Word: marketeers
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Dates: during 1960-1969
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...gold reserves-now down to about $25 billion. France, because it is no longer an active member of the pool, was conspicuously missing from the invitation list. Piqued because of the omission, Charles de Gaulle decided to keep the Paris Bourse open last week after London's gold market had shut down at Washington's suggestion. The result (see THE WORLD) was wild trading and a rise in the speculation price per ounce of gold...
...Federal Reserve, as is its custom, waited until the stock markets closed on Thursday to announce the new rate. The move was wise. Already that day, on news of the growing gold crisis, the Dow-Jones industrial average had fallen 11.32 points for its sharpest drop in 18 months; on the New York Stock Exchange, declines in stock prices outnumbered gains by 10 to 1. Next day, while London's market was shut down, New York opened on schedule, and in an equally busy day the industrials regained half of what they had lost. Most of the activity...
...economic allies would continue central-bank exchanges of gold and dollars at the $35-an-ounce price. But "mercantile" gold-that which is bought by speculators and industrial users-would be left free to seek its own price. The advantage of the system is that the open-market price might very well drop low enough to finally put some risk into speculating. Up to now, with the U.S. maintaining a bottom on prices, the trading has been a heads-I-win, tails-you-lose proposition in favor of the gold buyers. One disadvantage of the plan, however, could...
...problems, the dollar will continue to be the world's most important currency, if only because the U.S. economy has safeguards -bank insurance, market regulations, progressive tax rates-built in to cushion it even in hard times. But only the U.S., by putting its affairs in order, can protect the dollar. One way, which House Ways and Means Committee Chairman Wilbur Mills is demanding, is for the Administration to cut back domestic spending more sharply than it wants to, as long as it is faced with large outlays for Viet Nam. Last week Lyndon Johnson agreed to reductions...
...Shell and Esso, demanded at least 3.25 cents per therm (the amount of heat generated by 100 cu. ft. of North Sea gas). The Gas Council insisted on paying no more than 2.1 cents per therm, arguing for a price pegged to production costs rather than to the higher market value of the fuel...