Word: goldings
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Dates: during 1960-1969
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...generation knows that they will never see the work completed, but they go on working." Among the topics up for discussion: U.S. problems with inflation and balance-of-payments deficits, the possibilities for a "Nixon round," and speedy implementation of special drawing rights within the International Monetary Fund?"paper gold"?to ease perennial pressures on gold and on the two international reserve currencies, the dollar and the pound sterling. One current source of U.S. irritation is a proposed Common Market tax of $60 a ton on imported vegetable-oil products, from which the U.S. earns $450 million a year...
London: Crocuses and Gold...
...price of gold in Paris last week shot to well over $46 per oz., the highest in two decades. That upsurge reflected, more than anything, smoldering fears about the future of the franc. The spark that started the rise, however, was President Nixon's call two weeks ago for "new approaches" to international monetary problems. It was only an offhand remark, but French speculators misinterpreted it as a sign that Nixon might favor a rise in the price of gold or some basic revamping of currency values. When the President discusses money matters in Europe this week, he will...
...almost 9% in 1968 and should expand by another 6.5% in 1969-with inflation accounting for barely 2% of the rise in each year. As a result of that performance, the Germans registered a trade surplus of $4.6 billion last year and wound up with $10 billion in gold and monetary reserves, compared with France's $4.1 billion...
...lately been running at more than $200 million a month. Psychology could cause even more havoc than economics. Frenchmen traditionally mistrust their own currency, and they have been spending francs rather than holding them, thus aggravating inflation. As a hedge against devaluation, they are converting francs not only into gold but also into "money substitutes" such as real estate, furs and fine wines. A recent poll showed that 45% of all Frenchmen expect a franc devaluation sometime this year...