Word: dresdner
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Remarkably, almost half of the 1,000 tons of gold that the IMF and the U.S. Treasury have put on the market in the past five years has been scooped up by one buyer: West Germany's Dresdner Bank. And its drive into gold has been pressed by one man, Hans-Joachim Schreiber, 46, who was appointed to the bank's board of directors five years ago. His faith in the metal dates to his youth in postwar Germany, where, he recalls, "some people owed their survival to the possession of a few ounces of gold...
...Treasury's auction late in August, Schreiber bid $301 per oz. for gold that had been selling the day before at $299; Dresdner acquired 720,000 of the 750,000 oz. that were on sale. Many competitors thought that Schreiber had paid too dearly, but as of last week Dresdner and its customers had earned more than $23 million on those transactions...
...three days and broke the $300-per-oz. barrier. It reached a record $303.85 before settling back slightly at week's end to just below $299. But the decline could well be temporary. Says Hans-Joachim Schreiber, the chief trader of West Germany's Dresdner Bank, which has been the biggest buyer at recent U.S. Treasury gold auctions: "There are no forces working to depress the gold price...
...recent buying comes from beyond Europe. Speculators in Turkey have made fabulous profits by hoarding gold as a hedge against their own sharply declining currency. The Arabs remain major buyers, and they like to get gold in 400-ounce bars (now worth about $110,000 each). Germany's Dresdner Bank is rumored to be holding 50 tons of gold for Arab accounts. It was presumably for those customers that the bank scooped up 652,000 of the 750,000 ounces auctioned off last month by the U.S. Treasury...
...Dresdner Bank (W. Germany...