Word: bankes
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Dates: during 1970-1979
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...pocket to take to his father. Schmidt and his wife spend every weekend possible in Hamburg. On summer holidays at their cottage on a lake in northern Germany, they are joined by their only child, Susanne, 31, an economist like her father, who works for the Deutsche Bank branch office in London...
...Assembly, to be elected this month, must revoke 30 years of legislation that made it a crime for Egyptians to deal with Israelis. Sadat's aides are convinced normalization of relations is their trump card in the next stage of talks, on autonomy for the West Bank and Gaza. Says one Egyptian diplomat: "If we make significant progress in the autonomy talks, then you can expect to see Egypt speeding up the process of normalization. If the Israelis become difficult in the autonomy talks, then we will be tough on normalization...
...buying comes from beyond Europe. Speculators in Turkey have made fabulous profits by hoarding gold as a hedge against their own sharply declining currency. The Arabs remain major buyers, and they like to get gold in 400-ounce bars (now worth about $110,000 each). Germany's Dresdner Bank is rumored to be holding 50 tons of gold for Arab accounts. It was presumably for those customers that the bank scooped up 652,000 of the 750,000 ounces auctioned off last month by the U.S. Treasury...
...past two years, a new band of buyers has flocked to the market: American institutional investors. Some U.S. pension funds, mutual funds and bank trust departments are putting a portion of their assets into bullion. Meanwhile, U.S. individuals, professional hedgers and a number of the larger multinational corporations are in the gold futures market. As a result, contracts representing 312 million ounces were written in the first four months of this year, and the level of futures trading in the U.S. dwarfs gold markets abroad. Individual Americans last year also bought at least 3.7 million ounces of gold coins...
...ounces, and the International Monetary Fund has reduced its monthly sales slightly, to 444,000 ounces. "Combine those two, and you take out almost 20% of supply," says a U.S. gold analyst.Soviets, who earned $2.6 billion the sale of 13.8 million ounces of gold through the Wozchod Bank in rich last year, have been selling at only half that rate so far this year, perhaps wait ing for higher prices. South Africa, which supplies a steady 22.5 million ounces to the market each year, stands t earn $6.2 billion at current prices...