Price Of Gold
Sir. —According to cablee in Friday’s issue the possibility of America’s raising the price of gold is still being canvassed and the fact that President . Kennedy is frequently affirming that his Administration would not devalue the dollar by raising the. price of gold is a sure sign that devaluation is imminent. Shorn of all the jargon in the reports of the International Monetary Fund and ■ the World Bank. it would seem that all is not going happily there. Since 1929. the United States gold reserve grew from 4.04 billions to 24.42 billions in 1949. since when it has declined to 16.43 billions in 1962. Foreign liabilities have grown steadily from 2.67 billions in 1929 to nearly 24 billions in 1962. The United States is in a vulnerable position. Will we see a repetition of the hungry thirties? With a money supply' of 274 billions, her debts are 1078 billions.— Yours, etc., W. B BRAY. Lceston, May 22. 1962.
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Press, Volume CI, Issue 29936, 25 September 1962, Page 3
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161Price Of Gold Press, Volume CI, Issue 29936, 25 September 1962, Page 3
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