Word: bank
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Dates: during 1960-1969
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Even so, South Africa has been selling somewhere. South African Reserve Bank statistics show that just about all of the $560 million worth of gold that the country has mined so far this year has been sent abroad...
Pride and Profit. TIME'S European Economic Correspondent Robert Ball has pieced together an explanation. Most of the gold, Ball reports, has been flown to Switzerland and bought by three banks: Credit Suisse, Union Bank and Swiss Bank Corp. Motivated by pride and profit, the three banks formed a syndicate a year ago and began to buy newly mined South African gold. They wanted Zurich to challenge London's position as the leading gold market, and they also figured to sell the gold at a lucrative markup. By carefully controlling their marketing practices, they could keep the free...
...syndicate, however, has been unable to take all the gold that South Africa has offered. The Bank of Portugal has broken the central-bank boycott and bought some of the rest at the official $35 price. The Lisbon bankers took about $145 million worth in 1968 and another $120 million worth early this year. Johannesburg moneymen also believe that South Africa has loaned some gold to other African nations...
Compromise Talk. In addition, central bankers strongly suspect that South Africa has deposited some of its gold in foreign banks and subtracted the deposits from its figures on gold reserves. That ploy would tend to make the boycott look even more ineffective than it is. British statistics show that $222 million in South African gold entered the U.K. last year. Most of it is probably to be found in South Africa's account at the Bank of England, which does not divulge what it is holding-but which has received South African gold ever since that country...
...food stores, which are to be designed along the lines of the shack he lived in as a child in Texas. Brady Keys, a former Pittsburgh Steelers defensive back, is president of "All-Pro Chicken," which he set up in 1967 with the help of the First National City Bank. Keys has sold 150 franchises-many to other black athletes -in eleven cities...