Word: goldings
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Dates: during 1960-1969
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...dwelling on any one subject too long, he also commented on his heresy trial, the gold crisis, and his controversial religion...
Spreading Ripples. Some influential U.S. bankers have been prodding Washington lately to drop its insistence on the price fixed for gold in 1934. That heresy prompted rumors in Paris that the U.S. would embargo further sales of its gold. Two weeks ago, in a Senate speech, New York Republican Jacob Javits added to the doubts by urging that the U.S. pull out of the London gold pool, stop selling gold to foreigners on demand, support the dollar by buying and selling foreign currencies as other countries do. (The Treasury promptly denied any such intention.) Then there were reports that South...
Predictably, the gold rush spread ripples through stock markets on both sides of the Atlantic. The price of gold-and silver-mining shares spurted on the London Stock Exchange in response to heavy domestic, continental and U.S. orders. On the New York Stock Exchange, the Dow-Jones average dipped to a 14-month low of 827.03, then rallied a bit to end the week...
...Quick Way. The value of the dollar, as the key currency of international trade and investment, is pegged to that of gold. But most non-Communist currencies are measured against the value of the dollar. Thus any change in the dollar price for bullion would upset the value of every other currency, risking global monetary chaos. Still, if the U.S. fails to stanch its decade-long balance of payments hemorrhage, sooner or later it will own too little gold to defend the $35-an-oz. price...
Until lately, most Western bankers figured that the creaking monetary system would hold together long enough-perhaps another three years-to let reserves artificially created by the IMF begin to supplement gold's historic role. British devaluation and two subsequent runs on gold have drastically shrunk the transition time. "The monetary system is now in a continuous and drawnout crisis," says Roy L. Reierson, senior vice president and chief economist of Manhattan's Bankers Trust Co. Last week Reierson added his voice to those demanding that the London gold pool be closed, and that the U.S. limit...