Word: silver
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Dates: during 1960-1969
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...years, the U.S. Government has been working out ways and means of dealing with the probability that someday the Treasury would run out of silver. Despite that commendable foresight, Treasury was taken by surprise when the crisis arrived. Confronted by a sudden buying rush that threatened to wipe out its dwindling stockpile, the Treasury barely had time to put its plans into action. Sales of its silver for export were abruptly halted; domestic sales were limited to "legitimate industrial users," and the export or melting of silver coins was forbidden.* "We knew we'd get out of the silver...
That emergency action two weeks ago was aimed at forestalling a disruptive disappearance of the nation's remaining silver coinage before it could be fully replaced by coins of copper and nickel. Silver speculators, however, took the curbs as a signal that by year's end, when the Treasury expects to have sufficient "clad" coins available, it will stop holding down the domestic price of silver by selling it for $1.29 per oz. Next day, traders on Manhattan's Commodity Exchange bid up the price of silver to $1.67 per oz. Though the price of the metal...
Soaring Appetite. Abrupt as it was, the embargo was only the latest in a series of Treasury moves to cope with the soaring world appetite for silver. Because of increasing sales of sterling silverware and photographic film (in which silver halides are the light-sensitive ingredient) plus expanding use in electronics and aerospace, the demand for industrial silver jumped 91% (to 150 million oz.) last year in the U.S. Altogether, the free world consumed 464 million oz. of silver last year while mining less than half that amount. In 1963, to help balance supply and demand, the Government stopped issuing...
Duty & Dogs. In the enlisted ranks, few Negro G.I.s are better known than Sergeant Lonnie Galley Samuel, another Silver Star winner, who leads a "Blue Team" of an Air Cav battalion. His job: to draw enemy fire from a chopper, then land and engage in hopes of provoking a major battle ("Sam" has provoked a batch in the past year). Asked why he does not apply for a commission, Sam, at 41, laughs: "I can't do that, man. I'd be the oldest lieutenant in the Army...
Gong Guru. Old Jim swings in other ways. He took LSD before it was fashionable. He digs for relics in Yucatan, goes on three-day fasts. Wearing wrap-around shades on his eyes, and with a cigarette holder between his teeth, he drives his silver Ferrari "as fast as I can everywhere I go, playing little tunes on the gears." For solace, he retreats to his 22-room Spanish villa atop Beverly Hills, sits cross-legged on a leopard-skin pillow, drops his head, closes his eyes, and bongs away on four Japanese gongs and a large hollow log from...