BIG DECREASE IN U.S.A. GOLD STOCKS
WASHINGTON, November 6. Gold, which has been pouring into the United States for 15 years without interruption, except in war-time, is flowing out of the country. Officials said that foreign countries had bought enough from the United States’ great stock in about seven weeks to cut them down by 117,000,- ' 000 dollars to a total of 24,583,000,000 dollars. The officials added that rumours that the United States would devalue the dollar, which persisted in spite of repeated and emphatic high-level Government denials, appeared to have been a big factor in the trend. There were othe, more normal reasons:- — (1) The improvement in the trade position of some foreign countries, as a result of which they did not have to pay the United States all the dollars they earned as soon as they had earned them. (2) The desire by some foreign countries to bolster their own currencies by having gold backing for them.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/GRA19491109.2.49
Bibliographic details
Grey River Argus, 9 November 1949, Page 5
Word Count
159BIG DECREASE IN U.S.A. GOLD STOCKS Grey River Argus, 9 November 1949, Page 5
Using This Item
Copyright undetermined – untraced rights owner. For advice on reproduction of material from this newspaper, please refer to the Copyright guide.
Log in