Word: goldings
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Dates: during 1960-1969
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Quietly and secretly, technicians at Fort Knox, Ky., loaded an estimated $450 million worth of gold ingots onto a heavily armed convoy. The convoy proceeded to a nearby U.S. Air Force base, where the gold was loaded aboard a transport plane and flown to Britain...
There, it was sent to the Bank of Eng land, to be transported by Swissair and British European Airways flights to the coffers of Swiss banks. The influx of gold became so bulging, in fact, that one Swiss bank had to reinforce the walls of its vault to contain it. It was all part of the largest gold rush in his tory, a frenetic, speculative stampede that last week threatened the Western world with its greatest financial crisis since the Depression...
Socks & Mattresses. Telephone and telex lines to London, the world's largest gold market, were swamped as buy ers throughout Europe demanded gold, gold and more gold. More than 200 tons, or $220 million worth, changed hands on the London gold market in one day to establish a new single-day trading record. Where gold could be bought directly, mob scenes erupted and the price soared. Ten times the usual number of buyers jammed the gold pit in the cellar of the Paris Bourse, and fist fights broke out as the price on one day rose...
THAT confidence has been shaken, virtually shattered, by the British devaluation and the prospect of an enlarged U.S. balance-of-payments deficit. Speculators took a look at the vast foreign holdings of dollars and were convinced that the announced dollars price of gold could not be maintained; they wanted to be holding gold if the U.S. devalued...
...tiered price for gold announced Sunday afternoon is commonly admitted to be only a stopgap measure. In order to restore confidence in the dollar, the U.S. has to cool its overheated economy and reduce the payments deficit. There are a number of coolants available. The Federal Reserve can raise the discount rate in order to curb investment demand, which it has done, or it can take steps to check the growth of the money supply or even reduce it. But neither of these methods will be adequate; it has become necessary to sharply reduce the federal budget deficit...