GOLD SHARES SOAR

Press, Volume CI, Issue 29829, 23 May 1962, Page 17

GOLD SHARES SOAR

World-Wide Buying (N.ZJ'.A-Renter— CopvripM) LONDON. May 21 Millions of pounds were added to the value of gold shares on the London Stock Exchange today as a worldwide buying of gold shares over the week-end spread to the British capital Prices in London bounced to the highest level since South Africa left the Commonwealth. the ‘‘Evening News” reported. Speculators were gambling on an increase in the price of gold. Gains of 2s to 3s were common, but they ranged to 8s Ud in Free State Geduld at 105 s 7Jd and 7s 6d for Western Holding at I4ls 3d According to the “Evening Standard” toe gold rush waa sparked by two things. First is the view that in suite of denials by American Treasury officials, the price of gold will have to be raised The denial] was issued again today. Rome Speech A Treasury spokesman drew attention to a speech in Rome last Thursday in which the Under-Secretary of State for Monetary Affairs (Mr Robert Roosa) spoke of “an immutable gold price of 35 dollars an ounce ” Nevertheless. British United Press reported, toe problem of declining gold stocks in the United States was demanding—and getting—a lot of attention in Washington. The gold problem has been described as President Kennedy’s "b<g worry.” The “Evening Standard” said the United State* loot another 30 million dollar* (£10.7142854 of gold last week. The next factor affecting gold stocks is that South Africa's economy is becoming stronger. This means that the Finance Minister (Dr. Donges) may soon be able to free international gold share dealings from restrictions. If this were to happen, the "Evening Standard” Mid London prices, now well below those quoted in Johannesburg, would rise sharply.