Word: preciously
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...start of a broad and bloody selloff, or just a brief interruption in the wild climb of gold and silver? That question last week taunted everyone from Middle East oil sheiks to Chicago secretaries. In the biggest one-day tumble in precious metals history, gold slumped a startling $145 per oz., or 18%, while silver dropped $10 per oz., or 22%. Yet prices began bouncing back up, sending investors on an unnerving joyride...
They stream in by the thousands lugging shopping bags and suitcases filled with silver spoons, tea sets, candle sticks, gold rings and bracelets-anything that can be sold for its precious metal value and melted down. Almost everywhere, people rush to barter away their gold and silver bullion. In London uniformed guards admit long lines of sellers one or two at a time into the precincts of Johnson Matthey & Co., metal dealers, while tough-looking street traders sidle up to impatient standees. "Are you sellin', luv?" coos one, whipping out brass scales and rolls of pound notes. On Manhattan...
...open for business on Tuesday, continued to bid up both gold and silver. But prices on the London and Zurich markets, which opened hours later, plunged. The slide was accelerated by West German bank supervisors, who ordered banks in that country to limit their investment in bullion and other precious metals to no more than 30% of the net asset value of the shareholders' equity. Thus some big West German banks, such as Dresdner and the Commerzbank, eventually might be forced to sell some of their huge gold and silver holdings, thereby helping to depress the price...
...remained the swelling demand for precious metals, and the almost total absence of sellers, that kept markets in a weeklong state of 24-karat chaos. In the burgundy-carpeted, octagonal trading ring of the New York Commodity Exchange, where each day's worldwide price surge climaxed, there was unrestrained pandemonium. Brokers and dealers screamed buy orders in a deafening din that continued practically without interruption from 9:25 a.m. until the closing bell...
...American tradition that goes back to community barn raisings three centuries ago, philanthropy is now big business, but is it always a truthful business? Cheerful givers usually know precious little about a sector of the economy that in 1978 claimed a record $39.6 billion-an average of $180 for every man, woman and child in the nation -for donations to the Red Cross, United Way, CARE, the March of Dimes and some 800,000 lesser organizations raising money in the name of charity...