Word: chicago
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Dates: during 1970-1979
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These were all part of the preparations for Pope John Paul's historic, seven-day American tour, which will begin with his arrival in Boston next Monday. He will celebrate Mass at each major stop -Boston, New York, Philadelphia, Des Moines, Chicago and Washington-and visit St. Patrick's Church in the tiny farm town of Cumming, Iowa. Along the way, John Paul will address seminarians and school students, visit with cardinals and civic dignitaries and attend a huge reception on the White House lawn that threatens to turn into a political rally: the President's invited...
Obviously, political reliability was as important as artistic talent. As the Bolshoi doggedly continued its tour to Chicago and Los Angeles, Artistic Director Yuri Grigorovich settled on a little-known principal to substitute for Godunov Prince Siegfried in Swan Lake. For Grigorovich, the choice proved a disastrous mistake. Leonid Kozlov was intent on playing Godunov's role to the hilt. Following the troupe's last American curtain call in Los Angeles last week, Kozlov repeated Godunov's final grand jete to freedom...
Gold fever, the most infectious of monetary diseases during times of perceived economic distress and uncertainty, is epidemic. From Zurich to Chicago, from London to Hong Kong, goldbugs are scurrying once again to buy into their favorite hedge against disaster. With people battered by inflation and recession, worried about oil and lacking confidence in leaders and cures, the gold rush of '79 has turned into a stampede as schoolboys, housewives and pensioners have jumped in along with big investors. It is a surge that bodes little good for late-coming, small investors, the fragile international monetary system, the dollar...
...gold can be perilous. Says Clayton Yeutter, president of the Chicago Mercantile Exchange, a leading gold futures market: "As the price enters the stratosphere, the risks become extraordinary. If you look over the edge from here, it's a long way down." Even if there is no great plunge, the small investor especially can find himself paying more than he figured for his bullion. When buying or selling coins, for example, dealers commonly add a charge amounting to 5% or more of the market price. Thus someone who bought a Krugerrand when gold was at $380 last week would...
What investors must also be alert to is the old saw that when the little guy starts buying, the smart money is already pulling out. Says Walter Perschke, president of Numisco, a Chicago gold brokerage house: "Everyone wants to get into the gold boat. What they do not realize is that when everyone gets in, the boat sinks." If a great many large investors move to take their profits, the sinking could be rapid. Although there is no evidence of this happening yet, smaller investors who are unable to sell quickly could find that gold fever is not only contagious...