Word: bullion
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...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...
...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...
...used to describe most Latin American nations, many banks and the United States Football League. The Syrian-backed P.L.O., an earlier hyphenated champion, had to be retired when the Syrian backers began shooting at the P.L.O. backs. Any dictator who leaves his homeland hastily, with or without his bullion and wife's shoe collection, is not fleeing in disgrace, merely heading into self-imposed exile...
...South African Krugerrand was far and away the world's top-selling gold bullion coin for years. Then the U.S. banned imports of the item last October in protest against South Africa's racial policies, and Krugerrand sales fell so sharply that production was halted. Canada, Australia and China, among others, are trying to take up the slack. This October the U.S. will begin selling gold coins in $5, $10, $25 and $50 denominations, though the sale price will vary with the value of the metal...
...sell significant quantities unless Pretoria eased some of its repressive measures, and then "private hoarders from Bombay to Brittany would be rushing to sell their gold at crashing prices." The U.S. is well positioned to do this, since it owns more than a fourth of all such banked bullion. Such an act, of course, would hurt all holders and producers of gold...