HOARDED GOLD
REFUGEE METAL I> LOHDOH LONDON, September 29. An epidemic of gold hoarding has again broken out in Jmiropc, London has more than £60,000,000 worth hidden away in the safe deposits in the bank vaults, nearly all belonging to foreigners 'who fear to entrust it to their own financial institutions. Such refugee gold is accounted as little better tharT a nuisance by bankers and financiers here for it may be withdrawn at any time, thus affecting international currencies at the moment when their stability is all important. For this reason tho demand is heard in the city that foreign gold shall bo subject to the same conditions as if held by British nationals- that is, that the Bank of England can compulsorily purchase all amounts over £IO.OOO worth hold by a single person and offer £4 5s for it. Tho actual market price of gold in London to-day is £6 10s. Hence the Bank of England threat to buy tho hoarded gold at a lower figure would have an immediate effect of causing its transfer elsewhere. Much of the unwanted metal is owned in New York.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/ESD19331017.2.127
Bibliographic details
Evening Star, Issue 21544, 17 October 1933, Page 11
Word Count
187HOARDED GOLD Evening Star, Issue 21544, 17 October 1933, Page 11
Using This Item
Allied Press Ltd is the copyright owner for the Evening Star. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons New Zealand BY-NC-SA licence. This newspaper is not available for commercial use without the consent of Allied Press Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in