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December 12, 1979 - Image 5

Resource type:
The Michigan Daily, 1979-12-12

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Gold prices
set a record

The Michigan Daily-Wednesday, December 12, 1979-Page 5
Lack of training adtaf
frustrates'U'aid office

:NEW YORK (AP) - The price of
geld hit a record $451 an ounce yester-
y as investors went on a buying spree
fd by worries about the Iranian crisis,
prospect of higher oil prices, and
She state of the dollar.
The dollar, which tends to move in a
direction opposite of gold, fell. The gold
, sh spilled over into silver, and the
pice of that metal rose to near-record
Gold dealers said buying was coming
fpm many different sectors, as Arab
}1 sheiks, worried about the declining
ylue of their petrodollars, competed
.for the metal with Americans seeking a
#afer investment.
=,GOLD BROKE through its old record
a $444 an ounce early in the day in
Zurich, rising to $445.50, a $14.50 gain
room Monday's price. The London gold
rket followed with a $15.25 rise to
,>, But the metal broke both those levels
in New York, closing at $451 an ounce,
;fn $18.50 rise from Monday's level, ac-
cprding to Republic National Bank. On
-the Commodity Exchange, the price of
,$pld futures for December delivery
dose $14.30 to $450.50 an ounce.
ynThe price of gold has now -almost
4lpubled from its $226.37-an-ounce price
t the beginning of this year. And it is
,most i3 times as expensive as it was
=iritish send
1ead war-tor
LONDON (Reuter) - Britain yester-
day sent a governor to take control of
its rebel colony of Zimbabwe Rhodesia,
;despite the fact that guerrillas waging
\War in the territory have not yet accep-
ed his authority.
Defending the move, Prime Minister
margaret Thatcher told Parliament the
Salisbury government of Prime
Minister Bishop Abel Muzorewa had
greed to hand over legislative and
xecutive authority to the British
,vernot, Senior Cabinet Minister Lord
Soames, who left London yesterday.
(In preparation for Soames' arrival
in Salisbury, Zimbabwe Rhodesia's
Parliament last night dissolved itself,
ending 14 years of rebellion against
British rule.)
ANSWERING angry questions from
Labor opposition leader James
dallaghan, Thatcher said Britain hoped
that within a few days the Patriotic
#rd guerrillas waging r against
??ie Salisbury administration would also
kcept Soames' authority:
tCallaghan voiced "serious reser-
ations" about the government's

in 1970, when an ounce of gold could be
had for about $35. The price was then
largely controlled, however, by now-
defunct international agreements.
"OBVIOUSLY, the 1970s have been a
golden decade with a vengeance," said
David Fitzpatrick, a London-based
gold-market analyst for the Wall Street
firm Merrill Lynch, Pierce, Fenner and
Among the recent factors cited in
pushing the price up were worries that
a worsening of the Iranian situation
could lead to hostilities between the
United States and Iran and possibly
other Muslim nations, a belief that the
Organization of Petroleum Exporting
countries might vote a huge oil-price
increase next week and general worries
about the world economy.
$600,000 to enhance undergraduate
education at the University of Pen-
nsylvania has been announced by
RobertL. Payton, president of the
Exxon Education Foundation.
Payton said the new Exxon Academic
Development Fund to be established by
the grant "will implement incentives
and support for both faculty and
students who are engaged in reforming
the undergraduate program" at Penn.
governor to
n Rhodesia
decision to fly Lord Soames into
Salisbury while the territory was still in
a state of civilwar.
The guerrillas have accepted British
ceasefire proposals in principle, but are
still arguing with the British gover-
nment and the Salisbury authorities
over details.
CALLAGHAN specifically asked for
- and received - a guarantee from the
prime minister that no British troops
would be moved into Zimbabwe
Rhodesia until the guerrillas agreed to
a cease fire.
Reacting to Thatcher's statement,
guerrilla spokesman Eddison Zvobgo
warned of the dangers in the British
government's move, adding:
"From tomorrow afternoon any
killing done by the Rhodesian regime
will be the responsibility of the British
Asked whether he thought Lord
Soames would "be safe, Zvobgo said:
"Put it this way - none of our
guerrillas have been told to look after

1 (Continued from Page 1)
"It's chaotic around here. I'd be the
first to admit it," added Jim Zimmer-
man, assistant director of financial aid.
To ease the situation, the University is
looking into a new computer system.
ZIMMERMAN blamed the present
situation on a 90 per cent increase in
GSL applications and a 50 per cent in-
crease in BEOGs (Basic Educational
Opportunity Grants) this year. "Our
present system is only designed to han-
dle 9,000 files, and we now have to han-
dle 25,000," he said.
A recent decision by Congress to
change the need formula for indepen-
dent students on the BEOG has caused
its share of headaches in the aid office.
As a result of the changes, students
received new eligibility reports, and the
office had to pull and re-evaluate
thousands of files.
The state hasn't helped matters. Last
February, the legislature turned over
to the University part of the respon-
sibility for processing its own Michigan
Competitive Scholarship applications.
"The result was a tremendous
screwup." The University is not sure
about the number of students affected.
Some students have not received their
money, and a few have had to be driven
to Lansing to check records. In some
cases, the University has promised
University aid funds to students on the
Competitive Scholarships to cover for
errors made in evaluating their forms.
Johnson said, "We thought our
present staff would be able to handle
the increases, but it was a lot higher
than expected."
INTERNAL deficiencies are also
responsible. Students, after waiting in
line for up to two hours, are often con-
fronted by desk personnel "who don't
know what they're doing," in the words
of one student.

Chinese Papercuts
Tarot Cards
Class Struggle Game
the second floor bookstore
336%/2 S. State St.
Phone 663-0215



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