Word: golds
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Dates: during 1970-1979
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...price has more than made up for the drop in output. One bank estimates that at an average price of only $190 an ounce in 1978, the nation's export earnings would climb $1 billion over last year, to $4.2 billion. The Soviet Union is the No. 2 gold miner, and last year its Wozchod Bank sold 401 tons at an average price of $150 an ounce, earning a tidy $2 billion. This year Wozchod expects to sell another 400 tons, at much higher profit...
...many years has been trying to "demonetize" gold-that is, end its use as a reserve asset-on the reasonable ground that the volume of world trade and investment should not depend on how much of a yellow metal can be dug out of the ground in South Africa. But the price rise is renewing gold's glitter in the eyes of central bankers. Australia, Italy, France and The Netherlands, all financial allies of the U.S., have revalued their gold holdings from the old official rate of $35 an ounce to the prevailing market price, thus multiplying the value...
...gold we trust," is Deak's philosophy, and he has made many fortunes by dealing in gilt and anxiety. Clients crowd his Hong Kong branch offices to buy newly minted "Deak Dollars," small gold coins that command premium prices because they are stamped with Deak's aquiline features. Other customers stand in line at his 42nd Street outlet in Manhattan to buy gold coins and Swiss franc traveler's checks, which they stash away as investments. At this rate, Nick Deak will be giving Karl Maiden some competition. Still other investors-widows, orphans and the simply frightened...
...inflation brings gross social change, not everybody will be hurt. Deak calculates that people who possess resources will do well. Farmers will flourish-unless Government steps in to regulate their income. His vested interests move Deak to believe that gold holders will prosper, because he expects the barbarous metal to rise and rise. The Arabs, he notes, are pushing up the price by putting so much of their new wealth in gold. He is less enthusiastic about big gold coins than small ones, which are easier to barter in a pinch. He thinks that silver has even more potential...
Skeptics and optimists may dismiss these views as the ursine musings of just another gold fanatic. But it should be remembered that Nick Deak is a survivor-of wars, inflation and collapses on two continents over half a century-and in difficult times, perhaps the survivors can offer us a lesson...