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...sell-off was spurred partly by rumors that the U.S. was planning a surprise gold auction of as much as 6 million oz. in an effort to break the price runup. Though the Administration denied the rumors, the U.S. could well afford such an auction. The nation's gold reserves are still far and away the largest on earth, totaling some 276 million oz. At last week's closing price, the reserves were worth some $165 billion, or more than twice as much as those of second-ranked West Germany. By comparison, the Soviet Union's official...
...companies' earnings are indeed up sharply, they seem especially large because the percentages represent comparisons with the first half of 1978 when profits were soft as a result of a worldwide oil glut. But there is no doubt that the companies have reaped a bonanza from the 60% runup in OPEC prices since January. For example, about 30% of U.S.-produced oil is, in effect, uncontrolled When world oil prices go up, the price of this uncontrolled crude rises right along them. But the companies assert that most of their profits come from operations overseas, where no price restrictions...
...occupied an ambiguous place in American life. Its dazzling feats of technology in supplying the nation's voracious demand for energy have helped the U.S. to become the most advanced country on earth. Yet many Americans have come to view the industry with suspicion, especially since the rapid runup in oil prices that followed the 1973 Arab oil embargo. Critics contend that the major companies' total control of all aspects of their business, from wellhead to gas pump, has given the industry too much power to manipulate supplies and prices and reap excessive profits at the expense...
...result, the current rally, more than any before, has been dominated by institutions. That explains not only the gargantuan volume but also the suddenness of the price runup. An institutional market tends to be more volatile than one in which individuals do a large share of the trading. Reason: individuals tend to hold their stocks longer. Institutional managers, with nothing to do but watch the tape, trade frequently, knowing that the magnitude of their transactions will enable them to make money on price movements-25? a share, say-that are too small to mean anything to the private investor...
Powder Keg. As a result of the price runup, played-out mines are coming back to life. A young Johannesburg businessman named Desmond Fisher has bought a mine that has not been active for 13 years, and intends to bring it back into production by year's end at a cost of $1 million. At one Transvaal mine closed for a decade, 25 kilograms of gold worth about $145,000 at present prices have been produced in the past two months solely by reworking old tailings. The Grootvlei mine, which appeared to be near the end of its productive...