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May 17, 1973 - Image 8

Resource type:
Text
Publication:
Michigan Daily, 1973-05-17

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Page Eight

THE SUMMER DAILY

Thursday, May 17; 1973

SMUGGLERS AND SPECULATORS

Inside the international gold
By COLIN FROST EXACTLY A YEAR ago, an might be traded for the day. The Who buys, and who sells?
Associated Press Writer ounce of gold was worth $55.25, others offer their ideas, and THE SELLERS are easy to
LONDON - Along the Persian then a record. Dealers were pre- gradually a consensus emerges. identify. Most new gold 'comes
Gulf, an Arab dhow slips its dicting it might reach $85 by Each man can change his bid if from South Africa and the Soviet
moorings and heads for India. 1980. word comes; of a surge in de- Union. A bad harvest in the step-
Somewhere in Switzerland, a On Tuesday, gold in London mand or a sudden offer of gold pes will bring Russian gold in-
banker dislikes the looks of the was sold for $110.50 an ounce, for sale. He indicates this by to London to pay for American
financial weather and reaches for and 1980 was seven years away. waving his flag. wheat. China is occasionally a
a phone. The men with the Union Jacks Eventually the London orice seller.
meet every weekday morning is "fixed" and flashed out on The buyers range from world
AND NEAR St. Paul's Cathe- and afternoon. They represent the tickers. The price the, fluc- names in industry and commerce
dral in London, five men in Se- London's top five bullion mer- tuates to the demand and any to the smugglers of the Persian
vile Row suits chat quietly, oc- chants and form the nerve cent- offerings for sale, but the Lon- Gulf.
casionally waving small Union er of the world's gold trade. In don "fixing" influences financial In Dubai, a Persian Gulf port
Jacks. the center of the gold room" sits thinking the world over. Most where the dhows tie up along-
All these scenes have one thing the representative of N. M. of the world's gold trading is side banking houses, gold bars
in common. Gold. , Rothschild & Sons, traditionally done here, ,though Britons are stamped with the Rothschild
All are factors in the interna- the market chairman. The others not allowed to hold the me al ex- mark are on sale in the bazaars.
tional flood of money that has sit at separate desks, each in cept as jewelry or fillings. Some Indians and Pakistanis

rnarket
working in Britain send their sav-
ings there to be turned into gold;
the smugglers take it to the In-
dian subcontinent to be hoarded
fo'r the day when the exiles in
the Yorkshire textile mills can
sail hone to comparative riches.
IN FRANCE, few self-respect-
ing peasants sleep soundly with-
out a few gold Napoleons sewn
into the mattress.
At its simplest, men control-
ling huge amounts of cash -
bankers, rich speculators, finan-
cial directors of multinational
corporations - have come
around to the French peasant's
way of thinking.

sent the price of gold to a record
high and hammered at the pres-
tige of the once mighty U.S. dol-
lar.

touch with his office by tele-
phone.
THE CHAIRMAN suggests a
price at which he thinks gold

...... ... ......... J.. :. ......7 ... ....,....... a9 ..

WOODWARD"
-Katheen Carroll, N. Y. Daily News
JOANNE
WO O ARD } f {
"THE EFFECT OF GAMMA
PAYS ON AAN-IN-THE-MOON
The P4t Newman Production of the
-r P,7-wining play
NOW SHOWING
7 & 9 P.M.
SAT. & SUN. MATINEE 3 P.M. & 5 P.M.
j I 1 O

GOLD IS SOLD and resold to the tune of millions of dollars over the telephones in currency dealers'
offices like this one in Frankfort, Germany. At the currency market in London, men bid up and
down on the price of gold by waving little Union Jacks.

---- -- --- --------- -

U

The University of Michigan
Artists and Craftsmen Guild
is now accepting applications for:

GUILD MEMBERSHIP
The University of Michigan Artists Guild is an associa-
tion of amateur and professional artists who in conjunc-
tion with the University Activities Center will sponsor:
" The Free Arts Festival
* Three ballroom fairs at the Michigan Union
" A bi-monthy newsletter with information
pertinent to artists and craftsmen.
" A compiled list of art fairs and other art-related
events in and around Michigan.
" Discounts for members at art shows and
supply stores.
FEE SCHEDULE
STUDENTS AT THE UNIVERSITY OF MICHIGAN $5.00/YR.
FACULTY, STAFF, ALUMNI OF THE U-M. $10.00/YR.
GENERAL MEMBERSHIP ....................$15.00/YR.

FREE ART FAIR REGISTRATION
The Third Annual Free Art Fair will.take place July 18-
21 from 10 a.m.-10 p.m. on East University. The fair
will be open to all artists who make their own handi-
crafted items and pay a $5.00 registration fee.
REGISTRATION DATES:
* For Guild members and students at the U-M only:
May 14-23
a For all interested craftsmen May 28-June 15
To register for the fair stop in at the University of Michigan Art-
ists and Craftsmen Guild office, in the UAC complex, 2nd floor
Michigan Union, or call 763-1107 between 10 a.m.-10 p.m. Mon-
day-Friday. REGISTER EARLY-
Only the first 320 applications can be accepted.

REMEMBER: TO JOIN THE GUILD OR REGISTER FOR THE FREE ART FAIR, COME TO THE GUILD OFFICE IN
THE MICHIGAN UNION OR CALL 763-1107.

I

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