Word: marketeers
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Dates: during 1970-1979
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...generation ago. Before the second World War, a few wealthy racing families bred, foaled, raced and retired to stud much of the finest American bloodstock. "Today," says Lucien Laurin, trainer of Secretariat, "it's easier to get better breeding because it's more of an open breeding market." The reason: the proliferation of commercial breeders and the widespread syndication of top stallions. The owners of Spectacular Bid, as well as Seattle Slew, certainly are not members of racing's Establishment...
...fine tuning seems momentarily to be replenishing crude-oil stocks largely because the Administration is now urging oil companies to go out and buy whatever crude they can acquire on the world market. Diesel fuel and heating oil remain critical problems. Diesel is still generally available to farmers and truckers, though at prices that brought a column of truckers to Washington last week to double-park their rigs in front of the White House in protest. But heating-oil stocks have dwindled to only about 85% of last year's levels, and they must be rebuilt by autumn...
...squeeze is being aggravated by competition from Western European importers, who are paying premium prices to buy up heating oil that is refined in offshore Caribbean refineries and normally goes to the U.S. market. To ease the pinch, the Administration is now providing a temporary $5-per-bbl. subsidy for U.S. importers to match the European price. This has infuriated Europeans, who rightly argue that U.S. policy is fueling a price war that will hurt everyone...
...others. Until the applications, costs and technologies of each alternative become better understood, the U.S. would be wise to examine all of them. That will require sharply increased Government funding, since most of the options are too long-term and high risk to gain financial backing in the open market...
...past two years, a new band of buyers has flocked to the market: American institutional investors. Some U.S. pension funds, mutual funds and bank trust departments are putting a portion of their assets into bullion. Meanwhile, U.S. individuals, professional hedgers and a number of the larger multinational corporations are in the gold futures market. As a result, contracts representing 312 million ounces were written in the first four months of this year, and the level of futures trading in the U.S. dwarfs gold markets abroad. Individual Americans last year also bought at least 3.7 million ounces of gold coins...