Word: oz.
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...Volcker's monetary policy moves, the international commodity and money markets last week were enjoying rare refreshing quiet; the dollar held its own in Europe and rose dramatically against the yen in Japan. At the same time, gold slipped moderately to end the week at $393 per oz...
From the harried canyons of Wall Street to the outwardly calm boardrooms of Zurich, the world's financial centers experienced a whiff of panic last week. In two days of frantic trading, the price of gold on the London exchange soared a breathtaking $50 per oz. to $447 at one point; then it plunged back down almost as steeply, closing the week at $385. Silver, platinum and copper also gyrated wildly. Said a New York bullion trader: "The market's gone bananas...
LARGER GOLD SALES. The 750,000 oz. of Fort Knox bullion the U.S. now sells monthly might be doubled, in hopes that this might help drive prices down. Hinting at such a strategy, Under Secretary of the Treasury Anthony Solomon said last week that the gold boom was "extremely unhealthy for the world economy...
Gold's rise of over 60% during the past twelve months to $385 per oz. has been spectacular, but that goes for its gyrations too. Though investors by the thousands routinely speculate on possible price movements of the yellow metal by buying and selling so-called futures contracts on commodities markets, trading in the actual gold itself is much more limited, and a mere handful of big investors can and do bring about significant changes in price. In just four weeks, gold leaped from $330 per oz. to hit $447, only to lose half that impressive gain...
Other investment metals have been better buys in the past year. Platinum, at $5 10 per oz., has risen by almost 75% since last October. Silver, at $15.92 per oz., has nearly tripled, largely because investors have been buying it as a sort of poor man's bullion...