Word: goldings
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Dates: during 1960-1969
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...Griffin had taken to wearing on his lapel a golden miniature of the mythological beast that is his family's namesake. In the legends of ancient Greece, a griffin had the body of a lion and the head and wings of an eagle, and served to guard the gold of the realm. Griffin's wife recently told him: "You are opposing the President, the Supreme Court, the minority leader of the Senate, the majority leader of the Senate and the American Bar Association. Who do you think you are?" In reply, Griffin only smiled. In fact...
...vote will make more difficult the renewal of the measures when they expire late next year, but Wilson is committed to his policies. Some of their first optimistic returns came in last week, when the Bank of England announced a handsome $504 million increase in gold and foreign-currency reserves during September...
...Western world owes an immense debt to its close-knit fraternity of central bankers. Within the space of eleven months, their informal collaboration has overcome the turmoil of British devaluation, an upheaval in France and a stampede for gold that culminated in the worst international money crisis since the 1930s. A serious slip at any crucial point along the line could have wrecked the wobbly system of international finance, bringing wholesale currency devaluations and economic chaos. Last week the bankers tried to stave off another incipient crisis almost before the world realized that there was one brewing...
...problem this time was South African gold-an estimated $1 billion worth of newly mined metal that has piled up in 400-oz. bars in a refinery near Johannesburg. That cache has been accumulating since March 17, when the bankers stopped the speculative run on gold by creating today's two-price system. Under that arrangement, the historic $35-per-oz. price continues for official transactions among nations; for speculators, hoarders and industrial users, the price was freed to find its own level in the marketplace. To make the system work, the central banks agreed to buy no newly...
Bridling at the Setup. As the source of three-fourths of the free world's new gold, South Africa bridled at the new arrangement. Officials figured that if the country turned to the free market for a gold outlet, the price of its largest export would plunge. The U.S., on the other hand, hoped that South Africa would be forced into making free-market sales, thus lowering simultaneously the price of gold and the pressure on the U.S. dollar. The result has been a six-month war of nerves. South Africa has stashed away all but a tiny...