Word: pricing
(lookup in dictionary)
(lookup stats)
Dates: during 1960-1969
Sort By: most recent first
(reverse)
London's gold market, hitherto responsible for 80% of the world's gold trading, reopened after a two-week shutdown aimed at stifling the gold-buying stampede that threatened the dollar. Now the question was whether the free-market price of the metal, no longer supported by the disbanded seven-nation gold pool, would climb so far above its $35-per-oz. official monetary level as to rekindle speculative frenzies...
Though some Europeans had predicted that the price might double on the free market, nothing of the kind occurred. Trading was comparatively light, and the price of gold fell from $38 per oz. at the opening to $36.70, then edged up to $37 at week's end. On the Continent, where gold brought as much as $44 per oz. at the height of the March gold rush, the price dropped last week in phase with that in London; nowhere did it vary more than 50? per oz. from the British quotations...
Swiss Pool. The three largest Swiss banks-Credit Suisse, Union Bank of Switzerland and Swiss Bank Corp.-have formed a joint gold pool to share purchases, sales and profits. In place of the London dealers' twice-daily meetings (10:30 a.m. and 3 p.m.) to fix the price of gold, the Swiss-bank traders confer about prices every few minutes throughout the day over direct phone lines. Instead of collecting a commission, the Swiss charge buyers of gold more than they pay sellers. That "spread" started out as high as $3 per oz. in the first days after...
...rivals even went so far as to test the strength of London gold supplies directly. Convinced one day that the London dealers had fixed their price too low, the Swiss banks ordered 21 tons of bullion, found London able to supply only 60% of the order...
...means $150,-000 of gross income we had counted on that's gone, and there isn't a goddam thing we can do about it. We don't have any inventory to sell, we don't have a product that we can mark down in price and move at the lower figure. So in this business, it's become a matter of keeping as lean...