Word: preciously
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Last week other precious metals continued to share that positive attraction. Silver, which has been climbing along with gold, rose during the week from $39 per oz. to $47. Platinum, the costliest precious metal of all, and one with many high-technology uses as well, climbed to yet another record...
More Middle East jitters send precious metals leaping into orbit...
...hectic week, the long surge in gold, silver and other precious metals crested into a wild pay-any-price frenzy. While bullion traders from Hong Kong to Zurich to Kansas City gaped in amazement, panicky investors big and small reacted to the worsening turmoil in the Middle East and the increasingly troubled world economy. They sent precious metal bars, coins and trinkets on the most dizzying roller-coaster ride in memory. Prices touched levels that were inconceivable a few months ago. Said a New York commodities expert, George Clarke, in a revealing if overwrought explanation of the market...
...most effective, quick step that the U.S. could take to pop the bubble would be to auction off a chunk of its 180-million-oz. silver stockpile, the only substantial official reserve of the metal left in the world. An auction would help cool down the markets for all precious metals, including gold. Some lower Treasury officials last week discussed how to stem the gold and silver stampede, but decided to hold back when rumors of a gold auction alone were enough to cahn the markets. Said one Treasury official to TIME Washington Economic Correspondent William Blaylock at week...
Bunker Hunt ventured into silver in 1973 after Libya nationalized his 8-million-acre oil holdings. Says Hunt: "Silver looked safer than overseas oil concessions the way things were going. And precious metals were a good hedge against paper money." In late 1973, when the price was around $3 an oz., Bunker and Herbert went into silver Texas-style, buying an estimated 35 million oz. of silver futures. The brothers waged a bitter fight in 1977 to buy control of Sunshine Mining Co., which owns the nation's largest silver mine. In a rare defeat, their offer was rebuffed...