Word: bullion
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Dates: during 1980-1989
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...great guy," he told me, "Why, he'd give you the shirt off your back. Of course, first you'd have to pay for the shirt in gold bullion, to be deposited in a secret Swiss bank account, but the principle's the same. And he's a guy who knows how to take initiative. I had him over to my house once for dinner--I went to the kitchen to open some beer and by the time I got back he had subletted half the place to foreign agents. You have to admire that kind of spunk...
...eagle soared higher and faster than anyone had anticipated. All 800,000 American Eagles, the first U.S. gold bullion coin ever issued, were snatched up within two days last week. Twenty-five authorized dealers bought the entire supply of 558,000 oz., worth some $237 million, creating a temporary shortage of the costly coinage. "We're thrilled about it," said Hamilton Dix, a spokesman for the U.S. Mint. "We expected to sell 2.2 million oz. in the first twelve months. At this rate we'll reach that in ten days...
...plus an estimated 8% markup. It may take as long as two weeks for the currency to filter down to retail dealers, who will then offer them to the public. The U.S. last issued gold coins in 1933, but then they traded at their face value; bullion coins are literally worth their weight in gold...
...minting and sale were authorized by Congress last year after the President issued an Executive Order banning the importation of Krugerrands from South Africa. That left the Canadian Maple Leaf as the major bullion coin available in the U.S. The public's appetite for such coins is already large, and a little-known fact will even enhance it: the new tax bill signed into law last week allows people to put gold coins in their IRA accounts, which surely will be used as an added selling point by dealers...
...daily. The latest mines make use of a chemical technique called heap leaching to reduce costs. The procedure involves the spraying of crude ore with a cyanide solution that absorbs microscopic amounts of gold as it filters through the heaps of rock. After further processing, a low-grade bullion is produced that can be used in jewelry and industrial products. Some 25% of U.S. gold production is now extracted by heap leaching, up from only...