Word: diamond
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...President and his right-wing unilateralist foreign policy advisors make some cogent points. The Russians are short of currency and have been desperately selling gold and diamond reserves. The pipeline would annually provide an estimated $10 million in hard currency once the gas began flowing west. Much of that will be used to prop up repressive satellites like Cuba and Vietnam and to purchase military hardware for ventures such as the Afghanistan takeover. A pipeline, Reagan argues correctly, would not only send badly needed currency to Moscow, but would also increase Western European energy dependence on the Soviets. Plans call...
...dimensions of the clan's royal style became clear in January 1981, when the new Miami house of the youngest Fassi brother, Tarek, then 17, was burglarized. Fourteen diamond wristwatches, 20 diamond rings, a dozen gold medallions and $480,000 in cash were stolen-and Tarek promptly bought a new house in a tiny, rich enclave called Golden Beach. At first Tarek's breaches of decorum were merely eccentric: he commuted to Florida International University, 20 miles away, in his helicopter, and draped his estate's palm trees with Christmas lights. But then, in violation of zoning...
...Selma") was paid a backstage call by Roy Clark, 49, during a stint in Las Vegas. Next thing he knew Sammy was onstage in Nashville, with Minnie Pearl, 69. Says Davis: "I really felt welcome. We're all family." He even brought along his own wardrobe: six huge diamond rings, two diamond-and-gold bracelets, a gold wristwatch, a gold choker and a gold-and-diamond pendant with his initials on it. No trouble picking him out of the crowd in the cornfield...
...people who are rich, mainly mine operators and speculators, "do not wear their money well." One summer Klingensmith worked on a construction crew building big private homes. Minutes after the plumbing was installed in one, the rumor spread that the toilet seat was made of gold. "They wear diamond rings next to their leisure suits, which are maybe purple or nice green...
Startling evidence of disinflation has already turned up in the marketplace. Gold and silver have been on a two-year slide and last week were selling for only $331 and $6.66 per oz., respectively. People who paid $61,100 for a one-karat investment diamond are finding that it is worth only about $18,000. Some forms of fine art, like Impressionist paintings and antique American furniture, have kept their value. Others have fallen in price: Old Master paintings now command 18% less than they did 20 months...