Word: zuricher
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Loaded Tankers. Another consideration was the replacement of about 80,000 bbl. of oil per day, or 50% of its requirements, that Israel is pumping out of the Abu Rudeis oilfields in Sinai-a rate that by present estimates will exhaust the fields within five years. In Zurich, Kissinger met with ski-vacationing Shah Mohammed Reza Pahlavi of Iran, whose refineries already provide about 50% of Israel's oil needs. The Shah was willing to make up the difference from Abu Rudeis if the fields were given back to Egypt. "Once the tankers are loaded," he said grandly, "where...
...Swiss franc has risen in value by 22% against the dollar and just under 6.5% against the mighty West German mark. Lately the franc's gyrations have been especially wild. Last week, as the franc bounced to a new alltime high of 2.47 to the dollar on the Zurich exchange, the Bern government took a drastic step to curb the unwanted popularity of Swiss currency. Retroactive to Oct. 31, nonresidents who make large purchases (equivalent to $20,000 or more) of francs and stash them in Swiss banks will have to pay negative interest-in effect, a penalty...
...yellow metal 41 years ago. The lifting of the ban, effective Dec. 31, is surely the most passionately awaited marketing event since Repeal reopened the nation's borders to the world's eager distillers. In hopes of an American stampede into bullion, speculators from Amsterdam to Zurich to Johannesburg have engaged in a considerable gold rush of their own. Last week alone, the price of "free market" gold traded on the London exchange climbed by $7.50 to a record $195 per troy ounce.* That was up from $155 just four months ago, when Congress passed the law lifting...
Thin Supply. Reaction to the Treasury's announcement on the gold markets of London and Zurich illustrated some of the hazards of speculation in the metal. Traders earlier had hoped that no government would sell gold from its monetary hoard and that the pressure of new legal demand from individual American buyers on a thin supply available for trading would drive the free-market price above $200 per oz. (v. an official value of $42.22 in exchanges between governments). The price did hit a record $190.25 a few weeks ago. Last week, though, it dropped...
...Zurich last week, Solzhenitsyn demonstrated that even in exile he had no intention of allowing the Kremlin to destroy his influence. In his modest two-story home, he announced to the press the forthcoming publication of a volume of eleven essays designed to stir heated debate in the U.S.S.R...