Word: bullion
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Beginning this week, Americans can buy, hold and trade gold bullion for the first time since Franklin Roosevelt banned private ownership of the yellow metal 41 years ago. The lifting of the ban, effective Dec. 31, is surely the most passionately awaited marketing event since Repeal reopened the nation's borders to the world's eager distillers. In hopes of an American stampede into bullion, speculators from Amsterdam to Zurich to Johannesburg have engaged in a considerable gold rush of their own. Last week alone, the price of "free market" gold traded on the London exchange climbed...
...investors anxious to trade their shrinking dollars for a few ounces of the world's most myth-encrusted hedge against inflation. Those who are betting that this is so point to a Gallup poll commissioned by New York's Mocatta Metals Corp., the nation's largest bullion dealer (1974 sales: about $2 billion). Taken in early November, the poll showed 18% of 1,557 adults felt they were at least "fairly likely" to buy bullion when it became legal. Projected nationwide, that 18% would translate into 12 million potential customers. Yet the survey found that...
...auction will take place six days after individual American investors are freed by law to buy gold bullion for the first time in almost 41 years. (Federal Reserve Chairman Arthur Burns last week urged that permission be delayed six months, because he fears that people will pull money out of savings accounts and stocks to buy gold, but Congress probably will make no change.) Not many individuals are likely to bid at the Treasury auction: the gold will be sold only in the form of 400-oz. bars, worth at current free-market prices about $70,000 each...
...buying gold coins, and some stores are selling as jewelry ⅛oz. bar-shaped pendants ($45 at Cartier's in Manhattan or twice the value of the gold itself). Come Jan. 1, Americans will also be offered gold-warehouse receipts and shares in mutual funds that will buy bullion. They may even get a chance to buy some more gold from Uncle Sam. Treasury Secretary William Simon said last week that after the initial auction Jan. 6, the Government is considering later auctions of gold in bars smaller than...
...dollar's dive has contributed to another upward leap in gold. Free-market prices have been steadily climbing, partly because speculators are betting that Americans will invest heavily in bullion when it becomes legal to do so on Jan. 1, and the latest flurry of concern over the dollar has given added glitter to gold. Early last week the price on the London exchange hit a record $190.25 per oz.-up from $150 only two months ago-before settling down at week...