Word: free-market
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...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. The big distributors who buy these bars will send many of them to refineries where they will be melted down and recast in smaller sizes for sale to the public...
...London and Zurich illustrated some of the hazards of speculation in the metal. Traders earlier had hoped that no government would sell gold from its monetary hoard and that the pressure of new legal demand from individual American buyers on a thin supply available for trading would drive the free-market price above $200 per oz. (v. an official value of $42.22 in exchanges between governments). The price did hit a record $190.25 a few weeks ago. Last week, though, it dropped as low as $170.50, then closed...
...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...
...agree on the size of global reserves necessary to protect against famine and share responsibility for storing and distributing the stockpiled grain. In its emphasis on distribution by need rather than commercial demand, Kissinger's proposal was an almost revolutionary departure-certainly for a U.S. diplomat -from the free-market system of trade...
O.P.E.C.'s decision also served as a needed reminder that oil prices these days are set not by free-market economics but by politics, particularly in the Middle East. Economics would dictate a cut at this time instead of a disguised increase in oil prices. World demand has been held down because, after the quadrupling of prices by O.P.E.C. in the past year, consuming nations cannot afford to buy as much oil as they would Eke and the crude shortages of last winter have given way to a surplus...