RISE IN PRICE OF GOLD
The price of fine gold was quoted in London yesterday at £7 Os 11-Jd per fine ounce. The rise is phenomenal and a new record is established, for the former record was £7, which Was the price fixed on February 5 last. Within the past few days [he price of gold has risen from £6 18s 2ld (August 20) to a point today at which 'it represents the pound sterling as of the value of roughly 12s. What is the significance of this extraordinary appreciation of the precious metal? Possibly the bullion brokers who met in London yesterday morning •■ as usual have some idea of the motive for such a demand for gold as io place it as nearly £7 Is per oz. It plainly indicates that exchanges with countries on a gold basis arc going against England; but why? The question is almost unanswerable at this distance from London as the centre of the world finance. But this latest movement in the gold market is significant and may even be regarded as portentous. At any rate, the high price for the time being will be welcomed by shareholders in proved gold mines, for it indicates that the return of the price to its former statutory £4 4s 11-Jd is remoter than it has ever been.
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Evening Post, Volume CXVIII, Issue 54, 1 September 1934, Page 8
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221RISE IN PRICE OF GOLD Evening Post, Volume CXVIII, Issue 54, 1 September 1934, Page 8
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