powerful cartel formed by the twelve members of the Organization of Petroleum Exporting Countries. King Faisal's government apparently feels that it cannot...
That it has signally failed to win. In fact, after plans for the Saudi auction were announced, government ministers from other Persian Gulf oil-producing nations hurriedly declared their readiness to cut back petroleum production, if necessary, to keep world prices from dropping. Abdel Rahman Al-Atiqi, Kuwait's Minister of Finance and Oil, warned: "If there is any attempt to undermine oil prices by any party through reducing them in an unnatural way, O.P.E.C. has a specific plan in hand to counter any such attempt. And when I say O.P.E.C., I mean all the member states without exception...