Word: oz.
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Thousands of moneymen also discovered that the glitter of gold and silver can be a sometime thing. Unrest in the Middle East and inflation in the U.S. sent the price of gold soaring to a high of $875 per oz. in late January, an increase of more than $300 in less than four weeks. That same month, silver went from $39.50 per oz. to $50.35 per oz. People rushed to determine the value of their ancestral sterling silverware or gold rings, and of that was soon in the melting ovens metal dealers. The inevitable sell-off followed even more quickly...
Leading the routed silver and bulls were Bunker and Herbert Hunt, Dallas bullionaires, who at one owned an estimated 100 million oz. of silver. In March, they used their $2 silver hoard to buy even more of the metal. After the market collapsed later month, the pair had to use their vast holdings, including race horses, art and antiques, as collateral to back the loans had made in their attempt to corner world silver market. A battered Hunt later said, "A billion dollars is what it used...
...Arnaz, 29, actress (Broadway's They're Playing Our Song) and daughter of Lucille Ball and Desi Arnaz, and her husband of six months, Actor Laurence Luckinbill, 46: a son, her first, his third; in Los Angeles. Name: Simon Thomas. Weight: 8 Ibs. 6½ oz...
There is now some dispute over exactly how much in Iranian funds is frozen. Treasury Department officials, who are charged with keeping score, concede that the tally may now be closer to $11 billion than $8 billion. The 1.6 million oz. of Iranian gold on deposit at the Federal Reserve Bank of New York, for example, was valued at about $600 million in November 1979, but it is now worth more than $1 billion because of higher gold prices. Meanwhile, interest has been accruing on the $5 billion worth of Iranian deposits in U.S. banks...
...gourmet business is obviously prospering on the small clientele that is willing to pay $30 per lb. for Scotch salmon or $345 for a 14-oz. tin of fresh Russian Beluga caviar. But the shops are also attracting large numbers of middle class customers who believe food is more than just fuel...