Word: goldings
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Dates: during 1960-1969
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...world is to escape the tyranny of gold, for which man enslaved man, even nations as powerful as the U.S. must prepare to give up some of their economic sovereignty. They will have to allow foreign technocrats a voice in their economic councils. Having sapped its international financial strength, the U.S. cannot hold the wobbly monetary structure together by itself. It needs Europe's help, and in return must accept some of the measures of discipline that Europe demands, unpalatable though that idea may seem. As an alternative, the U.S. could at worst retreat into economic isolationism and perhaps...
...19th century system whereby each nation set the value of its currency by weight of gold, and guaranteed to convert paper money to bullion on demand. Honoring that commitment forced nations into ruthless de flations, panics, recessions. Under today's gold-exchange standard, which was evolved in the '20s to economize on the need for the metal, central banks hold some reserves in foreign currencies convertible to gold (such as the dollar). -Tinkering daily with the price of gold during the months before that, F.D.R. liked to decide on a figure in a huddle with Acting Treasury Secretary...
...result was the greatest gold rush in history. Almost all of the demand fell upon the London gold pool, through which the central banks of the U.S., Britain, West Germany, Switzerland, Italy, Belgium and The Netherlands had for 6½years maintained the free-market price of bullion at its $35-per-oz. monetary level. Between Britain's Nov. 18 devaluation and March 15, when the London market was closed at the U.S.'s request, the buying stampede drained the pool of some $2.5 billion of gold - nearly 2½times the amount mined in California during...
...their decision to leave the official price intact while abandoning the gold pool, the seven nations pulled a 24-karat rug out from under the hoarders. As Zurich Banker Hans J. Baer put it: "The central banks are saying to the speculators: 'Take it to the dentist.' ! With the London gold market, the world's largest, closed until April 1, the demand for gold dropped abruptly last week in smaller markets elsewhere. In Zurich, gold bars that brought $43 per oz. at the start of the week sold for $39.25 by week's end. In Paris...
...decisive element is how long the gap between gold's monetary price and its free-market price remains small. For the present, the latest $2 billion of gold to reach private hands creates a price-depressing oversupply in the market. If the free price rises to $45 per oz. or more, as some European moneymen predict, it may tempt some nations to sell official gold for the profit. Hoping to prevent that, the U.S. last week made it clear that its gold window will be shut to governments that refuse to cooperate with the new system. Could a central...