Word: goldings
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Dates: during 1970-1979
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...nation's reserves. Says Economist Robert Triffin, an international monetary expert: "Central banks now hold on their books assets that are ten times as valuable as they were in 1969. They can theoretically use these assets." In effect, wealth can be created out of nothing: the gold can either be sold to cover trade deficits or borrowed against...
Most countries have gold stocks...
...industrial nations have the biggest bullion stocks, in terms of tons and also as a percentage of total reserves, so they gain most from a gold boom; the poorer states, with relatively meager holdings, benefit much less. Says an official at the British Ministry of Overseas Development: "We have a new category of haves and havenots. The Less Developed Countries, as usual, are suffering the most...
Prices of other precious metals such as platinum and palladium have also soared, as have those of diamonds, pearls, stamps, art and antiques. In the past month silver has risen 65%, while gold has gone up 23%, partly because its relatively low price per ounce attracts speculators. The popularity of such tangible assets reflects a fast-deepening distrust of all paper currencies in a period of scary inflation. For some extreme pessimists, the phenomenon has raised the specter of the Weimar era in Germany in the early 1920s, when wheelbarrow loads of notes were needed to buy a loaf...
...cure for the gold plague will not be easy to find. It is even difficult to tell just who is buying. Some orders are placed with agents of agents or through post office box corporations in Liechtenstein...