Word: marketed
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Dates: during 1970-1979
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...sales by the Treasury and the International Monetary Fund so far have been too small to affect the price much. The world's central banks and the IMF hold 40,000 tons of gold, about half the total ever mined. If a significant amount were thrown onto the market, the price would be knocked down hard, perhaps to $100 an ounce or so. As the dollar gained in value against gold, it might also rise against foreign currencies as well. But central banks are reluctant to part with the one reserve asset they hold that is increasing dramatically...
...these moves would be sufficient to steady up the dollar over the long run, but some combination of them might buttress the buck long enough to permit fundamental market forces to take over. The Carter Administration has long hoped that the dollar's slide would eventually be self-correcting. It would boost U.S. exports by making them cheaper, cut imports by making them more expensive, and thus lower the trade deficit; then the dollar would rise again. There are some signs that the Administration's faith may not be in vain. For example, Japanese imports now account...
Even with a high level of imports, the dollar would be doing better if American exporters were more aggressive in tackling foreign markets. As Assistant Secretary of Commerce Frank Weil told TIME Correspondent William Drozdiak: "U.S. firms have been spoiled with a big market at home and have not felt impelled to sell more abroad...
...exception of the Japanese yen. One example: $100, when converted into German marks or Swiss francs, will rent a 'first-class hotel room for a night in Frankfurt or Geneva. In New York City a comparable room in a high-priced hotel costs about $70. In a rational market, the dollar might be expected to rise to reflect its purchasing power more closely...
...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 of their reserves with the scratch of a pen. The U.S., which has not joined the revaluation trend, still reckons the worth of its 8,516-ton gold hoard at $35 an ounce, or $ 11.5 billion...