The Michigan Daily-Wednesday, August 2, 1978-Page 11
Price of gold hits all-time high
LONDON (AP) - Gold prices shot to
a record high yesterday as the dollar
plumbed new depths against Japanese
and Swiss currencies, but consumers
won't find any immediate price in-
creases at jewelry stores.
During the morning, gold reached
$207.50 an ounce - more than $7 higher
than the overnight level, but profit-
taking dulled the glitter after mid-day.
However, the metal still closed at
$204.65 - an increase of more than 21
per cent in three months and about
double its low two years ago.
AT CARTIER'S, an elegant Bond
Street jewelry store, purchasing
manager Perry Davidson was
reassuring. He said the store has ex-
perienced no gold rush as yet and for
the time being prices will not change.
The gold adorning Cartier's windows
was bought by the jeweler two or three
months ago, he pointed out.
"If we feel there's going to be a per-
manent increase in the price of gold, we
increase the price of our goods,"
Davidson said. "But if we think it's a
temporary thing and going to go down
again, we just absorb the increase for a
while."
ZURICH, EUROPE'S other major
bullion market, was closed for a bank
holiday. But elsewhere, Switzerland's
virtually inflation-free economy con-
tinued to drive the Swiss franc ahead of
other currencies.
In London it took only 1.7215 francs to
buy a dollar at yesterday's close, com-
pared to the previous record low of
1.7370 in Zurich on Monday.
Gold buyers yesterday included
"everybody from top to bottom, the
whole works," said one London bullion
dealer, weary from a day of "very hec-
tic" trading.
"TOMORROW we'll probably see it
taking off again in a little more sedate
manner than it has been shooting up,"
he said.
How high would the price have to go
before Cartier's jacks up its prices?
"I think it would have to go up
another 10 or 15 per cent before we'd
even entertain it," said Davidson.
On the foreign exchanges, the dollar
sank to a new low of 187.95 yen in
Tokyo, down from Monday's closing at
190.80.
In London, the British pound wound
up the day slightly higher, at $1.9295
against $1.9287 Monday.
Late dollar rates in major financial
centers, with the previous day's final
rates were:
Frankfurt - 2.0380 West German
marks, down from 2.0430.
Paris - 4.3610 French francs, down
from 4.3693.
Amsterdam - 2.1976 Dutch guilders,
down from 2.2030.
Milan - 841 Italian lire, down from
842.
DAILY EARLY BIRD MATINEES --- Adults $ 1L.25
DISCOUNT IS FOR SHOWS STARTING BEFORE 1:30
MON. thru SAT. 10 A.M. til 1:3a P.M. SUN. & HOLS. 12 Noon til 1:30 P.M.
EVENING ADMISSIONS AFTER 5:00, $3.50 ADULTS
Monday-Saturday 1:30-5:00, Admission $2.50 Adult and Students
Sundays and Holidays 1:30 to Close, $3.50 Adults, $2.50 Students
Sunday-Thursday Evenings Student & Senior Citizen Discounts
Children 12 And Under, Admissions $1.25
TICKET SALES
1. Tickets sold no sooner than 30 minutes
prior to showtime.
2. No tickets sold later than 15 minutes
DAILY EARLY BIRD MATINEES -- Adults $1 .25
DISCOUNT IS FOR SHOWS STARTING BEFORE 1:30
MON. thu SAT. 10 A.M. til 1:36 P.M. SUN. & HOLS. 12 Noon til 1:30 P.M.
EVENING ADMISSIONS AFTER 5:00, $3.50 ADULTS
Monday-Saturday 1:30-5:00, Admission $2.50 Adult and Students
Sundays and Holidays 1:30 to Close, $3.50 Adults, $2.50 Students
Sunday-Thursday Evenings Student & Senior Citizen Discounts
Children 12 And Under, Admissions $1.25
TICKET SALES
1. Tickets sold no sooner than 30 minutes
prior to showtiqne.
2. No tickets sold later than 15 minutes
f } 10:30
1:00
3:30
JOHNTRAVOLTA 6:30
OUVIA NEWTON-JOHN 9:0
PG]
I A
SIARRING
GOLDIE HAWN
iCHEVY CHASE
10:40
1:15
3:45
7:00
4:30
10:15
1245
4:15
7:15
9:45
dunnit?
Neil Simon's
"THE CHEAP
DETECTIVE"
10:20
12:30
4:00
6:45
9:15