Word: goldbugs
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Dates: during 1970-1979
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...famous 17-year cicada has nothing on the perennial goldbug. Quick-buck speculators, long-haul investors and just plain inflation-scared savers have put so much money into gold that last week it ballooned to a record $277.15 an ounce. Other precious metals have been piggybacking on the yellow stuff. Lately silver and platinum have risen even faster than gold. Predictions that gold could hit $300 an ounce by midsummer-and that other metals could rise in tandem -are becoming self-fulfilling as speculators rush to buy in anticipation of higher prices...
...eminent goldbug, a professional pessimist, Deak understands the psychology of people who have lost faith in mere money and paper shares. Critics, including many stockbrokers, say that Deak has a great 17th century mind, that his views would make Marie Antoinette look like Bella. Abzug. But his opinions are important, since so many nervous people share them...
...ruinous wars, revolutions and often drastic currency devaluations-that a few kilos of gold buried in a flower garden are sometimes the only insurance against personal financial disaster. Almost half of the entire 8,900 tons of gold held privately in Europe is in France. Today's French goldbug, says Paris Financial Editor René Sedillot, "is apt to be a peasant or a workingman, not a sophisticated capitalist. It's no use telling such hoarders that they ought to buy stocks. In their eyes, gold is a tried and true friend. It's part...