Word: metallize
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Dates: during 1980-1989
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...hectic week, the long surge in gold, silver and other precious metals crested into a wild pay-any-price frenzy. While bullion traders from Hong Kong to Zurich to Kansas City gaped in amazement, panicky investors big and small reacted to the worsening turmoil in the Middle East and the increasingly troubled world economy. They sent precious metal bars, coins and trinkets on the most dizzying roller-coaster ride in memory. Prices touched levels that were inconceivable a few months ago. Said a New York commodities expert, George Clarke, in a revealing if overwrought explanation of the market...
...trading for as little as $3.98 per Ib. earlier in 1979, has been climbing steadily, in part be cause of a cut in world exports by the Soviet Union, the leading titanium producer, which needs it for domestic consumption. By last week, New York dealers were selling the metal for as much as $25 per Ib. Even copper climbed nearly 10% as speculators pushed it to a record...
...single supplier (18%), followed by the Soviet Union, Canada and the U.S. But, as has been the case for years, demand surpassed supply, by perhaps as much as 90 to 100 million oz., in part because of industrial demand. Silver is a basic ingredient in photo film, electronic components, metal brazings, batteries and, of course, jewelry and tableware...
...small group of ultrarich investors could pull a squeeze. They would simply buy up so many outstanding futures contracts that there would not be enough metal available to meet demand if the contract holders insisted upon delivery of real silver, rather than being willing to turn their paper profits into cash, when their contracts expired. That would push prices into outer space on the spot market, as unfortunate speculators who had contracted to deliver silver scrambled to buy the limited supply to meet their legal commitments...
Both the Commodity Exchange and the Chicago Board of Trade have been slow to awaken to the disruptive potential of a silver price explosion. To limit speculation in the metal, the New York market belatedly has sharply increased the margin requirement for investors. Since November, the Chicago market has limited to 600 per day the number of futures contracts that any individual can hold at one time...