Word: pools
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Dates: during 1960-1969
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...along with the U.S., are members of the international Gold Pool; the pool members, in an effort to hold the price of gold close to the official rate, have been drawing on their own governmental gold reserves-now down to about $25 billion. France, because it is no longer an active member of the pool, was conspicuously missing from the invitation list. Piqued because of the omission, Charles de Gaulle decided to keep the Paris Bourse open last week after London's gold market had shut down at Washington's suggestion. The result (see THE WORLD) was wild...
...Alarmed by earlier buying of gold, the same central bankers, only six days before their Washington conference, had held a similar session in Basel. There the Fed's Martin reasserted the U.S. intention of maintaining a $35-an-ounce price on gold, persuaded his peers to keep the pool going. In spite of their agreement to do so, rumors spread-and were vigorously denied-that both Belgium and Italy were dropping out of the pool; the rumors only fanned the flames of speculation. Martin emerged from the Basel meeting to describe himself as "satisfied" with its decisions. Bank...
...longer keep $10.4 billion in gold-or most of the total $11.4 billion gold supply the country currently holds-on hand as backing for 25% of the $41.6 billion in paper dollars presently in circulation. Henceforth, all the U.S. gold can be used if necessary to support the Gold Pool, in which the U.S. puts up 59% of the gold...
...Tiers. The bill to remove the gold cover seemed to come almost too late to be of use-if only because the Gold Pool itself is likely to be revamped as one result of last week's emergency. The Europeans arriving in Washington-Britain's O'Brien, Hubert Ansiaux of Belgium, Karl Blessing of Germany, Guido Carli of Italy, Jelle Zijlstra of The Netherlands, and Edwin Stopper of Switzerland-favored the view that the time has come to try the "two-tier" system of gold prices that many an economist has been urging. Under the two-tier...
...tier system, like the foundering Gold Pool, would be used as merely a short-term solution to the gold drain. Before long the central bankers hope to implement the idea of special drawing rights that could be used as reserves along with gold and dollars. The S.D.R.s would be certificates representing members' credits in the International Monetary Fund. They would make it less necessary for other governments to hold so many dollars in reserve-and less burdensome for the U.S. to redeem these dollars with gold...