Word: buying
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Dates: during 1970-1979
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...expert: "Central banks now hold on their books assets that are ten times as valuable as they were in 1969. They can theoretically use these assets." In effect, wealth can be created out of nothing: the gold can either be sold to cover trade deficits or borrowed against to buy...
...popularity of such tangible assets reflects a fast-deepening distrust of all paper currencies in a period of scary inflation. For some extreme pessimists, the phenomenon has raised the specter of the Weimar era in Germany in the early 1920s, when wheelbarrow loads of notes were needed to buy a loaf of bread. Essentially, the price of gold is an index of anxiety and a barometer of fears that, justified or not, seem too real to many...
Even the CIA claims that it has no idea who is running up prices, and the market itself abounds with rumors. Last week's scuttlebutt had it that a single Saudi investor was looking to buy a ton of gold worth about $12 million, and the market was being dominated by just a few large purchasers-including one unidentified German buyer and an unknown Canadian industrialist. About all that is certain is that small investors are now joining in the gold action...
Most of the buy orders are for $10,000 or less, and some of the checks being used for payment are being drawn on credit unions and savings banks by small investors. Joseph Hale, president of World Wide Coin Investments in Atlanta, reports that one client wanted advice about whether to sell her house to buy gold. Most small investors appear to be looking not so much for profit as capital protection...
...been rising through the industrialized world since July, as governments try to curb inflation. But the U.S. has been playing catch-up with European and Japanese rates. At present, U.S. interest levels are no higher than existing U.S. inflation rates; thus there is scant reason for money traders to buy dollar-denominated short-term securities, since they earn nothing. Other currencies are a better buy. For example, even though the West German prime rate of 7.75% is more than five percentage points lower than the U.S. prime, West German inflation is about one-third that of the U.S., so traders...