Word: perera
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Dates: during 1970-1979
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Nicholas Deak, president of the Deak-Perera Group, a major U.S. gold dealer, believes the bulk of the buying can be traced to three sources. Demand from the Middle East remains strong, he says, not only from OPEC governments eager to protect their oil profits from U.S. inflation and the decline of the dollar, but also from peasants and small traders for whom gold remains the most popular portable security. Demand from Europe is accelerating because inflation there is rising. Bullion fever has now spread to Switzerland, reflecting fears about inflation even in that land of granite-hard currency...
...Deak -Perera...
...gold at $152 per oz., $10,000 in silver, and half as much in Swiss francs. Just over three years later, the gold is worth more than $16,000, and the other investments have also gained handsomely. Now he plans to increase his investments. At Deak-Perera, the nation's largest retailer of gold coins, Chairman Nicholas Deak reports that some of his recent customers have been high school kids. Says he: "It's a little scary. They just walk in and say they have a little money and they want to buy a Krugerrand...
Much demand is coming from Americans who apparently no longer trust their own currency. Says Gold Trader Joel Goodman of Perera Co. in Manhattan "The whole clientele has changed. I'm now selling to the little investor who wants to protect his savings from the effects of inflation. Money is coming out of bank accounts, stocks and even real estate and going into gold...
...early 70s, Deak has slowed down only a bit. He runs-not jogs, runs-three to five miles every morning on his own track at his estate in suburban New York. Then he is chauffeured to the global headquarters of Deak & Co., in the Deak-Perera Building near Wall Street, where he directs the largest foreign exchange business in the Western Hemisphere...