Word: dresdner
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Dates: during 1970-1979
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...buying, where and why. Such intelligence enables the bank to be extremely precise in its own actions. Says Schreiber: "Even after we submit written bids, we usually adjust them by a few cents via Telex right down to the deadline." At the U.S. Treasury auction last month, Dresdner's bid came in just high enough to win, and a Swiss competitor's offer failed by only 20? per oz. One clear moral: private investors who hope to benefit from the bullion boom will have a hard time matching wits against the professionals...
Remarkably, almost half of the 1,000 tons of gold that the IMF and the U.S. Treasury have put on the market in the past five years has been scooped up by one buyer: West Germany's Dresdner Bank. And its drive into gold has been pressed by one man, Hans-Joachim Schreiber, 46, who was appointed to the bank's board of directors five years ago. His faith in the metal dates to his youth in postwar Germany, where, he recalls, "some people owed their survival to the possession of a few ounces of gold...
...Treasury's auction late in August, Schreiber bid $301 per oz. for gold that had been selling the day before at $299; Dresdner acquired 720,000 of the 750,000 oz. that were on sale. Many competitors thought that Schreiber had paid too dearly, but as of last week Dresdner and its customers had earned more than $23 million on those transactions...
Some of the gold goes to the bank's own account, but most is for its clients. The Dresdner is rumored to be active as an agent for Middle Eastern investors, though much of the demand is from West German money managers. Schreiber advises them to keep one-quarter to one-third of their investments in gold...
...three days and broke the $300-per-oz. barrier. It reached a record $303.85 before settling back slightly at week's end to just below $299. But the decline could well be temporary. Says Hans-Joachim Schreiber, the chief trader of West Germany's Dresdner Bank, which has been the biggest buyer at recent U.S. Treasury gold auctions: "There are no forces working to depress the gold price...