Word: goldings
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Dates: during 1960-1969
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...rate Spitz is going, Counsilman reckons he may get another chance to stroke for Olympic gold-even though he will be 22, ancient by swimming standards, when the Munich games roll around. Says Counsilman: "He should just be hitting his peak by 1972." Spitz, of course, wants nothing more than another try. "Everything I do now is geared to 1972," he says. "I don't want another Mexico City...
...months, international moneymen have been trying to solve a nagging mystery: What could South Africa be doing with the enormous quantities of gold -77% of the non-Communist world's output-that it mines? The question is much more than an intellectual game for economists. It involves such practical matters as the future of the South African economy, the value of the U.S. dollar and the whole intricate mechanism of international gold trading...
South Africa badly needs to sell gold to pay for its imports; but other nations have not been buying its bullion for their monetary reserves since 1968, when the U.S. persuaded central bankers to 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...
Even so, South Africa has been selling somewhere. South African Reserve Bank statistics show that just about all of the $560 million worth of gold that the country has mined so far this year has been sent abroad...
Pride and Profit. TIME'S European Economic Correspondent Robert Ball has pieced together an explanation. Most of the gold, Ball reports, has been flown to Switzerland and bought by three banks: Credit Suisse, Union Bank and Swiss 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...