Word: golds
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Dates: during 1970-1979
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...decline of the dollar has compelled the Federal Government to dip deeply into its own Fort Knox reserves in its efforts to prop the faltering currency. Since early 1975, the Treasury has been holding periodic gold auctions in an attempt both to drive down the metal's price and to improve the appalling U.S. balance of payments deficit. The auctions benefit the trade balance because gold sales to foreigners are counted as exports. The International Monetary Fund has also been conducting monthly auctions, but the dollar has kept plunging anyway. In fact, a key element of President Carter...
...Administration's policy of demonetizing gold will receive yet a further setback if, as is expected, eight of the nine members of Europe's Common Market next month begin pooling a portion of their official reserve holdings to create a kind of central bankers' supermoney. The European Currency Unit, or "ecu," is intended to be the precursor to a Common Market currency that would at least partly replace marks, francs, guilders and other national money. Each member nation must contribute not only paper money but also 20% of its gold reserves to the pool that will back...
Until recently, gold was only one of several beneficiaries of the global flight from the dollar. Investors also chased after the "hard currencies" that were not being debauched by inflation, especially the Swiss franc, the mark and the yen. As the dollar plunged, these currencies rose along with the value of gold. That is now beginning to change as more investors conclude that ultimately no industrial nation can withstand inflation and energy-related shocks. Says Guy Field, a London gold dealer: "Last year the high price of gold reflected the decline of the dollar on exchange markets. But gold...
...Gold has always had a particular fascination for Old World investors, who have learned from grim experience that wars, revolutions and political strife can demolish less durable forms of investment. In France, the lust for gold remains as strong today as it was nearly two centuries ago when the National Assembly tried to spend its way to prosperity by issuing 400 million units of a paper currency called the assignat. Within five years, 50 billion of the worthless scraps were circulating, gold had jumped 600 times in value, and hoarding proliferated, even though the government made efforts to deal...
Today, along with bullion sales to oil-rich sheiks, monied Asian merchants and Europeans, there is surging demand in the U.S. Of the 54.2 million oz. of gold that entered commerce worldwide last year, almost one-fifth−11.5 million oz.−was sold in America. The largest jump has come in the purchase of South Africa's heavily promoted Krugerrands. Last year the apartheid government in Pretoria minted 6 million of the 1-oz. coins, and nearly 3.7 million were imported by the U.S. That is more than twice as many as were bought the year before...