VALUE OF GOLD

Poverty Bay Herald, Volume LX, Issue 18180, 30 August 1933, Page 7

VALUE OF GOLD

WILL BE RETAINED DEMAND MAINTAINED MAN SELLS 6000 SOVEREIGNS (Elec, Tel. Copyright—United Press Assn.) (Received August 30, noon.) LONDON, Aug. 29. The Finaneial Times, in a’ leading article, expresses the opinion that gold is likely to retain its value even if some European States are forced off the gold standard, though it discounts the fear that France may abandon gold.

The paper adds that while the suspension of the gold standard tends to limit the supply, the demand is maintained, which does not look as if further suspensions will necessarily 'be the prelude to a fall in price. A firm of London bullion brokers paid a man, apparently from overseas, £9OOO for 6000 sovereigns, which are believed to be his savings for years. 1 The price of'gold to-day is £6 as compared-with £6 8s Bid yesterday. ■ .‘t-The. dollar..is:qnoted. at 4.571,.;,ye5,ter:; day it was 4.58:

U.S. GOLD EMBARGO .

LIFTED BY PRESIDENT RALLY IN MINING SHARES (Received August 30. 10.30 a.m.) NEW YORK, August 29. A message from Hyde Park (New Jersey) states that the President, Mr. Roosevelt, to-day authorised the Secre tary of the Treasury to receive on consignment for sale, subject to such rules as he may prescribe, gold recovered from naturae deposits in the United States. At the same time the President tightened the regulations against hoarding to safeguard the new gold order. By lifting the embargo to permit sales of new mined gold, Mr. Roosevelt gives United States’ miners an opportunity to benefit from the higher prices prevailing abroad. News of Mr. Roosevelt’s lifting of the gold embargo to permit of sales of newly mined metal at tne higher world market prices, was followed by a swift rally in gold mining shares on the Stock Exchange. FREE GOLD MARKET BOOTLEGGERS’ SUCCESS (Received August 30, 10 a.m.) PHILADELPHIA, August 29. Bootleggers achieved what the Federal Government failed to do in establishing a free gold market by paying a premium price for refined gold, which is nearly 50 per cent higjlier than the American Government price. This astonishing disclosure came from Mr. Ross _ Barrett, head of the gold crucible service, in a complaint to the National Metals Committee, which transmitted it to President Roosevelt. Mr. Barrett stated that one bootlegging syndicate had been handling gold valued at 1,000,000 dollars a month purchased at prices higher than the Federal Mint pays.