NO MATERIAL EFFECT
PRESIDENT'S GOLD POLICY
OPINION IN NEW YORK
NEW YORK, October 28. The end of the first week of /President Rosoevelt's gold policy has more than ever convinced the New York financial community that the mere announcement of a newly-mined gols-buy-ing policy will npt serve to control the course of the dollar or foreign exchange, nor will it affect materially domestic prices. Today the price of gold was fixed at 31 dollars 82 cents an ounce, an increase of six cents from yesterday, or 1 dollar 25 cents over tho London price, which is down. However, the domestic markets sagged and Stock, Exchange prices were down fractionally in almost stagnant trading, all speculative interests apparently having withdrawn pending the further gold step President Roosevelt outlined in his broadcast speech.
It is felt here that the' Government soon will be compelled to undertake the purchase of gold abroad, but this course is regarded as dangerous and likely to cause foreign retaliation.
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Bibliographic details
Evening Post, Volume CXVI, Issue 104, 30 October 1933, Page 9
Word Count
162NO MATERIAL EFFECT Evening Post, Volume CXVI, Issue 104, 30 October 1933, Page 9
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