Word: bullion
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Dates: during 1960-1969
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...skeptics around the globe have been gambling that the U.S. Government was on the verge of devaluing the dollar by raising its official $35-an-ounce price for gold. Unconvinced by Administration statements that devaluation was out of the question, the speculators have been busily exchanging dollars for gold bullion or, as a second-best hedge, buying gold mine stocks. Then, last week, President Kennedy took advantage of the Telstar communications satellite to deliver a stern-faced warning, witnessed by millions of Europeans, that "those who speculate against the dollar are going to lose." Next day, gold shares...
Solemn Ritual. Though there are also free gold markets in Hong Kong, Paris and Zurich, most of the world's bullion trading is done on the London market-and the pattern for world prices is set there. Every working day in solemn ritual, dark-suited representatives of the five London firms authorized by the British government to deal in bullion meet in a second-floor room of the House of Rothschild. Signaling any changes in their offers by raising tiny British flags, "the fixers" spend about ten minutes arriving at the opening bullion price for the day. Thereafter...
...exact identity of the ultimate buyers of the bullion traded in London is carefully shrouded by the Swiss and British banks that act as front men in the transactions. But traditionally, bullion buyers fall into three categories: THE HOARDERS, who come mostly from France and the Middle East, where faith in paper currency is low. Hoarders are particularly common in India, where gold jewelry has long been regarded as the safest way to cache wealth...
...that Communist trade delegations turned up in Australia, France and Canada to buy $362.4 million worth of food grains. Red China's export trade collapsed because of inability to make shipments. To meet commitments abroad, Peking emptied its treasury by sending to London silver bars and gold bullion, including melted-down coins from conquered Tibet. At home the time had come to look for scapegoats...
...motions have been ignored by the House Rules Committee and allowed to die decently-as the authors expected. But last week, to the surprise of Carroll Kearns, the committee called for hearings on the Fort Knox resolution, solemnly considered such problems as the advisability of sawing each bar of bullion in half, just to make sure there were no gold-plated bricks in the national hoard...