Word: perring
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Dates: during 1960-1969
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...world's commodity exchanges, silver for some years has been about as volatile and exciting as molasses. The U.S. Treasury, as the chief free-world supplier of the metal, has kept the market quiet by selling bullion at a low $1.29 per oz. in order to keep the price below the point (about $1.40 per oz.) at which melting U.S. coins for their silver content becomes profitable. Last week, after the Treasury yielded to the rising demand on its own dwindling stocks by lifting the price lid after four years of control, silver exploded as the shining new commodity...
When the lid came off, silver soared. At Manhattan's Commodity Exchange, a usually listless arena that deals in metals and hides, shirt-sleeved brokers shouted spot silver up to $1.775 per oz. on the first day. At midweek the price rose to $1.87 during one frenzied session when a record 16.25 million oz. worth nearly $30 million changed hands. At week's end the spot price closed at $1.8315, 42% above the dethroned Treasury price. The silver fever spread to the London Metal Exchange, where brokers planned to operate for the first time a formal futures market...
...million oz. mined and the 160 million oz. that will be used by industry this year. But the bulls, pointing out that Government stocks will be exhausted (except for a strategic reserve) next year though demand will continue to rise, look for silver to go as high as $3 per oz. The bears, eying such untapped supplies as the two billion oz. contained in U.S. coins and some five billion oz. stashed in trinkets and religious objects in India, expect the market to settle around $1.60 per...
...price that New Zealand maintains with its vast government price-support scheme is mostly to blame for the country's present plight. Last season the government wool commission, which protects domestic sheepmen, had to buy and store 650,000 bales, a third of the total output, at 47? per lb.-80 higher than the average open-market price for Argentine wool. Buyers from abroad were unwilling to pay the New Zealand price, which they considered outrageous...
...welfare state's demise, for such a proposal would be political suicide in New Zealand. But something had to be done to get wool sales going again. So, after weeks of deliberation, the wool commission decided to lower its protective floor price 8?, to a more realistic 39? per lb., for the coming year. It hopes that with a bit of luck, the state will have to buy little of the next crop...