Word: runup
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Dates: during 1980-1980
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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...