Word: sells
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Dates: during 1960-1969
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South Africa badly needs to sell gold to pay for its imports; but other nations have not been buying its bullion for their monetary reserves since 1968, when the U.S. persuaded central bankers to join a boycott. That move was part of a power play intended to blunt South Africa's campaign for an increase in the price of gold. U.S. officials hoped to force South Africa to dump its gold on free markets in London and Switzerland and thus drive the free-market price down to the $35-per-ounce level that prevails in deals between governments...
...Suisse, Union Bank and Swiss Bank Corp. Motivated by pride and profit, the three banks formed a syndicate a year ago and began to buy newly mined South African gold. They wanted Zurich to challenge London's position as the leading gold market, and they also figured to sell the gold at a lucrative markup. By carefully controlling their marketing practices, they could keep the free-market price from becoming depressed. They sold the gold to industrial users, private hoarders and speculators-but only when demand was strong enough to make the deal pay off. Indeed, when the free...
Although it is partially beating the boycott, South Africa needs to sell even more gold to pay for its foreign purchases. Its officials have begun informal talks with the U.S. for some kind of compromise. Under one plan previously proposed by the U.S., South Africa would sell all of its gold in free markets but could sell some to central banks at $35 if the free-market price dropped to that level or below...
...that the crawling peg would change is based on fixed exchange rates, under which currencies are valued in relation to the dollar and may range up or down by no more than 1% in foreign-exchange trading. Under the simplest form of crawling peg, if a currency were to sell for some months at the bottom of its 1% range, then its official value would automatically move down. On the other hand, if heavy demand were to make a currency sell persistently at the top of its range, its official value would be automatically raised...
...hold jobs or go to school and just happen to be transcendent in their private lives. There are only about 300 hippies in Atlanta estimates this editor of The Great Speckled Bird friend of ours. The only job any of these people can get is to sell The Great Speckled Bird. They sell 15,000 copies of it every week, which goes to show how many latent hippies there are in Atlanta. They have to make great sacrifices to be what they are. They sleep wall to wall in unclean falling apart houses, all of which are in this...