Word: bullion
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Dates: during 1960-1969
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...convinced that Saxon's bull-in-a-china-shop brand of vitality is what the system needs. The blunt, bustling son of a railroad traffic agent, Toledo-born Jimmy Saxon started World War II as General Douglas MacArthur's financial attaché, saved $80 million in U.S. bullion from falling into Japanese hands on besieged Corregidor; he just loaded the gold aboard a U.S. submarine that happened to need the ballast. From private business and long federal service, notably as top aide to Truman's Treasury Secretary John Snyder, he has firsthand knowledge of how ineffectual Government...
...quarter past noon every working day, half a dozen agents from London's three big bullion dealers meet in the teak-paneled board room of Sharps, Pixley & Co., for a gentlemanly haggle that sets the price of silver in Britain-and much of the rest of the world. Last week every one of the agents was saying the same: "I'm a buyer-not a seller." With that, the price of silver hit a 42-year record of $1.14 per oz. in London, also advanced to $1.13 in New York City, which is the world's other...
...hardly a ripple of reaction on the Johannesburg exchange to Wall Street's recent ups and downs. But gold stocks have begun to rise again because speculators remain unconvinced by President Kennedy's dramatic denial that the U.S. would devalue its dollar by raising the price of bullion...
...INVESTORS, who include international tycoons, Eastern oil sheiks, large companies, and even some foundations. The investors all believe that at some future time-even though it may be years off-the price of gold will inevitably rise, presenting them with a huge profit on their bullion stocks...
...SPECULATORS, who are of every nationality, are gambling on an early rise in gold prices and often buy their bullion through European banks that are willing to lend them 90% of the purchase price at around 5% annual interest. According to New York Monetary Expert Franz Pick, increasing numbers of U.S. citizens (who are forbidden by law to own bullion) are buying it through agents who hand-carry dollars to Europe, buy the bars, and deposit them in Swiss banks...