Word: zuricher
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From the harried canyons of Wall Street to the outwardly calm boardrooms of Zurich, the world's financial centers experienced a whiff of panic last week. In two days of frantic trading, the price of gold on the London exchange soared a breathtaking $50 per oz. to $447 at one point; then it plunged back down almost as steeply, closing the week at $385. Silver, platinum and copper also gyrated wildly. Said a New York bullion trader: "The market's gone bananas...
...based on fluctuations in the price of gold. (In the past month the bonus has nearly doubled, from 310 to 570 an hour. The daily gold rate, chalked on dimly lit blackboards deep under the earth, is watched by miners as keenly as it is by the gnomes of Zurich...
Gold fever, the most infectious of monetary diseases during times of perceived economic distress and uncertainty, is epidemic. From Zurich to Chicago, from London to Hong Kong, goldbugs are scurrying once again to buy into their favorite hedge against disaster. With people battered by inflation and recession, worried about oil and lacking confidence in leaders and cures, the gold rush of '79 has turned into a stampede as schoolboys, housewives and pensioners have jumped in along with big investors. It is a surge that bodes little good for late-coming, small investors, the fragile international monetary system, the dollar...
...size and power of Harvard's investment portfolio, like most things at Harvard, is shrouded in mystery. Portfolio managers daily decide the direction of the University's investments, secluded from student demonstrators and outside interference. Like the gnomes of Zurich, they keep their decisions out of the public eye and help to perpetuate the myth behind Harvard's portfolio. They are cautious, conservative investors, seemingly unshaken by the moral and ethical questions students raise...
...Marin II for its flowing strokes and color. Perhaps that was because they saw little of Jeune Marin I; Matisse sold it to Gertrude Stein's brother Michael, who twelve years later sold it to a Norwegian collector. Recently Marin I surfaced at exhibitions in New York and Zurich, a prelude to auction last week at Christie's in London. There, in spirited bidding on the floor and by telephone, the oil was knocked down for $1,584,000, an auction record for 19th and 20th century paintings. Christie's would only identify the successful bidder...