Word: free-market
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...join a boycott. That move was part of a power play intended to blunt South Africa's campaign for an increase in the price of gold. U.S. officials hoped to force South Africa to dump its gold on free markets in London and Switzerland and thus drive the free-market price down to the $35-per-ounce level that prevails in deals between governments. The boycott apparently had little effect. South Africa has obviously not been dumping gold on the free markets, because prices in London and Switzerland have remained about $40 per ounce...
...Bank Corp. Motivated by pride and profit, the three banks formed a syndicate a year ago and began to buy newly mined South African gold. They wanted Zurich to challenge London's position as the leading gold market, and they also figured to sell the gold at a lucrative markup. By carefully controlling their marketing practices, they could keep the free-market price from becoming depressed. They sold the gold to industrial users, private hoarders and speculators-but only when demand was strong enough to make the deal pay off. Indeed, when the free-market price weakened slightly last...
...foreign purchases. Its officials have begun informal talks with the U.S. for some kind of compromise. Under one plan previously proposed by the U.S., South Africa would sell all of its gold in free markets but could sell some to central banks at $35 if the free-market price dropped to that level or below...
With the promise of trouble to come, money markets came under their worst speculative pressure since last November's currency crisis. In Paris, London and Zurich, the free-market price of gold climbed to all-time highs. It soared to $48.41 per oz. in Paris, compared with the official price of $35. Many people were lusting to buy gold, and practically no one was willing to sell. Frenchmen, historically distrustful of their own currency, defied monetary controls and smuggled suitcases full of francs into Switzerland and Belgium. There, they rushed to put their money into gold, Eurodollars and strong...
...price. But the South Africans seem willing to make a deal. They would probably sell half of their gold to the official market at $35 per oz., if they could also get permission to sell the other half at a higher price on the free market. At the same time, the world's monetary authorities would put a floor under the gold price by agreeing to buy South Africa's bullion if and when the free-market price ever falls below $35. Continental moneymen are increasingly convinced that the Nixon Administration will accept such a deal. Once again...