Word: boom
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LARGER GOLD SALES. The 750,000 oz. of Fort Knox bullion the U.S. now sells monthly might be doubled, in hopes that this might help drive prices down. Hinting at such a strategy, Under Secretary of the Treasury Anthony Solomon said last week that the gold boom was "extremely unhealthy for the world economy...
Bullion's latest boom spurs a purchasing panic and another dollar slide...
After Carter's belated move to shore up the battered dollar in November 1978, the Administration showed little concern about the gold boom. As long as gold buyers were not singling out dollars for heavy selling, the fever was viewed as a monetary nonevent. But this complacency faded rapidly late last week when the greenback plunged 2% in just one day against the West German mark, to the lowest it has been since last October. The weakness caught Washington unprepared. Said one Treasury official: "There simply isn't the mental horsepower in the White House to deal with...
...dollars. Beyond that, economists disagree about whether gold itself poses any threat. Many believe, as Economist John Maynard Keynes said, that gold is just a "barbarous relic," a commodity like pork bellies that should have no more monetary impact than wampum beads. Yet in this real world, the bullion boom could ultimately prove highly inflationary...
...industrial nations have the biggest bullion stocks, in terms of tons and also as a percentage of total reserves, so they gain most from a gold boom; the poorer states, with relatively meager holdings, benefit much less. Says an official at the British Ministry of Overseas Development: "We have a new category of haves and havenots. The Less Developed Countries, as usual, are suffering the most...