Word: pools
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Dates: during 1960-1969
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...convert their savings to gold bars. There was even a run in Hong Kong on gold jewelry. All told, between $1 billion and $2.5 billion in gold may have changed hands within ten days in London-as much as 10% of the total gold in the seven-nation Gold Pool, whose bullion reserves are the cushion for the $35 international price of gold. No estimate was possible of all the other trading in gold around the world, except that it was colossal...
...meet the demand, the speculators stood to make a handsome profit, just as they had in the devaluation of the pound sterling last November. Having tasted blood then, many scented another kill -and, in their wild buying, ripped and clawed at the remaining gold stocks in the Gold Pool...
...pressure grew so great that the U.S. refused to continue to feed gold to satisfy speculators' greed. In a telephoned message to British Chancellor of the Exchequer Roy Jenkins, the U.S. asked Britain to close the London gold market and shut off the flow from the Gold Pool. Prime Minister Harold Wilson hurried to Buckingham Palace for a midnight meeting with Queen Elizabeth, who declared a bank holiday in foreign-exchange trading. That shut off the Gold Pool's dealing, and money markets from Singapore to Lusaka followed suit. The Paris market alone stayed open...
...then invited representatives of the Gold Pool nations to Washington for a weekend conference. There was little doubt that the speculators had succeeded in wrecking at least part of the world's monetary system, and that the U.S. and the other members of the Gold Pool would no longer sell gold to all takers at $35 an ounce. What would likely be decided in Washington was a "two-tier" pricing system for gold, by which the speculators would have to conduct their transactions in a free market (see BUSINESS). Without the U.S.'s willingness to buy back speculative...
LAST week was not a happy one for Lyndon Johnson. It was a time of reckoning for his Vietnam policy, politically in New Hampshire, economically in the London gold pool and on Wall Street. The economy has been distorted and the balance-of-payments deficit exacerbated by the war effort. The Administration can no longer hope to disguise or postpone these problems; it must come to terms with them now, and the terms are bitter...