Word: hoards
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...French Ministry of Finance revealed that, following De Gaulle's order, France will convert at least $300 million of its $1.3 billion hoard of dollars into gold-in addition to the $400 million to $500 million it routinely cashes in each year. De Gaulle thereby served notice that he intended not only to cause mischief for the American economic colossus, but to test the money system in its global entirety. The move was important not so much for its size as for the furor it caused and the specter it roused of what would happen if other dollar holders...
...international mystery that the U.S. Central Intelligence Agency sniffed around, recently concluded that Russian monetary reserves must run about $2 billion, v. the U.S.'s $15.5 billion. London's gold experts believe that the CIA count considerably shortchanged the Russians; they estimate that the Russian gold hoard is as high as $8 billion...
...Buenos Aires last week, customs officials were auctioning off a $100 million hoard of contraband-1,500 cars, mountains of nylons, radios and TV sets -confiscated over the last few years. It was only the merest drop in a very deep bucket. By conservative estimate, Argentine smugglers will do a $300 million business this year, while their counterparts in Brazil will gross an even handsomer $400 million. Total sales for all Latin America are well over $1 billion annually...
...trend continues, Lyndon Johnson will have another campaign point, and the U.S. will enjoy much more freedom of maneuver in foreign and domestic economic policy. For one thing, the better balance relieves the U.S. of much political pressure from the French, who have brandished their large hoard of dollars as a weapon and, says Chief Economic Adviser Walter Heller, often made U.S. officialdom feel "like mendicants"; last year the French drained off $500 million worth of U.S. gold and threatened to convert even more dollars. No one can be certain if or when the U.S. will achieve a surplus-partly...
...dealers as Continental Grain Co., Bunge Corp. and Louis Dreyfus Corp. Cargill will then draw part of the wheat from its grain elevators (total capacity: 160 million bushels), also buy some fresh supplies from farmers and, in all probability, buy some more from the U.S. Government's wheat hoard of more than a billion bushels. Total costs to the company for purchasing the price-supported wheat, shipping it to port and loading it aboard ships will average about $2.30 a bushel. But Cargill will sell it to the Soviets at the world market price of about $1.75 a bushel...