Word: pricing
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Dates: during 1960-1969
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...problem is that in the "gold-exchange" system nations pay for most of their global commerce in gold or dollars, and the U.S. is pledged to sell its gold bullion for any paper dollars that foreign central bankers turn in. Moreover, the U.S. guarantees the official price at $35 an ounce. Because of its now familiar balance of payments deficits, the U.S. has papered the world with its dollars, creating plenty of calls on the nation's gold stock. Since 1957, U.S. gold reserves have declined by almost half, to less than $12 billion, and foreign claims...
Demand for gold has intensified so much lately that for the first time in history, it outstrips the amount newly mined. This intensifies the gold shortage, which aggravates the U.S.'s immediate difficulties. Gold is exceptionally difficult to mine, and most U.S. miners find that the price of $35 an ounce is too low to pay them to dig it out. In fiscal 1967, only $1.4 billion worth was unearthed, but $1.7 billion worth was bought by industry, jewelers, dentists and speculators. The $300 million difference was made up mostly by sales from the U.S. to the so-called...
...bankers call equilibrium-which is to say, a surplus or deficit of not much more than $1 billion yearly. As soon as it does that, the gold problem will disappear. "Then," says Germany's top banker, Emminger, "the U.S. can do whatever it wishes about the gold price. Then everyone, or almost everyone, will be quite content to hold onto his dollars. There is no advantage in holding onto the metal once you become convinced that the dollar will truly hold its value...
...restive Slovaks and promised rebellious Czech students and writers that he would permit the use of "progressive" ideas, even if they came from the West. For added effect, he also hinted that he would let the country's economic reformers resume their experiments with profits and price incentives to get the stalled economy moving again. It was a major turnabout for Novotný, but his fate had already been determined...
...everyone, the National Park Service lusts for the frock coat for its Lincoln Museum in Washington's restored Ford Theater. Would the original maker of the suit like to buy it back for the nation? "We felt," replied a store executive, "that $50,000 was too high a price even for a Lincoln-owned Brooks Brothers suit...