Word: silver
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Dates: during 1930-1939
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Then no longer did the U. S. have to boost the world price: in Montreal, in London, in Shanghai and Bombay every-one wanted to own, no one to sell silver. In two days the world price passed the U. S. price, went right on up to 81?. Mining stocks boomed the world over. Fortunes poured into speculators' pockets...
Three weeks ago an idea dawned in the minds of the world's silver speculators. Last week it burst full upon them with the brightness of a newly risen sun. The New Deal-besides its large home schemes -has an even bigger scheme afoot: to make silver once more a world money metal. Beholding this sun, the silver world went wild and the New Deal had an international problem...
When Franklin Roosevelt upped the price which the Treasury pays U. S. silver producers from 64? to 71? an oz. (TIME, April 22), the world had its cue. For the price to U. S. producers was boosted to keep it ahead of the mounting world price. But the world price was mounting because of U. S. buying in the world market. When a player shows that he is willing to raise his own ante, there is no limit to the betting...
Confronted with this fact, silver speculators suddenly realized another: in less than a year the U. S. had bought some 400,000,000 oz.-a drop in the bucket compared to 12,000,000,000 oz. which are supposed to exist, but more than twice the world's recent (1931-34) annual output. For practical purposes the U. S. had already cornered most of the floating supply. Eager to profit from the corner, speculators helped the U. S. boost the world price to the U. S. price, 71?. Last week when it reached that level, Franklin Roosevelt raised...
...silver coloured necklace, imitation pearls...