• Short Summary

    THE UNPRECEDENTED DEMAND FOR GOLD NOW THREATENING THE MONETARY SYSTEM OF THE WESTERN WORLD CONTINUED TODAY (FRIDAY) DESPITE URGENT MEASURES IN LONDON, THE UNITED STATES AND SEVERAL EUROPEAN CENTRES TO CURB THE DEMAND.

  • Description

    THE UNPRECEDENTED DEMAND FOR GOLD NOW THREATENING THE MONETARY SYSTEM OF THE WESTERN WORLD CONTINUED TODAY (FRIDAY) DESPITE URGENT MEASURES IN LONDON, THE UNITED STATES AND SEVERAL EUROPEAN CENTRES TO CURB THE DEMAND.

    BY ROYAL PROCLAMATION A BANK HOLIDAY WAS DECLARED IN BRITAIN. DEALINGS ON THE LONDON BULLION MARKET (THE WORLD'S LARGEST BULLION EXCHANGE) AND THE STOCK EXCHANGE WERE SUSPENDED FOR THE DAY. DEALERS WERE ALSO FORBIDDEN TO DEAL IN SECURITIES OUTSIDE THE EXCHANGE. SUCH DEALINGS HAVE TAKEN PLACE ON OTHER OCCASIONS WHEN THE STOCK EXCHANGE HAS BEEN CLOSED.

    THE PRESENT CRISIS CAUSED BY THE DEMAND FOR GOLD HAS BEEN DESCRIBED AS THE WORST INTERNATIONAL MONETARY CRISIS IN FORTY YEARS. THE DECISION TO SUSPEND DEALINGS ON THE GOLD AND STOCK MARKET IN BRITAIN WAS TAKEN EARLY THIS MORNING AFTER QUEEN ELIZABETH HAD CONFERRED WITH MEMBERS OF THE PRIVY COUNCIL. DURING THE PAST WEEK THERE HAS BEEN A RECORD DEMAND FOR GOLD ON THE LONDON GOLD MARKET.

    THE GOVERNOR OF THE BANK OF ENGLAND, SIR LESLIE O'BRIEN, LEFT LONDON THIS AFTERNOON FOR A CONFERENCE WITH WORLD BANKERS IN THE UNITED STATES DURING THE WEEKEND. IT IS POSSIBLE THAT ON THE ADVICE OF THE BANK OF ENGLAND BULLION AND STOCK EXCHANGE DEALINGS IN BRITAIN MAY ALSO BE SUSPENDED ON MONDAY, OR POSSIBLY EVEN UNTIL WEDNESDAY -- WHEN DETAILS OF THE BRITISH BUDGET ARE KNOWN.

    IN SWITZERLAND BANKS TODAY REACTED TO THE PRESSURE AGAINST THE U.S. DOLLAR AND THE POUND STERLING BY REFUSING TO ACCEPT STERLING AND CHEQUES. THE SWISS NATIONAL BANK IS REPORTED TO HAVE SUPPORTED THE DOLLAR DURING A SLUMP.

    STOCK AND GOLD DEALINGS CONTINUED IN PARIS, AND THE BANK OF FRANCE SAID IT WOULD NOT INTERVENE IN GOLD TRANSACTIONS AT THE BOURSE. THE FRENCH ATTITUDE DIFFERED FROM MOST OTHER WESTERN EUROPEAN COUNTRIES, WHOSE GOLD DEALINGS WERE SUSPENDED.

    IN WEST GERMANY THERE WAS NOT ENOUGH GOLD TO MEET THE DEMAND AND THE WEST GERMAN FEDERAL BANK POURED FUNDS INTO THE FOREIGN EXCHANGE MARKET TO SUPPORT THE DOLLAR.

  • Tags

  • Data

    Film ID:
    VLVA4I6VN9U9ADS9CS2N6DKR4XE77
    Media URN:
    VLVA4I6VN9U9ADS9CS2N6DKR4XE77
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    15/03/1968
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:26:00
    Time in/Out:
    /
    Canister:
    N/A

Comments (0)

We always welcome comments and more information about our films.
All posts are reactively checked. Libellous and abusive comments are forbidden.

Add your comment